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Vornado Realty Trust (VNO) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Vornado Realty Trust (VNO) stock price & volume — 10-year historical chart
Vornado Realty Trust (VNO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Vornado Realty Trust (VNO) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 4, 2026 | $0.12vs $0.05-119.1% | $459Mvs $432M+6.3% |
| Q1 2026 | Feb 9, 2026 | $0.55vs $0.06+816.7% | $454Mvs $445M+2.0% |
| Q4 2025 | Nov 3, 2025 | $0.57vs $0.55+3.6% | $454Mvs $440M+3.1% |
| Q3 2025 | Aug 4, 2025 | $0.56vs $0.53+5.7% | $441Mvs $469M-6.0% |
Vornado Realty Trust (VNO) competitors in Gateway CBD Office REITs — business model, growth, and fundamentals comparison
Vornado Realty Trust (VNO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Vornado Realty Trust (VNO) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.08B | 2.16B | 1.92B | 1.53B | 1.59B | 1.8B | 1.81B | 1.79B | 1.81B | 1.81B |
| 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 | 886.6M | 963.48M | 917.98M | 789.07M | 797.32M | 873.91M | 905.16M | 0 | 0 | 246.63M |
| 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% | 1.56B▲ 0% |
| NOI Margin % | 57.46% | 55.47% | 52.31% | 48.36% | 49.83% | 51.45% | 50.02% | 100% | 100% | 86.36% |
| Operating Expenses | 588.39M | 588.44M | 589.03M | 594.57M | 546.89M | 638.23M | 605.42M | 1.52B | 1.54B | 1.2B |
| G&A Expenses | 159M | 141.87M | 169.92M | 181.51M | 134.54M | 133.73M | 162.88M | 148.52M | 156.12M | 159.76M |
| EBITDA | 2.43B | 2.21B | 856.63M | 562.25M | 677.6M | 814.16M | 758.15M | 733.29M | 753.61M | 601.96M |
| EBITDA Margin % | 116.44% | 102.22% | 44.51% | 36.8% | 42.64% | 45.23% | 41.86% | 41.02% | 41.63% | 33.29% |
| Depreciation & Amortization | 1.82B | 1.63B | 438.93M | 417.94M | 432.59M | 526.31M | 457.57M | 469.42M | 481.46M | 241.66M |
| D&A / Revenue % | 87.3% | 75.27% | 22.81% | 27.35% | 27.22% | 29.24% | 25.26% | 26.26% | 26.59% | 13.37% |
| 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% | 360.29M▲ 0% |
| Operating Margin % | 29.14% | 26.94% | 21.7% | 9.44% | 15.42% | 15.99% | 16.6% | 14.76% | 15.03% | 19.93% |
| Interest Expense | 345.65M | 347.95M | 286.62M | 229.25M | 231.1M | 279.76M | 349.22M | 390.27M | 353.87M | 2M |
| Interest Coverage | 1.83x | 2.23x | 12.91x | -0.94x | 1.77x | -0.37x | 1.11x | 1.05x | 3.63x | - |
| Non-Operating Income | -23.95M | -192.61M | -3.28B | 358.74M | -162.9M | 390.84M | -87.45M | -147.32M | -1.01B | -897.54M |
| 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 | 41.09M | 37.63M | 103.44M | 36.63M | -10.5M | 21.66M | 29.22M | 22.73M | 13.51M | 408K |
| Effective Tax Rate % | 12.9% | 8.19% | 3.01% | -8.61% | -5.33% | -6% | 47.05% | 53.05% | 1.42% | 0.05% |
| 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% | 779.75M▲ 0% |
| Net Margin % | 10.91% | 20.8% | 163.55% | -19.44% | 11.07% | -19.25% | 5.82% | 3.94% | 49.99% | 43.13% |
| Net Income Growth % | -76.32% | 97.86% | 599.61% | -109.43% | 159.26% | -296.88% | 130.45% | -33.28% | 1185.68% | 368.99% |
| 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% | 1.02B▲ 0% |
| FFO Margin % | 98.21% | 96.07% | 186.36% | 7.92% | 38.3% | 9.99% | 31.09% | 30.2% | 76.58% | 56.5% |
| FFO Growth % | -15.58% | 1.55% | 72.55% | -96.63% | 403.23% | -70.46% | 213.15% | -4.13% | 156.83% | 295.88% |
| FFO per Share | 10.70 | 10.86 | 18.77 | 0.63 | 3.17 | 0.94 | 2.93 | 2.75 | 7.23 | 5.39 |
| 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% | 4.11▲ 0% |
| EPS Growth % | -83.27% | 176.47% | 589.79% | -111.29% | 128.96% | -501.89% | 110.8% | -82.61% | 10400% | 600.6% |
