Simon Property Group (SPG) Financials

$205.71 +3.40 (+1.68%)

Closing price 05/6/2026 03:59 PM Eastern

Extended Trading

$204.98 -0.72 (-0.35%)

As of 04:28 AM Eastern

Annual Income Statements for Simon Property Group

This table shows Simon Property Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,824	1,836	1,945	2,437	2,098	1,109	2,246	2,136	2,280	2,368	4,624
Consolidated Net Income / (Loss)	2,139	2,135	2,245	2,822	2,423	1,277	2,569	2,452	2,605	2,729	5,470
Net Income / (Loss) Continuing Operations	2,139	2,174	2,245	2,822	2,405	1,392	2,362	2,447	2,608	2,277	2,583
Total Pre-Tax Income	1,624	1,766	2,265	2,095	1,991	1,187	1,744	1,943	2,314	2,093	2,114
Total Operating Income	2,669	2,721	2,802	2,926	2,913	1,972	2,413	2,584	2,807	3,093	3,175
Total Gross Profit	5,158	5,328	4,987	5,546	5,655	4,177	4,605	4,734	5,072	5,859	5,664
Total Revenue	5,266	5,435	5,527	5,645	5,755	4,608	5,117	5,291	5,659	5,964	6,365
Operating Revenue	5,266	5,435	5,527	5,645	5,755	4,608	5,117	5,291	5,659	5,964	6,365
Total Cost of Revenue	108	107	540	100	100	430	512	558	587	105	701
Operating Cost of Revenue	101	100	540	100	100	430	512	558	587	105	701
Total Operating Expenses	2,489	2,607	2,185	2,619	2,727	2,206	2,191	2,150	2,265	2,766	2,488
Selling, General & Admin Expense	163	182	183	141	140	160	171	187	226	194	203
Marketing Expense	135	143	151	151	150	99	114	108	127	145	156
Depreciation Expense	1,178	1,253	1,275	1,282	1,341	1,318	1,263	1,227	1,262	1,265	1,426
Other Operating Expenses / (Income)	1,014	1,030	575	1,045	1,111	629	644	628	649	1,162	703
Total Other Income / (Expense), net	-1,045	-955	-538	-831	-922	-784	-669	-640	-493	-1,000	-1,061
Interest Expense	1,045	994	938	816	906	784	848	761	855	906	975
Other Income / (Expense), net	-	39	400	-15	-17	-	179	121	362	-18	-86
Income Tax Expense	20	30	23	37	30	-4.64	157	84	82	23	36
Other Gains / (Losses), net	535	438	3.65	764	444	200	775	587	376	207	504
Other Adjustments to Consolidated Net Income / (Loss)	-	-	-	-	-	-	207	5.65	-3.06	451	2,887
Preferred Stock Dividends Declared	3.34	3.34	3.34	3.34	3.34	3.34	3.34	3.34	3.34	3.34	3.34
Net Income / (Loss) Attributable to Noncontrolling Interest	312	296	297	382	322	165	319	313	334	358	737
Basic Earnings per Share	$5.88	$5.87	$6.24	$7.87	$6.81	$3.59	$6.84	$6.52	$6.98	$7.26	$14.17
Weighted Average Basic Shares Outstanding	314.81M	319.83M	320.34M	308.97M	306.87M	328.50M	328.60M	326.93M	325.90M	326.28M	324.95M
Weighted Average Diluted Shares Outstanding	314.81M	319.83M	320.34M	308.97M	306.87M	328.50M	328.60M	326.93M	325.90M	326.28M	324.95M
Weighted Average Basic & Diluted Shares Outstanding	314.81M	319.83M	320.34M	308.97M	306.87M	328.50M	328.60M	326.93M	325.90M	326.28M	324.95M

This table shows Simon Property Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	486	594	747	732	493	475	667	414	556	606	3,048
Consolidated Net Income / (Loss)	558	681	859	848	567	596	772	515	694	703	3,559
Net Income / (Loss) Continuing Operations	562	686	955	837	570	597	784	515	704	705	660
Total Pre-Tax Income	567	736	559	919	533	541	427	477	616	576	446
Total Operating Income	658	694	792	735	754	768	836	728	744	813	891
Total Gross Profit	1,228	1,252	1,865	1,291	1,302	1,317	1,949	1,306	1,332	1,576	1,449
Total Revenue	1,370	1,411	1,527	1,443	1,458	1,481	1,582	1,473	1,498	1,602	1,791
Operating Revenue	1,370	1,411	1,527	1,443	1,458	1,481	1,582	1,473	1,498	1,602	1,791
Total Cost of Revenue	141	159	-337	152	156	164	-367	167	166	26	342
Operating Cost of Revenue	141	159	-337	152	156	164	-367	167	166	26	342
Total Operating Expenses	570	558	1,075	556	548	549	1,113	578	588	763	559
Selling, General & Admin Expense	55	50	66	50	52	47	45	44	50	56	53
Marketing Expense	34	29	41	28	39	34	44	34	36	39	47
Depreciation Expense	320	315	320	307	310	320	328	328	339	339	421
Other Operating Expenses / (Income)	162	163	646	170	147	147	697	173	163	329	38
Total Other Income / (Expense), net	-91	41	-233	184	-221	-226	-409	-251	-128	-237	-445
Interest Expense	218	212	225	231	221	226	227	227	233	243	272
Other Income / (Expense), net	36	158	178	415	0.00	0.00	6.29	-24	104	-4.72	-162
Income Tax Expense	10	43	-	48	4.96	2.61	-32	-7.64	35	15	-6.80
Other Gains / (Losses), net	5.62	-6.18	356	-34	42	59	325	30	123	144	207
Preferred Stock Dividends Declared	0.83	0.83	0.84	0.83	0.83	0.83	0.84	0.83	0.83	0.83	0.84
Net Income / (Loss) Attributable to Noncontrolling Interest	70	86	111	109	75	71	104	63	87	96	491
Basic Earnings per Share	$1.49	$1.82	$2.29	$2.25	$1.51	$1.46	$2.04	$1.27	$1.70	$1.86	$9.34
Weighted Average Basic Shares Outstanding	327.20M	326.25M	325.90M	325.94M	326.04M	326.28M	326.28M	326.43M	326.49M	326.47M	324.95M
Weighted Average Diluted Shares Outstanding	327.20M	326.25M	325.90M	325.94M	326.04M	326.28M	326.28M	326.43M	326.49M	326.47M	324.95M
Weighted Average Basic & Diluted Shares Outstanding	327.20M	326.25M	325.90M	325.94M	326.04M	326.28M	326.28M	326.43M	326.49M	326.47M	324.95M

