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Simon Property Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$822M in Q3 2026 · $3.4B over twelve months

Operating cash flow$1.1B
Capital spending−$250M
Free cash flow+$822M
Cash / net income1.9×

Analysis

In Q3 2026, Simon Property Group generated $1.1B of operating cash flow and spent $250M on capital projects, leaving free cash flow of $822M. That is $137M more than in Q3 2025 ($685M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.3B; the largest uses were other financing ($3.7B), capital spending ($950M), partners ($523M); besides operations, cash came from other investing ($145M); the cash balance fell by $983M.

Operating cash flow was $1.1B against net income of $565M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$511M, prepaid and other assets −$46.7M.

Free cash flow

Simon Property Group: free cash flow by quarterSimon Property Group: free cash flow by quarter$868MQ4 2024$597MQ1 2025$971MQ2 2025$685MQ3 2025$949MQ4 2025$625MQ1 2026$959MQ2 2026$822MQ3 2026
Operating cash flow less capital spending.
Simon Property Group: operating cash flow against capital spendingSimon Property Group: operating cash flow against capital spendingOperating cash flowCapital spending$1.1B$218MQ4 2024$827M$230MQ1 2025$1.2B$244MQ2 2025$890M$205MQ3 2025$1.2B$255MQ4 2025$833M$208MQ1 2026$1.2B$237MQ2 2026$1.1B$250MQ3 2026
Latest (Q3 2026): Operating cash flow $1.1B, Capital spending $250M.

Capital allocation, year by year

Simon Property Group: where the cash came from (up) and went (down), by fiscal yearSimon Property Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksFY2021: Operating cash flow $3.6BFY2021: Net borrowing −$826MFY2021: Asset sales $3.0MFY2021: Capital spending −$528M$3.6BFY2021FY2022: Operating cash flow $3.8BFY2022: Net borrowing −$272MFY2022: Asset sales $59.7MFY2022: Capital spending −$650MFY2022: Buybacks −$180M$3.8BFY2022FY2023: Operating cash flow $3.9BFY2023: Net borrowing $971MFY2023: Capital spending −$793MFY2023: Buybacks −$141M$4.9BFY2023FY2024: Operating cash flow $3.8BFY2024: Net borrowing −$1.9BFY2024: Asset sales $55.2MFY2024: Capital spending −$756M$3.9BFY2024FY2025: Operating cash flow $4.1BFY2025: Net borrowing $390MFY2025: Capital spending −$934MFY2025: Buybacks −$227M$4.5BFY2025
Over these 5 years operating cash flow totalled $19.3B; the largest uses were capital spending ($3.7B) and net borrowing ($3.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$570M
Debt$28.4B
Net debt$27.9B
Due within a year$5.9B

Simon Property Group funds itself: free cash flow was $3.4B over the last twelve months, and $570M of cash and investments stands against $28.4B of debt ($5.9B due within a year, 0.1× covered by cash).

Simon Property Group: debt maturities by year (FY2025)Simon Property Group: debt maturities by year (FY2025)$5.9BYear 1$3.9BYear 2$2.3BYear 3$2.9BYear 4$1.7BYear 5$11.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $570M of cash and investments now.

Where the cash came from and went

Simon Property Group: sources (+) and uses (−) of cash, Q3 2026Simon Property Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.1BOther financing−$728MCash drawn (+) / kept (−)$449MCapital spending−$250MBuybacks−$237MNet borrowing (+) / repaid (−)−$209MPartners−$133MOther investing$40.4MTaxes on employees’ shares−$4.9M
Simon Property Group: sources (+) and uses (−) of cash, TTM to Q3 2026Simon Property Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.3BOther financing−$3.7BCash drawn (+) / kept (−)$983MCapital spending−$950MPartners−$523MNet borrowing (+) / repaid (−)−$194MOther investing$145MTaxes on employees’ shares−$16.1M

From profit to cash

Simon Property Group: net income to operating cash flow, Q3 2026Simon Property Group: net income to operating cash flow, Q3 2026Net income$565MDepreciation & amortization$511MPrepaid and other assets−$46.7MOperating cash flow$1.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.1B−$250M−$237M−$209M$449M$822M
Q2 2026$1.2B−$237M−$161M$489M−$476M$959M
Q1 2026$833M−$208M−$175M$15.8M$280M$625M
Q4 2025$1.2B−$255M—−$490M$729M$949M
Q3 2025$890M−$205M—$400M−$321M$685M
Q2 2025$1.2B−$244M—$149M$149M$971M
Q1 2025$827M−$230M—$331M$20.3M$597M
Q4 2024$1.1B−$218M—−$1.1B$770M$868M

Simon Property Group: income statement and cash flow

Simon Property Group, Q3 2026: revenue $1.8B (+13% year over year), operating margin 44.3%. The chart follows the revenue to costs, profit and cash.

Simon Property Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.