Simon Property Group, Inc. (SPG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.57	$1.73	+10.2%	—	$1.8B	—
Q1 26	$1.49	$1.22	-18.1%	—	$1.8B	—
Q4 25	$1.97	$1.04	-47.2%	—	$1.8B	—
Q3 25	$1.68	$1.6	-4.8%	—	$1.6B	—
Q2 25	$1.61	$1.36	-15.5%	—	$1.5B	—
Q1 25	$1.44	$1.45	+0.7%	—	$1.5B	—
Q4 24	$1.85	$1.79	-3.2%	—	$1.6B	—
Q3 24	$1.53	$1.46	-4.6%	—	$1.5B	—
Q2 24	$1.44	$1.51	+4.9%	—	$1.5B	—
Q1 24	$1.48	$0.84	-43.2%	—	$1.4B	—
Q4 23	$1.84	$1.55	-15.8%	—	$1.5B	—
Q3 23	$1.55	$1.82	+17.4%	—	$1.4B	—
Q2 23	$1.54	$1.49	-3.2%	—	$1.4B	—
Q1 23	$1.39	$1.38	-0.7%	—	$1.4B	—
Q4 22	$1.7	$2.06	+21.2%	—	$1.4B	—
Q3 22	$1.54	$1.43	-7.1%	—	$1.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$14.2	—	—	$6.4B	—
FY24	—	$7.26	—	—	$6B	—
FY23	—	$6.98	—	—	$5.7B	—
FY22	—	$6.52	—	—	$5.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.4B	$5.5B	$5.6B	$5.8B	$4.6B	$5.1B	$5.3B	$5.7B	$6B	$6.4B
YoY change	+3.21%	+1.69%	+2.13%	+1.95%	-19.9%	+11.1%	+3.41%	+6.94%	+5.39%	+6.72%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.4B	5.5B	5.6B	5.8B	4.6B	5.1B	5.3B	5.7B	6B	6.4B
Cost of revenue	971.1M	980.1M	1B	1B	887.2M	971.1M	1B	1B	1B	1.2B
Gross profit	4.5B	4.5B	4.6B	4.7B	3.7B	4.1B	4.3B	4.6B	4.9B	5.2B
Gross margin	82.1%	82.3%	82.1%	82.2%	80.7%	81%	81.1%	81.8%	82.5%	81.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	207.9M	202.8M	197.8M	185.2M	121.2M	144.6M	142.8M	165.9M	189.3M	216.7M
Operating expenses	490.6M	469.5M	428.6M	480.3M	430.5M	469.8M	479.6M	561.3M	562.2M	610.7M
Operating income	2.7B	2.8B	2.9B	2.9B	2B	2.4B	2.6B	2.8B	3.1B	3.2B
Operating margin	50.1%	50.7%	51.8%	50.6%	42.8%	47.2%	48.8%	49.6%	51.9%	49.9%
Non-operating income, net	301.1M	275.3M	748.9M	329.8M	85.3M	1.1B	713.6M	746.5M	565.3M	3.2B
Pretax income	2.2B	2.3B	2.9B	2.5B	1.3B	2.7B	2.5B	2.7B	2.8B	5.4B
Income tax	29.7M	23.3M	36.9M	30.1M	-4.6M	157.2M	83.5M	81.9M	23.3M	35.8M
Net income	2.1B	2.2B	2.8B	2.4B	1.3B	2.6B	2.5B	2.6B	2.7B	5.4B
Net margin	39.3%	40.6%	50%	42.1%	27.7%	50.2%	46.3%	46.2%	45.8%	84.3%
EBITDA	4.4B	4.6B	4.8B	4.8B	3.5B	4.5B	4.5B	4.5B	4.7B	5.2B
EPS	5.87	6.24	7.87	6.81	3.59	6.84	6.52	6.98	7.26	14.2
Diluted EPS	5.87	6.24	7.87	6.81	3.59	6.84	6.52	6.98	7.26	14.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.4B	1.5B	1.4B	1.5B	1.5B	1.6B	1.5B	1.5B	1.6B	1.8B	1.8B	1.8B
Cost of revenue	274.7M	255.5M	261.1M	227.9M	258.1M	271.8M	274.4M	245.1M	290.8M	315.4M	346.9M	303.3M
Gross profit	1.1B	1.3B	1.2B	1.2B	1.2B	1.3B	1.2B	1.3B	1.3B	1.5B	1.4B	1.5B
Gross margin	80.5%	83.3%	81.9%	84.4%	82.6%	82.8%	81.4%	83.6%	81.8%	82.4%	80.3%	83.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	37.9M	50.9M	37.2M	49.7M	43.3M	59.1M	46.9M	50.6M	54.7M	64.5M	88.2M	51.1M
Operating expenses	126.8M	159.5M	139M	166.2M	134.4M	147.1M	142.9M	170.1M	159.2M	164.7M	189.1M	203.3M
Operating income	694.2M	792.1M	735.2M	754.1M	767.8M	835.7M	727.6M	744.2M	812.9M	890.7M	762.2M	824.1M
Operating margin	49.2%	51.9%	51%	51.7%	51.9%	52.8%	49.4%	49.7%	50.8%	49.7%	43.4%	46%
Non-operating income, net	242M	333.9M	384.2M	41.6M	7.9M	131.5M	-30.4M	167.3M	147.7M	2.9B	62.1M	42M
Pretax income	724M	901.1M	888.8M	574.4M	549.3M	739.9M	470.2M	678.8M	717.8M	3.5B	548.6M	584.9M
Income tax	43.2M	41.6M	47.6M	5M	2.6M	-31.9M	-7.6M	35.1M	15.1M	-6.8M	-19.9M	10.8M
Net income	680.8M	859.5M	841.2M	569.4M	546.7M	771.8M	477.9M	643.7M	702.7M	3.5B	568.5M	574.1M
Net margin	48.2%	56.3%	58.3%	39%	36.9%	48.8%	32.4%	43%	43.9%	197.6%	32.4%	32.1%
EBITDA	1.1B	1.3B	1B	1.1B	1.2B	1.3B	1.1B	1.2B	1.3B	1.6B	1.3B	1.4B
EPS	1.82	2.29	2.25	1.51	1.46	2.04	1.27	1.7	1.86	9.35	1.48	1.49
Diluted EPS	1.82	2.29	2.25	1.51	1.46	2.04	1.27	1.7	1.86	9.35	1.48	1.49

