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VNO logoVornado Realty Trust(VNO)Earnings, Financials & Key Ratios

VNO•NYSE•REIT / Real Estate
$30.26
$5.71B mkt cap·7.2× P/E·Price updated May 6, 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%
  • Debt/Assets50.8%-9.6%
  • Net Debt/EBITDA9.35-17.0%
  • Book Value/Share35.48+13.0%
Technical→

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 58.9% TTM
  • ✓Sustainable FFO payout ratio of 10.2%
  • ✓High NOI margin of 100.0%
  • ✓Healthy dividend yield of 2.4%
  • ✓Share count reduced 2.5% through buybacks

✗Weaknesses

  • ✗Trading more than 30% below 52-week high

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

VNO Price & Volume

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

Loading chart...

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-
TTM368.99%

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
EPS
$0.12
Est $0.05
-119.1%
Revenue
$459M
Est $432M
+6.3%
Q1 2026
Feb 9, 2026
EPS
$0.55
Est $0.06
+816.7%
Revenue
$454M
Est $445M
+2.0%
Q4 2025
Nov 3, 2025
EPS
$0.57
Est $0.55
+3.6%
Revenue
$454M
Est $440M
+3.1%
Q3 2025
Aug 4, 2025
EPS
$0.56
Est $0.53
+5.7%
Revenue
$441M
Est $469M
-6.0%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 4, 2026
$0.12vs $0.05-119.1%
$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
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
SLG logoSLGSL Green Realty Corp.Direct Competitor3.11B43.74-27.5141.96%-8.99%-2.03%1.82
BXP logoBXPBXP, Inc.Direct Competitor9.29B58.5333.642.19%7.95%3.58%7.43%2.26
KRC logoKRCKilroy Realty CorporationDirect Competitor3.98B33.5514.46-2.02%24.81%4.91%0.86
HIW logoHIWHighwoods Properties, Inc.Direct Competitor2.77B25.1017.31-2.39%11.4%3.76%6.02%1.49
PDM logoPDMPiedmont Office Realty Trust, Inc.Direct Competitor1.05B8.41-12.55-0.93%-20.46%-5.7%1.52
CUZ logoCUZCousins Properties IncorporatedDirect Competitor4.29B26.05108.5416%-0.52%-0.11%3.15%0.78
SPG logoSPGSimon Property Group, Inc.Product Competitor65.79B202.3114.316.72%72.51%68.82%4.47
MAC logoMACThe Macerich CompanyProduct Competitor5.51B21.49-27.5510.43%-19.44%

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
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue2.08B2.16B1.92B1.53B1.59B1.8B1.81B1.79B1.81B1.81B
Revenue Growth %-16.84%3.82%-11.05%-20.61%4.01%13.26%0.62%-1.3%1.27%-0.27%
Property Operating Expenses886.6M963.48M917.98M789.07M797.32M873.91M905.16M00246.63M
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 Expenses588.39M588.44M589.03M594.57M546.89M638.23M605.42M1.52B1.54B1.2B
G&A Expenses159M141.87M169.92M181.51M134.54M133.73M162.88M148.52M156.12M159.76M
EBITDA2.43B2.21B856.63M562.25M677.6M814.16M758.15M733.29M753.61M601.96M
EBITDA Margin %116.44%102.22%44.51%36.8%42.64%45.23%41.86%41.02%41.63%33.29%
Depreciation & Amortization1.82B1.63B438.93M417.94M432.59M526.31M457.57M469.42M481.46M241.66M
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 Expense345.65M347.95M286.62M229.25M231.1M279.76M349.22M390.27M353.87M2M
Interest Coverage1.83x2.23x12.91x-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-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 Tax41.09M37.63M103.44M36.63M-10.5M21.66M29.22M22.73M13.51M408K
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 Share10.7010.8618.770.633.170.942.932.757.235.39
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)0.852.3616.23-1.830.53-2.130.230.044.40-
Diluted Shares Outstanding191.26M191.46M191.1M191.15M192.12M191.78M191.86M196.63M191.76M189.66M

