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VNOVornado Realty Trust
$37.81$7.1B
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VNO logoVornado Realty Trust(VNO)Earnings, Financials & Key Ratios

VNO•NYSE•REIT / Real Estate
9.0× P/E·Price updated Jun 19, 2026
SectorReal EstateIndustryOffice REITsSub-IndustryGateway CBD Office REITs
AboutVornado's portfolio is concentrated in the nation's key market New York City along with the premier asset in both Chicago and San Francisco. Vornado is also the real estate industry leader in sustainability policy. The company owns and manages over 23 million square feet of LEED certified buildings and received the Energy Star Partner of the Year Award, Sustained Excellence 2019. In 2012, Vornado commemorated 50 years on the NYSE.Show more
  • Revenue$1.81B+1.3%
  • FFO$1.39B+156.8%
  • FFO/Share7.23+163.4%
  • FFO Payout10.19%-61.0%
  • FFO per Share7.23+163.4%
  • NOI Margin100%
  • FFO Margin76.58%+153.6%
  • ROE13.95%+1140.0%
  • ROA5.74%+1212.8%

VNO Key Insights

Vornado Realty Trust (VNO) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓FFO growing 98.2% TTM
  • ✓Sustainable FFO payout ratio of 10.2%
  • ✓High NOI margin of 100.0%
  • ✓Share count reduced 2.5% through buybacks
  • ✓Trading at only 1.1x book value

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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VNO Price & Volume

Vornado Realty Trust (VNO) stock price & volume — 10-year historical chart

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VNO Growth Metrics

Vornado Realty Trust (VNO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-3.18%
5 Years3.45%
3 Years0.19%
TTM-0.27%

Profit CAGR

10 Years1.76%
5 Years-
3 Years-
TTM378.33%

EPS CAGR

10 Years1.58%
5 Years-
3 Years-
TTM600.6%

Return on Capital

10 Years2.18%
5 Years1.79%
3 Years1.85%
Last Year1.85%

VNO Recent Earnings

Vornado Realty Trust (VNO) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
May 4, 2026
Metric
Actual
Est
EPS
$0.52+0.0%
$0.52
Rev
$459M+6.3%
$432M
Q1 2026
Feb 9, 2026
Metric
Actual
Est
EPS
$0.55+816.7%
$0.06
Rev
$454M+2.0%
$445M
Q4 2025
Nov 3, 2025
Metric
Actual
Est
EPS
$0.57+3.6%
$0.55
Rev
$454M+3.1%
$440M
Q3 2025
Aug 4, 2025
Metric
Actual
Est
EPS
$0.56+5.7%
$0.53
Rev
$441M-6.0%
$469M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 4, 2026
$0.52vs $0.52+0.0%
$459Mvs $432M+6.3%
Q1 2026Feb 9, 2026
$0.55vs $0.06+816.7%
$454Mvs $445M+2.0%
Q4 2025Nov 3, 2025
$0.57vs $0.55+3.6%
$454Mvs $440M+3.1%
Q3 2025Aug 4, 2025
$0.56vs $0.53+5.7%
$441Mvs $469M-6.0%
Based on last 12 quarters of dataView full earnings history →

VNO Peer Comparison

Vornado Realty Trust (VNO) competitors in Gateway CBD Office REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
SLG logoSLGSL Green Realty Corp.Direct Competitor3.65B50.56-42.8541.96%-15.25%-3.47%1.83
BXP logoBXPBXP, Inc.Direct Competitor10.27B64.7037.182.19%7.95%3.58%2.26
KRC logoKRCKilroy Realty CorporationDirect Competitor4.36B36.8115.87-2.02%24.81%4.91%0.86
HIW logoHIWHighwoods Properties, Inc.Direct Competitor3.23B29.2820.19-2.39%11.4%3.76%1.49
PDM logoPDMPiedmont Office Realty Trust, Inc.Direct Competitor1.12B8.94-13.34-0.93%-20.46%-5.7%1.52
CUZ logoCUZCousins Properties IncorporatedDirect Competitor4.65B28.28117.8316%-0.52%-0.11%0.78
SPG logoSPGSimon Property Group, Inc.Product Competitor68.65B211.3314.956.72%70.4%97.99%4.35
MAC logoMACThe Macerich CompanyProduct Competitor6.14B23.61-30.6610.58%-18.18%-7.13%2.06

Compare VNO vs Peers

Vornado Realty Trust (VNO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SLG

Most directly comparable listed peer for VNO.