| EPS (Basic) | 0.85 | 2.36 | 16.23 | -1.83 | 0.53 | -2.13 | 0.23 | 0.04 | 4.40 | - |
| Diluted Shares Outstanding | 191.26M | 191.46M | 191.1M | 191.15M | 192.12M | 191.78M | 191.86M | 196.63M | 191.76M | 189.66M |
Vornado Realty Trust (VNO) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 17.4B | 17.18B | 18.29B | 16.22B | 17.27B | 16.49B | 16.19B | 16B | 15.52B | 2.64B |
| 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 | 469.56M | 1.17B | 10.77B | 9.73B | 10.75B | 10.69B | 10.74B | 10.79B | 10.82B | 0 |
| PP&E (Net) | 11.87B | 12.61B | 379.55M | 367.37M | 337.2M | 684.38M | 680.04M | 678.8M | 671.31M | 669.68M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Total Current Assets | 2.9B | 1.82B | 2.85B | 2.61B | 2.72B | 2.31B | 2.03B | 1.72B | 1.97B | 1.86B |
| Cash & Equivalents | 1.82B | 570.92M | 1.52B | 1.62B | 1.76B | 889.69M | 997M | 733.95M | 840.85M | 1.08B |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 245.62M | 501.04M | 234.1M | 227.27M | 175.07M | 264.58M | 215.67M | 136.7M | 0 |
| Intangible Assets | 159.26M | 136.78M | 30.96M | 23.86M | 154.9M | 139.64M | 127.08M | 118.22M | 110.59M | 108.7M |
| Total Liabilities | 11.41B | 11.29B | 10.09B | 8.67B | 10.06B | 9.98B | 9.84B | 9.83B | 8.72B | 9.21B |
| Total Debt | 9.73B | 9.84B | 7.9B | 7.8B | 8.99B | 9.13B | 8.98B | 8.99B | 7.89B | 0 |
| Net Debt | 7.91B | 9.27B | 6.39B | 6.18B | 7.23B | 8.24B | 7.99B | 8.26B | 7.04B | -1.08B |
| Long-Term Debt | 9.73B | 9.76B | 6.83B | 6.82B | 8.04B | 7.81B | 7.68B | 7.67B | 6.47B | 0 |
| Short-Term Borrowings | 0 | 0 | 575M | 575M | 575M | 575M | 575M | 575M | 720.42M | 0 |
| Capital Lease Obligations | 0 | 0 | 498.25M | 401.01M | 370.21M | 735.97M | 732.86M | 749.76M | 699.64M | 2.12B |
| Total Current Liabilities | 415.79M | 510.98M | 1.41B | 1B | 1.24B | 1.07B | 1.02B | 949.01M | 1.1B | 0 |
| Accounts Payable | 415.79M | 430.98M | 440.05M | 427.2M | 613.5M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 227.07M | 167.73M | 59.43M | 40.11M | 48.12M | 39.88M | 32.2M | 28.42M | 0 | 0 |
| Other Liabilities | 1.22B | 1.2B | 1.28B | 400.08M | 366.78M | 324.61M | 416.38M | 460.09M | 455.14M | 0 |
| 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 | 4.34B | 4.47B | 6.73B | 6.53B | 6.24B | 5.84B | 5.51B | 5.16B | 5.99B | 6.02B |
| Minority Interest | 1.65B | 1.43B | 1.47B | 1.02B | 967.58M | 673.38M | 834.67M | 1.01B | 817.8M | 82.71M |
| Common Stock | 7.58M | 4.47B | 7.62M | 7.63M | 7.65M | 7.65M | 7.59M | 7.63M | 7.63M | 7.52M |
| Additional Paid-in Capital | 7.49B | 7.73B | 7.83B | 8.19B | 8.14B | 8.37B | 8.26B | 8.05B | 8.29B | 0 |
| Retained Earnings | -4.18B | -4.17B | -1.95B | -2.77B | -3.08B | -3.89B | -4.01B | -4.14B | -3.49B | 0 |
| Preferred Stock | 891.99M | 891.29M | 891.21M | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 0 |
| Return on Assets (ROA) | 1.19% | 2.6% | 17.75% | -1.72% | 1.05% | -2.05% | 0.65% | 0.44% | 5.74% | 6.3% |
| Return on Equity (ROE) | 3.05% | 7.57% | 44.68% | -3.77% | 2.39% | -5.05% | 1.64% | 1.12% | 13.95% | 11.54% |
| Debt / Assets | 55.92% | 57.25% | 43.23% | 48.08% | 52.04% | 55.33% | 55.5% | 56.21% | 50.8% | 0% |
| Debt / Equity | 1.62x | 1.67x | 0.96x | 1.03x | 1.25x | 1.40x | 1.42x | 1.46x | 1.16x | 1.16x |
| Net Debt / EBITDA | 3.26x | 4.19x | 7.46x | 10.98x | 10.66x | 10.12x | 10.54x | 11.26x | 9.35x | 9.35x |
| Book Value per Share | 31.33 | 30.77 | 42.91 | 39.52 | 37.50 | 33.96 | 33.07 | 31.39 | 35.48 | 32.60 |
Vornado Realty Trust (VNO) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 860.14M | 802.64M | 662.54M | 424.24M | 761.81M | 798.94M | 648.15M | 537.72M | 1.26B | 1.26B |
| Operating CF Growth % | -14.04% | -6.69% | -17.46% | -35.97% | 79.57% | 4.88% | -18.87% | -17.04% | 134.02% | 229.91% |
