Analyst Consensus ?
ConsensusHold38 ratings
Bullish1642.1%
Neutral2052.6%
Bearish25.3%
Simon Property Group, Inc. · SPG · FY2025 Q4 · Calendar Q1 2026
SPG maintains 2026 FFO outlook as leasing and redevelopment expand
The supplied analysis supports a constructive but qualified view: strong leasing, acquisitions, redevelopment, and early loyalty-program traction provide growth support, while tariffs, tenant credit, higher interest expense, and leverage could limit durability.
Reported After market closeNYSEReal Estate
$66.38B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$9.35
Consensus $1.90
EPS surprise
+392.1%
Reported versus consensus
Reported revenue
$1.79B
Consensus $1.49B
Revenue surprise
+20.0%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-0.9%
Event window
SPY move
-0.8%
Same window
Abnormal move
-0.1%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+7.2%
Up to 20 sessions
SPGSPY benchmark
Ask FN2 about SPG FY2025 Q4
Transcript, numbers and history already loaded
Why did SPG fall 0.9% after beating EPS estimates in FY2025 Q4?What changed in SPG's guidance and outlook in FY2025 Q4?Give me the bull and bear case for SPG after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the current analysis shows 2026 FFO guidance maintained rather than raised, with greater emphasis on the Simon Plus rollout, a more than $4 billion acquisition and redevelopment pipeline, and risks from tenant credit, interest expense, and debt leverage.
Guidance delta
Management maintained 2026 FFO guidance of $13–$13.25 per share, assuming at least 3% NOI growth despite higher interest expense.
Key takeaways
- Management described strong leasing activity and an acquisition and redevelopment pipeline exceeding $4 billion.
- The Simon Plus loyalty program showed early positive traction and potential to support shopper traffic.
- Tariff pressure, tenant credit quality, higher interest expense, and leverage remain key risks to the outlook.
Management priorities
- Execute the acquisition, redevelopment, and mixed-use pipeline.
- Advance Simon Plus partnerships and loyalty-program rollout.
- Support leasing growth and incremental NOI through premium outlets, mixed-use projects, and redevelopments.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$204.7Previous close
$115Low
$195.77Average
$285High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Evercore ISI Group | In Line | In Line | Maintain | Sep 21, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Sep 17, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Aug 27, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 17, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Aug 17, 2026 |
| Stifel | Hold | Hold | Maintain | Aug 11, 2026 |
| Ladenburg Thalmann | Buy | Buy | Maintain | Aug 11, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 21, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 9, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jul 1, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 29, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jun 23, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 10, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jun 1, 2026 |
| Argus Research | Buy | Buy | Maintain | Sep 5, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Dec 21, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Oct 4, 2022 |
| Jefferies | Hold | Buy | Downgrade | Jun 30, 2022 |
