Simon Property (SPG) Gross Margin (2009 - 2025)
Simon Property (SPG) posted quarterly Gross Margin of 98.03% for Q4 2025, down 12.0% year-over-year from 111.39% in Q4 2024, and up 0.55% quarter-over-quarter from 97.49% in Q3 2025.
Simon Property (SPG) Gross Margin (2009 - 2025) Analysis & Trends
Simon Property (SPG) has reported Gross Margin for 17 consecutive years, with 98.03% the latest figure, recorded in Q4 2025.
- In Q4 2025, Gross Margin fell 12.0% year-over-year to 98.03%; the TTM figure through Dec 2025 stood at 97.77% (up 28.0% YoY), while the FY2025 annual figure was 97.77%, up 28.0% from the prior year.
- Gross Margin advanced to 98.03% in Q4 2025 per SPG's latest filing, from 97.49% in the prior quarter.
- Across five years, Gross Margin topped out at 98.15% in Q4 2024 and bottomed at 95.75% in Q4 2021.
- Historically, Gross Margin has averaged 97.26% across 5 years, with a median of 97.42% in 2022.
- Annual changes were most pronounced in 2022 — Gross Margin slumped 137 bps — and 2024, when it soared 178 bps.
- Simon Property's Gross Margin stood at 95.75% in 2021, then rose by 1 bps to 96.75% in 2022, then dropped by 0 bps to 96.37% in 2023, then grew by 2 bps to 98.15% in 2024, then declined by 0 bps to 98.03% in 2025.
- Business Quant data shows SPG's Gross Margin at 98.03% in Q4 2025, 97.49% in Q3 2025, and 97.62% in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Simon Property | 71.66 Bn | 71.66 Bn | 1.76 Bn | 98.03% |
| 2 | Realty Income | 57.60 Bn | 57.60 Bn | - | - |
| 3 | Kimco Realty | 16.10 Bn | 16.10 Bn | 455.67 Mn | 82.73% |
| 4 | Federal Realty Investment Trust | 10.06 Bn | 10.06 Bn | 271.22 Mn | 80.79% |
| 5 | Agree Realty | 8.80 Bn | 8.78 Bn | - | - |
| 6 | Nnn Reit | 8.64 Bn | 8.64 Bn | - | - |
| 7 | Macerich | 6.73 Bn | 6.73 Bn | 171.77 Mn | 68.79% |
| 8 | Essential Properties Realty Trust | 6.51 Bn | 6.51 Bn | - | - |
| 9 | Kite Realty Group Trust | 5.29 Bn | 5.29 Bn | - | - |
| 10 | Phillips Edison & Company | 5.01 Bn | 5.01 Bn | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 98.03% |
| Sep 30, 2025 | 97.49% |
| Jun 30, 2025 | 97.62% |
| Mar 31, 2025 | 97.90% |
| Dec 31, 2024 | 98.15% |
| Sep 30, 2024 | 97.45% |
| Jun 30, 2024 | 97.15% |
| Mar 31, 2024 | 97.15% |
| Dec 31, 2023 | 96.37% |
| Sep 30, 2023 | 97.08% |
| Jun 30, 2023 | 96.70% |
| Mar 31, 2023 | 96.60% |
| Dec 31, 2022 | 96.75% |
| Sep 30, 2022 | 97.66% |
| Jun 30, 2022 | 97.39% |
| Mar 31, 2022 | 96.73% |
| Dec 31, 2021 | 95.75% |
| Sep 30, 2021 | 97.59% |
| Jun 30, 2021 | 97.66% |
| Mar 31, 2021 | 98.10% |