Simon Property Group (SPG) Q3 FY2022 earnings: revenue $1.3 billion, up 1.5% on the year

Simon Property Group Inc. (SPG) reported revenue of $1.3 billion for Q3 FY2022, the quarter ended 30 September 2022, up 1.5% on the same quarter a year earlier as this quarter's filing gives it. Net income was $539 million, down 20.7% on the year as this quarter's filing gives it, and diluted earnings per share $1.65. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2022.

Revenue

$1.3 billion

+1.5% on the year · +2.8% on the quarter

Q4 FY2020Q3 FY2022

Operating margin

49.6%

47.2% a year earlier

Q4 FY2020Q3 FY2022

Net income

$539 million

-20.7% on the year · +8.5% on the quarter

Q4 FY2020Q3 FY2022

Diluted EPS

$1.65

-20.3% on the year · +9.3% on the quarter

Q4 FY2020Q3 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q3 FY2022	Q2 FY2022	Q3 FY2021	On the quarter	On the year
Revenue	1,316	1,280	1,297	+2.8%	+1.5%
Operating income	652	627	612	+4.1%	+6.5%
Operating margin	49.6%	49.0%	47.2%
Interest expense	188	187	n/a	+0.3%
Net income	539	497	680	+8.5%	-20.7%
Net margin	41.0%	38.8%	n/a
Diluted EPS	$1.65	$1.51	$2.07	+9.3%	-20.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2022	Q2 FY2022	Q3 FY2021	On the quarter	On the year
Operating cash flow	942	1,101	n/a	-14.5%
Capital expenditure	156	155	n/a	+0.9%
Free cash flow	786	946	n/a	-17.0%
Free cash flow margin	59.7%	73.9%	n/a
Cash from investing	-137	-127	n/a
Cash from financing	-744	-948	n/a
Depreciation and amortisation	302	298	311	+1.2%	-3.1%
Buybacks	36.3	n/a	n/a
Dividend per share	$1.75	$1.70	n/a	+2.9%
Diluted shares, weighted	327m	328m	329m	-0.4%	-0.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2022	Q2 FY2022	Q3 FY2021	On the quarter	On the year
Shareholders' equity	3,022	3,071	3,378	-1.6%	-10.6%
Non-controlling interest	456	460	n/a	-0.9%
Redeemable equity	559	566	n/a	-1.2%
Debt	24,640	24,886	25,584	-1.0%	-3.7%
Other liabilities	4,118	4,096	n/a	+0.5%
Total liabilities and equity	32,795	33,079	n/a	-0.9%
Securities held for sale or to maturity	50.3	41.8	n/a	+20.3%
Cash and equivalents	602	541	438	+11.1%	+37.2%
Other assets	32,144	32,496	n/a	-1.1%
Total assets	32,795	33,079	n/a	-0.9%

Questions

What was Simon Property Group's revenue in Q3 FY2022?

Simon Property Group (SPG) reported revenue of $1.3 billion for Q3 FY2022, the quarter ended 30 September 2022, up 1.5% on the same quarter a year earlier as the company restated it.

How much did Simon Property Group earn in Q3 FY2022?

Net income for Q3 FY2022 was $539 million, down 20.7% on the year, and diluted earnings per share $1.65.

When did Simon Property Group report Q3 FY2022 results?

Simon Property Group filed its 10-Q for the quarter ended 30 September 2022 with the SEC on 3 November 2022.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,326	1,296	1,280	1,316	1,400	1,351	1,370	1,411	1,527	1,443	1,458	1,481	1,582	1,473	1,498	1,602	1,791	1,757	1,791	1,815
Operating income	592	620	627	652	684	663	658	694	792	735	754	768	836	728	744	813	891	762	824	804
Operating margin	45%	48%	49%	50%	49%	49%	48%	49%	52%	51%	52%	52%	53%	49%	50%	51%	50%	43%	46%	44%
Interest expense	194	185	187	188	201	199	218	212	225	231	221	226	227	227	233	243	272	276	281	288
Net income	503	427	497	539	674	452	486	594	747	732	493	475	667	414	556	606	3,048	480	483	499
Net margin	38%	33%	39%	41%	48%	33%	36%	42%	49%	51%	34%	32%	42%	28%	37%	38%	170%	27%	27%	27%
Diluted EPS	$1.53	$1.30	$1.51	$1.65	$2.06	$1.38	$1.49	$1.82	$2.29	$2.25	$1.51	$1.46	$2.04	$1.27	$1.70	$1.86	$9.35	$1.48	$1.49	$1.54
Operating cash flow	885	792	1,101	942	932	829	1,129	936	1,037	773	1,063	893	1,086	827	1,215	890	1,204	833	1,196	1,072
Capital expenditure	108	155	155	156	185	166	221	228	178	163	188	186	218	230	244	205	255	208	237	250
Free cash flow	776	637	946	786	748	663	908	708	858	610	875	706	868	597	971	685	949	625	959	822
Buybacks	n/a	n/a	n/a	36.3	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	175	161	237
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2022, filed 3 November 2022: the filing.