Scale Benchmark

vs SPG

Larger-name benchmark to compare VNO against a more recognizable public peer.

Peer Set

Compare Top 5

vs SLG, BXP, KRC, HIW

VNO Income Statement

Vornado Realty Trust (VNO) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
2.08B2.16B1.92B1.53B1.59B1.8B1.81B1.79B1.81B1.81B
Revenue Growth %
-16.84%3.82%-11.05%-20.61%4.01%13.26%0.62%-1.3%1.27%-0.27%
Property Operating Expenses
886.6M963.48M917.98M789.07M797.32M873.91M905.16M00483.69M
Net Operating Income (NOI)
1.2B▲ 0%
1.2B▲ 0.2%
1.01B▼ 16.1%
738.88M▼ 26.6%
791.89M▲ 7.2%
926.08M▲ 16.9%
906M▼ 2.2%
1.79B▲ 97.3%
1.81B▲ 1.3%
1.32B▲ 0%
NOI Margin %
57.46%55.47%52.31%48.36%49.83%51.45%50.02%100%100%73.25%
Operating Expenses
588.39M588.44M589.03M594.57M546.89M638.23M605.42M1.52B1.54B1.08B
G&A Expenses
159M141.87M169.92M181.51M134.54M133.73M162.88M148.52M156.12M117.52M
EBITDA
2.43B2.21B856.63M562.25M677.6M814.16M758.15M733.29M753.61M719.14M
EBITDA Margin %
116.44%102.22%44.51%36.8%42.64%45.23%41.86%41.02%41.63%39.78%
Depreciation & Amortization
1.82B1.63B438.93M417.94M432.59M526.31M457.57M469.42M481.46M478.72M
D&A / Revenue %
87.3%75.27%22.81%27.35%27.22%29.24%25.26%26.26%26.59%26.48%
Operating Income
607.37M▲ 0%
582.96M▼ 4.0%
417.69M▼ 28.3%
144.31M▼ 65.5%
245M▲ 69.8%
287.85M▲ 17.5%
300.58M▲ 4.4%
263.87M▼ 12.2%
272.15M▲ 3.1%
240.42M▲ 0%
Operating Margin %
29.14%26.94%21.7%9.44%15.42%15.99%16.6%14.76%15.03%13.3%
Interest Expense
345.65M347.95M286.62M229.25M231.1M279.76M349.22M390.27M353.87M4M
Interest Coverage
1.83x2.23x12.91x-0.94x1.77x-0.37x1.11x1.05x3.63x-
Non-Operating Income
-23.95M-192.61M-3.28B358.74M-162.9M390.84M-87.45M-147.32M-1.01B-920.27M
Pretax Income
318.45M▲ 0%
459.6M▲ 44.3%
3.44B▲ 648.0%
-425.21M▼ 112.4%
197.06M▲ 146.3%
-360.95M▼ 283.2%
62.11M▲ 117.2%
42.84M▼ 31.0%
950.71M▲ 2119.0%
827.58M▲ 0%
Pretax Margin %
15.28%21.24%178.61%-27.83%12.4%-20.05%3.43%2.4%52.51%45.77%
Income Tax
41.09M37.63M103.44M36.63M-10.5M21.66M29.22M22.73M13.51M12.22M
Effective Tax Rate %
12.9%8.19%3.01%-8.61%-5.33%-6%47.05%53.05%1.42%1.48%
Net Income
227.42M▲ 0%
449.95M▲ 97.9%
3.15B▲ 599.6%
-297M▼ 109.4%
176M▲ 159.3%
-346.5M▼ 296.9%
105.49M▲ 130.4%
70.39M▼ 33.3%
904.96M▲ 1185.7%
795.27M▲ 0%
Net Margin %
10.91%20.8%163.55%-19.44%11.07%-19.25%5.82%3.94%49.99%43.99%
Net Income Growth %
-76.32%97.86%599.61%-109.43%159.26%-296.88%130.45%-33.28%1185.68%378.33%
Funds From Operations (FFO)
2.05B▲ 0%
2.08B▲ 1.6%
3.59B▲ 72.6%
120.94M▼ 96.6%
608.59M▲ 403.2%
179.81M▼ 70.5%
563.07M▲ 213.2%
539.81M▼ 4.1%
1.39B▲ 156.8%
1.27B▲ 0%
FFO Margin %
98.21%96.07%186.36%7.92%38.3%9.99%31.09%30.2%76.58%70.47%
FFO Growth %
-15.58%1.55%72.55%-96.63%403.23%-70.46%213.15%-4.13%156.83%408.83%
FFO per Share
10.7010.8618.770.633.170.942.932.757.236.72
FFO Payout Ratio %
24.26%25.71%14.05%684.09%66.73%226.11%22.92%26.14%10.19%0%
EPS (Diluted)
0.85▲ 0%
2.35▲ 176.5%
16.21▲ 589.8%
-1.83▼ 111.3%
0.53▲ 129.0%
-2.13▼ 501.9%
0.23▲ 110.8%
0.04▼ 82.6%
4.20▲ 10400.0%
4.19▲ 0%
EPS Growth %
-83.27%176.47%589.79%-111.29%128.96%-501.89%110.8%-82.61%10400%600.6%
EPS (Basic)
0.852.3616.23-1.830.53-2.130.230.044.40-
Diluted Shares Outstanding
191.26M191.46M191.1M191.15M192.12M191.78M191.86M196.63M191.76M189.66M