This table details how cash moves in and out of Simon Property Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	89	-141	922	-968	155	342	-478	88	407	231	-577
Net Cash From Operating Activities	3,025	3,373	3,594	3,751	3,808	2,327	3,637	3,767	3,931	3,815	4,137
Net Cash From Continuing Operating Activities	3,025	3,373	3,594	3,751	3,808	2,327	3,637	3,767	3,931	3,815	4,137
Net Income / (Loss) Continuing Operations	2,139	2,135	2,245	2,822	2,423	1,277	2,569	2,452	2,617	2,729	5,364
Consolidated Net Income / (Loss)	2,139	2,135	2,245	2,822	2,423	1,277	2,569	2,452	2,617	2,729	5,364
Depreciation Expense	1,239	1,328	1,357	1,350	1,394	1,355	1,326	1,292	1,334	1,360	1,554
Non-Cash Adjustments To Reconcile Net Income	-277	15	51	-413	27	119	-649	-127	-278	-202	-2,781
Changes in Operating Assets and Liabilities, net	-77	-105	-59	-8.65	-36	-425	392	149	258	-72	-0.68
Net Cash From Investing Activities	-1,463	-969	-761	-237	-1,077	-3,978	-553	-627	-1,363	1,408	-1,601
Net Cash From Continuing Investing Activities	-1,463	-969	-761	-237	-1,083	-3,978	-553	-627	-1,363	1,408	-1,601
Purchase of Property, Plant & Equipment	-1,021	-798	-732	-782	-876	-484	-528	-650	-793	-756	-934
Acquisitions	-1,411	-500	-264	-51	-13	-3,607	-257	-203	-66	-56	-1,114
Purchase of Investments	-389	-351	-182	-85	-438	-224	-91	-302	-1,116	-954	-111
Sale of Property, Plant & Equipment	33	37	20	183	-	33	3.00	60	0.00	55	0.00
Sale and/or Maturity of Investments	1,326	576	461	472	229	280	309	499	603	3,097	437
Other Investing Activities, net	0.00	68	-64	26	14	23	11	-29	8.37	22	122
Net Cash From Financing Activities	-1,473	-2,545	-1,910	-4,482	-2,576	1,994	-3,562	-3,052	-2,020	-4,992	-3,113
Net Cash From Continuing Financing Activities	-1,473	-2,289	-1,910	-4,482	-2,576	1,994	-3,562	-3,052	-2,161	-4,992	-3,108
Repayment of Debt	-9,233	-14,787	-10,585	-9,119	-12,528	-12,955	-10,127	-3,722	-2,659	-2,969	-3,278
Repurchase of Common Equity	-	-0.33	-	-354	-360	-	0.00	-180	-141	0.00	-227
Payment of Dividends	-2,204	-2,366	-2,583	-2,899	-2,991	-1,672	-2,696	-2,620	-2,839	-3,067	-3,257
Issuance of Debt	10,469	14,866	11,668	7,974	13,312	15,235	9,251	3,449	3,630	1,096	3,669
Issuance of Common Equity	4.55	1.51	0.38	0.16	0.14	0.22	21	30	9.81	9.81	6.71
Other Financing Activities, net	-509	-4.30	-410	-85	-10	1,387	-12	-8.97	-160	-53	-22

This table details how cash moves in and out of Simon Property Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-318	-68	259	82	-17	936	-770	-20	-149	321	-729
Net Cash From Operating Activities	1,129	936	1,037	773	1,063	893	1,086	827	1,215	890	1,204
Net Cash From Continuing Operating Activities	1,129	936	1,037	773	1,063	893	1,086	827	1,215	890	1,204
Net Income / (Loss) Continuing Operations	558	681	859	841	569	547	772	478	644	703	3,540
Consolidated Net Income / (Loss)	558	681	859	841	569	547	772	478	644	703	3,540
Depreciation Expense	339	333	339	325	333	342	361	356	368	375	456
Non-Cash Adjustments To Reconcile Net Income	7.41	-146	-223	-307	71	82	-47	137	-65	-49	-2,803
Changes in Operating Assets and Liabilities, net	226	68	62	-86	90	-77	0.14	-143	270	-138	11
Net Cash From Investing Activities	-153	-180	-871	693	-105	811	8.82	-378	-711	-150	-362
Net Cash From Continuing Investing Activities	-153	-180	-871	693	-105	811	8.82	-378	-711	-150	-362
Purchase of Property, Plant & Equipment	-221	-228	-178	-163	-188	-186	-218	-230	-244	-205	-255
Acquisitions	-	-	-38	0.00	-	-	-56	-392	-543	-25	-153
Purchase of Investments	-6.25	-46	-1,053	-629	-9.02	-109	-207	-19	-18	-56	-18
Sale and/or Maturity of Investments	68	97	390	1,576	41	1,106	373	231	54	132	20
Other Investing Activities, net	6.41	-2.50	8.04	-91	51	0.92	62	32	41	4.80	44
Net Cash From Financing Activities	-1,294	-825	234	-1,384	-975	-769	-1,864	-470	-653	-419	-1,571
Net Cash From Continuing Financing Activities	-1,294	-825	93	-1,384	-975	-769	-1,864	-470	-653	-419	-1,566
Repayment of Debt	-785	-149	-857	-670	-219	-1,013	-1,067	-526	-563	-1,104	-1,086
Payment of Dividends	-696	-735	-726	-739	-753	-775	-801	-795	-795	-815	-852
Issuance of Debt	197	165	1,855	68	2.25	1,025	-	857	712	1,504	596
Issuance of Common Equity	1.61	-	1.75	1.73	1.01	1.77	5.30	2.62	0.18	0.45	3.45
Other Financing Activities, net	-11	-0.24	-143	-45	-6.35	-0.08	-1.51	-8.01	-8.38	-4.30	-0.83

This table presents Simon Property Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	30,565	31,104	32,258	30,686	31,232	34,787	33,777	33,011	34,283	32,406	40,606
Total Current Assets	1,326	1,225	2,225	1,278	1,502	2,248	1,454	1,445	1,995	2,197	1,757
Cash & Equivalents	701	560	1,482	514	669	1,012	534	622	1,169	1,400	823
Accounts Receivable	625	665	743	764	832	1,237	920	824	826	797	934
Plant, Property, & Equipment, net	-9,915	-10,866	-11,936	0.00	-13,906	23,158	22,311	21,763	21,568	21,195	30,245
Plant, Property & Equipment, gross	-	-	-	-	-	38,050	37,932	38,327	39,285	40,242	50,946
Accumulated Depreciation	9,915	10,866	11,936	-	13,906	14,892	15,621	16,564	17,717	19,047	20,702
Total Noncurrent Assets	39,155	40,745	41,969	29,408	43,636	9,380	10,013	9,803	9,720	9,014	8,605
Long-Term Investments	4,425	4,165	4,201	3,990	4,103	7,785	8,042	8,147	8,118	7,124	5,868
Other Noncurrent Operating Assets	34,730	36,580	37,767	25,418	39,533	1,595	1,970	1,656	1,602	1,889	2,737
Total Liabilities & Shareholders' Equity	30,565	31,104	32,258	30,686	31,232	34,787	33,777	33,011	34,283	32,406	40,606
Total Liabilities	25,323	26,006	27,828	26,659	28,101	31,129	29,377	29,187	30,596	28,806	33,901
Total Current Liabilities	2,692	1,214	1,269	0.00	0.00	1,799	1,435	1,494	1,695	1,715	1,957
Accounts Payable	1,324	1,214	1,269	-	-	1,312	1,433	1,492	1,693	1,712	1,954
Dividends Payable	-	-	-	-	-	487	1.47	2.00	1.84	2.41	2.72
Total Noncurrent Liabilities	22,631	24,792	26,559	26,659	28,101	29,330	27,942	27,694	28,901	27,091	31,944
Long-Term Debt	22,417	22,977	24,632	23,306	24,163	26,723	25,321	24,960	26,033	24,264	28,430
Other Noncurrent Operating Liabilities	214	1,815	1,927	3,354	3,938	2,606	2,621	2,734	2,867	2,827	3,514
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	26	138	190	230	219	186	548	212	196	185	233
Total Equity & Noncontrolling Interests	5,216	4,960	4,239	3,797	2,911	3,472	3,853	3,612	3,492	3,415	6,472
Total Preferred & Common Equity	4,471	4,310	3,686	3,297	2,526	3,039	3,361	3,139	3,023	2,942	5,208
Preferred Stock	44	43	43	-	42	42	42	41	41	41	40
Total Common Equity	4,428	4,267	3,643	3,297	2,484	2,997	3,320	3,097	2,982	2,901	5,168
Common Stock	9,384	9,523	9,615	3,254	9,756	11,180	11,213	11,233	11,406	11,583	12,347
Retained Earnings	-4,267	-4,459	-4,782	-	-5,380	-6,102	-5,824	-5,927	-6,096	-6,383	-4,608
Treasury Stock	-437	-683	-1,079	-	-1,774	-1,891	-1,884	-2,044	-2,156	-2,106	-2,320
Accumulated Other Comprehensive Income / (Loss)	-253	-114	-110	-	-119	-189	-185	-165	-173	-193	-251
Noncontrolling Interest	745	649	553	500	385	433	492	473	469	473	1,264

