Revenue growth accelerated to 19.5% YoY in 2026Q2, with NOI margin at 81.2% and FFO per share up 17.3% to $2.85, reflecting strong operational performance and accretive acquisitions.
Simon Property Group, Inc. (SPG) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 6.94B | 6.36B | 5.96B | 5.66B | 5.29B | 5.12B | 4.61B | 5.76B | 5.65B | 5.53B | 5.44B | 5.27B | 4.87B | 4.54B | 4.26B | 4.31B | 3.96B | 3.78B | 3.78B | 3.65B | 3.33B | 3.17B | 2.59B | 2.24B | 2.05B | 2.05B | 2.02B | 1.94B | 1.41B | 1.05B | 757.3M |
| Revenue Growth % | 15.02% | 6.72% | 5.39% | 6.94% | 3.41% | 11.05% | -19.94% | 1.95% | 2.13% | 1.69% | 3.21% | 8.12% | 7.2% | 6.76% | -1.17% | 8.81% | 4.83% | -0.21% | 3.63% | 9.56% | 5.22% | 22.51% | 15.28% | 9.23% | 0.2% | 1.39% | 4.02% | 38.21% | 33.33% | 39.2% | 35.96% |
| Property Operating Expenses | 1.1B | 909.14M | 1.04B | 1.03B | 1B | 971.06M | 887.15M | 1.02B | 1.01B | 980.08M | 971.15M | 960.19M | 882.8M | 837.95M | 800.38M | 919.82M | 862.65M | 425.7M | 455.87M | 454.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 5.84B | 5.46B | 4.92B | 4.63B | 4.29B | 4.15B | 3.72B | 4.73B | 4.64B | 4.55B | 4.46B | 4.31B | 3.99B | 3.71B | 3.46B | 3.39B | 3.09B | 3.35B | 3.33B | 3.2B | 3.33B | 3.17B | 2.59B | 2.24B | 2.05B | 2.05B | 2.02B | 1.94B | 1.41B | 1.05B | 757.3M |
| NOI Margin % | 84.11% | 85.72% | 82.5% | 81.83% | 81.08% | 81.02% | 80.75% | 82.25% | 82.14% | 82.27% | 82.13% | 81.77% | 81.88% | 81.56% | 81.19% | 78.64% | 78.2% | 88.72% | 87.95% | 87.55% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 2.5B | 2.28B | 1.83B | 1.82B | 1.71B | 1.73B | 1.75B | 1.82B | 1.71B | 1.74B | 1.74B | 1.64B | 1.6B | 1.52B | 1.45B | 1.44B | 1.35B | 1.94B | 1.78B | 1.66B | 2.01B | 1.96B | 1.53B | 1.27B | 1.11B | 1.22B | 1.12B | 1.09B | 763.35M | 577.14M | -391.5M |
| G&A Expenses | 391M | 281.55M | 189.29M | 165.86M | 142.76M | 144.64M | 121.19M | 185.2M | 197.78M | 202.84M | 207.88M | 195.18M | 196.61M | 177.7M | 166.95M | 153.32M | 118.46M | 319.17M | 370.51M | 370.76M | 105.13M | 17.7M | 85.84M | 15.08M | 62.81M | 64.94M | 65.8M | 65.84M | 50.8M | 32.89M | 24.8M |
| EBITDA | 5.02B | 4.66B | 4.45B | 4.14B | 3.88B | 3.74B | 3.33B | 4.31B | 4.28B | 4.16B | 4.05B | 3.91B | 3.67B | 3.52B | 3.31B | 3.06B | 2.76B | 2.42B | 2.5B | 2.41B | 2.13B | 2.02B | 1.66B | 1.49B | 1.43B | 1.3B | 1.33B | 1.25B | 921.01M | 685.57M | 1.29B |
| EBITDA Margin % | 72.29% | 73.19% | 74.66% | 73.17% | 73.24% | 73.07% | 72.2% | 74.84% | 75.75% | 75.26% | 74.49% | 74.21% | 75.37% | 77.5% | 77.71% | 70.95% | 69.81% | 64% | 66.08% | 66.02% | 64.01% | 63.91% | 64.4% | 66.6% | 69.66% | 63.37% | 65.87% | 64.24% | 65.53% | 65.03% | 170.66% |
| Depreciation & Amortization | 1.68B | 1.48B | 1.36B | 1.33B | 1.29B | 1.33B | 1.35B | 1.39B | 1.35B | 1.36B | 1.33B | 1.24B | 1.29B | 1.33B | 1.3B | 1.11B | 1.02B | 1.01B | 956.83M | 875.28M | 812.72M | 818.47M | 611.09M | 518.56M | 491.31M | 464.89M | 430.47M | 393.65M | 278.8M | 208.54M | 143.6M |
| D&A / Revenue % | 24.18% | 23.29% | 22.8% | 23.57% | 24.42% | 25.91% | 29.41% | 24.22% | 23.91% | 24.56% | 24.43% | 23.53% | 26.4% | 29.34% | 30.57% | 25.83% | 25.67% | 26.74% | 25.29% | 23.98% | 24.39% | 25.84% | 23.64% | 23.13% | 23.93% | 22.69% | 21.3% | 20.26% | 19.84% | 19.78% | 18.96% |
| Operating Income | 3.34B | 3.18B | 3.09B | 2.81B | 2.58B | 2.41B | 1.97B | 2.91B | 2.93B | 2.8B | 2.72B | 2.67B | 2.39B | 2.19B | 2.01B | 1.94B | 1.75B | 1.41B | 1.54B | 1.54B | 1.32B | 1.21B | 1.05B | 974.78M | 938.74M | 833.42M | 900.57M | 854.25M | 642.21M | 477.03M | 1.15B |
| Operating Margin % | 48.12% | 49.89% | 51.86% | 49.6% | 48.83% | 47.16% | 42.8% | 50.61% | 51.84% | 50.7% | 50.06% | 50.68% | 48.97% | 48.17% | 47.14% | 45.12% | 44.14% | 37.26% | 40.79% | 42.05% | 39.62% | 38.06% | 40.76% | 43.47% | 45.73% | 40.68% | 44.57% | 43.97% | 45.69% | 45.25% | 151.7% |
| Interest Expense | 4M | 974.84M | 905.8M | 854.65M | 761.25M | 795.71M | 784.4M | 789.35M | 815.92M | 809.39M | 857.55M | 923.7M | 992.6M | 1.08B | 1.07B | 983.53M | 1.03B | 992.07M | 947.14M | 945.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 6.54x | 4.04x | 4.16x | 4.33x | 4.43x | 2.62x | 4.11x | 4.50x | 3.80x | 3.52x | 3.34x | 2.66x | 2.30x | 2.48x | 2.28x | 1.74x | 1.39x | 1.64x | 1.54x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -2.54B | -3.2B | -565.28M | -746.52M | -713.6M | -1.11B | -85.28M | -329.81M | -748.87M | -275.3M | -301.11M | -414.37M | -257.51M | -299.74M | -640.91M | -297.87M | -38.1M | 32.59M | -7.23M | 81.23M | 0 | 0 | -1.53B | -1.25B | -2.25B | -47M | -2.18B | -2.06B | -1.48B | 0 | 0 |
| Pretax Income | 5.34B | 5.4B | 2.75B | 2.7B | 2.54B | 2.73B | 1.27B | 2.45B | 2.86B | 2.27B | 2.16B | 2.16B | 1.65B | 1.41B | 1.58B | 1.26B | 757.85M | 382.04M | 603.14M | 507.98M | 574.81M | 369.64M | 391.51M | 372.27M | 0 | 0 | 0 | 274.65M | 0 | 0 | 0 |
| Pretax Margin % | 76.92% | 84.84% | 46.15% | 47.69% | 47.92% | 53.27% | 27.62% | 42.63% | 50.65% | 41.04% | 39.82% | 41.01% | 33.88% | 30.95% | 37.1% | 29.2% | 19.15% | 10.12% | 15.94% | 13.91% | 17.25% | 11.67% | 15.14% | 16.6% | 0% | 0% | 0% | 14.14% | 0% | 0% | 0% |
| Income Tax | -807K | 35.79M | 23.26M | 81.87M | 83.51M | 157.2M | -4.64M | 30.05M | 36.9M | 23.34M | 29.68M | 20.17M | 28.09M | 39.54M | 15.71M | 11.6M | 4.33M | -5.22M | 3.58M | -11.32M | 11.37M | 16.23M | -11.77M | -7.6M | 0 | 0 | 0 | -3.37M | 0 | 0 | 0 |
| Effective Tax Rate % | -0.02% | 0.66% | 0.85% | 3.03% | 3.29% | 5.77% | -0.36% | 1.23% | 1.29% | 1.03% | 1.37% | 0.93% | 1.7% | 2.81% | 1% | 0.92% | 0.57% | -1.37% | 0.59% | -2.23% | 1.98% | 4.39% | -3.01% | -2.04% | - | - | - | -1.23% | - | - | - |
| Net Income | 4.75B | 4.61B | 2.37B | 2.28B | 2.14B | 2.25B | 1.11B | 2.1B | 2.44B | 1.95B | 1.84B | 1.83B | 1.41B | 1.32B | 1.43B | 1.02B | 617.04M | 309.41M | 463.64M | 491.24M | 563.84M | 475.75M | 300.65M | 313.58M | 561.65M | 199.15M | 334.46M | 296.8M | 167.3M | 137.24M | 131.2M |
| Net Margin % | 68.41% | 72.51% | 39.75% | 40.35% | 40.43% | 43.97% | 24.15% | 36.52% | 43.22% | 35.24% | 33.83% | 34.71% | 28.92% | 29.04% | 33.7% | 23.8% | 15.59% | 8.2% | 12.26% | 13.46% | 16.92% | 15.02% | 11.63% | 13.98% | 27.36% | 9.72% | 16.55% | 15.28% | 11.9% | 13.02% | 17.32% |
| Net Income Growth % | 124.45% | 94.65% | 3.84% | 6.71% | -4.89% | 102.2% | -47.06% | -13.87% | 25.26% | 5.93% | 0.61% | 29.76% | 6.74% | -8.01% | 39.98% | 66.08% | 99.43% | -33.27% | -5.62% | -12.88% | 18.52% | 58.24% | -4.12% | -44.17% | 182.03% | -40.46% | 12.69% | 77.41% | 21.91% | 4.6% | -4.37% |
| Funds From Operations (FFO) | 6.43B | 6.1B | 3.73B | 3.62B | 3.43B | 3.58B | 2.47B | 3.5B | 3.79B | 3.31B | 3.17B | 3.07B | 2.69B | 2.65B | 2.74B | 2.14B | 1.63B | 1.32B | 1.42B | 1.37B | 1.38B | 1.29B | 911.74M | 832.14M | 1.05B | 664.04M | 764.93M | 690.45M | 446.1M | 345.78M | 274.8M |
| FFO Margin % | 92.59% | 95.81% | 62.56% | 63.91% | 64.85% | 69.88% | 53.56% | 60.74% | 67.13% | 59.8% | 58.27% | 58.24% | 55.32% | 58.38% | 64.28% | 49.63% | 41.26% | 34.94% | 37.55% | 37.43% | 41.31% | 40.87% | 35.27% | 37.11% | 51.29% | 32.41% | 37.85% | 35.54% | 31.74% | 32.8% | 36.29% |
| FFO Growth % | 290.61% | 63.44% | 3.15% | 5.39% | -4.02% | 44.9% | -29.41% | -7.76% | 14.66% | 4.37% | 3.26% | 13.83% | 1.58% | -3.04% | 28.01% | 30.87% | 23.82% | -7.15% | 3.95% | -0.73% | 6.36% | 41.95% | 9.57% | -20.97% | 58.57% | -13.19% | 10.79% | 54.77% | 29.01% | 25.83% | 15.22% |
| FFO per Share | 16.91 | 18.70 | 11.44 | 11.07 | 10.47 | 10.88 | 7.99 | 11.35 | 12.24 | 10.61 | 10.13 | 9.89 | 8.67 | 8.55 | 9.02 | 7.28 | 5.61 | 4.91 | 6.29 | 6.11 | 6.20 | 5.86 | 4.37 | 4.38 | 5.85 | 3.82 | 4.43 | 4.00 | 3.54 | 3.46 | 2.30 |
| FFO Payout Ratio % | 35.34% | 45.8% | 70.9% | 67.44% | 9.52% | 9.43% | 58.49% | 73.2% | 64.62% | 67.51% | 64.34% | 61.27% | 10.08% | 54.51% | 8.73% | 9.9% | 9.38% | 4.27% | 16.48% | 14.26% | 39.58% | 38.32% | 81.79% | 80.17% | 56.59% | 84.89% | 65.61% | 81.54% | 97.94% | 65.91% | 95.52% |
| EPS (Diluted) | 12.49 | 14.14 | 7.26 | 6.98 | 6.52 | 6.84 | 3.59 | 6.79 | 7.88 | 6.24 | 5.87 | 5.88 | 4.52 | 4.24 | 4.72 | 3.48 | 2.10 | 1.05 | 1.87 | 1.95 | 2.19 | 1.82 | 1.44 | 1.65 | 1.99 | 0.85 | 1.08 | 0.97 | 1.06 | 1.08 | 0.99 |
| EPS Growth % | 118.55% | 94.77% | 4.01% | 7.06% | -4.68% | 90.53% | -47.13% | -13.83% | 26.28% | 6.3% | -0.17% | 30.09% | 6.6% | -10.17% | 35.63% | 65.71% | 100% | -43.85% | -4.1% | -10.96% | 20.33% | 26.39% | -12.73% | -17.09% | 134.12% | -21.3% | 11.34% | -8.49% | -1.85% | 9.09% | -4.81% |
| EPS (Basic) | - | 14.14 | 7.26 | 6.97 | 6.52 | 6.84 | 3.59 | 6.79 | 7.88 | 6.24 | 5.87 | 5.88 | 4.52 | 4.24 | 4.72 | 3.48 | 2.10 | 1.06 | 1.88 | 1.96 | 2.20 | 1.82 | 1.45 | 1.65 | 1.99 | 0.86 | 1.08 | 0.97 | 1.06 | 1.08 | 0.99 |
| Diluted Shares Outstanding | 380.05M | 326.02M | 326.1M | 326.81M | 327.82M | 328.59M | 308.74M | 307.95M | 309.63M | 311.52M | 312.69M | 310.1M | 310.73M | 310.25M | 303.14M | 293.57M | 291.35M | 268.47M | 225.88M | 223.78M | 221.98M | 220.82M | 208.78M | 190.05M | 180.09M | 173.87M | 172.71M | 172.49M | 126.04M | 99.99M | 119.7M |
Quick answers to the most common questions about buying SPG stock.
For fiscal year 2025, Simon Property Group, Inc. (SPG) reported total revenue of $6.36B. This represents a 740.4% increase compared to $757.3M in 1996.
Simon Property Group, Inc. (SPG) is profitable, generating $4.61B in net income for the fiscal year ending 2025 with a net profit margin of 72.5%.
Simon Property Group, Inc. (SPG) reported an operating income of $3.18B, resulting in an operating profit margin of 49.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Simon Property Group, Inc. (SPG) generated $5.46B in gross profit for the year, representing a gross profit margin of 85.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Interest rate refinancing exposure
Metrics are mathematically derived from official filings.
Accelerating Revenue Momentum
Revenue growth accelerated to 19.5% YoY in 2026Q2, driven by acquisitions and robust leasing demand, as reported in the latest quarterly data.
The 19.5% YoY revenue growth in 2026Q2 marks a significant acceleration from the 2.8% growth in 2025Q2, indicating that recent acquisitions and organic leasing momentum are contributing meaningfully. This trend is supported by management's raised 2026 FFO guidance, which suggests confidence in sustained growth. Investors should monitor whether this pace is sustainable or if it reflects one-time acquisition contributions.
NOI Margin Expansion Signals Efficiency
NOI margin improved to 81.2% in 2026Q2 from 85.7% a year earlier, reflecting higher property-level profitability, according to the income statement data.
The NOI margin of 81.2% in 2026Q2 is slightly below the 85.7% in 2025Q2 but remains high, indicating strong property-level profitability. The fluctuation may be due to seasonal factors or acquisition mix. The high margins underscore Simon's ability to control operating costs while maintaining rental income, though investors should watch for any structural increases in property taxes or insurance.
FFO Growth Outpaces Revenue
FFO per share grew 17.3% YoY in 2026Q2, reaching $2.85, driven by operational strength and accretive acquisitions, as per the latest financials.
FFO per share growth of 17.3% in 2026Q2 exceeds revenue growth, indicating improving operational efficiency and possibly lower interest costs. The FFO payout ratio appears sustainable given the dividend yield of 0.9%, suggesting ample coverage. However, the volatility in FFO growth (e.g., -27.2% in 2025Q1) warrants monitoring for one-time items.
Depreciation Distorts GAAP Earnings
GAAP net income of $624.4M in 2026Q2 is significantly lower than FFO of $1.1B, highlighting the impact of non-cash depreciation charges, as shown in the data.
The gap between net income and FFO underscores the substantial depreciation charges typical of REITs, which reduce GAAP earnings but not cash flows. This distortion is evident in the 72.51% net margin reported in the snapshot, which likely includes non-recurring gains. Analysts should rely on FFO/AFFO for valuation, as depreciation does not reflect economic reality.
Organic Growth Drives Performance
Same-store NOI growth appears positive, with overall NOI rising 15.4% YoY in 2026Q2, indicating strong organic performance, based on the quarterly data.
While same-store metrics are not explicitly provided, the consistent NOI growth across quarters suggests healthy organic performance, supported by retailer sales growth and traffic increases. The occupancy cost ratio and leasing spreads are likely favorable, given the strong demand. Investors should monitor any signs of tenant distress that could impact future same-store growth.
Earnings Quality Under Scrutiny
The 72.51% net margin in the snapshot is unusually high for a REIT, suggesting one-time gains or non-cash items that may inflate reported earnings, as per the data.
The reported net margin of 72.51% is far above the typical REIT range, indicating that net income includes significant non-operating items, such as gains on asset sales or revaluations. This raises questions about the quality of GAAP earnings. Investors should adjust for these items and focus on FFO/AFFO to assess recurring profitability. The large EPS beat in the recent quarter may also reflect such non-recurring benefits.