VNO Balance Sheet

Vornado Realty Trust (VNO) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
17.4B17.18B18.29B16.22B17.27B16.49B16.19B16B15.52B2.64B
Asset Growth %
-16.42%-1.25%6.44%-11.29%6.44%-4.48%-1.85%-1.17%-2.98%-91.87%
Real Estate & Other Assets
469.56M1.17B10.77B9.73B10.75B10.69B10.74B10.79B10.82B0
PP&E (Net)
11.87B12.61B379.55M367.37M337.2M684.38M680.04M678.8M671.31M669.68M
Investment Securities
1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Total Current Assets
2.9B1.82B2.85B2.61B2.72B2.31B2.03B1.72B1.97B1.86B
Cash & Equivalents
1.82B570.92M1.52B1.62B1.76B889.69M997M733.95M840.85M1.08B
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets
0245.62M501.04M234.1M227.27M175.07M264.58M215.67M136.7M0
Intangible Assets
159.26M136.78M30.96M23.86M154.9M139.64M127.08M118.22M110.59M108.7M
Total Liabilities
11.41B11.29B10.09B8.67B10.06B9.98B9.84B9.83B8.72B9.21B
Total Debt
9.73B9.84B7.9B7.8B8.99B9.13B8.98B8.99B7.89B0
Net Debt
7.91B9.27B6.39B6.18B7.23B8.24B7.99B8.26B7.04B-1.08B
Long-Term Debt
9.73B9.76B6.83B6.82B8.04B7.81B7.68B7.67B6.47B0
Short-Term Borrowings
00575M575M575M575M575M575M720.42M0
Capital Lease Obligations
00498.25M401.01M370.21M735.97M732.86M749.76M699.64M2.12B
Total Current Liabilities
415.79M510.98M1.41B1B1.24B1.07B1.02B949.01M1.1B0
Accounts Payable
415.79M430.98M440.05M427.2M613.5M00000
Deferred Revenue
227.07M167.73M59.43M40.11M48.12M39.88M32.2M28.42M00
Other Liabilities
1.22B1.2B1.28B400.08M366.78M324.61M416.38M460.09M455.14M0
Total Equity
5.99B▲ 0%
5.89B▼ 1.7%
8.2B▲ 39.2%
7.55B▼ 7.9%
7.2B▼ 4.6%
6.51B▼ 9.6%
6.34B▼ 2.6%
6.17B▼ 2.7%
6.8B▲ 10.3%
6.18B▲ 0%
Equity Growth %
-32.64%-1.69%39.18%-7.87%-4.64%-9.59%-2.6%-2.71%10.25%30.89%
Shareholders Equity
4.34B4.47B6.73B6.53B6.24B5.84B5.51B5.16B5.99B6.02B
Minority Interest
1.65B1.43B1.47B1.02B967.58M673.38M834.67M1.01B817.8M82.71M
Common Stock
7.58M4.47B7.62M7.63M7.65M7.65M7.59M7.63M7.63M7.52M
Additional Paid-in Capital
7.49B7.73B7.83B8.19B8.14B8.37B8.26B8.05B8.29B0
Retained Earnings
-4.18B-4.17B-1.95B-2.77B-3.08B-3.89B-4.01B-4.14B-3.49B0
Preferred Stock
891.99M891.29M891.21M1.18B1.18B1.18B1.18B1.18B1.18B0
Return on Assets (ROA)
1.19%2.6%17.75%-1.72%1.05%-2.05%0.65%0.44%5.74%6.42%
Return on Equity (ROE)
3.05%7.57%44.68%-3.77%2.39%-5.05%1.64%1.12%13.95%11.77%
Debt / Assets
55.92%57.25%43.23%48.08%52.04%55.33%55.5%56.21%50.8%0%
Debt / Equity
1.62x1.67x0.96x1.03x1.25x1.40x1.42x1.46x1.16x0.00x
Net Debt / EBITDA
3.26x4.19x7.46x10.98x10.66x10.12x10.54x11.26x9.35x-1.50x
Book Value per Share
31.3330.7742.9139.5237.5033.9633.0731.3935.4832.60

