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Simon Prop Grp Financials

SPG
FY2025 annual
Revenue $6.4B +6.7% YoY
Net Income $5.4B +96.6% YoY
EPS (Diluted) $14.17 +95.2% YoY
Free Cash Flow $3.2B +4.7% YoY
Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Simon Prop Grp (SPG) reported $6.4B in revenue for fiscal year 2025, up 6.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SPG FY2025

Simon Property Group's cash engine is asset-heavy but not reinvestment-hungry, producing large free cash flow despite a debt-led balance sheet.

FY2025's net income surge to $5.36B outpaced operating cash flow, which was $4.14B. Because cash generation was only modestly above FY2024, the profit jump looks more like an accounting uplift than a step-change in the core cash engine, which makes cash flow a steadier guide than headline earnings here.

The business is cash-generative after maintenance spending: FY2025 capital spending stayed below $1B while operating cash flow reached $4.14B. That kept free cash flow near $3.20B, meaning most cash was not being swallowed by upkeep or expansion spending and stayed available for capital allocation.

FY2025 also shows a stronger equity cushion, with total equity at $5.21B and debt-to-equity down to 5.5x. But long-term debt still increased to $28.43B, so the better ratio came more from a larger equity base than from debt paydown, leaving the company structurally reliant on borrowed capital.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

FFO Margin FFOGrowth Leverage Interest Cov. AFFOMargin DividendCov. 65 / 100
Financial Health Score 65/100
Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Simon Prop Grp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin
99
FFO Growth
84
Leverage
32
Interest Cov.
74
AFFO Margin
99
Dividend Cov.
0

Not available for Simon Prop Grp, and counted as zero in the overall score.

Piotroski F-Score Partial
4/6

Simon Prop Grp passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed
0.77x

For every $1 of reported earnings, Simon Prop Grp generates $0.77 in operating cash flow ($4.1B OCF vs $5.4B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Adequate
3.26x

Simon Prop Grp earns $3.26 in operating income for every $1 of interest expense ($3.2B vs $974.8M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$6.4B
YoY+6.7%
5Y CAGR+6.7%
10Y CAGR+1.9%

Simon Prop Grp generated $6.4B in revenue in fiscal year 2025. This represents an increase of 6.7% from the prior year.

EBITDA
$4.6B
YoY+5.6%
5Y CAGR+6.9%
10Y CAGR+1.8%

Simon Prop Grp's EBITDA was $4.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.6% from the prior year.

Net Income
$5.4B
YoY+96.6%
5Y CAGR+33.2%
10Y CAGR+9.6%

Simon Prop Grp reported $5.4B in net income in fiscal year 2025. This represents an increase of 96.6% from the prior year.

EPS (Diluted)
$14.17
YoY+95.2%

Simon Prop Grp earned $14.17 per diluted share (EPS) in fiscal year 2025. This represents an increase of 95.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$3.2B
YoY+4.7%
5Y CAGR+11.7%
10Y CAGR+4.8%

Simon Prop Grp generated $3.2B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 4.7% from the prior year.

Cash & Debt
$823.1M
YoY-41.2%
5Y CAGR-4.0%
10Y CAGR+1.6%

Simon Prop Grp held $823.1M in cash against $28.4B in long-term debt as of fiscal year 2025.

Dividends Per Share
$8.55
YoY+5.6%
5Y CAGR+7.3%
10Y CAGR+3.5%

Simon Prop Grp paid $8.55 per share in dividends in fiscal year 2025. This represents an increase of 5.6% from the prior year.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin
49.9%
YoY-2.0pp
5Y CAGR+7.1pp
10Y CAGR-0.8pp

Simon Prop Grp's operating margin was 49.9% in fiscal year 2025, reflecting core business profitability. This is down 2.0 percentage points from the prior year.

Net Margin
84.3%
YoY+38.5pp
5Y CAGR+56.6pp
10Y CAGR+43.6pp

Simon Prop Grp's net profit margin was 84.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 38.5 percentage points from the prior year.

