Simon Property Group (SPG) FY2025 10-K Review

Statements & commentary

Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.

INCOME STATEMENTCASH FLOWBALANCE SHEETVARIANCE YoYBUSINESS QUALITYQUARTERLYOWNERSHIPEVERY FIGURE AS FILED · $M EXCEPT PER-SHARE

Income statement · $ millions	2025	2024	2023
Total revenues	6,365	5,964	5,659
Selling, general and administrative	61	45	39
Depreciation, depletion and amortization	1,426	1,265	1,262	1
Total operating expenses	3,189	2,871	2,852
Operating income	3,175	3,093	2,807	1
Interest expense	975	906	855	2
Income tax provision	20	9	69	1
Net income incl. noncontrolling interests	5,364	2,729	2,617
Less: noncontrolling interests	737	358	334	1
Net income attributable to common	4,624	2,368	2,280	1
Diluted earnings per share	$14.17	$7.26	$6.98	1
Weighted-average diluted shares	326	326	327

Cash flow · $ millions	2025	2024	2023
Net income incl. noncontrolling interests	5,364	2,729	2,617
Depreciation, depletion and amortization	1,426	1,265	1,262
Net cash provided by operating activities	4,137	3,815	3,931	1
Net cash used in investing activities	(1,601)	1,408	(1,363)
Repurchases of common stock	227	—	141	1
Debt repaid	3,278	2,969	2,659
Net cash used in financing activities	(3,113)	(4,992)	(2,020)
Cash and equivalents at end of period	823	1,400	1,169

Balance sheet · $ millions	2025	2024
Cash and cash equivalents	823	1,400	1
Goodwill	20	20	1
Total assets	40,606	32,406	1
Long-term debt	28,430	24,264
Total liabilities	33,901	28,806
Redeemable interests (temporary equity)	233	185
Stockholders' equity	5,208	2,942
Noncontrolling interests	1,264	473
Total equity	6,472	3,415

Largest FY/FY moves · $ millions, ranked by \|Δ\|	FY2025	FY2024	Δ $	Δ %	Reading
Total assets · BS	40,606	32,406	+8,200	+25.3%	—
Total liabilities · BS	33,901	28,806	+5,095	+17.7%	—
Long-term debt · BS	28,430	24,264	+4,166	+17.2%	—
Total equity · BS	6,472	3,415	+3,057	+89.5%	◐ outsized
Net cash used in investing activities · CF	(1,601)	1,408	−3,009	-213.7%	◐ outsized
Net income incl. noncontrolling interests · IS	5,364	2,729	+2,635	+96.6%	◐ outsized
Net income incl. noncontrolling interests · CF	5,364	2,729	+2,635	+96.6%	◐ outsized
Stockholders' equity · BS	5,208	2,942	+2,266	+77.0%	◐ outsized
Net income attributable to common · IS	4,624	2,368	+2,256	+95.3%	◐ outsized
Net cash used in financing activities · CF	(3,113)	(4,992)	+1,879	+37.6%	—
Noncontrolling interests · BS	1,264	473	+791	+167.2%	◐ outsized
Cash and equivalents at end of period · CF	823	1,400	−577	-41.2%	—
Cash and cash equivalents · BS	823	1,400	−577	-41.2%	—
Total revenues · IS	6,365	5,964	+401	+6.7%	—

Business quality — Buffett/Munger screen · deterministic · not part of the filing score	Value	Reading
Return on equity net income ÷ average of start- and end-of-year equity	113.5% sector median 7.1%	strong
Share count, year-end (year-end shares − prior year-end) ÷ prior year-end	n/a sector median +0.0%	insufficient data
Debt to equity (current debt + long-term debt) ÷ year-end equity	5.46 sector median 0.69	leveraged
FCF consistency, 5yr operating cash flow − capital expenditure, per year	positive 5 of 5	consistent
Margin stability pre-tax income ÷ revenue, swing across up to five years	pre-tax margin 49.9% sector median 23.6%	stable

