Simon Property
SPG · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Simon Property reported revenue of $6.4B in the fiscal year ended Dec 2025, up 6.7% from the year before. Operating income was $3.2B, an operating margin of 49.9%, and net income was $5.4B. Operating cash flow of $4.1B less capital expenditure of $934M left free cash flow of $3.2B. Net debt was $27.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.1B | $5.3B | $5.7B | $6B | $6.4B |
| Operating income | $2.4B | $2.6B | $2.8B | $3.1B | $3.2B |
| Interest expense | $796M | $761M | $855M | $906M | $975M |
| Income tax | – | – | $69M | $9M | $20M |
| Net income | $2.6B | $2.5B | $2.6B | $2.7B | $5.4B |
| Diluted EPS | 6.84 | 6.52 | 6.98 | 7.26 | 14.17 |
| Diluted shares | 329M | 328M | 327M | 326M | 326M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $534M | $622M | $1.2B | $1.4B | $823M |
| Goodwill | $20M | $20M | $20M | $20M | $20M |
| Total assets | $33.8B | $33B | $34.3B | $32.4B | $40.6B |
| Long-term debt | $25.3B | $25B | $26B | $24.3B | $28.4B |
| Total liabilities | $29.4B | $29.2B | $30.6B | $28.8B | $33.9B |
| Shareholders' equity | $3.4B | $3.1B | $3B | $2.9B | $5.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.6B | $3.8B | $3.9B | $3.8B | $4.1B |
| Capital expenditure | $528M | $650M | $793M | $756M | $934M |
| Free cash flow | $3.1B | $3.1B | $3.1B | $3.1B | $3.2B |
| Depreciation & amortisation | $1.3B | $1.2B | $1.3B | $1.3B | $1.4B |
| Share buybacks | – | $180M | $141M | – | $227M |
| Dividend per share | 5.85 | 6.90 | 7.45 | 8.10 | 8.55 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.4% | 6.9% | 5.4% | 6.7% |
| Operating income growth (YoY) | – | 7.1% | 8.6% | 10.2% | 2.7% |
| EPS growth (YoY) | – | −4.7% | 7.1% | 4.0% | 95.2% |
| Operating margin | 47.2% | 48.8% | 49.6% | 51.9% | 49.9% |
| Net margin | 50.2% | 46.3% | 46.2% | 45.8% | 84.3% |
| Return on equityBlank when equity is negative | 76.4% | 78.1% | 86.6% | 92.8% | 103.0% |
| Free cash flow margin | 60.8% | 58.9% | 55.4% | 51.3% | 50.3% |
| Cash conversion (CFO ÷ net income) | 1.42x | 1.54x | 1.50x | 1.40x | 0.77x |
| Interest cover | 3.03x | 3.39x | 3.28x | 3.41x | 3.26x |
| Debt ÷ equity | 7.53x | 7.95x | 8.61x | 8.25x | 5.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $24.8B | $24.3B | $24.9B | $22.9B | $27.6B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.