This table presents Simon Property Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	33,298	32,819	32,965	34,283	33,697	33,377	33,276	32,406	32,501	33,296	33,602
Total Current Assets	1,935	1,576	1,527	1,995	2,045	2,028	2,938	2,197	2,160	2,009	2,372
Cash & Equivalents	1,155	837	769	1,169	1,251	1,234	2,170	1,400	1,380	1,231	1,553
Accounts Receivable	780	738	758	826	793	793	768	797	780	778	819
Plant, Property, & Equipment, net	21,682	21,623	21,541	21,568	21,480	21,366	21,314	21,195	21,541	22,336	22,284
Plant, Property & Equipment, gross	38,505	38,749	38,952	39,285	39,494	39,664	39,939	40,242	40,838	42,353	42,619
Accumulated Depreciation	16,823	17,126	17,410	17,717	18,014	18,298	18,626	19,047	19,297	20,018	20,335
Total Noncurrent Assets	9,680	9,620	9,897	9,720	8,872	8,684	8,724	9,014	8,800	8,951	8,946
Long-Term Investments	8,044	7,960	8,180	8,118	7,222	7,031	6,962	7,124	6,968	7,100	6,975
Other Noncurrent Operating Assets	1,636	1,660	1,716	1,602	1,650	1,653	1,762	1,889	1,832	1,851	1,971
Total Liabilities & Shareholders' Equity	33,298	32,819	32,965	34,283	33,697	33,377	33,276	32,406	32,501	33,296	33,602
Total Liabilities	29,621	29,292	29,352	30,596	29,935	29,790	29,954	28,806	29,234	30,205	30,628
Total Current Liabilities	1,354	1,547	1,630	1,695	1,529	1,629	1,622	1,715	1,489	1,633	1,651
Accounts Payable	1,352	1,544	1,626	1,693	1,528	1,627	1,620	1,712	1,487	1,631	1,649
Dividends Payable	2.44	2.89	3.35	1.84	1.41	1.74	2.07	2.41	1.74	2.06	2.39
Total Noncurrent Liabilities	28,266	27,745	27,722	28,901	28,405	28,161	28,332	27,091	27,744	28,572	28,977
Long-Term Debt	25,570	24,990	24,917	26,033	25,519	25,288	25,418	24,264	24,753	25,401	25,789
Other Noncurrent Operating Liabilities	2,696	2,755	2,805	2,867	2,886	2,873	2,914	2,827	2,991	3,170	3,188
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	224	227	202	196	178	189	183	185	242	244	245
Total Equity & Noncontrolling Interests	3,453	3,301	3,410	3,492	3,585	3,398	3,139	3,415	3,026	2,848	2,730
Total Preferred & Common Equity	3,004	2,872	2,953	3,023	3,106	2,945	2,713	2,942	2,606	2,452	2,350
Preferred Stock	41	41	41	41	41	41	41	41	41	41	41
Total Common Equity	2,962	2,830	2,912	2,982	3,065	2,904	2,672	2,901	2,565	2,411	2,309
Common Stock	11,231	11,211	11,393	11,406	11,371	11,363	11,343	11,583	11,595	11,594	11,618
Retained Earnings	-6,070	-6,190	-6,219	-6,096	-5,988	-6,156	-6,358	-6,383	-6,710	-6,838	-6,935
Treasury Stock	-2,039	-2,016	-2,121	-2,156	-2,152	-2,136	-2,106	-2,106	-2,100	-2,089	-2,093
Accumulated Other Comprehensive Income / (Loss)	-161	-176	-141	-173	-166	-167	-206	-193	-220	-256	-281
Noncontrolling Interest	449	429	458	469	478	453	426	473	420	396	380