VNO Cash Flow Statement

Vornado Realty Trust (VNO) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
860.14M802.64M662.54M424.24M761.81M798.94M648.15M537.72M1.26B1.25B
Operating CF Growth %
-14.04%-6.69%-17.46%-35.97%79.57%4.88%-18.87%-17.04%134.02%322.34%
Operating CF / Revenue %
41.27%37.1%34.42%27.77%47.94%44.39%35.79%30.08%69.51%69.39%
Net Income
264.13M422.6M3.33B-461.85M207.55M-382.61M32.89M20.12M937.2M795.27M
Depreciation & Amortization
529.83M472.79M438.93M417.94M432.59M526.31M457.57M469.42M481.46M478.72M
Stock-Based Compensation
32.83M31.72M53.91M48.68M38.33M29.25M43.2M30.17M25.48M19.46M
Other Non-Cash Items
100.41M-83.92M3.61M610.95M68.54M524.66M123.05M61.99M-8.05M56.46M
Working Capital Changes
-101.85M-8.83M-25.17M-191.48M3.55M87.33M-25.58M-56.98M-181.23M-130.7M
Cash from Investing
-206.32M-877.72M2.46B-87.8M-532.35M-906.86M-128.79M-597.37M115.51M-390.27M
Acquisitions (Net)
-40.54M-35.06M1.73B-6.57M-32.93M1.25M-52.64M-115.36M15.34M27.63M
Purchase of Investments
-4.38M-692.91M438.94M00-1.07B000-315.28M
Sale of Investments
187.11M4.1M168.31M28.38M0597.5M468.6M0085M
Other Investing
7.34M-79.24M564.48M285.45M-499.42M-439.51M-544.74M-482.01M100.17M-187.62M
Cash from Financing
-338.34M-1.12B-2.24B-213.2M-29.48M-801.27M-278.94M-252.32M-1.35B-459.55M
Dividends Paid
-561.01M-534.46M-553.92M-891.59M-471.99M-468.68M-191.18M-203.22M-203.38M-203.38M
Common Dividends
-496.49M-534.46M-503.79M-827.32M-406.11M-406.56M-129.07M-141.1M-141.28M0
Debt Issuance (Net)
1000K-1000K-1000K-1000K1000K-1000K-1000K-1000K-1000K0
Share Repurchases
-418K-470M-893K0-1.57M0-29.18M0-50.99M-79.9M
Other Financing
-201.11M53.1M-62.15M398.45M-1.21B-111.88M89.28M-26.67M-23.87M-74.48M
Net Change in Cash
315.48M▲ 0%
-1.2B▼ 479.7%
890.23M▲ 174.3%
123.24M▼ 86.2%
199.98M▲ 62.3%
-909.19M▼ 554.6%
240.43M▲ 126.4%
-311.96M▼ 229.8%
27.93M▲ 109.0%
404.63M▲ 0%
Exchange Rate Effect
0000000000
Cash at Beginning
1.6B1.91B716.9M1.61B1.73B1.93B1.02B1.26B949.62M977.55M
Cash at End
1.91B716.9M1.61B1.73B1.93B1.02B1.26B949.62M977.55M1.21B
Free Cash Flow
504.29M▲ 0%
728.03M▲ 44.4%
223.6M▼ 69.3%
29.19M▼ 86.9%
761.81M▲ 2509.9%
798.94M▲ 4.9%
648.15M▼ 18.9%
537.72M▼ 17.0%
1.26B▲ 134.0%
1.25B▲ 0%
FCF Growth %
101.24%44.37%-69.29%-86.95%2509.91%4.88%-18.87%-17.04%134.02%124.7%
FCF / Revenue %
24.2%33.65%11.62%1.91%47.94%44.39%35.79%30.08%69.51%69.39%

