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Company file · SPG

Simon Property Group

Simon Property Group's revenue rose 6.7% in FY2025, to $6.4B, and net income rose 96.6% to $5.4B

Revenue rose 6.7% to $6.4B in FY2025, from $6.0B in FY2024. Net income rose 96.6% to $5.4B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 25, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 10, 2026) · Data pulled Oct 30, 2026

Key facts

Simon Property Group (NYSE: SPG) reported revenue of $6.4B for fiscal 2025, the year ended Dec 31, 2025, up 6.7% from fiscal 2024. Net income was $5.4B, up 96.6%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $1.8B, up 19.5% from the same quarter a year earlier, and net income was $574M. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 10, 2026).

Revenue$6.4BFY2025 · +6.7% vs FY2024
Net income$5.4BFY2025 · +96.6% vs FY2024
Operating cash flow$4.1BFY2025 · +8.4% vs FY2024
Cash & equivalents$1.0Bat Jun 30, 2026 · +23.8% vs FY2025 end
Total debt$28.7Bat Jun 30, 2026 · +0.9% vs FY2025 end
Diluted shares326MFY2025 avg · +0.1% vs FY2024
Revenue and net income, three fiscal yearsBy fiscal year, $bn
RevenueNet income
Revenue and net income by fiscal yearRevenue FY2023: $5.7B5.7Net income FY2023: $2.6B2.6FY2023Revenue FY2024: $6.0B6.0Net income FY2024: $2.7B2.7FY2024Revenue FY2025: $6.4B6.4Net income FY2025: $5.4B5.4FY2025

Source: 10-K FY2025, filed Feb 25, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $1.5B1.5FY2026 Q1: $1.8B1.8Q1FY2025 Q2: $1.5B1.5FY2026 Q2: $1.8B1.8Q2

Source: 10-Q filed May 11, 2026 · 10-Q filed Aug 10, 2026

How it makes money

Simon Property Group reported revenue of $6.4B for FY2025, and net income of $5.4B.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$1.8B Q2 2026
$1.5B Q2 2025
19.5% increase
Net income
$574M Q2 2026
$644M Q2 2025
10.8% decrease

Source: Simon Property Group 10-Q for the quarter ended Jun 30, 2026, filed Aug 10, 2026

  • Cash & equivalents $1.0B at Jun 30, 2026, vs $823M at FY2025 end.
  • Total debt $28.7B at Jun 30, 2026, vs $28.4B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $2.0B vs $2.0B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Total debt rose 17.2% in FY2025 to $28.4B. 10-K, FY2025
  • Net income in the quarter ended Jun 30, 2026 was $574M, down 10.8% on a year earlier. 10-Q, quarter ended Jun 30, 2026
  • The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include interest rates; occupancy and rents; property markets. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Simon Property Group is in the retail REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.

The full description of Simon Property Group's business is in Item 1 of its 10-K, linked below. This page shows its revenue in total only, because its tagged data has no breakdown that adds up to total revenue.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the retail REITs industry. They are not a summary of Simon Property Group’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

  1. Interest ratesHigher rates raise borrowing costs and can lower property values.
  2. Occupancy and rentsVacancies, tenant defaults and weaker rents reduce income.
  3. Property marketsLocal supply, demand and values vary by market and property type.
  4. Capital and developmentAcquisitions and developments need financing and may not earn what was planned.
  5. Regulation and taxesProperty, zoning and tax rules, including the rules for REIT status, affect results.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenue$5.7B$6.0B$6.4B
Net income$2.6B$2.7B$5.4B
Operating cash flow$3.9B$3.8B$4.1B
Cash & equivalents (year end)$1.2B$1.4B$823M
Total debt (year end)$26.0B$24.3B$28.4B
Diluted shares327M326M326M
  • Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
  • Net income: Net income including the share that belongs to minority owners of subsidiaries.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

  • Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.

What we left out

  • Revenue by segment, product or region: the company's XBRL data has no breakdown that adds up to total revenue, so none is shown. The 10-K has its own segment note.

Recent filings

FormFiledPeriod
10-QAug 10, 2026Jun 30, 2026
10-QMay 11, 2026Mar 31, 2026
DEF 14AApr 1, 2026May 13, 2026
10-KFeb 25, 2026Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Simon Property Group

How does Simon Property Group make money?

Simon Property Group's revenue was $6.4B in fiscal 2025. Simon Property Group reported revenue of $6.4B for FY2025, and net income of $5.4B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What was Simon Property Group's revenue in fiscal 2025?

$6.4B of revenue for the fiscal year ended Dec 31, 2025, up 6.7% from $6.0B in fiscal 2024. Fiscal 2023 was $5.7B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

Is Simon Property Group profitable?

Simon Property Group reported net income of $5.4B for fiscal 2025, up 96.6% from $2.7B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $574M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What did Simon Property Group report in its latest quarterly filing?

Revenue was $1.8B in the quarter ended Jun 30, 2026, up 19.5% from $1.5B a year earlier. Net income was $574M, down 10.8% from $644M. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 10, 2026.

How much cash and debt does Simon Property Group have?

Simon Property Group had $1.0B in cash and cash equivalents and $28.7B of total debt on Jun 30, 2026. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Aug 10, 2026.

What are the main risks Simon Property Group faces?

Simon Property Group's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the retail REITs industry include Interest rates; occupancy and rents; property markets; capital and development; regulation and taxes. The first: Higher rates raise borrowing costs and can lower property values. Source: 10-K, Item 1A Risk Factors.

Where do these Simon Property Group numbers come from?

From Simon Property Group's own SEC filings: the 10-K for fiscal 2025 (filed Feb 25, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 10, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in SPG
The editor holds no position in Simon Property Group (SPG). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell SPG from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 30, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold SPG, and it doesn't consider your situation.

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