This table displays calculated financial ratios and metrics derived from Simon Property Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.12%	3.21%	1.69%	2.13%	1.95%	-19.94%	11.05%	3.41%	6.94%	5.39%	6.72%
EBITDA Growth	6.45%	4.61%	11.54%	-6.56%	0.69%	-22.46%	17.76%	2.02%	13.47%	-1.84%	4.72%
EBIT Growth	11.89%	3.43%	16.02%	-9.10%	-0.51%	-31.92%	31.45%	4.35%	18.37%	-3.42%	0.48%
NOPAT Growth	13.01%	1.49%	3.68%	3.65%	-0.21%	-31.00%	10.92%	12.61%	13.53%	8.97%	2.07%
Net Income Growth	29.54%	-0.22%	5.16%	25.72%	-14.14%	-47.29%	101.10%	-4.53%	6.71%	4.28%	100.45%
EPS Growth	30.09%	-0.17%	6.30%	26.12%	-100.00%	0.00%	0.00%	0.00%	0.00%	4.01%	0.00%
Operating Cash Flow Growth	10.78%	11.51%	6.56%	4.37%	1.52%	-38.90%	56.33%	3.55%	4.36%	-2.95%	8.44%
Free Cash Flow Firm Growth	10.94%	-13.82%	47.75%	24.76%	-7.27%	-23.51%	28.46%	15.41%	-5.90%	-6.98%	-289.83%
Invested Capital Growth	2.18%	3.63%	0.12%	-2.35%	-1.34%	-2.00%	-4.19%	-5.34%	-2.91%	-0.48%	47.08%
Revenue Q/Q Growth	-19.02%	33.55%	-0.17%	0.82%	0.46%	-7.19%	3.96%	1.41%	2.31%	0.93%	3.40%
EBITDA Q/Q Growth	-13.25%	21.56%	10.64%	0.09%	-0.22%	-6.75%	8.64%	0.76%	7.79%	-2.33%	9.54%
EBIT Q/Q Growth	-18.43%	33.19%	16.32%	0.31%	-0.28%	-10.81%	13.49%	1.29%	11.31%	-3.98%	11.10%
NOPAT Q/Q Growth	-18.64%	32.83%	1.80%	0.27%	-0.29%	-12.32%	3.21%	3.64%	8.50%	0.31%	0.64%
Net Income Q/Q Growth	-19.21%	29.65%	10.01%	6.54%	-9.11%	-17.86%	11.31%	8.83%	3.43%	-3.11%	108.06%
EPS Q/Q Growth	-19.12%	29.87%	10.05%	6.35%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.25%	1.02%	0.97%	3.46%	-1.04%	-2.70%	-0.28%	1.27%	2.73%	1.30%	2.94%
Free Cash Flow Firm Q/Q Growth	-15.57%	50.24%	-9.87%	16.50%	-4.60%	-8.54%	12.93%	3.31%	-1.39%	-5.13%	-375.40%
Invested Capital Q/Q Growth	-0.46%	-0.27%	1.24%	-0.83%	-0.21%	-0.44%	-1.80%	-2.03%	-0.76%	0.16%	40.56%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	97.95%	98.03%	90.23%	98.24%	98.25%	90.67%	89.99%	89.46%	98.28%	98.24%	88.99%
EBITDA Margin	74.21%	75.22%	82.50%	75.48%	74.55%	72.20%	76.57%	75.53%	80.14%	74.65%	72.96%
Operating Margin	50.68%	50.06%	50.70%	51.84%	50.61%	42.80%	47.16%	48.83%	49.60%	51.86%	49.89%
EBIT Margin	50.68%	50.79%	57.94%	51.57%	50.32%	42.80%	50.65%	51.12%	56.58%	51.84%	48.54%
Profit (Net Income) Margin	40.63%	39.28%	40.61%	49.99%	42.10%	27.72%	50.20%	46.35%	46.25%	45.76%	85.95%
Tax Burden Percent	131.72%	120.88%	99.13%	134.71%	121.73%	107.57%	147.26%	126.19%	111.51%	129.32%	258.71%
Interest Burden Percent	60.86%	63.98%	70.71%	71.97%	68.73%	60.22%	67.30%	71.85%	73.31%	68.25%	68.44%
Effective Tax Rate	1.24%	1.68%	1.03%	1.76%	1.51%	-0.39%	9.01%	4.30%	0.00%	1.10%	1.69%
Return on Invested Capital (ROIC)	11.82%	11.66%	11.87%	12.44%	12.65%	8.88%	10.16%	12.01%	14.23%	15.78%	13.06%
ROIC Less NNEP Spread (ROIC-NNEP)	8.85%	8.62%	9.03%	12.17%	10.32%	5.16%	12.28%	11.89%	13.04%	13.68%	25.60%
Return on Net Nonoperating Assets (RNNOA)	26.32%	29.63%	35.26%	54.31%	55.06%	28.75%	53.59%	47.62%	55.45%	59.12%	93.10%
Return on Equity (ROE)	38.14%	41.29%	47.13%	66.75%	67.71%	37.63%	63.75%	59.64%	69.68%	74.90%	106.17%
Cash Return on Invested Capital (CROIC)	9.67%	8.10%	11.75%	14.82%	14.01%	10.90%	14.44%	17.50%	17.18%	16.26%	-25.04%
Operating Return on Assets (OROA)	8.88%	8.95%	10.11%	9.25%	9.36%	5.97%	7.56%	8.10%	9.52%	9.27%	8.46%
Return on Assets (ROA)	7.12%	6.92%	7.09%	8.97%	7.83%	3.87%	7.49%	7.34%	7.78%	8.18%	14.98%
Return on Common Equity (ROCE)	32.22%	34.72%	39.13%	54.78%	54.69%	30.39%	49.97%	46.53%	56.39%	60.47%	83.13%
Return on Equity Simple (ROE_SIMPLE)	47.85%	49.52%	60.90%	85.61%	95.91%	42.02%	76.42%	78.14%	86.58%	92.76%	0.00%
Net Operating Profit after Tax (NOPAT)	2,636	2,675	2,773	2,875	2,869	1,980	2,196	2,473	2,807	3,059	3,122
NOPAT Margin	50.05%	49.22%	50.18%	50.92%	49.85%	42.96%	42.91%	46.73%	49.60%	51.29%	49.05%
Net Nonoperating Expense Percent (NNEP)	2.98%	3.04%	2.84%	0.28%	2.33%	3.71%	-2.12%	0.12%	1.19%	2.09%	-12.53%
Return On Investment Capital (ROIC_SIMPLE)	9.54%	9.58%	9.61%	10.61%	10.60%	6.56%	7.53%	8.65%	9.51%	11.05%	8.94%
Cost of Revenue to Revenue	2.05%	1.97%	9.77%	1.76%	1.75%	9.33%	10.01%	10.54%	1.72%	1.76%	11.01%
SG&A Expenses to Revenue	3.10%	3.35%	3.32%	2.49%	2.43%	3.48%	3.34%	3.54%	4.00%	3.26%	3.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	47.27%	47.97%	39.53%	46.40%	47.38%	47.87%	42.83%	40.63%	48.73%	46.38%	39.10%
Earnings before Interest and Taxes (EBIT)	2,669	2,760	3,203	2,911	2,896	1,972	2,592	2,705	3,202	3,092	3,089
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,908	4,088	4,560	4,261	4,290	3,327	3,918	3,997	4,535	4,452	4,644
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.47	8.43	9.87	11.12	13.66	6.93	13.14	10.95	14.66	19.13	11.69
Price to Tangible Book Value (P/TBV)	8.47	8.43	9.87	11.12	13.66	6.93	13.14	10.95	14.66	19.13	11.69
Price to Revenue (P/Rev)	7.12	6.62	6.50	6.50	5.90	4.51	8.53	6.41	7.73	9.31	9.50
Price to Earnings (P/E)	20.55	19.60	18.48	15.05	16.17	18.71	19.43	15.87	19.18	23.44	13.07
Dividend Yield	4.99%	5.68%	6.18%	6.66%	7.51%	8.84%	5.38%	6.65%	5.56%	4.76%	4.62%
Earnings Yield	4.87%	5.10%	5.41%	6.64%	6.18%	5.34%	5.15%	6.30%	5.21%	4.27%	7.65%
Enterprise Value to Invested Capital (EV/IC)	2.47	2.36	2.38	2.46	2.40	1.78	2.91	2.54	3.15	3.72	2.94
Enterprise Value to Revenue (EV/Rev)	10.56	10.13	10.07	9.96	9.38	8.54	12.01	9.60	10.81	12.06	13.15
Enterprise Value to EBITDA (EV/EBITDA)	14.22	13.47	12.21	13.19	12.58	11.83	15.69	12.72	13.49	16.16	18.03
Enterprise Value to EBIT (EV/EBIT)	20.83	19.95	17.38	19.31	18.63	19.95	23.71	18.79	19.11	23.27	27.10
Enterprise Value to NOPAT (EV/NOPAT)	21.09	20.58	20.07	19.55	18.81	19.88	27.99	20.55	21.79	23.52	26.82
Enterprise Value to Operating Cash Flow (EV/OCF)	18.38	16.33	15.49	14.98	14.17	16.91	16.90	13.49	15.56	18.86	20.24
Enterprise Value to Free Cash Flow (EV/FCFF)	25.79	29.64	20.28	16.41	16.99	16.20	19.70	14.11	18.05	22.82	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.28	4.51	5.56	5.79	7.72	7.31	5.75	6.53	7.06	6.74	4.24
Long-Term Debt to Equity	4.28	4.51	5.56	5.79	7.72	7.31	5.75	6.53	7.06	6.74	4.24
Financial Leverage	2.97	3.44	3.90	4.46	5.34	5.57	4.36	4.01	4.25	4.32	3.64
Leverage Ratio	5.36	5.96	6.65	7.44	8.65	9.73	8.51	8.12	8.96	9.15	7.09
Compound Leverage Factor	3.26	3.82	4.70	5.36	5.95	5.86	5.73	5.84	6.57	6.25	4.85