Quarterly · as filed in 10-Q/10-K · $ millions	MAR 25	JUN 25	SEP 25	DEC 25	MAR 26
Total revenues	1,473	1,498	1,602	1,791	1,757
Selling, general and administrative	13	14	16	—	54
Depreciation, depletion and amortization	328	339	339	—	459
Total operating expenses	745	754	789	—	995
Operating income	728	744	813	891	762
Interest expense	227	233	243	—	276
Net income incl. noncontrolling interests	478	644	703	3,540	569
Less: noncontrolling interests	63	87	96	—	88
Net income attributable to common	414	556	606	3,048	480
Diluted earnings per share	$1.27	$1.70	$1.86	$9.35	$1.48
Weighted-average diluted shares	326	326	326	326	325
Net cash provided by operating activities	827	—	—	—	833

Largest QoQ moves · latest vs prior filed quarter	Prior	Latest	Δ $	Δ %
Net income incl. noncontrolling interests	3,540	569	−2,971	-83.9%
Net income attributable to common	3,048	480	−2,568	-84.3%
Total operating expenses	789	995	+206	+26.1%
Operating income	891	762	−129	-14.5%
Depreciation, depletion and amortization	339	459	+120	+35.4%
Selling, general and administrative	16	54	+38	+237.5%
Total revenues	1,791	1,757	−34	-1.9%
Interest expense	243	276	+33	+13.6%

Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only	Value	Reading
Public float	$52,048M	10-K cover · as of 2025-06-30
Insider Form 4s, 90d	30 filings · 28 buys / 0 sells	net buying · +$533,051
· Leibowitz Reuben S	BUY $95,950	Form 4 filed 2026-07-01 · open market
· Glasscock Larry C	BUY $73,636	Form 4 filed 2026-07-01 · open market
· Smith Daniel C.	BUY $70,066	Form 4 filed 2026-07-01 · open market
· Rodkin Gary M	BUY $46,636	Form 4 filed 2026-07-01 · open market
· Aeppel Glyn	BUY $44,405	Form 4 filed 2026-07-01 · open market
Insider ownership %	—	needs the proxy statement — not read yet, never estimated
· The Vanguard Group (2)	0.00 %	5%+ holder · DEF 14A filed 2026-04-01
· BlackRock, Inc. (3)	10.45 %	5%+ holder · DEF 14A filed 2026-04-01
· State Street Corporation and Subsidiaries (7)	7.02 %	5%+ holder · DEF 14A filed 2026-04-01
Institutional %	3 holders of 5%+ named	full 13F total pending — never estimated

COMMENTARY6EARNINGS QUALITY4

share buyback◐PARTLY

“purchased 2,519,923 shares of Simon common stock in the open market at an average price of $145.81 per share for $367.4 million pursuant to a repurchase program”

Repurchases of common stock$227M

The quoted figures do not map one-for-one onto a filed line on this page; carried as partly supported.

1 LINES TRACED · ITEM 1 · BUSINESS · CERTAIN ACTIVITIES · P. 9

EPS growth✓MATCHES

“Diluted earnings per share and diluted earnings per unit increased $6.91 during 2025 to $14.17 as compared to $7.26 in 2024.”

Diluted earnings per share $7.26 → $14.17+6.91

Quoted $6.91 Diluted earnings per share: filed $7.26

Quoted $14.17 Diluted earnings per share: filed $14.17

Quoted $7.26 Diluted earnings per share: filed $7.26

Every quoted figure reconciles to the filed lines: $6.91 against diluted earnings per share; $14.17 against diluted earnings per share; $7.26 against diluted earnings per share.