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	55.6B	53.5B	52B	45.9B	26.3B	52.5B	38.5B	46.6B	56.2B	60.4B	77.6B
Enterprise value	78B	76.7B	74.8B	69.9B	52.6B	77.8B	63.3B	71B	79.5B	88.8B	96.1B
Shares outstanding	312.7M	311.5M	309.6M	308.1M	308.7M	328.6M	327.8M	326.8M	326.1M	326.4M	326.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	26	23.8	18.4	18.9	20.6	20.4	15.7	17.8	20.6	11.3	14.5
P/S	10.2	9.68	9.21	7.97	5.71	10.3	7.28	8.24	9.42	9.49	11.2
P/B	10.9	12.1	12.9	14.7	7.2	11.9	10.1	12.6	15.6	9.01	15.1
EV/EBITDA	17.7	16.8	15.7	14.7	14.8	17.2	14	15.7	17.1	17	18.8
EV/Sales	14.3	13.9	13.3	12.1	11.4	15.2	12	12.5	13.3	13.9	13.9
Earnings yield	3.84%	4.2%	5.43%	5.28%	4.85%	4.89%	6.37%	5.61%	4.86%	8.88%	6.92%
FCF yield	4.63%	5.35%	5.71%	6.39%	7%	5.92%	8.09%	6.73%	5.45%	5.3%	3.34%
PEG	—	—	—	—	—	—	—	—	—	—	-1.17

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	82.1%	82.3%	82.1%	82.2%	80.7%	81%	81.1%	81.8%	82.5%	81.9%	83.1%
Operating margin	50.1%	50.7%	51.8%	50.6%	42.8%	47.2%	48.8%	49.6%	51.9%	49.9%	46%
Net margin	39.3%	40.6%	50%	42.1%	27.7%	50.2%	46.3%	46.2%	45.8%	84.3%	66.6%
ROE	41.9%	50.7%	70.1%	77.4%	34.9%	58.4%	64.1%	71%	75.8%	80%	120.5%
ROA	6.86%	6.96%	9.2%	7.76%	3.67%	7.6%	7.43%	7.63%	8.42%	13.2%	5.63%
ROIC	9.75%	10.1%	10.8%	10.6%	6.6%	7.66%	8.72%	9.71%	11.4%	8.99%	9.6%
Return on tangible assets	6.99%	7.05%	9.29%	7.81%	3.68%	7.63%	7.45%	7.65%	8.43%	13.3%	13.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.48	0.77	0.5	0.47	0.68	0.67	0.66	1.04	0.83	0.57	0.27
Quick ratio	0.48	0.77	0.5	0.47	0.68	0.67	0.66	1.04	0.83	0.57	0.53
Debt / equity	4.51	5.56	5.79	7.88	7.45	5.87	6.66	7.19	6.89	4.35	5.04
Debt / assets	0.74	0.76	0.76	0.79	0.78	0.76	0.77	0.77	0.76	0.72	0.74
Net debt / EBITDA	5.09	5.08	4.8	5.05	7.39	5.59	5.49	5.39	5.02	5.42	5.07
Interest coverage	3.52	3.8	4.5	4.11	2.62	4.43	4.33	4.16	4.04	6.54	6.02
Effective tax rate	1.37%	1.03%	1.29%	1.23%	0%	5.77%	3.29%	3.03%	0.85%	0.66%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.4	17.7	18.2	18.7	14.9	15.6	16.1	17.3	18.3	19.5	21.3
EPS (basic)	5.87	6.24	7.87	6.81	3.59	6.84	6.52	6.98	7.26	14.2	14.2
EPS (diluted)	5.87	6.24	7.87	6.81	3.59	6.84	6.52	6.98	7.26	14.2	14.2
Book value per share	16.3	14.2	13	10.2	11.8	13.4	11.7	11.3	11	20.5	13.6
FCF per share	8.23	9.19	9.59	9.52	5.97	9.46	9.51	9.6	9.38	9.81	9.93
Cash per share	1.79	4.76	1.66	2.17	3.28	1.62	1.9	6.64	4.29	2.52	3.15
Capex per share	—	—	—	—	—	—	—	—	—	2.86	2.79