Debt to Total Capital	81.05%	81.84%	84.76%	85.27%	88.53%	87.96%	85.19%	86.72%	87.59%	87.08%	80.92%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	81.05%	81.84%	84.76%	85.27%	88.53%	87.96%	85.19%	86.72%	87.59%	87.08%	80.92%
Preferred Equity to Total Capital	0.16%	0.15%	0.15%	0.00%	0.16%	0.14%	0.14%	0.14%	0.14%	0.15%	0.12%
Noncontrolling Interests to Total Capital	2.79%	2.80%	2.56%	2.67%	2.21%	2.04%	3.50%	2.38%	2.24%	2.36%	4.26%
Common Equity to Total Capital	16.01%	15.20%	12.54%	12.06%	9.10%	9.87%	11.17%	10.76%	10.03%	10.41%	14.71%
Debt to EBITDA	5.74	5.62	5.40	5.47	5.63	8.03	6.46	6.25	5.74	5.45	6.12
Net Debt to EBITDA	4.42	4.46	4.16	4.41	4.52	5.39	4.27	4.05	3.69	3.54	4.68
Long-Term Debt to EBITDA	5.74	5.62	5.40	5.47	5.63	8.03	6.46	6.25	5.74	5.45	6.12
Debt to NOPAT	8.50	8.59	8.88	8.11	8.42	13.50	11.53	10.10	9.27	7.93	9.11
Net Debt to NOPAT	6.56	6.82	6.83	6.54	6.76	9.06	7.63	6.55	5.97	5.15	6.96
Long-Term Debt to NOPAT	8.50	8.59	8.88	8.11	8.42	13.50	11.53	10.10	9.27	7.93	9.11
Altman Z-Score	1.10	1.10	1.10	1.37	1.03	0.49	1.06	0.87	1.09	1.40	1.31
Noncontrolling Interest Sharing Ratio	15.53%	15.91%	16.97%	17.93%	19.24%	19.26%	21.62%	21.98%	19.07%	19.27%	21.70%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.49	1.01	1.75	0.00	0.00	1.25	1.01	0.97	1.18	1.28	0.90
Quick Ratio	0.49	1.01	1.75	0.00	0.00	1.25	1.01	0.97	1.18	1.28	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,156	1,858	2,745	3,425	3,176	2,429	3,121	3,602	3,389	3,153	-5,984
Operating Cash Flow to CapEx	306.17%	442.66%	504.63%	626.52%	434.68%	516.24%	692.92%	638.01%	495.51%	544.65%	442.72%
Free Cash Flow to Firm to Interest Expense	2.06	1.87	2.93	4.20	3.51	3.10	3.68	4.73	3.97	3.48	-6.14
Operating Cash Flow to Interest Expense	2.90	3.39	3.83	4.60	4.20	2.97	4.29	4.95	4.60	4.21	4.24
Operating Cash Flow Less CapEx to Interest Expense	1.95	2.63	3.07	3.86	3.24	2.39	3.67	4.17	3.67	3.44	3.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.18	0.17	0.18	0.19	0.14	0.15	0.16	0.17	0.18	0.17
Accounts Receivable Turnover	8.74	8.43	7.86	7.49	7.21	4.45	4.75	6.07	6.86	7.35	7.36
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.23	0.24	0.26	0.28	0.25
Accounts Payable Turnover	0.08	0.08	0.44	0.00	0.00	0.00	0.37	0.38	0.06	0.06	0.38
Days Sales Outstanding (DSO)	41.75	43.29	46.47	48.70	50.61	81.95	76.91	60.12	53.20	49.65	49.62
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	4,365.44	4,326.83	839.11	0.00	0.00	0.00	978.28	957.05	5,976.25	5,918.33	954.79
Cash Conversion Cycle (CCC)	-4,323.69	-4,283.54	-792.65	48.70	50.61	81.95	-901.37	-896.93	-5,923.04	-5,868.67	-905.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	22,533	23,350	23,378	22,828	22,521	22,072	21,147	20,018	19,436	19,342	28,447
Invested Capital Turnover	0.24	0.24	0.24	0.24	0.25	0.21	0.24	0.26	0.29	0.31	0.27
Increase / (Decrease) in Invested Capital	480	817	28	-550	-307	-450	-925	-1,129	-582	-94	9,106
Enterprise Value (EV)	55,591	55,059	55,675	56,204	53,968	39,345	61,461	50,822	61,175	71,937	83,710
Market Capitalization	37,487	35,977	35,940	36,673	33,931	20,757	43,635	33,903	43,723	55,499	60,433
Book Value per Share	$14.31	$13.58	$11.72	$10.66	$8.09	$9.80	$10.10	$9.47	$9.14	$8.89	$15.83
Tangible Book Value per Share	$14.31	$13.58	$11.72	$10.66	$8.09	$9.80	$10.10	$9.47	$9.14	$8.89	$15.83
Total Capital	27,659	28,075	29,062	27,333	27,294	30,382	29,722	28,784	29,721	27,864	35,136
Total Debt	22,417	22,977	24,632	23,306	24,163	26,723	25,321	24,960	26,033	24,264	28,430
Total Long-Term Debt	22,417	22,977	24,632	23,306	24,163	26,723	25,321	24,960	26,033	24,264	28,430
Net Debt	17,291	18,252	18,949	18,801	19,391	17,927	16,745	16,192	16,746	15,740	21,739
Capital Expenditures (CapEx)	988	762	712	599	876	451	525	590	793	700	934
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,068	-549	-527	764	832	-562	-515	-670	-869	-918	-1,023
Debt-free Net Working Capital (DFNWC)	-1,367	11	956	1,278	1,502	450	19	-48	300	482	-200
Net Working Capital (NWC)	-1,367	11	956	1,278	1,502	450	19	-48	300	482	-200
Net Nonoperating Expense (NNE)	496	540	529	52	446	702	-373	20	190	330	-2,349
Net Nonoperating Obligations (NNO)	17,291	18,252	18,949	18,801	19,391	18,414	16,746	16,194	15,748	15,742	21,742
Total Depreciation and Amortization (D&A)	1,239	1,328	1,357	1,350	1,394	1,355	1,326	1,292	1,334	1,360	1,554
Debt-free, Cash-free Net Working Capital to Revenue	-39.27%	-10.11%	-9.53%	13.53%	14.46%	-12.20%	-10.07%	-12.66%	-15.36%	-15.40%	-16.07%
Debt-free Net Working Capital to Revenue	-25.95%	0.20%	17.29%	22.64%	26.09%	9.76%	0.37%	-0.91%	5.30%	8.08%	-3.14%
Net Working Capital to Revenue	-25.95%	0.20%	17.29%	22.64%	26.09%	9.76%	0.37%	-0.91%	5.30%	8.08%	-3.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.88	$5.87	$6.24	$7.87	$6.81	$3.59	$6.84	$6.52	$6.98	$7.26	$14.17
Adjusted Weighted Average Basic Shares Outstanding	314.81M	319.83M	320.34M	308.97M	306.87M	328.50M	328.60M	326.93M	325.90M	326.28M	324.95M
Adjusted Diluted Earnings per Share	$5.88	$5.87	$6.24	$7.87	$6.81	$3.59	$0.00	$0.00	$6.98	$7.26	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	314.81M	319.83M	320.34M	308.97M	306.87M	328.50M	328.60M	326.93M	325.90M	326.28M	324.95M
Adjusted Basic & Diluted Earnings per Share	$5.88	$5.87	$6.24	$7.87	$6.81	$3.59	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	314.81M	319.83M	320.34M	308.97M	306.87M	328.50M	328.60M	326.93M	325.90M	326.28M	324.95M
Normalized Net Operating Profit after Tax (NOPAT)	2,636	2,675	2,773	2,875	2,854	1,380	2,196	2,473	1,967	3,059	3,122
Normalized NOPAT Margin	50.05%	49.22%	50.18%	50.92%	49.59%	29.96%	42.91%	46.73%	34.76%	51.29%	49.05%
Pre Tax Income Margin	30.84%	32.49%	40.97%	37.11%	34.59%	25.77%	34.09%	36.73%	41.47%	35.38%	33.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.55	2.78	3.41	3.57	3.20	2.51	3.06	3.55	3.75	3.41	3.17
NOPAT to Interest Expense	2.52	2.69	2.96	3.52	3.17	2.52	2.59	3.25	3.28	3.38	3.20
EBIT Less CapEx to Interest Expense	1.61	2.01	2.66	2.83	2.23	1.94	2.44	2.78	2.82	2.64	2.21
NOPAT Less CapEx to Interest Expense	1.58	1.92	2.20	2.79	2.20	1.95	1.97	2.47	2.36	2.60	2.24
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	103.02%	110.82%	115.06%	102.70%	123.43%	130.94%	104.94%	106.84%	108.47%	112.38%	59.54%
Augmented Payout Ratio	103.02%	110.83%	115.06%	115.25%	138.28%	130.94%	104.94%	114.20%	113.84%	112.38%	63.68%

