Simon Property Group (SPG) financials
NYSE · Real Estate · REIT - Retail · 3,350 employees · CEO Eli Simon
- Price
- $217.75 +0.94%
- Market cap
- $70.5B
- Enterprise value
- $98.9B
- Last report
- Q2 '26 filed 2026-08-10
- Next report
- 2026-11-05
Revenue (TTM)$6.94B+15.0% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)47.4%-3.6 pp vs a year agoOperating income $3.29B
Net income (TTM)$4.61B+117.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.22B+2.4% vs a year agoCapex $905M
Diluted EPS (TTM)$14.14+118.5% vs a year agoSum of the last 4 quarters
Net cash-$28.4B-15.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $70.5B EV $98.9B
- Revenue
- $6.94B Trailing 12 months
- Revenue growth
- +6% FY2026 consensus
- Profit margin
- 66.4% Net income / revenue, TTM
- P/E
- 15.4× Forward 32.8× (FY2026)
- P/S
- 10.2× Price / sales, TTM
- EV / EBITDA
- 12.5× TTM
- Free cash flow
- $3.22B Trailing 12 months
- Net income
- $4.61B Trailing 12 months
- Revenue estimate
- $6.72B FY2026 consensus
- Earnings
- 2026-11-05
- Dividend
- $8.90 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth accelerating: 19.5% year on yearQ2 '26 revenue $1.79B, against an average of 10.9% over the four quarters before.
- Operating margin 47.4% (TTM), -3.6 pp on a year agoOperating income grew 7.0% while revenue grew 15.0%.
- 37.7% of pre-tax profit is non-operatingPre-tax income $5.28B vs operating income $3.29B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 13.0% of revenue (a year ago 14.6%)$905M invested in the last 4 quarters (+3.1% on a year earlier). Free cash flow $3.22B = 69.8% of net income.
- Returned $1.11B to shareholders = 34.4% of free cash flowBuybacks $630M (a year earlier $18M), dividends $475M, stock-based pay $0 (TTM).
- Diluted share count down 1.0% in a year324M diluted shares in Q2 '26, 327M a year earlier.
- Net debt $28.4BCash + short-term investments $1.02B, debt incl. leases $29.4B; a year ago net debt $24.7B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $1.79B | $1.5B | +19.5% |
| Gross margin | 83.1% | 85.7% | -2.6 pp |
| Operating income | $824M | $744M | +10.7% |
| Operating margin | 46.0% | 49.7% | -3.6 pp |
| Net income | $484M | $557M | -13.1% |
| Diluted EPS | $1.49 | $1.70 | -12.4% |
| Operating cash flow | $1.2B | $1.22B | -1.6% |
| Capex | $237M | $244M | -2.9% |
| Free cash flow | $959M | $971M | -1.3% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Real Estate Segment | $1.71B | +21.1% | 100.0% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Europe | $360M | +275.0% | 100.0% | $1.2B | -7.7% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.12B
- Capex
- -$905M
- Buybacks
- -$630M
- Dividends
- -$475M
- Acquisitions
- -$244M
- Net debt issued
- $414M
- Stock-based compensation
- $0
- Free cash flow
- $3.22B
- Returned to shareholders / FCF
- 34.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 15.4× | 19.7× | 13.1× – 23.7× |
| EV / EBITDA | 12.5× | 14.3× | 11.2× – 16.0× |
| EV / Sales | 14.2× | 13.4× | 12.0× – 15.2× |
| Price / FCF | 21.9× | 16.3× | 12.4× – 18.8× |
| Price / Book | 15.9× | 14.8× | 11.6× – 19.1× |
| FCF yield | 4.6% | 6.3% | 5.3% – 8.1% |
| Return on invested capital | 8.7% | 8.7% | 7.4% – 10.6% |