| Compass Point | Buy | Buy | Maintain | Jun 22, 2022 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Apr 7, 2022 |
| BTIG | Buy | Buy | Maintain | Aug 27, 2021 |
| BMO Capital | Market Perform | Market Perform | Maintain | Apr 15, 2021 |
| Edward Jones | Sell | Hold | Downgrade | Dec 16, 2020 |
| Raymond James | Market Perform | Outperform | Downgrade | Jun 11, 2020 |
| CFRA | Sell | Sell | Maintain | May 12, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Apr 24, 2020 |
| Citi | Neutral | Buy | Downgrade | Sep 23, 2019 |
| Bank of America | Buy | Buy | Maintain | Sep 10, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Canaccord Genuity | Buy | Buy | Maintain | Mar 31, 2017 |
| BTIG Research | Buy | Buy | Maintain | Aug 25, 2016 |
| RBC Capital | Sector Perform | Outperform | Downgrade | Aug 2, 2016 |
| Stifel Nicolaus | Buy | Buy | Maintain | Aug 1, 2016 |
| Boenning & Scattergood | Outperform | Outperform | Maintain | Dec 4, 2015 |
| Credit Suisse | Outperform | Outperform | Maintain | Jun 1, 2015 |
| McNicoll Lewis Vlak | Hold | Hold | Maintain | May 5, 2014 |
| Imperial Capital | In Line | In Line | Maintain | Apr 23, 2014 |
| Janney Capital | Buy | Buy | Maintain | Sep 10, 2013 |
Named analyst price targets
Upside is calculated against the persisted previous close $204.7. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Steve Sakwa | $216 | $205.29 | +5.5% | Sep 21, 2026 |
| Scotiabank | Analyst unavailable | $221 | $205.42 | +8.0% | Sep 17, 2026 |
| Evercore ISI | Steve Sakwa | $219 | $204.83 | +7.0% | Sep 14, 2026 |
| Mizuho Securities | Analyst unavailable | $226 | $217.11 | +10.4% | Aug 27, 2026 |
| Scotiabank | Greg McGinniss | $222 | $221.66 | +8.5% | Aug 20, 2026 |
| Barclays | Analyst unavailable | $215 | $219.58 | +5.0% | Aug 17, 2026 |
| Stifel Nicolaus | Analyst unavailable | $209 | $220.55 | +2.1% | Aug 11, 2026 |
| Piper Sandler | Analyst unavailable | $285 | $228.19 | +39.2% | Jul 21, 2026 |
| Deutsche Bank | Analyst unavailable | $220 | $220.26 | +7.5% | Jul 9, 2026 |
| UBS | Michael Goldsmith | $222 | $219.09 | +8.5% | Jul 9, 2026 |
| Evercore ISI | Analyst unavailable | $215 | $227.81 | +5.0% | Jul 7, 2026 |
| Barclays | Richard Hightower | $213 | $222.15 | +4.1% | Jun 25, 2026 |
| Truist Financial | Michael Lewis | $215 | $216.62 | +5.0% | Jun 23, 2026 |
| UBS | Analyst unavailable | $220 | $213.62 | +7.5% | Jun 18, 2026 |
| Morgan Stanley | Analyst unavailable | $207 | $211.56 | +1.1% | Jun 9, 2026 |
| Evercore ISI | Analyst unavailable | $208 | $209.58 | +1.6% | Jun 8, 2026 |
| Scotiabank | Analyst unavailable | $206 | $200.84 | +0.6% | May 19, 2026 |
| Barclays | Analyst unavailable | $212 | $200.42 | +3.6% | May 19, 2026 |
| UBS | Analyst unavailable | $199 | $200.93 | -2.8% | May 18, 2026 |
| Evercore ISI | Analyst unavailable | $207 | $204.82 | +1.1% | May 12, 2026 |
| Stifel Nicolaus | Analyst unavailable | $194 | $201 | -5.2% | May 12, 2026 |
| Evercore ISI | Analyst unavailable | $198 | $187.41 | -3.3% | Feb 3, 2026 |
| Piper Sandler | Alexander Goldfarb | $230 | $191.22 | +12.4% | Feb 3, 2026 |
| Stifel Nicolaus | Simon Yarmak | $185 | $191.22 | -9.6% | Feb 3, 2026 |
| Deutsche Bank | Analyst unavailable | $205 | $184.92 | +0.1% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $205 | $184.93 | +0.1% | Jan 16, 2026 |
| Barclays | Richard Hightower | $188 | $184.36 | -8.2% | Jan 13, 2026 |
| Mizuho Securities | Analyst unavailable | $192 | $184.98 | -6.2% | Jan 9, 2026 |