This table displays calculated financial ratios and metrics derived from Simon Property Group's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.01%	7.23%	9.11%	6.79%	6.47%	4.94%	3.59%	2.11%	2.76%	8.16%	13.22%
EBITDA Growth	-8.72%	22.44%	33.40%	4.54%	5.16%	-6.42%	-8.12%	-28.17%	11.93%	6.60%	55.26%
EBIT Growth	-14.99%	30.70%	50.44%	6.33%	8.60%	-9.93%	-13.20%	-38.81%	12.54%	5.27%	80.98%
NOPAT Growth	7.17%	2.01%	31.25%	-2.17%	15.77%	16.98%	13.39%	6.05%	-6.06%	3.60%	-18.08%
Net Income Growth	-2.10%	9.47%	11.23%	61.99%	2.14%	-19.70%	-10.21%	-39.34%	22.42%	17.90%	395.90%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	2.59%	-0.61%	11.22%	-6.71%	-5.87%	-4.60%	4.71%	7.00%	14.31%	-0.29%	10.89%
Free Cash Flow Firm Growth	-8.49%	-13.66%	-20.68%	-21.56%	-27.30%	-30.93%	-27.81%	-53.63%	-112.97%	-113.24%	-784.71%
Invested Capital Growth	-4.60%	-4.16%	-2.91%	-2.70%	-2.09%	-1.40%	-0.48%	0.85%	4.41%	4.81%	47.08%
Revenue Q/Q Growth	1.39%	3.02%	8.26%	-5.55%	1.09%	1.54%	6.86%	-6.90%	1.73%	6.88%	11.86%
EBITDA Q/Q Growth	2.62%	14.74%	10.38%	-19.57%	3.22%	2.11%	8.38%	35.69%	14.83%	-2.75%	0.18%
EBIT Q/Q Growth	1.42%	22.76%	13.81%	-24.96%	3.59%	1.81%	9.67%	67.50%	20.62%	-4.77%	-9.83%
NOPAT Q/Q Growth	-5.19%	1.19%	21.22%	-15.88%	12.20%	2.25%	17.50%	-70.30%	-5.07%	12.80%	14.23%
Net Income Q/Q Growth	7.37%	22.11%	26.26%	-2.13%	-32.30%	-4.00%	41.17%	-32.69%	34.88%	1.23%	406.44%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	36.30%	-17.14%	10.78%	-25.43%	37.52%	-16.02%	21.58%	-23.80%	46.92%	-26.75%	35.21%
Free Cash Flow Firm Q/Q Growth	3.71%	-5.80%	-8.57%	-12.19%	-3.88%	-10.50%	-4.45%	-77.79%	-126.21%	8.66%	-5,870.19%
Invested Capital Q/Q Growth	-1.63%	-0.71%	-0.76%	0.38%	-1.02%	0.00%	0.16%	1.72%	2.48%	0.38%	40.56%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	89.69%	88.72%	122.07%	89.47%	89.32%	88.92%	123.18%	88.67%	88.92%	98.40%	80.89%
EBITDA Margin	75.45%	84.04%	85.69%	72.98%	74.52%	74.94%	76.01%	71.91%	81.17%	73.86%	66.15%
Operating Margin	48.04%	49.20%	51.86%	50.96%	51.71%	51.85%	52.82%	49.40%	49.66%	50.76%	49.72%
EBIT Margin	50.70%	60.42%	63.51%	50.46%	51.71%	51.85%	53.22%	47.77%	56.64%	50.46%	40.68%
Profit (Net Income) Margin	40.71%	48.25%	56.27%	58.31%	39.05%	36.92%	48.78%	34.94%	46.32%	43.88%	198.65%
Tax Burden Percent	98.37%	92.53%	153.68%	165.47%	99.04%	91.13%	180.69%	107.97%	112.69%	122.04%	797.85%
Interest Burden Percent	81.62%	86.31%	57.65%	69.83%	76.25%	78.13%	50.73%	67.74%	72.58%	71.25%	61.21%
Effective Tax Rate	1.85%	5.87%	0.00%	9.36%	0.86%	0.43%	-7.47%	-1.60%	5.70%	2.62%	-1.52%
Return on Invested Capital (ROIC)	12.69%	12.80%	14.88%	13.43%	15.34%	15.69%	17.46%	15.36%	14.32%	15.38%	13.44%
ROIC Less NNEP Spread (ROIC-NNEP)	12.15%	12.97%	15.30%	14.52%	14.22%	14.32%	16.66%	13.96%	14.27%	14.85%	27.61%
Return on Net Nonoperating Assets (RNNOA)	52.23%	54.89%	65.06%	62.68%	63.81%	66.01%	71.99%	63.84%	70.09%	78.42%	100.42%
Return on Equity (ROE)	64.92%	67.69%	79.93%	76.11%	79.15%	81.70%	89.45%	79.20%	84.41%	93.81%	113.87%
Cash Return on Invested Capital (CROIC)	17.47%	17.18%	17.18%	17.29%	17.36%	17.09%	16.26%	15.20%	11.28%	10.99%	-25.04%
Operating Return on Assets (OROA)	8.36%	10.16%	10.68%	8.66%	9.12%	9.25%	9.52%	8.65%	10.25%	9.29%	7.09%
Return on Assets (ROA)	6.72%	8.12%	9.46%	10.01%	6.89%	6.59%	8.72%	6.33%	8.39%	8.08%	34.63%
Return on Common Equity (ROCE)	49.90%	52.14%	64.69%	61.66%	63.80%	65.78%	72.21%	63.43%	67.18%	74.21%	89.16%
Return on Equity Simple (ROE_SIMPLE)	86.06%	85.69%	0.00%	94.62%	100.21%	103.82%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	646	653	792	666	748	764	898	739	702	792	904
NOPAT Margin	47.15%	46.31%	51.86%	46.19%	51.27%	51.63%	56.77%	50.19%	46.83%	49.42%	50.47%
Net Nonoperating Expense Percent (NNEP)	0.54%	-0.17%	-0.42%	-1.09%	1.12%	1.36%	0.80%	1.40%	0.05%	0.53%	-14.16%
Return On Investment Capital (ROIC_SIMPLE)	2.28%	2.31%	2.68%	2.29%	2.61%	2.68%	3.25%	2.66%	2.48%	2.78%	2.59%
Cost of Revenue to Revenue	10.31%	11.28%	-22.07%	10.53%	10.69%	11.08%	-23.18%	11.33%	11.08%	1.60%	19.11%
SG&A Expenses to Revenue	4.04%	3.57%	4.30%	3.48%	3.59%	3.17%	2.84%	2.96%	3.33%	3.51%	2.97%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.65%	39.51%	70.41%	38.51%	37.60%	37.06%	70.36%	39.27%	39.25%	47.64%	31.18%
Earnings before Interest and Taxes (EBIT)	694	852	970	728	754	768	842	704	849	808	729
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,033	1,186	1,309	1,053	1,087	1,110	1,203	1,059	1,216	1,183	1,185
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	12.15	11.24	14.66	15.85	16.43	20.14	19.13	20.85	21.77	26.54	11.69
Price to Tangible Book Value (P/TBV)	12.15	11.24	14.66	15.85	16.43	20.14	19.13	20.85	21.77	26.54	11.69
Price to Revenue (P/Rev)	6.33	5.92	7.73	8.45	8.17	9.11	9.31	8.92	8.70	9.95	9.50
Price to Earnings (P/E)	15.99	14.84	19.18	18.98	18.59	21.98	23.44	26.10	24.84	27.31	13.07
Dividend Yield	6.85%	7.35%	5.56%	5.10%	5.29%	4.79%	4.76%	5.03%	5.19%	4.50%	4.62%
Earnings Yield	6.25%	6.74%	5.21%	5.27%	5.38%	4.55%	4.27%	3.83%	4.03%	3.66%	7.65%
Enterprise Value to Invested Capital (EV/IC)	2.60	2.52	3.15	3.40	3.39	3.66	3.72	3.59	3.48	3.91	2.94
Enterprise Value to Revenue (EV/Rev)	9.43	8.93	10.81	11.54	11.20	11.97	12.06	11.78	11.64	12.87	13.15
Enterprise Value to EBITDA (EV/EBITDA)	12.85	11.74	13.49	14.48	14.12	15.52	16.16	17.49	16.86	18.68	18.03
Enterprise Value to EBIT (EV/EBIT)	19.16	17.18	19.11	20.44	19.80	21.97	23.27	26.68	25.63	28.48	27.10
Enterprise Value to NOPAT (EV/NOPAT)	19.89	19.10	21.79	23.04	21.98	23.20	23.52	22.45	22.81	25.53	26.82
Enterprise Value to Operating Cash Flow (EV/OCF)	13.38	12.91	15.56	17.12	17.17	18.79	18.86	18.25	17.47	19.71	20.24
Enterprise Value to Free Cash Flow (EV/FCFF)	14.53	14.37	18.05	19.40	19.31	21.29	22.82	23.70	31.54	36.45	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	7.09	6.90	7.06	6.78	7.05	7.65	6.74	7.58	8.22	8.67	4.24
Long-Term Debt to Equity	7.09	6.90	7.06	6.78	7.05	7.65	6.74	7.58	8.22	8.67	4.24
Financial Leverage	4.30	4.23	4.25	4.32	4.49	4.61	4.32	4.57	4.91	5.28	3.64
Leverage Ratio	8.64	8.60	8.96	9.01	9.31	9.55	9.15	9.42	9.98	10.62	7.09
Compound Leverage Factor	7.05	7.42	5.16	6.29	7.09	7.46	4.64	6.38	7.25	7.57	4.34
