Simon Property Group (SPG) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Simon Property Group published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Simon Property Group calls its top line "total revenue": lease income from tenants plus management fees and other income. The rows above are the lines of its consolidated statement of operations, not reporting segments.
• Simon acquired the remaining 12% interest in Taubman Realty Group (TRG) on October 31, 2025 and has consolidated it since, so Q3 2026 includes 11 TRG malls that Q3 2025 counted as equity-method investments.
• Q3 2026 net income includes non-cash after-tax losses of $99.6 million, or $0.27 per diluted share, from mark-to-market adjustments on the Klepierre exchangeable bonds and the revaluation of an equity security.

Source: Simon Property Group Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Simon Property Group splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Simon Property Group's Lease income revenue was $1.7 billion in Q3 2026, up 16% from $1.5 billion in Q3 2025, 93% of total revenue.
• Simon Property Group's Management fees and other revenues revenue was $46.2 million in Q3 2026, up 25% from $36.9 million in Q3 2025, 3% of total revenue.
• Simon Property Group's Other income revenue was $87.0 million in Q3 2026, down 22% from $112 million in Q3 2025, 5% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Simon Property Group guides on Real Estate FFO per share, a non-GAAP measure, and on net income per diluted share. It gives no revenue outlook.

In its Q3 2026 release, Simon Property Group said:

“The Company is increasing its outlook for full year 2026 Real Estate FFO per diluted share to $13.30 to $13.40, an increase of $0.10 per diluted share from previous estimates.”

Source: Simon Property Group Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SPG forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue and diluted EPS (net income attributable to common stockholders per share), each as first reported in that quarter's release. Q4 2025 EPS includes a non-cash gain of $2.89 billion, primarily from remeasuring Simon's previously held TRG interest to fair value when it acquired the rest.

Simon Property Group's next report is expected around February 1, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Simon Property Group earns almost all of its revenue as rent. In Q3 2026 lease income was $1,681.4 million of $1,814.6 million in total revenue. Fixed lease income, the minimum rent in its leases, was $1,354.1 million; variable lease income, which includes rent tied to tenant sales, was $327.2 million. (Simon Property Group Q3 2026 earnings release and supplemental, Nov 5, 2026)

Simon owns malls, Premium Outlets and The Mills. At December 31, 2025 it owned or held an interest in 212 income-producing properties in the United States (108 malls, 70 Premium Outlets, 16 Mills, six lifestyle centers and 12 other retail properties) and 42 properties abroad, mainly in Asia, Europe and Canada. It also owned a 22.2% stake in Klepierre, the Paris-based shopping center owner. (Simon Property Group Form 10-K, 2025, Feb 25, 2026)

Simon's 10-Q says lease income rose $228.5 million in the quarter, driven by an increase of $181.2 million due to acquisition activity, development activity and higher fixed and variable lease consideration. The largest acquisition was the remaining 12% of TRG on October 31, 2025, which brought 11 regional, super-regional and outlet malls onto the consolidated books. (Simon Property Group Form 10-Q, Q3 2026, Nov 6, 2026)

Other income fell $24.7 million. Q3 2025 had $18.7 million of land sale activity that did not repeat, and interest income fell $14.7 million, partly offset by a $14.6 million increase from Simon Media and Experiences. (Simon Property Group Form 10-Q, Q3 2026, Nov 6, 2026)

Simon's rent roll is spread across many retailers. The Gap is its largest inline tenant, with 312 stores and 2.5% of total base minimum rent for U.S. properties, followed by Knitwell Group at 1.6%. Macy's is the largest anchor by space, with 111 stores and 11.6% of U.S. square footage but 0.3% of base minimum rent. (Simon Property Group Q3 2026 earnings release and supplemental, Nov 5, 2026)

Simon Property Group's diluted EPS fell to $1.54 from $1.86 even as revenue grew. Net income included non-cash after-tax losses of $99.6 million, or $0.27 per diluted share, from mark-to-market adjustments on the Klepierre exchangeable bonds and the revaluation of an equity security held by one of its unconsolidated Other Platform Investments. Depreciation and amortization rose $172.1 million, mostly from acquisitions, including a $49.8 million measurement period adjustment on the TRG assets, and interest expense rose $44.8 million. (Simon Property Group Q3 2026 earnings release and supplemental, Nov 5, 2026; Simon Property Group Form 10-Q, Q3 2026, Nov 6, 2026)

REITs are usually judged on funds from operations. Simon's FFO was $1.172 billion, or $3.09 per diluted share, against $3.25 a year earlier, inclusive of the $0.27 of non-cash losses. Real Estate FFO, which also strips out the Other Platform Investments and the equity-interest and fair-value items, was $1.277 billion, or $3.37 per diluted share, up 4.7% from $3.22. (Simon Property Group Q3 2026 earnings release and supplemental, Nov 5, 2026)

Weighted average shares outstanding were 323,370,997, against 326,485,607 a year earlier. In the quarter Simon repurchased 1,137,182 shares at an average price of $207.98, a total of $236.5 million. (Simon Property Group Form 10-Q, Q3 2026, Nov 6, 2026; Simon Property Group Q3 2026 earnings release and supplemental, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Simon Property Group gives a full-year outlook for Real Estate FFO per diluted share and net income per diluted share, not for revenue. With Q3 2026 results it raised its 2026 Real Estate FFO guidance to $13.30 to $13.40 per diluted share, up $0.10 from $13.20 to $13.30. Its estimate for net income attributable to common stockholders moved to $6.32 to $6.42 per diluted share, from $6.47 to $6.57. (Simon Property Group Q3 2026 earnings release and supplemental, Nov 5, 2026)

The Board also declared a fourth-quarter 2026 common dividend of $2.30 per share, an increase of $0.10, or 4.5% year over year, payable on December 31, 2026. (Simon Property Group Q3 2026 earnings release and supplemental, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Simon Property Group, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Simon Property Group's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SPG is on is SPG a buy or a sell?, what analysts expect next is on the SPG forecast, and what the company does is on the Simon Property Group (SPG) stock page.

Every number on this page can be traced to a document Simon Property Group published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.