| Return on equity | 109.4% | 76.0% | 66.9% – 88.6% |
Analysts
Consensus target $218.45 (+0.3%)
range $205.00 – $254.00 · rating Hold
Strong buy0
Buy16
Hold20
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $6.72B | +5.6% | $6.65 | -53.0% | 32.8× | 3 |
| FY2027 | $6.97B | +3.7% | $7.00 | +5.3% | 31.1× | 5 |
| FY2028 | $7.2B | +3.4% | $7.48 | +6.9% | 29.1× | 5 |
| FY2029 | $7.96B | +10.5% | $7.66 | +2.3% | 28.4× | 1 |
| FY2030 | $8.35B | +5.0% | $7.65 | -0.1% | 28.5× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 194 figures Simon Property Group, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts and Financing Receivable, after Allowance for Credit Loss | $884M | $778M | +13.7% | $934M | $797M | +17.3% |
| Accumulated Amortization, Debt Issuance Costs | $148M2025-12-31 | $121M | +22.4% | $148M | $121M | +22.4% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -$286M | -$284M | -0.8% | -$278M | -$250M | -11.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$234M | -$256M | +8.8% | -$251M | -$193M | -30.2% |
| Additional Paid in Capital | $12.4B | $11.6B | +6.9% | $12.3B | $11.6B | +6.6% |
| Amortization of Debt Discount (Premium) | – | – | – | $8.96M | $5.83M | +53.7% |
| Amortization of Debt Issuance Costs | – | – | – | $32.3M | $32.5M | -0.6% |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $52.1M | $27.3M | +90.8% | $25M | $57.9M | -56.8% |
| Assets | $39.7B | $33.3B | +19.3% | $40.6B | $32.4B | +25.3% |
| Below Market Lease, Amortization Income, after Year Five | $13K2025-12-31 | $123K | -89.4% | $13K | $123K | -89.4% |
| Below Market Lease, Amortization Income, Year Five | $115K2025-12-31 | $1.12M | -89.7% | $115K | $1.12M | -89.7% |
| Below Market Lease, Amortization Income, Year Four | $1.12M2025-12-31 | $1.2M | -6.7% | $1.12M | $1.2M | -6.7% |
| Below Market Lease, Amortization Income, Year One | $1.6M2025-12-31 | $2.29M | -30.2% | $1.6M | $2.29M | -30.2% |
| Below Market Lease, Amortization Income, Year Three | $1.22M2025-12-31 | $1.24M | -1.6% | $1.22M | $1.24M | -1.6% |
| Below Market Lease, Amortization Income, Year Two | $1.26M2025-12-31 | $1.54M | -18.0% | $1.26M | $1.54M | -18.0% |
| Below Market Lease, Gross | $5.3M2025-12-31 | $7.5M | -29.3% | $5.3M | $7.5M | -29.3% |
| Below Market Lease, Net | $5.33M2025-12-31 | $7.52M | -29.0% | $5.33M | $7.52M | -29.0% |
| Cash and Cash Equivalents, at Carrying Value | $1.02B | $1.23B | -17.2% | $823M | $1.4B | -41.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.02B | $1.23B | -17.2% | $823M | $1.4B | -41.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $476M | -$149M | +420.5% | -$577M | $231M | -349.5% |
| Common Stock, Capital Shares Reserved for Future Issuance | 60.6M2025-12-31 | 56M | +8.2% | 60.6M | 56M | +8.2% |
| Common Stock, Dividends, Per Share, Cash Paid | $2.25 | $2.10 | +7.1% | $8.55 | $8.10 | +5.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $89.2M | $81M | +10.1% | $723M | $354M | +104.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $478M | $520M | -8.1% | $4.57B | $2.35B | +94.4% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $567M | $601M | -5.7% | $5.29B | $2.7B | +95.7% |
| Cost of Property Repairs and Maintenance | $32.7M | $26.2M | +24.6% | $120M | $105M | +14.2% |
