10-Q · May 11, 2026
Simon Property Group reported a solid increase in Q1 2026 results, with revenues reaching $1.47 billion, marking a year-over-year increase of $262 million. They experienced improved operating margins and a rise in…
Earnings analysis · 10-Q
SPG earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q excerpt is limited primarily to controls, legal proceedings, risk factors, and equity activity; it does not include the quarter’s income statement, balance sheet, cash flow, segment results, or…
Read full summary
The supplied 10-Q excerpt is limited primarily to controls, legal proceedings, risk factors, and equity activity; it does not include the quarter’s income statement, balance sheet, cash flow, segment results, or quantitative outlook. Simon repurchased 840,258 shares at an average price of $201.76 and reported $1.713988252 billion of remaining repurchase authorization. Management concluded controls were effective as of June 30, 2026, and reported no material changes to risk factors or market-risk assumptions since the 2025 Form 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Share Repurchases Continued
Simon repurchased 793,077 shares under its publicly announced plan during the quarter at an average price of $201.76; total quarterly purchases were 840,258 shares including employee tax-withholding shares.
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$2.0B Repurchase Capacity
The new repurchase authorization permits up to $2.0 billion of common-stock purchases through February 29, 2028. The filing reports $1.713988252 billion remained available under the plan at June 30, 2026.
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Controls Deemed Effective
Simon’s disclosure controls were evaluated as of June 30, 2026, and management concluded they were effective at a reasonable-assurance level.
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Partnership Unit Redemptions
The Operating Partnership redeemed 237,618 units from four limited partners for $50.7 million during the quarter.
What to watch
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No New Risk-Factor Update
The filing states there were no material changes to the risk factors disclosed in the combined 2025 Annual Report on Form 10-K, so no new risk-factor exposure was identified versus the 2025 filing.
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Market-Risk Exposure Unchanged
The company states that market-risk assumptions and results have had no material changes since December 31, 2025; however, the filing does not provide an updated quantitative sensitivity amount in the supplied text.
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Ordinary-Course Legal Proceedings
Simon remains involved in ordinary-course legal and regulatory proceedings, including commercial, environmental, and transaction-related matters; management states current proceedings are not expected to have a material adverse effect, but no quantified exposure is provided.
Management's outlook
The provided 10-Q text does not contain quantitative revenue, EPS, or FFO guidance. No change to the prior 2026 FFO outlook of $13.10-$13.25 per diluted share is stated in the supplied filing text.
Earlier filings 4
10-K · February 23, 2023
Simon Property Group describes a strategy of owning, developing and managing premier malls, Premium Outlets and mixed-use destinations while growing FFO and cash flow via leasing, selective acquisitions, redevelopments…
10-Q · May 10, 2021
Simon Property Group reported total revenue of $1,239,951,000 for the three months ended March 31, 2021, down from $1,353,360,000 a year earlier. Operating income before other items was $604,612,000 (operating margin…
10-Q · November 9, 2020
Simon Property Group reported Q3 consolidated revenue of $1,060,674 (in thousands) and diluted earnings per share of $0.48, both materially below the prior-year quarter. Revenue fell across all revenue lines (lease,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.