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How Simon Property Group (SPG) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 08/10/2026
Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. · Wikipedia
More about the company
It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. As of June 9, 2026, it owned interests in 235 properties.
Key growth driver: Lease Income — the fastest-growing revenue line: $1,660, +20% y/y. · by the Q2 2026 report
How does Simon Property Group make money?
Simon Property Group brought in $1.79 billion of revenue in Q2 2026, up 19.5% year over year. The largest source was Lease Income: $1.66 billion, or 93% of the total, followed by Management Fees ($40.8M, 2%); other lines add the remaining 5%.
Revenue by source, Q2 2026
- Lease Income$1.66B · 93% · +20%
- Other Income$90.1M · 5% · +11%
- Management Fees$40.8M · 2% · +8%
Shares of $1.79B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is SPG’s next earnings date?
Monday, November 2, 2026estimated
Simon Property Group (SPG) has not confirmed the date yet; Nov 2, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $3.32 (6 analysts), vs $3.22 in the same quarter last year.
What time does SPG report? Usually after market close: the last 4 results releases reached the SEC at 4:07 pm, 4:07 pm, 4:12 pm, 4:08 pm ET.
Last report: Aug 10, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$1,791
+19.5%
Operating income
$824
+10.7%
Verdict: the malls are earning — Real Estate FFO per share grew 7.9% on 96% occupancy, base rents up 6.3% and acquisitions folded in over the past year, with guidance raised again; the GAAP net income decline is prior-year one-off gains plus non-cash fair-value marks, not operations.
Real Estate FFO $1,249M ($3.29/sh, +7.9%) · occupancy 96.0% (flat y/y) · base minimum rent $62.42/sqft (+6.3%) · FY26 Real Estate FFO guidance raised to $13.20–13.30/sh.
Source and notation
* marks non-cash / ≈ estimated. REIT: judge by FFO, not net income — D&A dominates GAAP expenses. Source: Simon Property press release, 8-K EX-99.1 (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- debt load increased (Q2 2026)
Most likely because interest expense rose 21% to $281M on acquisition debt — the main recurring cost headwind; lease income jumped 20% to $1.66B and D&A 36% — both reflect consolidation of properties acquired over the past year, not just organic growth. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗SPG earnings history: past report dates
| Aug 10, 2026 Mon | 4:07 pmafter market close | Jun 30, 2026 | $1.8B+19% y/y | $1.49−12% y/y |
| May 11, 2026 Mon | 4:07 pmafter market close | Mar 31, 2026 | $1.8B+19% y/y | $1.48+17% y/y |
| Feb 2, 2026 Mon | 4:12 pmafter market close | Dec 31, 2025 | $1.8B+13% y/y | $9.35+358% y/y |
| Nov 3, 2025 Mon | 4:08 pmafter market close | Sep 30, 2025 | $1.6B+8% y/y | $1.86+27% y/y |
| Aug 4, 2025 Mon | 4:08 pmafter market close | Jun 30, 2025 | $1.5B+3% y/y | $1.70+13% y/y |
| May 12, 2025 Mon | 4:07 pmafter market close | Mar 31, 2025 | $1.5B+2% y/y | $1.27−44% y/y |
| Feb 4, 2025 Tue | 4:11 pmafter market close | Dec 31, 2024 | $1.6B+4% y/y | $2.04−11% y/y |
| Nov 1, 2024 Fri | 8:02 ambefore market open | Sep 30, 2024 | $1.5B+5% y/y | $1.46−20% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Simon Property Group: 5-year financials
| 2025 | 6,365 | 3,175 | 4,624 |
| 2024 | 5,964 | 3,093 | 2,368 |
| 2023 | 5,659 | 2,807 | 2,280 |
| 2022 | 5,291 | 2,584 | 2,136 |
| 2021 | 5,117 | 2,413 | 2,246 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
1.5/2mostly good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 2026As of January 31, 2026: 324.9M common shares and 8,000 Class B shares outstanding; Class B holders elect up to 4 directors, and the Class B stock is held in a Simon family voting trust. sec.gov ↗
- Apr 20262026 proxy: of 13 directors, 2 are elected by the trustee voting the Class B shares. sec.gov ↗
- Feb 2026Dividend: $8.30 (2019) → $6.00 (2020) → $8.55 per share (2025). data.sec.gov ↗
- Apr 20262026 proxy: transactions with the Simon family — management of two malls ($4.7M) and an aircraft lease ($3.5M, below market rates) — approved by independent directors. sec.gov ↗
Scoring: 2.0 −0.5 (criterion 7: the Simon family's Class B stock in a voting trust elects up to 4 directors, without a majority) = 1.5
- Share classes
- Common stock + 8,000 Class B shares (voting trust of David and Eli Simon) electing up to 4 of 13 directors (currently 2) → unequal rights without a majority → −0.5 (criterion 7); Series J preferreds are ordinary cumulative preferreds.
- Dilution
- Diluted shares +5.7% over 2020–2025 (<10%); SBC immaterial.
- Disclosure
- Full reporting, no violations.
- Dividends
- In 2020 (malls closed) the dividend was cut $8.30 → $6.00; no formal policy beyond the REIT minimum; raised since 2022, reaching $8.55 in 2025 — above the pre-crisis level → no deduction.
- Lawsuits & regulators
- Item 3 of the 10-K: only routine commercial matters; no shareholder lawsuits or SEC cases.
- Related parties
- Transactions with the Simons (management of 2 family-owned malls — $4.7M, aircraft lease $3.5M below market, office MSA $0.85M) — small and approved by independent directors → no deduction.
How the score works · checked as of Sep 2026
Simon Property Group (SPG) earnings: FAQ
How does Simon Property Group make money?
Simon Property Group brought in $1.79 billion of revenue in Q2 2026, up 19.5% year over year. The largest source was Lease Income: $1.66 billion, or 93% of the total, followed by Management Fees ($40.8M, 2%); other lines add the remaining 5%.
When is SPG's next earnings date?
Simon Property Group (SPG) has not confirmed the date yet; Nov 2, 2026 is an estimate based on its past reporting schedule.
What time does SPG report earnings?
Simon Property Group usually reports after market close: its latest results release was filed with the SEC at 4:07 pm ET on Aug 10, 2026.
When did SPG last report earnings?
Simon Property Group reported Q2 2026 results on Aug 10, 2026.
What is the EPS estimate for SPG's next earnings?
The consensus EPS forecast is $3.32 (6 analysts), vs $3.22 in the same quarter last year.
Where can I find Simon Property Group's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to SPG's filings; this page breaks the latest report down in a Sankey chart.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/26/2026. How we make the breakdowns · Report an error
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