Debt to Total Capital	87.63%	87.34%	87.59%	87.15%	87.58%	88.44%	87.08%	88.34%	89.15%	89.66%	80.92%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	87.63%	87.34%	87.59%	87.15%	87.58%	88.44%	87.08%	88.34%	89.15%	89.66%	80.92%
Preferred Equity to Total Capital	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.15%	0.15%	0.14%	0.14%	0.12%
Noncontrolling Interests to Total Capital	2.30%	2.31%	2.24%	2.24%	2.22%	2.12%	2.36%	2.36%	2.24%	2.17%	4.26%
Common Equity to Total Capital	9.92%	10.21%	10.03%	10.47%	10.06%	9.30%	10.41%	9.15%	8.46%	8.03%	14.71%
Debt to EBITDA	6.26	5.92	5.74	5.57	5.46	5.58	5.45	6.13	6.10	6.08	6.12
Net Debt to EBITDA	4.06	3.80	3.69	3.72	3.67	3.57	3.54	4.06	4.10	4.07	4.68
Long-Term Debt to EBITDA	6.26	5.92	5.74	5.57	5.46	5.58	5.45	6.13	6.10	6.08	6.12
Debt to NOPAT	9.69	9.63	9.27	8.86	8.50	8.34	7.93	7.87	8.25	8.31	9.11
Net Debt to NOPAT	6.28	6.17	5.97	5.92	5.72	5.34	5.15	5.22	5.54	5.57	6.96
Long-Term Debt to NOPAT	9.69	9.63	9.27	8.86	8.50	8.34	7.93	7.87	8.25	8.31	9.11
Altman Z-Score	0.68	0.65	0.88	0.99	0.97	1.11	1.17	1.09	1.03	1.20	1.12
Noncontrolling Interest Sharing Ratio	23.14%	22.98%	19.07%	18.98%	19.40%	19.48%	19.27%	19.91%	20.41%	20.89%	21.70%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.02	0.94	1.18	1.34	1.24	1.81	1.28	1.45	1.23	1.44	0.90
Quick Ratio	1.02	0.94	1.18	1.34	1.24	1.81	1.28	1.45	1.23	1.44	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,596	1,503	1,374	1,207	1,160	1,038	992	574	-150	-137	-8,201
Operating Cash Flow to CapEx	510.56%	411.02%	581.50%	474.37%	564.40%	479.07%	498.26%	359.35%	498.04%	433.80%	472.24%
Free Cash Flow to Firm to Interest Expense	7.32	7.08	6.11	5.23	5.24	4.59	4.36	2.53	-0.65	-0.57	-30.12
Operating Cash Flow to Interest Expense	5.18	4.41	4.61	3.35	4.80	3.94	4.77	3.64	5.22	3.67	4.42
Operating Cash Flow Less CapEx to Interest Expense	4.16	3.34	3.82	2.65	3.95	3.12	3.82	2.63	4.17	2.82	3.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.17	0.17	0.17	0.18	0.18	0.18	0.18	0.18	0.18	0.17
Accounts Receivable Turnover	6.94	7.13	6.86	7.31	7.63	7.75	7.35	7.62	7.68	7.76	7.36
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.25	0.26	0.26	0.27	0.27	0.28	0.28	0.28	0.28	0.28	0.25
Accounts Payable Turnover	0.40	0.39	0.06	0.08	0.08	0.08	0.06	0.08	0.08	0.00	0.38
Days Sales Outstanding (DSO)	52.61	51.21	53.20	49.93	47.86	47.11	49.65	47.90	47.50	47.06	49.62
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	915.48	940.84	5,976.25	4,562.98	4,461.15	4,399.30	5,918.33	4,580.27	4,560.82	0.00	954.79
Cash Conversion Cycle (CCC)	-862.87	-889.62	-5,923.04	-4,513.06	-4,413.29	-4,352.19	-5,868.67	-4,532.37	-4,513.32	47.06	-905.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,723	19,584	19,436	19,509	19,311	19,310	19,342	19,675	20,163	20,239	28,447
Invested Capital Turnover	0.27	0.28	0.29	0.29	0.30	0.30	0.31	0.31	0.31	0.31	0.27
Increase / (Decrease) in Invested Capital	-950	-850	-582	-540	-412	-274	-94	165	852	929	9,106
Enterprise Value (EV)	51,283	49,400	61,175	66,333	65,416	70,745	71,937	70,595	70,226	79,200	83,710
Market Capitalization	34,393	32,732	43,723	48,590	47,711	53,810	55,499	53,486	52,476	61,273	60,433
Book Value per Share	$8.66	$8.90	$9.14	$9.40	$8.91	$8.20	$8.89	$7.86	$7.39	$7.07	$15.83
Tangible Book Value per Share	$8.66	$8.90	$9.14	$9.40	$8.91	$8.20	$8.89	$7.86	$7.39	$7.07	$15.83
Total Capital	28,518	28,530	29,721	29,281	28,874	28,740	27,864	28,021	28,492	28,764	35,136
Total Debt	24,990	24,917	26,033	25,519	25,288	25,418	24,264	24,753	25,401	25,789	28,430
Total Long-Term Debt	24,990	24,917	26,033	25,519	25,288	25,418	24,264	24,753	25,401	25,789	28,430
Net Debt	16,193	15,968	16,746	17,046	17,022	16,286	15,740	16,406	17,070	17,262	21,739
Capital Expenditures (CapEx)	221	228	178	163	188	186	218	230	244	205	255
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-809	-872	-869	-736	-836	-854	-918	-709	-855	-831	-1,023
Debt-free Net Working Capital (DFNWC)	29	-103	300	515	398	1,316	482	671	376	721	-200
Net Working Capital (NWC)	29	-103	300	515	398	1,316	482	671	376	721	-200
Net Nonoperating Expense (NNE)	88	-27	-67	-175	178	218	126	225	7.65	89	-2,655
Net Nonoperating Obligations (NNO)	16,196	15,971	15,748	15,747	15,724	15,988	15,742	16,407	17,072	17,264	21,742
Total Depreciation and Amortization (D&A)	339	333	339	325	333	342	361	356	368	375	456
Debt-free, Cash-free Net Working Capital to Revenue	-14.87%	-15.77%	-15.36%	-12.80%	-14.32%	-14.45%	-15.40%	-11.83%	-14.18%	-13.51%	-16.07%
Debt-free Net Working Capital to Revenue	0.53%	-1.86%	5.30%	8.96%	6.82%	22.27%	8.08%	11.19%	6.23%	11.72%	-3.14%
Net Working Capital to Revenue	0.53%	-1.86%	5.30%	8.96%	6.82%	22.27%	8.08%	11.19%	6.23%	11.72%	-3.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.49	$1.82	$2.29	$2.25	$1.51	$1.46	$2.04	$1.27	$1.70	$1.86	$9.34
Adjusted Weighted Average Basic Shares Outstanding	327.20M	326.25M	325.90M	325.94M	326.04M	326.28M	326.28M	326.43M	326.49M	326.47M	324.95M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.86	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	327.20M	326.25M	325.90M	325.94M	326.04M	326.28M	326.28M	326.43M	326.49M	326.47M	324.95M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	327.20M	326.25M	325.90M	325.94M	326.04M	326.28M	326.28M	326.43M	326.49M	326.47M	324.95M
Normalized Net Operating Profit after Tax (NOPAT)	646	653	554	666	748	764	585	509	702	792	623
Normalized NOPAT Margin	47.15%	46.31%	36.30%	46.19%	51.27%	51.63%	36.97%	34.58%	46.83%	49.42%	34.80%
Pre Tax Income Margin	41.38%	52.14%	36.61%	35.24%	39.43%	40.51%	27.00%	32.36%	41.11%	35.95%	24.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.18	4.02	4.31	3.16	3.41	3.39	3.70	3.10	3.65	3.33	2.68
NOPAT to Interest Expense	2.96	3.08	3.52	2.89	3.38	3.38	3.95	3.26	3.02	3.26	3.32
EBIT Less CapEx to Interest Expense	2.17	2.94	3.52	2.45	2.56	2.57	2.74	2.09	2.60	2.48	1.74
NOPAT Less CapEx to Interest Expense	1.95	2.01	2.73	2.18	2.53	2.55	2.99	2.24	1.97	2.42	2.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	110.48%	110.67%	108.47%	98.53%	100.04%	106.22%	112.38%	130.40%	125.49%	121.92%	59.54%
Augmented Payout Ratio	110.48%	114.85%	113.84%	98.53%	100.04%	107.47%	112.38%	130.40%	125.49%	121.92%	63.68%