| Operating CF / Revenue % | 41.27% | 37.1% | 34.42% | 27.77% | 47.94% | 44.39% | 35.79% | 30.08% | 69.51% | 69.6% |
| Net Income | 264.13M | 422.6M | 3.33B | -461.85M | 207.55M | -382.61M | 32.89M | 20.12M | 937.2M | 779.75M |
| Depreciation & Amortization | 529.83M | 472.79M | 438.93M | 417.94M | 432.59M | 526.31M | 457.57M | 469.42M | 481.46M | 360.19M |
| Stock-Based Compensation | 32.83M | 31.72M | 53.91M | 48.68M | 38.33M | 29.25M | 43.2M | 30.17M | 25.48M | 19.46M |
| Other Non-Cash Items | 100.41M | -83.92M | 3.61M | 610.95M | 68.54M | 524.66M | 123.05M | 61.99M | -8.05M | 67.74M |
| Working Capital Changes | -101.85M | -8.83M | -25.17M | -191.48M | 3.55M | 87.33M | -25.58M | -56.98M | -181.23M | -78.87M |
| Cash from Investing | -206.32M | -877.72M | 2.46B | -87.8M | -532.35M | -906.86M | -128.79M | -597.37M | 115.51M | -159.99M |
| Acquisitions (Net) | -40.54M | -35.06M | 1.73B | -6.57M | -32.93M | 1.25M | -52.64M | -115.36M | 15.34M | 27.63M |
| Purchase of Investments | -4.38M | -692.91M | 438.94M | 0 | 0 | -1.07B | 0 | 0 | 0 | 0 |
| Sale of Investments | 187.11M | 4.1M | 168.31M | 28.38M | 0 | 597.5M | 468.6M | 0 | 0 | 0 |
| Other Investing | 7.34M | -79.24M | 564.48M | 285.45M | -499.42M | -439.51M | -544.74M | -482.01M | 100.17M | -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 | -141.28M | 0 |
| Debt Issuance (Net) | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Share Repurchases | -418K | -470M | -893K | 0 | -1.57M | 0 | -29.18M | 0 | -50.99M | -79.9M |
| Other Financing | -201.11M | 53.1M | -62.15M | 398.45M | -1.21B | -111.88M | 89.28M | -26.67M | -23.87M | 357.18M |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 1.6B | 1.91B | 716.9M | 1.61B | 1.73B | 1.93B | 1.02B | 1.26B | 949.62M | 977.55M |
| Cash at End | 1.91B | 716.9M | 1.61B | 1.73B | 1.93B | 1.02B | 1.26B | 949.62M | 977.55M | 1.21B |
| 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% | 1.21B▲ 0% |
| FCF Growth % | 101.24% | 44.37% | -69.29% | -86.95% | 2509.91% | 4.88% | -18.87% | -17.04% | 134.02% | 116.09% |
| FCF / Revenue % | 24.2% | 33.65% | 11.62% | 1.91% | 47.94% | 44.39% | 35.79% | 30.08% | 69.51% | 66.72% |
Vornado Realty Trust (VNO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| FFO per Share | 10.7 | 10.86 | 18.77 | 0.63 | 3.17 | 0.94 | 2.93 | 2.75 | 7.23 | 5.39 |
| 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% | 86.36% |
| Net Debt / EBITDA | 3.26x | 4.19x | 7.46x | 10.98x | 10.66x | 10.12x | 10.54x | 11.26x | 9.35x | 9.35x |
| Debt / Assets | 55.92% | 57.25% | 43.23% | 48.08% | 52.04% | 55.33% | 55.5% | 56.21% | 50.8% | 0% |
| Interest Coverage | 1.83x | 2.23x | 12.91x | -0.94x | 1.77x | -0.37x | 1.11x | 1.05x | 3.63x | - |
| Book Value / Share | 31.33 | 30.77 | 42.91 | 39.52 | 37.5 | 33.96 | 33.07 | 31.39 | 35.48 | 32.6 |
| Revenue Growth | -16.84% | 3.82% | -11.05% | -20.61% | 4.01% | 13.26% | 0.62% | -1.3% | 1.27% | -0.27% |
Vornado Realty Trust (VNO) SEC filings — annual & quarterly reports (10-K, 10-Q)
May 4, 2026·SEC
Apr 8, 2026·SEC
Apr 7, 2026·SEC
Vornado Realty Trust (VNO) stock FAQ — growth, dividends, profitability & financials explained
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 $779.7M in net income for fiscal year 2025 (50.0% net margin).
Yes, Vornado Realty Trust (VNO) pays a dividend with a yield of 2.43%. 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.
Vornado Realty Trust (VNO) generated Funds From Operations (FFO) of $1.02B in the trailing twelve months. FFO is the primary profitability metric for REITs.
Vornado Realty Trust (VNO) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates