Revenue growth accelerated to 19.3% in 2026Q1, supported by an 80.3% NOI margin that demonstrates operational resilience despite inflationary pressures.
| 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 | 6.65B | 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 % | 10.92% | 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 | 981.65M | 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) | 5.67B | 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 % | 85.24% | 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 | 2.46B | 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 | 390.55M | 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 | 4.8B | 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 % | 72.13% | 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 | 1.59B | 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 % | 23.85% | 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 | 3.21B | 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 % | 48.28% | 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 | -2.91B | -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 | 5.38B | 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 % | 80.86% | 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 | 23.49M | 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 % | 0.44% | 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 | 4.68B | 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 % | 70.4% | 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 % | 128.01% | 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) | 6.27B | 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 % | 94.26% | 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 % | 285.16% | 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 | 19.34 | 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 % | 26.31% | 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) | 14.45 | 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 % | 124.04% | 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 | 324.03M | 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 |
Interest rate sensitivity
According to recent financial disclosures, Simon Property Group achieved a 19.3% revenue growth rate in 2026Q1, suggesting that the company's strategic pivot toward mixed-use densification and high-traffic luxury retail is successfully capturing a larger share of the physical retail market despite broader macroeconomic headwinds.
The acceleration in top-line performance appears to be driven by the successful integration of non-retail components into existing mall footprints, which likely enhances foot traffic and tenant pricing power. Investors should monitor whether this growth trajectory remains sustainable as the company continues to deploy capital into redevelopment projects that require significant upfront investment.
As reported in quarterly filings, FFO per share reached $2.90 in 2026Q1, reflecting a significant recovery from the $2.36 reported in 2025Q1, though the erratic quarterly fluctuations in FFO figures suggest that non-recurring items and joint venture accounting continue to complicate the assessment of core operating performance.
While the headline FFO growth appears impressive, the volatility between periods warrants caution, as it may be influenced by the timing of asset sales or equity-method investment distributions. Analysts should focus on the consistency of AFFO, which provides a clearer picture of the cash available for dividends after accounting for recurring maintenance capital expenditures.
Based on the provided income statement data, Simon maintained an NOI margin of 80.3% in 2026Q1, demonstrating the company's ability to preserve property-level profitability despite the static nature of operating expenses like property taxes and insurance that typically pressure retail REIT margins in inflationary environments.
The high NOI margin suggests that the company's scale allows for efficient management of common area maintenance and property-level costs. However, the significant variance between NOI margins and net margins implies that corporate-level overhead and non-operating adjustments are substantial, necessitating a focus on property-level performance rather than bottom-line GAAP figures.
Financial statements indicate a 2025Q4 net income spike to $3.0 billion, a figure that appears disconnected from recurring operational trends and likely reflects non-cash revaluations or one-time gains that could mislead investors regarding the company's true, sustainable earnings power in the current retail environment.
The discrepancy between GAAP net income and FFO highlights the danger of relying on standard accounting metrics for REIT valuation. Investors should be wary of these periodic distortions, as they may mask the underlying impact of interest rate volatility on the company's cost of debt and the potential for future margin compression.
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.