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Screener / SEC EDGAR /CIK 0001063761 /10-K filed Feb 25, 2026, compared with Feb 21, 2025 /Numbers from the XBRL of the 10-Ks
Real estate peers:
VTRDLRWYSPGIRMHST
NYSE Real estate · REIT

Simon Property Group SPG

SPG quote by TradingView

Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. 10-K, Item 1

Headquarters
Indianapolis, IN
CEO
David Simon
Next results
around Feb 1, 2027
Compare with peers Embed

SPG among Real estate peers

Six ratios from the latest 10-K. Each corner is the share of 28 peers the company is above, not a score.

Compare
Revenue growth: 6.7%, above 64% of 28 peers (their median 5.1%) REVENUE GROWTH 6.7% · above 64% Operating margin: 45.9%, above 65% of 17 peers (their median 36.0%) OPERATING MARGIN 45.9% · above 65% Net margin: 63.0%, above 96% of 28 peers (their median 21.6%) NET MARGIN 63.0% · above 96% FCF margin: 46.9%, above 91% of 11 peers (their median 12.3%) FCF MARGIN 46.9% · above 91%
SPG Peer median Below the median

What changed

7 new risk paragraphs and 2 accounting facts worth reading about. 10-K filed Feb 25, 2026 against Feb 21, 2025.

Risk factors
7 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Cash from operations lower than net income
Cash from operations $4.1B vs net income $5.4B (FY ending Dec 31, 2025)
10-K · XBRL
Critical audit matters changed
New this year: Acquisition of the Remaining Interest in The Taubman Realty Group (“On October 31, 2025, the Company completed its acquisition of the remaining 12% ownership interest in The Taubman Realty Group (TRG) for consideration of approximately $0.9 billion, as described in Note 4 of the consolidated financial statements. The Company accounted for this acquisition as a busin”). No longer listed: Evaluation of Investments in Unconsolidated Entities for Impairment. Same as last year: Evaluation of Investment Properties for Impairment
10-K · XBRL
Accounting checks
7 other checks clear, 2 worth a look
10-K · XBRL
Insiders
11 open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

9 checks on the latest 10-K. Checks, not verdicts.

How it works

2facts worth reading about the other 7 checks found nothing to note

  • Cash from operations lower than net income
    Cash from operations $4.1B vs net income $5.4B (FY ending Dec 31, 2025)
  • Critical audit matters changed
    New this year: Acquisition of the Remaining Interest in The Taubman Realty Group (“On October 31, 2025, the Company completed its acquisition of the remaining 12% ownership interest in The Taubman Realty Group (TRG) for consideration of approximately $0.9 billion, as described in Note 4 of the consolidated financial statements. The Company accounted for this acquisition as a busin”). No longer listed: Evaluation of Investments in Unconsolidated Entities for Impairment. Same as last year: Evaluation of Investment Properties for Impairment
  • Same auditor in both 10-Ks: Ernst & Young LLP
6 more checks with nothing to note
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

7 paragraphs in Risk Factors that were not in the 10-K filed Feb 21, 2025. Quoted as filed.

All 7 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    We depend on free cash flow and external financings, principally debt financings, to fund the growth of our business, execute on our business model, and to ensure that we can meet ongoing maturities of our outstanding debt. Our access to financing depends on our credit ratings, the willingness of lending institutions and other debt…

New risk paragraphs, against peers

Latest 10-K of each, Real estate companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$5.3B$5.7B$6.0B$6.4B
Net income$2.1B$2.3B$2.4B$4.6B
Operating cash flow$3.8B$3.9B$3.8B$4.1B
Free cash flow$3.1B$3.1B$3.1B$3.2B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$6.4B ▲ 6.7% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Simon Property Group, Indianapolis, IN · from the 10-K filed Feb 25, 2026

Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Indiana partnership subsidiary that owns directly or indirectly all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc.

Headquarters
Indianapolis, IN
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Nov 5, 2026
Incorporated in
IN

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Sources

The 10-K filed Feb 25, 2026 (open at SEC), compared with the 10-K filed Feb 21, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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