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	14.7%	13%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	22.6%	22%
Payout ratio	110.4%	114.6%	100%	121.7%	130.3%	91.6%	92.4%	93.3%	111.6%	60.3%	62.1%
Dividend yield	4.24%	4.81%	5.42%	6.43%	6.32%	4.48%	5.88%	5.24%	5.42%	5.35%	4.4%

Yield

4.4%

trailing twelve months

Frequency

Quarterly

Last dividend

$2.25

ex-dividend Sep 9, 2026

Payout ratio

62%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 9, 2026	$2.25
Jun 9, 2026	$2.25
Mar 10, 2026	$2.20

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.4B	$1.5B	$1.4B	$1.5B	$1.5B	$1.6B	$1.5B	$1.5B	$1.6B	$1.8B	$1.8B	$1.8B
YoY change	+7.23%	+9.11%	+6.79%	+6.47%	+4.94%	+3.59%	+2.11%	+2.76%	+8.16%	+13.2%	+19.3%	+19.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	560.1M	1.5B	514.3M	669.4M	1B	533.9M	621.6M	2.2B	1.4B	823.1M
Receivables	664.6M	742.7M	763.8M	832.2M	1.2B	919.7M	823.5M	826.1M	796.5M	934.1M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.7B	2.8B	1.8B	2B	2.7B	2.3B	2.1B	3.6B	2.8B	2.3B
Property, plant & equipment	—	—	—	514.7M	512.9M	504.1M	496.9M	484.1M	519.6M	755.9M
Goodwill & intangibles	570.3M	417.1M	301.5M	191.7M	110.1M	106.8M	75.7M	57.6M	45.7M	138.7M
Total assets	31.1B	32.3B	30.7B	31.2B	34.8B	33.8B	33B	34.3B	32.4B	40.6B
Accounts payable	1.2B	1.3B	1.3B	1.4B	1.3B	1.4B	1.5B	1.7B	1.7B	2B
Short-term debt	953.7M	978.5M	758.7M	1.3B	623M	500M	—	—	—	355M
Total current liabilities	3.5B	3.7B	3.6B	4.3B	4B	3.5B	3.2B	3.5B	3.4B	4.1B
Long-term debt	22B	23.7B	22.5B	23.4B	26.6B	25.3B	25.5B	26.5B	24.8B	28.8B
Total liabilities	26B	27.8B	26.7B	28.1B	31.1B	29.4B	29.2B	30.6B	28.8B	33.9B
Shareholders' equity	5.1B	4.4B	4B	3.1B	3.7B	4.4B	3.8B	3.7B	3.6B	6.7B
Total debt	23B	24.6B	23.3B	24.7B	27.2B	25.8B	25.5B	26.5B	24.8B	29.2B
Net debt	22.4B	23.2B	22.8B	24B	26.2B	25.3B	24.8B	25.3B	23.4B	28.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	769M	2.2B	2.6B	2.5B	2.5B	1.4B	1.4B	1.2B	1.6B	823.1M	543M	1B
Receivables	757.6M	826.1M	793.4M	793.1M	767.8M	796.5M	779.9M	777.5M	819.5M	934.1M	880.8M	884.2M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.5B	3.6B	3.3B	3.3B	3.2B	2.8B	2.2B	2B	2.4B	2.3B	1.4B	1.9B
Property, plant & equipment	490M	484.1M	524.9M	523.2M	521.4M	519.6M	517.5M	515.5M	529.1M	755.9M	738M	731.2M
Goodwill & intangibles	—	57.6M	—	—	—	45.7M	—	—	—	138.7M	—	—
Total assets	33B	34.3B	33.7B	33.4B	33.3B	32.4B	32.5B	33.3B	33.6B	40.6B	39.6B	39.7B