Return on Equity
103.0%
YoY+10.2pp
5Y CAGR+61.0pp
10Y CAGR+55.1pp

Simon Prop Grp's ROE was 103.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 10.2 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks
$226.8M

Simon Prop Grp spent $226.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$934.3M
YoY+23.7%
5Y CAGR+14.1%
10Y CAGR-0.9%

Simon Prop Grp invested $934.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 23.7% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

SPG Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

SPG annual income statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Revenue$6.9B$6.4B+6.7%$6.0B+5.4%$5.7B+6.9%$5.3B+3.4%$5.1B+11.1%$4.6B-19.9%$5.8B+1.9%$5.6B+2.1%$5.5B+1.7%$5.4B+3.2%$5.3B+8.1%$4.9B+7.2%$4.5B+6.8%$4.3B-1.2%$4.3B
SG&A ExpensesN/A$60.9M+36.1%$44.7M+16.2%$38.5M+10.1%$35.0M+15.3%$30.3M+34.4%$22.6M-35.2%$34.9M-25.1%$46.5M-10.4%$52.0M-20.1%$65.1M+7.9%$60.3M+0.6%$60.0M+0.3%$59.8M+4.7%$57.1M+23.4%$46.3M
Operating Income$3.3B$3.2B+2.7%$3.1B+10.2%$2.8B+8.6%$2.6B+7.1%$2.4B+22.4%$2.0B-32.3%$2.9B-0.5%$2.9B+4.4%$2.8B+3.0%$2.7B+1.9%$2.7B+11.9%$2.4B+9.0%$2.2B+9.1%$2.0B+3.2%$1.9B
Interest ExpenseN/A$974.8M+7.6%$905.8M+6.0%$854.6M+12.3%$761.3M-4.3%$795.7M+1.4%$784.4M-0.6%$789.4M-3.3%$815.9M+0.8%$809.4M-5.6%$857.6M-7.2%$923.7M-6.9%$992.6M-8.3%$1.1B+1.3%$1.1B+8.6%$983.5M
Income TaxN/A$20.3M+117.9%$9.3M-86.5%$68.8MN/AN/AN/AN/AN/AN/AN/A$20.2M-28.2%$28.1M-29.0%$39.5M+151.6%$15.7M+35.5%$11.6M
Net Income$5.4B$5.4B+96.6%$2.7B+4.3%$2.6B+6.7%$2.5B-4.5%$2.6B+101.1%$1.3B-47.3%$2.4B-14.1%$2.8B+25.7%$2.2B+5.2%$2.1B-0.2%$2.1B+29.5%$1.7B+6.4%$1.6B-9.8%$1.7B+38.0%$1.2B
EPS (Diluted)$14.18$14.17+95.2%$7.26+4.0%$6.98+7.1%$6.52-4.7%$6.84N/AN/AN/AN/AN/AN/AN/A$4.24-10.2%$4.72+35.6%$3.48