1 LINES TRACED · ITEM 7 · RESULTS OVERVIEW · P.60

D&A increase◐PARTLY

“increased depreciation and amortization of $161.1 million, or $0.43 per diluted share/unit, primarily due to acquisition and development activity, the majority of which relates to the TRG Acquisition,”

Depreciation, depletion and amortization $1.3B → $1.4B+161

Quoted $161.1 millionDepreciation, depletion and amortization: change $161M

1 of 2 quoted figures reconcile ($161.1 million against depreciation, depletion and amortization); $0.43 does not map to a filed line on this page — carried as partly supported.

1 LINES TRACED · ITEM 7 · RESULTS OVERVIEW · P.61

interest expense increase◐PARTLY

“increased interest expense of $69.0 million, or $0.18 per diluted share/unit, primarily due to new USD and EUR bond issuances and the increase in secured debt as a result of the TRG Acquisition,”

Interest expense $906M → $975M+69

Quoted $69.0 millionInterest expense: change $69M

1 of 2 quoted figures reconcile ($69.0 million against interest expense); $0.18 does not map to a filed line on this page — carried as partly supported. The source sentence carries qualifiers beyond the 40-word quote limit; carried as partly supported.

1 LINES TRACED · ITEM 7 · RESULTS OVERVIEW · P.61

cash balance decline✓MATCHES

“Our balance of cash and cash equivalents decreased $577.2 million during 2025 to $823.1 million as of December 31, 2025 as further discussed below.”

Cash and cash equivalents $1.4B → $823M-577

Quoted $577.2 millionCash and cash equivalents: change $577M

Quoted $823.1 millionCash and cash equivalents: filed $823M

Every quoted figure reconciles to the filed lines: $577.2 million against cash and cash equivalents; $823.1 million against cash and cash equivalents.

1 LINES TRACED · ITEM 7 · LIQUIDITY AND CAPITAL RESOURCES · P.67

noncontrolling interest gain◐PARTLY

“Simon's net income attributable to noncontrolling interests increased $378.4 million primarily related to an increase in the limited partners' portion of the TRG Acquisition gain.”

Less: noncontrolling interests $358M → $737M+379

The quoted figures do not map one-for-one onto a filed line on this page; carried as partly supported.

1 LINES TRACED · ITEM 7 · RESULTS OF OPERATIONS · P.66

Interest coverage◐WATCH

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Operating income$3,175M

Interest expense$975M

Coverage $3,175M ÷ $975M3.3×

Interest coverage is 3.3× — carried as watch (6× threshold).

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Cash tax vs book charge◐WATCH

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Cash income taxes paid$29M

Total book tax charge$20M

Divergence ($29M − $20M) ÷ $20M+45.0%

Cash taxes paid diverge from the total book charge by +45.0%. Carried as watch.

EARNINGS-QUALITY FLAG · 1 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Goodwill weight✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Goodwill$20M

Total assets$40,606M

Weight $20M ÷ $40,606M0.0%

Impairments, three years (newest first)none filed

Goodwill is 0.0% of assets (threshold 40%), no impairment in three years.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Cash conversion stability✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Operating cash flow, three years (newest first)$4,137M · $3,815M · $3,931M

Net income incl. noncontrolling interests, three years (newest first)$5,364M · $2,729M · $2,617M

OCF ÷ NI, three years (newest first)0.77× · 1.40× · 1.50×

Swing 1.50× − 0.77×0.73×

Cause verified by this pageno

Net income attributable to common, three years (newest first) shown so both bases reconcile; the ratio above uses the consolidated line$4,624M · $2,368M · $2,280M

OCF ÷ NI ran 0.77× · 1.40× · 1.50× across three years — swing 0.73×, inside the 1.00× threshold.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY

Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Return on equity →

Terms and acronyms used on this page

Income statement & cash flow

ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.

OCFOperating cash flow — net cash provided by operating activities, as reported.

FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.

Balance sheet & market

Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.

Filing & document terms

10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.

YoY · CAGRYear over year · compound annual growth rate.

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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Simon Property Group's Form 10-K for FY2025 (accession 0001104659-26-019419), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. SPG is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.