| Costs and Expenses | $967M | $754M | +28.1% | $3.19B | $2.87B | +11.1% |
| Debt Instrument, Unamortized Discount | $73.2M2025-12-31 | $79.4M | -7.9% | $73.2M | $79.4M | -7.9% |
| Debt Instrument, Unamortized Premium | $1.07M2025-12-31 | $6.23M | -82.9% | $1.07M | $6.23M | -82.9% |
| Debt Issuance Costs, Gross | $266M2025-12-31 | $253M | +5.4% | $266M | $253M | +5.4% |
| Debt Issuance Costs, Net | $118M2025-12-31 | $131M | -10.2% | $118M | $131M | -10.2% |
| Debt Securities, Available-for-sale | $168M | $109M | +53.7% | $162M | $133M | +21.2% |
| Deferred Costs and Other Assets | $1.97B | $1.34B | +47.7% | $1.98B | $1.37B | +44.6% |
| Deferred Costs, Leasing, Accumulated Amortization | $124M2025-12-31 | $167M | -25.9% | $124M | $167M | -25.9% |
| Deferred Costs, Leasing, Gross | $253M2025-12-31 | $249M | +1.3% | $253M | $249M | +1.3% |
| Deferred Costs, Leasing, Net | $129M2025-12-31 | $82.3M | +56.6% | $129M | $82.3M | +56.6% |
| Deferred Tax Liabilities, Net | $366M2025-12-31 | $218M | +68.0% | $366M | $218M | +68.0% |
| Depreciation, Depletion and Amortization, Nonproduction | $460M | $339M | +35.6% | $1.43B | $1.27B | +12.7% |
| Development in Process | $813M2025-12-31 | $804M | +1.2% | $813M | $804M | +1.2% |
| Direct Costs of Leased and Rented Property or Equipment | $171M | $140M | +22.6% | $581M | $530M | +9.7% |
| Distribution Made to Limited Partner, Distributions Paid, Per Unit | – | – | – | $8.55 | $8.10 | +5.6% |
| Dividends Payable | $1.32M | $2.06M | -35.9% | $2.72M | $2.41M | +13.0% |
| Earnings Per Share, Basic | $1.49 | $1.70 | -12.4% | $14.17 | $7.26 | +95.2% |
| Earnings Per Share, Diluted | $1.49 | $1.70 | -12.4% | $14.17 | $7.26 | +95.2% |
| Equity Method Investment, Other than Temporary Impairment | – | – | – | $8.17M2010-12-31 | $42.7M | -80.9% |
| Equity Securities without Readily Determinable Fair Value, Amount | $332M | $434M | -23.6% | $329M | $409M | -19.5% |
| Equity Securities without Readily Determinable Fair Value, Downward Price Adjustment, Annual Amount | – | – | – | $67.6M | $7M | +865.7% |
| Equity Securities, FV-NI | $38.4M | $34.4M | +11.6% | $33.7M | $89.9M | -62.5% |
| Federal Income Tax Expense (Benefit), Continuing Operations | – | – | – | -$1.67M | -$14.3M | +88.3% |
| Fixtures and Equipment, Gross | $644M2025-12-31 | $530M | +21.3% | $644M | $530M | +21.3% |
| Foreign Income Tax Expense (Benefit), Continuing Operations | – | – | – | $19M | $21.6M | -12.1% |
| Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | $89.4M | -$321M | +127.9% | -$240M | $119M | -301.5% |
| General and Administrative Expense | $12M | $14.3M | -16.0% | $60.9M | $44.7M | +36.1% |
| Goodwill | $20.1M2025-12-31 | $20.1M | 0.0% | $20.1M | $20.1M | 0.0% |
| Impairment of Real Estate | $8.7M | – | – | – | – | – |
| Income (Loss) from Equity Method Investments | $119M | $123M | -3.1% | $504M | $207M | +143.1% |
| Income Tax Expense (Benefit) | – | – | – | $20.3M | $9.31M | +117.9% |
| Income Taxes Paid, Net | – | – | – | $29.1M | $119M | -75.6% |
| IncomeTaxPaidFederalAfterRefundReceived | – | – | – | -$174K | $74.4M | -100.2% |
| IncomeTaxPaidStateAndLocalAfterRefundReceived | – | – | – | -$5.23M | $14.8M | -135.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01