Q3 2026 Revenue up 13% year over year to $1.8B · 27¢ of every $1 of revenue kept as net profit · operating margin 44.3%
Simon Property Group made $1.8B in Q3 2026 (+13% Y/Y). Operating margin 44.3%, net earnings $499M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Revenue$1.8B
Year over year+13%
Operating margin44.3%
Net earnings$499M
Operating cash flow$1.1B
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What changed this quarter
Revenue was $1.8B in Q3 2026, up 13% year over year and up 1% from the previous quarter.
Operating profit was $0.80B, a 44.3% margin (down 6.4 points year over year). Operating profit fell $0.01B even though revenue rose $0.21B versus Q3 2025, so costs grew faster than sales. Total costs grew 28% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+31%). Net earnings were $0.50B, down 18% year over year. The effective tax rate was 0.0%.
Operating cash flow was $1.1B (up 20% year over year), 190% of net income including minority interests. Non-cash charges added back $0.51B of depreciation and amortization. Capital expenditures of $0.25B left free cash flow of $0.82B.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 6, 2026
$1.8B
+13%
44.3%
$499M
$1.1B
Q2 2026
10-Q
Aug 10, 2026
$1.8B
+20%
46.0%
$483M
$1.2B
Q1 2026
10-Q
May 11, 2026
$1.8B
+19%
43.4%
$480M
$833M
Q4 2025
10-K
Feb 25, 2026
$1.8B
+13%
49.7%
$3.0B
$1.2B
Q3 2025
10-Q
Nov 6, 2025
$1.6B
+8%
50.8%
$606M
$890M
Q2 2025
10-Q
Aug 7, 2025
$1.5B
+3%
49.7%
$556M
$1.2B
Q1 2025
10-Q
May 12, 2025
$1.5B
+2%
49.4%
$414M
$827M
Charts
Latest (Q3 2026): Y/Y +13%, Q/Q +1%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $565M, Operating cash flow $1.1B.+5.7% since FY2020: more shares outstanding (issuance, stock pay).Cash $823M, short-term investments —, long-term debt $28.4B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
Simon ® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
In its own words, from its 8-K, filed Aug 10, 2026.
Simon Property Group against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +13%. Operating margin: 44.3% against the peers' median 20.6%.