Accounts payable	1.6B	1.7B	1.5B	1.6B	1.6B	1.7B	1.5B	1.6B	1.6B	2B	1.7B	1.8B
Short-term debt	—	—	—	—	—	—	—	—	—	355M	—	—
Total current liabilities	3.4B	3.5B	3.3B	3.4B	3.4B	3.4B	3.2B	3.4B	3.4B	4.1B	3.5B	3.6B
Long-term debt	25.4B	26.5B	26B	25.8B	25.9B	24.8B	25.3B	25.9B	26.3B	28.8B	29B	29.4B
Total liabilities	29.4B	30.6B	29.9B	29.8B	30B	28.8B	29.2B	30.2B	30.6B	33.9B	33.3B	33.9B
Shareholders' equity	3.6B	3.7B	3.8B	3.6B	3.3B	3.6B	3.3B	3.1B	3B	6.7B	6.3B	5.8B
Total debt	25.4B	26.5B	26B	25.8B	25.9B	24.8B	25.3B	25.9B	26.3B	29.2B	29B	29.4B
Net debt	24.6B	25.3B	24.8B	24.6B	23.8B	23.4B	23.9B	24.7B	24.8B	28.4B	28.4B	28.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.1B	2.2B	2.8B	2.4B	1.3B	2.6B	2.5B	2.6B	2.7B	5.4B
Depreciation & amortization	1.3B	1.4B	1.3B	1.4B	1.4B	1.3B	1.3B	1.3B	1.4B	1.6B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-105.3M	-59.2M	-8.6M	-36.4M	-425M	391.7M	148.9M	258.1M	-72.5M	-679K
Operating cash flow	3.3B	3.5B	4.1B	3.7B	2.3B	4.3B	3.9B	4.2B	4.1B	4.1B
Capital expenditure	—	—	—	—	—	—	—	—	—	-934.3M
Investing cash flow	-763.6M	-442M	86.7M	-430.7M	-3.7B	-273.7M	-470M	-869M	1.8B	-2B
Dividends paid	-2.4B	-2.6B	-2.8B	-2.9B	-1.7B	-2.4B	-2.3B	-2.4B	-3B	-3.2B
Share repurchases	-259.9M	-410.1M	-438.9M	-369.9M	-169.5M	-341.9M	-515.9M	-518.3M	-60.7M	-253.3M
Financing cash flow	-2.5B	-1.9B	-4.5B	-2.6B	2B	-3.6B	-3.1B	-2B	-5B	-3.1B
Net change in cash	-50.7M	1.2B	-250.5M	692.1M	591.5M	472.9M	396.2M	1.3B	906.1M	-1B
Free cash flow	2.6B	2.9B	3B	2.9B	1.8B	3.1B	3.1B	3.1B	3.1B	3.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	702.7M	3.5B	568.5M	574.1M
Depreciation & amortization	—	—	—	—	—	—	—	—	374.7M	456.3M	532.6M	497.9M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	-138M	11M	-299.1M	52.3M
Operating cash flow	-1.2M	-5.6M	-7.1M	6.9M	-548K	77.4M	-1.7M	7.2M	890.3M	1.2B	833.4M	1.2B
Capital expenditure	—	—	—	—	—	—	—	—	-205.2M	-254.9M	-208.4M	-236.9M
Investing cash flow	—	—	—	—	—	—	—	—	-280.8M	-413.2M	-215.4M	-263.6M
Dividends paid	—	—	—	—	—	—	—	—	-812.3M	-834.4M	-838.8M	-855.5M
Share repurchases	—	—	—	—	—	—	—	—	-4.3M	-232.7M	-179M	-220.3M
Financing cash flow	—	—	—	—	—	—	—	—	-418.8M	-1.6B	-1B	-592.1M
Net change in cash	-1.2M	-5.6M	-7.1M	6.9M	-548K	77.4M	-1.7M	7.2M	190.6M	-780.6M	-389.1M	339.9M
Free cash flow	—	—	—	—	—	—	—	—	685M	948.8M	625M	958.7M

Date	Ratio
May 29, 2014	1063:1000
Nov 12, 2009	10063:10000
Aug 13, 2009	100722:100000

Simon Property Group, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history