Filing Flows › Simon Property Group (SPG) › Q4 2025
Simon Property Group (SPG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Simon Property Group (SPG) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +12% from the quarter before. Operating margin was 49.7%, net earnings $3.0B (170.2% of revenue).
Simon Property Group, Q4 2025: revenue $1.8B (+13% year over year), operating margin 49.7%, net earnings $3.0B, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | +12% | +13% |
| Operating profit | $891M | +10% | +7% |
| Net earnings | $3.0B | +403% | +357% |
| Operating cash flow | $1.2B | +35% | +11% |
| Free cash flow | $949M | +39% | +9% |
What changed
Revenue was $1.8B in Q4 2025, up 13% year over year and up 12% from the previous quarter.
Operating profit was $0.89B, a 49.7% margin (down 3.1 points year over year). Of the extra revenue versus a year earlier, 26% reached operating profit, below the 53% margin then. Total costs grew 21% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+22%). Net earnings were $3.0B, up 357% year over year. The effective tax rate was 0.0%. Non-operating items added $2.6B, 75% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.2B (up 11% year over year), 34% of net income including minority interests. Non-cash charges added back $0.42B of depreciation and amortization. Working capital and other items used $2.8B. Capital expenditures of $0.25B left free cash flow of $0.95B.
Questions
What was Simon Property Group's revenue in the fourth quarter 2025?
Simon Property Group (SPG) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +12% from the quarter before.
Was Simon Property Group profitable in the fourth quarter 2025?
Operating profit was $891M (49.7% of revenue) and net earnings $3.0B.