Financials Breakdown Chart

Key Financial Trends

Simon Property Group (SPG) posted another quarter of solid profitability in Q4 2025, supported by strong gross margins and a robust net income figure, while maintaining a high asset base and substantial debt load typical for a large REIT. Here are the key takeaways based on the last four years of quarterly results.

Gross margin around 80.9% in Q4 2025 (Gross Profit $1,449,184,000 on Revenue $1,791,462,000), signaling strong core profitability on leasing revenue.
Net income attributable to common shareholders of about $3,048,269,000 in Q4 2025, with earnings per share of $9.34 based on 324,953,274 shares.
Cash flow from continuing operating activities reached about $1,203,741,000 in Q4 2025, supporting liquidity to fund ongoing operations and capital needs.
Total operating income of $890,669,000 in Q4 2025, indicating solid operating profitability before financing and taxes.
Liquidity snapshot: cash and equivalents around the low-to-mid $1.5B range (Q3 2025 cash & equivalents reported at about $1.552B), suggesting substantial liquidity for a REIT with large debt obligations.
Balance sheet scale: Long-term debt roughly $25.8B and total liabilities around $30.6B, with equity near $2.9B; leverage remains a defining characteristic of the business model.
Total assets run around the $33.6B level in mid-2025, consistent with a large portfolio of shopping centers and related investments.
Net change in cash for the quarter was negative, around -$729.4M, reflecting ongoing investment activity and financing needs.
Financing activity pressure: net cash from financing activities reported at about -$1.57B in Q4 2025, highlighting ongoing debt management and capital structure actions.
Interest expense stood at about $272.3M in Q4 2025, a meaningful cost headwind that weighs on net income alongside substantial other income/expense items.

05/07/26 02:36 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Simon Property Group's Financials

When does Simon Property Group's financial year end?

According to the most recent income statement we have on file, Simon Property Group's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Simon Property Group's net income changed over the last 10 years?

Simon Property Group's net income appears to be on an upward trend, with a most recent value of $5.47 billion in 2025, rising from $2.14 billion in 2015. The previous period was $2.73 billion in 2024. Find out what analysts predict for Simon Property Group in the coming months.

What is Simon Property Group's operating income?

Simon Property Group's total operating income in 2025 was $3.18 billion, based on the following breakdown:

Total Gross Profit: $5.66 billion
Total Operating Expenses: $2.49 billion

How has Simon Property Group's revenue changed over the last 10 years?

Over the last 10 years, Simon Property Group's total revenue changed from $5.27 billion in 2015 to $6.36 billion in 2025, a change of 20.9%.

How much debt does Simon Property Group have?

Simon Property Group's total liabilities were at $33.90 billion at the end of 2025, a 17.7% increase from 2024, and a 33.9% increase since 2015.

How much cash does Simon Property Group have?

In the past 10 years, Simon Property Group's cash and equivalents has ranged from $514.34 million in 2018 to $1.48 billion in 2017, and is currently $823.15 million as of their latest financial filing in 2025.

How has Simon Property Group's book value per share changed over the last 10 years?

Over the last 10 years, Simon Property Group's book value per share changed from 14.31 in 2015 to 15.83 in 2025, a change of 10.6%.

Related Companies

Financial statements for NYSE:SPG last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Simon Property Group (SPG) Financials

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Simon Property Group (SPG) Financials

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