Simon Property (SPG) financial statements
Simon Property reported revenue of $6.4B in fiscal 2025, up 1.8% a year over 9 years.
Net income was $4.6B and the operating margin 49.9%, against 50.1% in 2016.
Free cash flow was $3.2B, and the company returned $227M in net buybacks.
The diluted share count rose 4% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Simon Property's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.4B | $5.5B | $5.6B | $5.8B | $4.6B | $5.1B | $5.3B | $5.7B | $6.0B | $6.4B |
| Selling, general and admin | $65M | $52M | $47M | $35M | $23M | $30M | $35M | $39M | $45M | $61M |
| Operating income | $2.7B | $2.8B | $2.9B | $2.9B | $2.0B | $2.4B | $2.6B | $2.8B | $3.1B | $3.2B |
| Interest expense | $858M | $809M | $816M | $789M | $784M | $796M | $761M | $855M | $906M | $975M |
| Income tax | — | — | — | — | — | — | — | $69M | $9M | $20M |
| Net income | $1.8B | $1.9B | $2.4B | $2.1B | $1.1B | $2.2B | $2.1B | $2.3B | $2.4B | $4.6B |
| EPS (diluted) | $5.87 | $6.24 | $7.87 | $6.81 | $3.59 | $6.84 | $6.52 | $6.98 | $7.26 | $14.17 |
| Diluted shares | 313M | 312M | 310M | 308M | 309M | 329M | 328M | 327M | 326M | 326M |
| Operating margin | 50.1% | 50.7% | 51.8% | 50.6% | 42.8% | 47.2% | 48.8% | 49.6% | 51.9% | 49.9% |
| Net margin | 33.8% | 35.2% | 43.2% | 36.5% | 24.1% | 43.9% | 40.4% | 40.3% | 39.7% | 72.7% |
Balance sheet
Fiscal years, from Simon Property's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $560M | $1.5B | $514M | $669M | $1.0B | $534M | $622M | $2.2B | $1.4B | $823M |
| Goodwill | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | $20M |
| Total assets | $31.1B | $32.3B | $30.7B | $31.2B | $34.8B | $33.8B | $33.0B | $34.3B | $32.4B | $40.6B |
| Total liabilities | $26.0B | $27.8B | $26.7B | $28.1B | $31.1B | $29.4B | $29.2B | $30.6B | $28.8B | $33.9B |
| Shareholders' equity | $4.3B | $3.7B | $3.3B | $2.5B | $3.0B | $3.4B | $3.1B | $3.0B | $2.9B | $5.2B |
| Net debt | -$560M | -$1.5B | -$514M | -$669M | -$1.0B | -$534M | -$622M | -$1.2B | -$1.4B | -$823M |
Cash flow
Fiscal years, from Simon Property's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.4B | $3.6B | $3.8B | $3.8B | $2.3B | $3.6B | $3.8B | $3.9B | $3.8B | $4.1B |
| Capital spending | $798M | $732M | $782M | $876M | $484M | $528M | $650M | $793M | $756M | $934M |
| Free cash flow | $2.6B | $2.9B | $3.0B | $2.9B | $1.8B | $3.1B | $3.1B | $3.1B | $3.1B | $3.2B |
| Share buybacks (net) | -$255M | -$407M | -$354M | -$360M | -$153M | — | -$180M | -$141M | — | -$227M |
| Net borrowing | $216M | -$10.5B | -$9.1B | -$12.4B | -$13.0B | -$10.1B | -$3.7B | -$2.7B | -$3.0B | -$3.3B |
| Free cash flow margin | 47.4% | 51.8% | 52.6% | 50.9% | 40.0% | 60.8% | 58.9% | 55.4% | 51.3% | 50.3% |
Questions
What was Simon Property's revenue in 2025?
$6.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Simon Property generate?
$3.2B in fiscal 2025 (operating cash flow minus capital spending).
From Simon Property's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.