SPG · Q2 FY2026
SIMON PROPERTY GROUP INC. Q2 FY2026 earnings analysis
By SageNoodle ResearchBullish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $1.79B | $1.50B (yr ago) | Beat |
| EPS | $1.49 | $1.70 (yr ago) | Miss |
| Free Cash Flow | $1.20B | $1.22B (yr ago) | Miss |
| Gross Margin | Not meaningful for a REIT | Not meaningful for a REIT | Miss |
| Operating Margin | 46.0% (pre-tax margin proxy) | 49.7% (yr ago) | Miss |
What changed
Revenue rose 19.5% year over year to $1.79 billion, while Real Estate FFO per share increased 7.9% to $3.29 and portfolio NOI grew 8.3%. GAAP EPS fell to $1.49 because the prior-year quarter included a $0.21 non-cash investment gain; management raised the midpoint of full-year Real Estate FFO guidance by $0.08 to $13.25 per share.
Impact on the investment thesis
No prior SageNoodle fair value exists, so there is no change to measure. We establish fair value at $205.38 per share: stronger property fundamentals support the valuation, but the current price already reflects the raised guidance.