Filing Flows › Simon Property Group (SPG) › Q1 2026
Simon Property Group (SPG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Simon Property Group (SPG) reported revenue of $1.8B for the first quarter 2026 (Q1 2026), +19% from a year earlier and -2% from the quarter before. Operating margin was 43.4%, net earnings $480M (27.3% of revenue).
Simon Property Group, Q1 2026: revenue $1.8B (+19% year over year), operating margin 43.4%, net earnings $480M, operating cash flow $833M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | -2% | +19% |
| Operating profit | $762M | -14% | +5% |
| Net earnings | $480M | -84% | +16% |
| Operating cash flow | $833M | -31% | +0.7% |
| Free cash flow | $625M | -34% | +5% |
What changed
Revenue was $1.8B in Q1 2026, up 19% year over year and down 2% from the previous quarter.
Operating profit was $0.76B, a 43.4% margin (down 6.0 points year over year). Of the extra revenue versus Q1 2025, 12% reached operating profit, below the 49% margin then. Total costs grew 33% against revenue growth of 19%. The fastest-growing cost line was General & admin (+330%). Net earnings were $0.48B, up 16% year over year. The effective tax rate was 0.0%.
Operating cash flow was $0.83B (up 1% year over year), 147% of net income including minority interests. Non-cash charges added back $0.46B of depreciation and amortization. Working capital and other items used $0.19B. Capital expenditures of $0.21B left free cash flow of $0.62B.
Questions
What was Simon Property Group's revenue in the first quarter 2026?
Simon Property Group (SPG) reported revenue of $1.8B for the first quarter 2026 (Q1 2026), +19% from a year earlier and -2% from the quarter before.
Was Simon Property Group profitable in the first quarter 2026?
Operating profit was $762M (43.4% of revenue) and net earnings $480M.