VNO Key Ratios

Vornado Realty Trust (VNO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
10.710.8618.770.633.170.942.932.757.236.72
FFO Payout Ratio
24.26%25.71%14.05%684.09%66.73%226.11%22.92%26.14%10.19%0%
NOI Margin
57.46%55.47%52.31%48.36%49.83%51.45%50.02%100%100%73.25%
Net Debt / EBITDA
3.26x4.19x7.46x10.98x10.66x10.12x10.54x11.26x9.35x-1.50x
Debt / Assets
55.92%57.25%43.23%48.08%52.04%55.33%55.5%56.21%50.8%0%
Interest Coverage
1.83x2.23x12.91x-0.94x1.77x-0.37x1.11x1.05x3.63x-
Book Value / Share
31.3330.7742.9139.5237.533.9633.0731.3935.4832.6
Revenue Growth
-16.84%3.82%-11.05%-20.61%4.01%13.26%0.62%-1.3%1.27%-0.27%
Related:VNO Dividend History·VNO Revenue History·VNO Price History·VNO P/E History·VNO Financial Ratios·VNO Institutional Holders

VNO SEC Filings & Documents

Vornado Realty Trust (VNO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 4, 2026·SEC

Material company update

Apr 8, 2026·SEC

Material company update

Apr 7, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 9, 2026·SEC

FY 2025

Feb 10, 2025·SEC

FY 2024

Feb 12, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 4, 2026·SEC

FY 2025

Nov 3, 2025·SEC

FY 2025

Aug 4, 2025·SEC

VNO Frequently Asked Questions

Vornado Realty Trust (VNO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Vornado Realty Trust (VNO) reported $1.81B in revenue for fiscal year 2025. This represents a 1441% increase from $117.3M in 1996.

Vornado Realty Trust (VNO) grew revenue by 1.3% over the past year. Growth has been modest.

Yes, Vornado Realty Trust (VNO) is profitable, generating $795.3M in net income for fiscal year 2025 (50.0% net margin).

Dividend & Returns

Yes, Vornado Realty Trust (VNO) pays a dividend with a yield of 1.95%. This makes it attractive for income-focused investors.

Vornado Realty Trust (VNO) has a return on equity (ROE) of 13.9%. This is reasonable for most industries.

Industry Metrics

Vornado Realty Trust (VNO) generated Funds From Operations (FFO) of $1.27B in the trailing twelve months. FFO is the primary profitability metric for REITs.

What if you invested $1,000 in VNO back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

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How much would $100/month in VNO be worth today?

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