Filing Flows › Simon Property Group (SPG) › Q1 2025
Simon Property Group (SPG) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
Simon Property Group (SPG) reported revenue of $1.5B for the first quarter 2025 (Q1 2025), +2% from a year earlier and -7% from the quarter before. Operating margin was 49.4%, net earnings $414M (28.1% of revenue).
Simon Property Group, Q1 2025: revenue $1.5B (+2% year over year), operating margin 49.4%, net earnings $414M, operating cash flow $827M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | -7% | +2% |
| Operating profit | $728M | -13% | -1% |
| Net earnings | $414M | -38% | -43% |
| Operating cash flow | $827M | -24% | +7% |
| Free cash flow | $597M | -31% | -2% |
What changed
Revenue was $1.5B in Q1 2025, up 2% year over year and down 7% from the previous quarter.
Operating profit was $0.73B, a 49.4% margin (down 1.6 points year over year). Operating profit fell $0.01B even though revenue rose $0.03B versus a year earlier, so costs grew faster than sales. Total costs grew 5% against revenue growth of 2%. The fastest-growing cost line was General & admin (+38%). Net earnings were $0.41B, down 43% year over year. The effective tax rate was 0.0%.
Operating cash flow was $0.83B (up 7% year over year), 173% of net income including minority interests. Non-cash charges added back $0.33B of depreciation and amortization. Capital expenditures of $0.23B left free cash flow of $0.60B.
Questions
What was Simon Property Group's revenue in the first quarter 2025?
Simon Property Group (SPG) reported revenue of $1.5B for the first quarter 2025 (Q1 2025), +2% from a year earlier and -7% from the quarter before.
Was Simon Property Group profitable in the first quarter 2025?
Operating profit was $728M (49.4% of revenue) and net earnings $414M.