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

SPG Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

SPG annual balance sheet
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Total Assets$40.6B+25.3%$32.4B-5.5%$34.3B+3.9%$33.0B-2.3%$33.8B-2.9%$34.8B+11.4%$31.2B+1.8%$30.7B-4.9%$32.3B+3.7%$31.1B+1.8%$30.6B+3.5%$29.5B-11.4%$33.3B+2.3%$32.6B+24.3%$26.2B
Cash & Equivalents$823.1M-41.2%$1.4B+19.8%$1.2B+88.1%$621.6M+16.4%$533.9M-47.2%$1.0B+51.1%$669.4M+30.1%$514.3M-65.3%$1.5B+164.7%$560.1M-20.1%$701.1M+14.5%$612.3M-63.8%$1.7B+42.8%$1.2B+48.3%$798.6M
Goodwill$20.1M0.0%$20.1M0.0%$20.1M0.0%$20.1M0.0%$20.1M0.0%$20.1M0.0%$20.1M0.0%$20.1M0.0%$20.1M0.0%$20.1M0.0%$20.1M0.0%$20.1M0.0%$20.1M0.0%$20.1M0.0%$20.1M
Total Liabilities$33.9B+17.7%$28.8B-5.8%$30.6B+4.8%$29.2B-0.6%$29.4B-5.6%$31.1B+10.8%$28.1B+5.4%$26.7B-4.2%$27.8B+7.0%$26.0B+2.7%$25.3B+7.5%$23.6B-10.5%$26.3B+3.1%$25.5B+25.0%$20.4B
Long-Term Debt$28.4B+17.2%$24.3B-6.8%$26.0B+4.3%$25.0B-1.4%$25.3B-5.2%$26.7B+10.6%$24.2B+3.7%$23.3B-5.4%$24.6B+7.2%$23.0B+2.5%$22.4BN/AN/AN/A$18.4B
Total Equity$5.2B+77.0%$2.9B-2.7%$3.0B-3.7%$3.1B-6.6%$3.4B+10.6%$3.0B+20.3%$2.5B-23.4%$3.3B-10.6%$3.7B-14.5%$4.3B-3.6%$4.5B-12.2%$5.1B-12.9%$5.8B-1.0%$5.9B+27.1%$4.6B
Retained Earnings-$4.6B+27.8%-$6.4B-4.7%-$6.1B-2.8%-$5.9B-1.8%-$5.8B+4.6%-$6.1B-13.4%-$5.4B-10.0%-$4.9B-2.3%-$4.8B-7.2%-$4.5B-4.5%-$4.3B-1.4%-$4.2B-30.7%-$3.2B-4.4%-$3.1B+5.2%-$3.3B

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.

SPG Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

SPG annual cash flow statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Operating Cash Flow$4.1B$4.1B+8.4%$3.8B-3.0%$3.9B+4.4%$3.8B+3.6%$3.6B+56.3%$2.3B-38.9%$3.8B+1.5%$3.8B+4.4%$3.6B+6.6%$3.4B+11.5%$3.0B+10.8%$2.7B+1.1%$2.7B+7.5%$2.5B+25.3%$2.0B
Capital Expenditures$905.4M$934.3M+23.7%$755.6M-4.8%$793.3M+22.0%$650.0M+23.1%$527.9M+9.1%$484.1M-44.7%$876.0M+12.0%$781.9M+6.8%$732.1M-8.3%$798.5M-21.8%$1.0B+28.1%$796.7MN/AN/AN/A
Free Cash Flow$3.2B$3.2B+4.7%$3.1B-2.5%$3.1B+0.7%$3.1B+0.2%$3.1B+68.8%$1.8B-37.2%$2.9B-1.2%$3.0B+3.7%$2.9B+11.2%$2.6B+28.5%$2.0B+3.6%$1.9BN/AN/AN/A
Investing Cash Flow-$746.1M-$1.6B-213.7%$1.4B+203.3%-$1.4B-117.6%-$626.6M-13.4%-$552.8M+86.1%-$4.0B-269.5%-$1.1B-355.3%-$236.5M+68.9%-$761.5M+21.4%-$969.0M+33.8%-$1.5B-63.0%-$897.3M+5.4%-$948.1M+73.5%-$3.6B-260.2%-$994.0M
Financing Cash Flow-$3.6B-$3.1B+37.6%-$5.0B-147.1%-$2.0B+33.8%-$3.1B+14.3%-$3.6B-278.7%$2.0B+177.4%-$2.6B+42.5%-$4.5B-134.7%-$1.9B+24.9%-$2.5B-72.7%-$1.5B+49.9%-$2.9B-140.7%-$1.2B-184.0%$1.5B+243.9%-$1.0B
Share BuybacksN/A$226.8MN/A$140.6M-22.1%$180.4MN/A$152.6M-57.6%$359.8M+1.6%$354.1M-13.0%$407.0M+59.4%$255.3MN/AN/AN/AN/AN/A

Not reported in any period shown, so not listed: Dividends Paid.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

