Simon Property Group (SPG) Q1 FY2025 earnings: revenue $1.5 billion, up 2.1% on the year

Simon Property Group Inc. (SPG) reported revenue of $1.5 billion for Q1 FY2025, the quarter ended 31 March 2025, up 2.1% on the same quarter a year earlier. Net income was $414 million, down 43.5% on the year, and diluted earnings per share $1.27. The figures are the company's own, from the 10-Q it filed with the SEC on 12 May 2025.

Revenue

$1.5 billion

+2.1% on the year · -6.9% on the quarter

Q2 FY2023Q1 FY2025

Operating margin

49.4%

51.0% a year earlier

Q2 FY2023Q1 FY2025

Net income

$414 million

-43.5% on the year · -38.0% on the quarter

Q2 FY2023Q1 FY2025

Diluted EPS

$1.27

-43.6% on the year · -37.7% on the quarter

Q2 FY2023Q1 FY2025

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

Income statement (profit and loss)

$ million	Q1 FY2025	Q4 FY2024	Q1 FY2024	On the quarter	On the year
Revenue	1,473	1,582	1,443	-6.9%	+2.1%
Operating income	728	836	735	-12.9%	-1.0%
Operating margin	49.4%	52.8%	51.0%
Interest expense	227	227	231	-0.2%	-1.6%
Net income	414	667	732	-38.0%	-43.5%
Net margin	28.1%	42.2%	50.7%
Diluted EPS	$1.27	$2.04	$2.25	-37.7%	-43.6%

$ 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	Q1 FY2025	Q4 FY2024	Q1 FY2024	On the quarter	On the year
Operating cash flow	827	1,086	773	-23.8%	+7.0%
Capital expenditure	230	218	163	+5.7%	+41.3%
Free cash flow	597	868	610	-31.2%	-2.1%
Free cash flow margin	40.5%	54.8%	42.3%
Cash from investing	-378	8.8	693
Cash from financing	-470	-1,864	-1,384
Depreciation and amortisation	328	328	307	+0.1%	+6.7%
Dividend per share	$2.10	n/a	$1.95		+7.7%
Diluted shares, weighted	326m	326m	326m	+0.0%	+0.1%

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	Q1 FY2025	Q4 FY2024	Q1 FY2024	On the quarter	On the year
Shareholders' equity	2,606	2,942	3,106	-11.4%	-16.1%
Non-controlling interest	420	473	478	-11.1%	-12.2%
Redeemable equity	242	185	178	+30.9%	+36.2%
Debt	24,753	24,264	25,519	+2.0%	-3.0%
Other liabilities	4,480	4,542	4,415	-1.4%	+1.5%
Total liabilities and equity	32,501	32,406	33,697	+0.3%	-3.5%
Goodwill	n/a	20.1	n/a
Investments	n/a	n/a	1,300
Securities held for sale or to maturity	136	133	n/a	+1.7%
Cash and equivalents	1,380	1,400	1,251	-1.5%	+10.3%
Other assets	30,985	30,852	31,146	+0.4%	-0.5%
Total assets	32,501	32,406	33,697	+0.3%	-3.5%

Questions

What was Simon Property Group's revenue in Q1 FY2025?

Simon Property Group (SPG) reported revenue of $1.5 billion for Q1 FY2025, the quarter ended 31 March 2025, up 2.1% on the same quarter a year earlier.

How much did Simon Property Group earn in Q1 FY2025?

Net income for Q1 FY2025 was $414 million, down 43.5% on the year, and diluted earnings per share $1.27.

When did Simon Property Group report Q1 FY2025 results?

Simon Property Group filed its 10-Q for the quarter ended 31 March 2025 with the SEC on 12 May 2025.

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 31 March 2025, filed 12 May 2025: the filing.