| UBS | Analyst unavailable | $189 | $183.95 | -7.7% | Jan 8, 2026 |
| Truist Financial | Analyst unavailable | $181 | $182.53 | -11.6% | Dec 17, 2025 |
| Stifel Nicolaus | Simon Yarmak | $184 | $176.67 | -10.1% | Nov 4, 2025 |
| Evercore ISI | Analyst unavailable | $188 | $176.74 | -8.2% | Oct 17, 2025 |
| Barclays | Richard Hightower | $180 | $185.23 | -12.1% | Oct 6, 2025 |
| Piper Sandler | Analyst unavailable | $210 | $182.02 | +2.6% | Sep 18, 2025 |
| Scotiabank | Analyst unavailable | $173 | $179.36 | -15.5% | Aug 28, 2025 |
| Truist Financial | Analyst unavailable | $169 | $176.56 | -17.4% | Aug 22, 2025 |
| Stifel Nicolaus | Analyst unavailable | $179 | $169.31 | -12.6% | Aug 5, 2025 |
| Scotiabank | Analyst unavailable | $186 | $186.09 | -9.1% | Feb 28, 2025 |
| Evercore ISI | Steve Sakwa | $172 | $164.02 | -16.0% | Sep 16, 2024 |
| Argus Research | Marie Ferguson | $179 | $163.74 | -12.6% | Sep 13, 2024 |
| Citigroup | Katy McConnell | $165 | $165.08 | -19.4% | Sep 4, 2024 |
| Piper Sandler | Alexander Goldfarb | $175 | $167.35 | -14.5% | Sep 2, 2024 |
| Truist Financial | Ki Bin Kim | $158 | $166.53 | -22.8% | Aug 28, 2024 |
| Evercore ISI | Steve Sakwa | $160 | $168.05 | -21.8% | Aug 28, 2024 |
| Scotiabank | Greg McGinnis | $169 | $166.78 | -17.4% | Aug 26, 2024 |
| Stifel Nicolaus | Simon Yarmak | $157.5 | $154.25 | -23.1% | Aug 6, 2024 |
| Argus Research | Jacob Kilstein | $168 | $150.96 | -17.9% | Jun 11, 2024 |
| Scotiabank | Greg McGinnis | $152 | $150.21 | -25.7% | May 16, 2024 |
| BMO Capital | Alexander Goldfarb | $190 | $151.04 | -7.2% | May 15, 2024 |
| Deutsche Bank | Derek Johnston | $115 | $120.24 | -43.8% | Dec 14, 2022 |
| Truist Financial | Ki Bin Kim | $125 | $113.25 | -38.9% | Aug 15, 2022 |
| Truist Financial | Ki Bin Kim | $130 | $95.69 | -36.5% | Jun 20, 2022 |
| Goldman Sachs | Caitlin Burrows | $166 | $110.04 | -18.9% | May 19, 2022 |
| Morgan Stanley | Richard Hill | $160 | $128.27 | -21.8% | Mar 7, 2022 |
| BTIG | James Sullivan | $177 | $144.26 | -13.5% | Jan 24, 2022 |
| Evercore ISI | Steve Sakwa | $180 | $159.9 | -12.1% | Jan 12, 2022 |
| Argus Research | Angus Kelleher-Ferguson | $180 | $156.8 | -12.1% | Nov 26, 2021 |
| Piper Sandler | Alexander Goldfarb | $200 | $165.16 | -2.3% | Nov 24, 2021 |
| Compass Point | Floris van Dijkum | $200 | $155.35 | -2.3% | Nov 2, 2021 |
| Stifel Nicolaus | Simon Yarmak | $140 | $127.64 | -31.6% | Aug 10, 2021 |
| Jefferies | Jonathan Petersen | $144 | $122.26 | -29.7% | Jul 15, 2021 |
Track every rating change on SPG the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationSimon Property Group (NYSE: SPG) is a prominent S&P 100 real estate investment trust that specializes in owning and developing a portfolio of world-class shopping, dining, entertainment, and mixed-use destinations. These significant properties, strategically located across North America, Europe, and Asia, serve as vital community hubs, attracting millions of visitors daily and contributing billions in annual revenue.
Historical context
All SPG earningsLatest beats and misses
Who reports nextBeat on EPS
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
Get the SPG recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-25T06:10:55.296947+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T06:10:55.294021+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-25. For educational purposes only; not investment advice.