Simon Property Group (SPG) Q4 FY2025 earnings: revenue $1.8 billion, up 13.2% on the year

Simon Property Group Inc. (SPG) reported revenue of $1.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 13.2% on the same quarter a year earlier. Net income was $3.0 billion, up 356.9% on the year, and diluted earnings per share $9.35. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue

$1.8 billion

+13.2% on the year · +11.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

49.7%

52.8% a year earlier

Q1 FY2024Q4 FY2025

Net income

$3.0 billion

+356.9% on the year · +402.9% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$9.35

+358.3% on the year · +402.7% on the quarter

Q1 FY2024Q4 FY2025

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

What management said

Guidance figures: 3 new.

Net income lifted by TRG remeasurement gain: Fourth-quarter net income attributable to common stockholders was $3.048 billion, or $9.35 per diluted share, against $2.04 a year earlier. The figure includes a non-cash remeasurement gain tied to the Taubman Realty Group interest.
Quarterly Real Estate FFO up 4.2%: Real Estate FFO was $1.328 billion, or $3.49 per diluted share, against $3.35 a year earlier, an increase of 4.2%.
Reported FFO fell after one-time items: FFO was $3.27 per diluted share against $3.68 a year earlier. The release attributes part of the difference to one-time items and a fair value adjustment, covered under costs.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,791	1,602	1,582	+11.9%	+13.2%
Operating income	891	813	836	+9.6%	+6.6%
Operating margin	49.7%	50.8%	52.8%
Interest expense	272	243	227	+12.2%	+19.8%
Net income	3,048	606	667	+402.9%	+356.9%
Net margin	170.2%	37.8%	42.2%
Diluted EPS	$9.35	$1.86	$2.04	+402.7%	+358.3%

$ 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,204	890	1,086	+35.2%	+10.9%
Capital expenditure	255	205	218	+24.2%	+17.0%
Free cash flow	949	685	868	+38.5%	+9.4%
Free cash flow margin	53.0%	42.8%	54.8%
Cash from investing	-362	-150	8.8
Cash from financing	-1,571	-419	-1,864
Depreciation and amortisation	421	339	328	+24.2%	+28.4%
Dividend per share	n/a	$2.15	n/a
Diluted shares, weighted	326m	326m	326m	-0.1%	-0.0%

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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	5,208	2,350	2,942	+121.7%	+77.0%
Non-controlling interest	1,264	380	473	+232.6%	+167.3%
Redeemable equity	233	245	185	-4.8%	+26.3%
Debt	28,430	25,789	24,264	+10.2%	+17.2%
Other liabilities	5,471	4,839	4,542	+13.1%	+20.5%
Total liabilities and equity	40,606	33,602	32,406	+20.8%	+25.3%
Goodwill	20.1	n/a	20.1		0.0%
Securities held for sale or to maturity	162	159	133	+1.9%	+21.2%
Cash and equivalents	823	1,553	1,400	-47.0%	-41.2%
Other assets	39,602	31,891	30,852	+24.2%	+28.4%
Total assets	40,606	33,602	32,406	+20.8%	+25.3%

Questions

What was Simon Property Group's revenue in Q4 FY2025?

Simon Property Group (SPG) reported revenue of $1.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 13.2% on the same quarter a year earlier.

How much did Simon Property Group earn in Q4 FY2025?

Net income for Q4 FY2025 was $3.0 billion, up 356.9% on the year, and diluted earnings per share $9.35.

When did Simon Property Group report Q4 FY2025 results?

Simon Property Group filed its 10-K for the quarter ended 31 December 2025 with the SEC on 25 February 2026.

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-K for the period ended 31 December 2025, filed 25 February 2026: the filing.