SPG Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

SPG annual financial ratios
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Operating Margin49.9%-2.0pp51.9%+2.3pp49.6%+0.8pp48.8%+1.7pp47.2%+4.4pp42.8%-7.8pp50.6%-1.2pp51.8%+1.1pp50.7%+0.6pp50.1%-0.6pp50.7%+1.7pp49.0%+0.8pp48.2%+1.0pp47.1%+2.0pp45.1%
Net Margin84.3%+38.5pp45.8%-0.5pp46.3%-0.1pp46.4%-3.8pp50.2%+22.5pp27.7%-14.4pp42.1%-7.9pp50.0%+9.4pp40.6%+1.3pp39.3%-1.4pp40.6%+6.7pp33.9%-0.2pp34.2%-6.3pp40.4%+11.5pp28.9%
Return on Equity103.0%+10.2pp92.8%+6.2pp86.6%+8.4pp78.1%+1.7pp76.4%+34.4pp42.0%-53.9pp95.9%+10.3pp85.6%+24.7pp60.9%+11.4pp49.5%+1.7pp47.9%+15.4pp32.4%+5.9pp26.5%-2.6pp29.1%+2.3pp26.8%
Return on Assets13.2%+4.8pp8.4%+0.8pp7.6%+0.2pp7.4%-0.2pp7.6%+3.9pp3.7%-4.1pp7.8%-1.4pp9.2%+2.2pp7.0%+0.1pp6.9%-0.1pp7.0%+1.4pp5.6%+0.9pp4.7%-0.6pp5.3%+0.5pp4.8%
Debt-to-Equity5.46-2.8x8.25-0.4x8.61+0.7x7.95+0.4x7.53-1.3x8.79-0.8x9.56+2.5x7.07+0.4x6.68+1.4x5.33+0.3x5.01+0.4x4.62+0.1x4.50+0.2x4.32+0.4x3.96
FCF Margin50.3%-1.0pp51.3%-4.1pp55.4%-3.5pp58.9%-1.9pp60.8%+20.8pp40.0%-10.9pp50.9%-1.7pp52.6%+0.8pp51.8%+4.4pp47.4%+9.3pp38.0%-1.7pp39.7%N/AN/AN/A

Not reported in any period shown, so not listed: Gross Margin, Current Ratio.

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Frequently Asked Questions

What is Simon Prop Grp's annual revenue?

Simon Prop Grp (SPG) reported $6.4B in total revenue for fiscal year 2025. This represents a 6.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Simon Prop Grp's revenue growing?

Simon Prop Grp (SPG) revenue grew by 6.7% year-over-year, from $6.0B to $6.4B in fiscal year 2025.

Is Simon Prop Grp profitable?

Yes, Simon Prop Grp (SPG) reported a net income of $5.4B in fiscal year 2025, with a net profit margin of 84.3%.

Simon Prop Grp (SPG) reported diluted earnings per share of $14.17 for fiscal year 2025. This represents a 95.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Simon Prop Grp (SPG) had EBITDA of $4.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Simon Prop Grp (SPG) had $823.1M in cash and equivalents against $28.4B in long-term debt.

Simon Prop Grp (SPG) had an operating margin of 49.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Simon Prop Grp (SPG) had a net profit margin of 84.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Simon Prop Grp (SPG) paid $8.55 per share in dividends during fiscal year 2025.

Simon Prop Grp (SPG) has a return on equity of 103.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Simon Prop Grp (SPG) generated $3.2B in free cash flow during fiscal year 2025. This represents a 4.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Simon Prop Grp (SPG) generated $4.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Simon Prop Grp (SPG) had $40.6B in total assets as of fiscal year 2025, including both current and long-term assets.

Simon Prop Grp (SPG) invested $934.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Simon Prop Grp (SPG) spent $226.8M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Simon Prop Grp (SPG) had a debt-to-equity ratio of 5.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Simon Prop Grp (SPG) had a return on assets of 13.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Simon Prop Grp (SPG) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Simon Prop Grp (SPG) has an earnings quality ratio of 0.77x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Simon Prop Grp (SPG) has an interest coverage ratio of 3.26x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Simon Prop Grp (SPG) scores 65 out of 100 on our Financial Health Score, indicating strong standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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