Simon Property Group (SPG) Q1 2026 Earnings
Reported May 11, 2026 at 4:07 PM ET · SEC Source
Q1 26 EPS
$1.48
MISS 0.45%
Est. $1.49
Q1 26 Revenue
$1.76B
BEAT +16.58%
Est. $1.51B
vs S&P Since Q1 26
+11.8%
BEATING MARKET
SPG +12.7% vs S&P +0.9%
Market Reaction
Did SPG Beat Earnings? Q1 2026 Results
Simon Property Group posted a broadly strong first quarter for 2026, delivering revenue of $1.76 billion, a 19.3% increase year-over-year that cleared the $1.51 billion consensus estimate by 16.58%, even as GAAP diluted EPS of $1.48 came in fractiona… Read more Simon Property Group posted a broadly strong first quarter for 2026, delivering revenue of $1.76 billion, a 19.3% increase year-over-year that cleared the $1.51 billion consensus estimate by 16.58%, even as GAAP diluted EPS of $1.48 came in fractionally short of the $1.49 Wall Street forecast by 0.45%. The headline growth was powered largely by the October 2025 acquisition of The Macerich Group alongside organic leasing momentum, with U.S. Malls and Premium Outlets occupancy ticking up to 96.0% and base minimum rent per square foot climbing 5.2% to $61.99. The REIT's closely watched Real Estate FFO per diluted share rose 7.5% year-over-year to $3.17, and management signaled continued confidence by raising full-year 2026 Real Estate FFO guidance to a range of $13.10 to $13.25 per diluted share, up $0.05 at the midpoint. The company also lifted its quarterly common dividend 7.1% to $2.25 per share, while retailer sales per square foot surged to $819 over the trailing twelve months, underscoring durable demand across Simon's portfolio.
Key Takeaways
- • Domestic property NOI increased 6.7% and portfolio NOI increased 6.7% year-over-year
- • U.S. Malls and Premium Outlets occupancy at 96.0%, up from 95.9%
- • Base minimum rent per square foot increased 5.2% to $61.99
- • Trailing 12-month retailer sales per square foot increased 11.8% to $819
- • The Mills occupancy at 99.2% vs 98.4% prior year
- • Continued leasing momentum and retailer sales and traffic increases
- • Disciplined capital allocation and growth in cash flow
SPG Forward Guidance & Outlook
Simon raised its full-year 2026 Real Estate FFO guidance to $13.10–$13.25 per diluted share, up from the prior range of $13.00–$13.25, an increase of $0.05 at the midpoint. Estimated net income attributable to common stockholders per diluted share is $6.61–$6.76 for the full year. Estimated FFO per diluted share is $12.84–$12.99.
SPG YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“We are very pleased with our first-quarter results. Our portfolio delivered strong operating performance, supported by continued leasing momentum, retailer sales and traffic increases, disciplined capital allocation, and growth in cash flow. Today, we increased our full-year 2026 Real Estate FFO per share guidance and raised our quarterly dividend.”
— Eli Simon, Q1 2026 Earnings Press Release
SPG Earnings Trends
SPG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SPG EPS Trend
Earnings per share: estimate vs actual
SPG Revenue Trend
Quarterly revenue: estimate vs actual
SPG Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $1.49 | $1.48 | -0.45% | $1.76B | +16.58% |
| Q4 25 BEAT FY | $1.97 | $3.49 | +76.86% | $1.79B | +18.80% |
| FY Full Year | — | $12.73 | — | $6.36B | — |
| Q3 25 BEAT | $1.68 | $1.86 | +11.04% | $1.60B | +13.72% |
| Q2 25 BEAT | $1.56 | $1.70 | +9.18% | $1.50B | +7.95% |