Filing Flows › Simon Property Group (SPG) › Q2 2025
Simon Property Group (SPG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Simon Property Group (SPG) reported revenue of $1.5B for the second quarter 2025 (Q2 2025), +3% from a year earlier and +2% from the quarter before. Operating margin was 49.7%, net earnings $556M (37.1% of revenue).
Simon Property Group, Q2 2025: revenue $1.5B (+3% year over year), operating margin 49.7%, net earnings $556M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | +2% | +3% |
| Operating profit | $744M | +2% | -1% |
| Net earnings | $556M | +34% | +13% |
| Operating cash flow | $1.2B | +47% | +14% |
| Free cash flow | $971M | +63% | +11% |
What changed
Revenue was $1.5B in Q2 2025, up 3% year over year and up 2% from the previous quarter.
Operating profit was $0.74B, a 49.7% margin (down 2.0 points year over year). Operating profit fell $0.01B even though revenue rose $0.04B versus a year earlier, so costs grew faster than sales. Total costs grew 7% against revenue growth of 3%. The fastest-growing cost line was General & admin (+32%). Net earnings were $0.56B, up 13% year over year. The effective tax rate was 0.0%.
Operating cash flow was $1.2B (up 14% year over year), 189% of net income including minority interests. Non-cash charges added back $0.34B of depreciation and amortization. Working capital and other items added $0.23B. Capital expenditures of $0.24B left free cash flow of $1.0B.
Questions
What was Simon Property Group's revenue in the second quarter 2025?
Simon Property Group (SPG) reported revenue of $1.5B for the second quarter 2025 (Q2 2025), +3% from a year earlier and +2% from the quarter before.
Was Simon Property Group profitable in the second quarter 2025?
Operating profit was $744M (49.7% of revenue) and net earnings $556M.