VNO Balance Sheet

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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets17.4B17.18B18.29B16.22B17.27B16.49B16.19B16B15.52B2.64B
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 Assets469.56M1.17B10.77B9.73B10.75B10.69B10.74B10.79B10.82B0
PP&E (Net)11.87B12.61B379.55M367.37M337.2M684.38M680.04M678.8M671.31M669.68M
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Total Current Assets2.9B1.82B2.85B2.61B2.72B2.31B2.03B1.72B1.97B1.86B
Cash & Equivalents1.82B570.92M1.52B1.62B1.76B889.69M997M733.95M840.85M1.08B
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets0245.62M501.04M234.1M227.27M175.07M264.58M215.67M136.7M0
Intangible Assets159.26M136.78M30.96M23.86M154.9M139.64M127.08M118.22M110.59M108.7M
Total Liabilities11.41B11.29B10.09B8.67B10.06B9.98B9.84B9.83B8.72B9.21B
Total Debt9.73B9.84B7.9B7.8B8.99B9.13B8.98B8.99B7.89B0
Net Debt7.91B9.27B6.39B6.18B7.23B8.24B7.99B8.26B7.04B-1.08B
Long-Term Debt9.73B9.76B6.83B6.82B8.04B7.81B7.68B7.67B6.47B0
Short-Term Borrowings00575M575M575M575M575M575M720.42M0
Capital Lease Obligations00498.25M401.01M370.21M735.97M732.86M749.76M699.64M2.12B
Total Current Liabilities415.79M510.98M1.41B1B1.24B1.07B1.02B949.01M1.1B0
Accounts Payable415.79M430.98M440.05M427.2M613.5M00000
Deferred Revenue227.07M167.73M59.43M40.11M48.12M39.88M32.2M28.42M00
Other Liabilities1.22B1.2B1.28B400.08M366.78M324.61M416.38M460.09M455.14M0
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 Equity4.34B4.47B6.73B6.53B6.24B5.84B5.51B5.16B5.99B6.02B
Minority Interest1.65B1.43B1.47B1.02B967.58M673.38M834.67M1.01B817.8M82.71M
Common Stock7.58M4.47B7.62M7.63M7.65M7.65M7.59M7.63M7.63M7.52M
Additional Paid-in Capital7.49B7.73B7.83B8.19B8.14B8.37B8.26B8.05B8.29B0
Retained Earnings-4.18B-4.17B-1.95B-2.77B-3.08B-3.89B-4.01B-4.14B-3.49B0
Preferred Stock891.99M891.29M891.21M1.18B1.18B1.18B1.18B1.18B1.18B0
Return on Assets (ROA)1.19%2.6%17.75%-1.72%1.05%-2.05%0.65%0.44%5.74%6.3%
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 / Assets55.92%57.25%43.23%48.08%52.04%55.33%55.5%56.21%50.8%0%
Debt / Equity1.62x1.67x0.96x1.03x1.25x1.40x1.42x1.46x1.16x1.16x
Net Debt / EBITDA3.26x4.19x7.46x10.98x10.66x10.12x10.54x11.26x9.35x9.35x
Book Value per Share31.3330.7742.9139.5237.5033.9633.0731.3935.4832.60

VNO Cash Flow Statement

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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations860.14M802.64M662.54M424.24M761.81M798.94M648.15M537.72M1.26B1.26B
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 Income264.13M422.6M3.33B-461.85M207.55M-382.61M32.89M20.12M937.2M779.75M
Depreciation & Amortization529.83M472.79M438.93M417.94M432.59M526.31M457.57M469.42M481.46M360.19M
Stock-Based Compensation32.83M31.72M53.91M48.68M38.33M29.25M43.2M30.17M25.48M19.46M
Other Non-Cash Items100.41M-83.92M3.61M610.95M68.54M524.66M123.05M61.99M-8.05M67.74M
Working Capital Changes-101.85M-8.83M-25.17M-191.48M3.55M87.33M-25.58M-56.98M-181.23M-78.87M
Cash from Investing-206.32M-877.72M2.46B-87.8M-532.35M-906.86M-128.79M-597.37M115.51M-159.99M
Acquisitions (Net)-40.54M-35.06M1.73B-6.57M-32.93M1.25M-52.64M-115.36M15.34M27.63M
Purchase of Investments-4.38M-692.91M438.94M00-1.07B0000
Sale of Investments187.11M4.1M168.31M28.38M0597.5M468.6M000
Other Investing7.34M-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-1000K-1000K
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-23.87M357.18M
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 Effect0000000000
Cash at Beginning1.6B1.91B716.9M1.61B1.73B1.93B1.02B1.26B949.62M977.55M
Cash at End1.91B716.9M1.61B1.73B1.93B1.02B1.26B949.62M977.55M1.21B
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%
1.21B▲ 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%

VNO Key Ratios

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

Metric201720182019202020212022202320242025TTM
FFO per Share10.710.8618.770.633.170.942.932.757.235.39
FFO Payout Ratio24.26%25.71%14.05%684.09%66.73%226.11%22.92%26.14%10.19%0%
NOI Margin57.46%55.47%52.31%48.36%49.83%51.45%50.02%100%100%86.36%
Net Debt / EBITDA3.26x4.19x7.46x10.98x10.66x10.12x10.54x11.26x9.35x9.35x
Debt / Assets55.92%57.25%43.23%48.08%52.04%55.33%55.5%56.21%50.8%0%
Interest Coverage1.83x2.23x12.91x-0.94x1.77x-0.37x1.11x1.05x3.63x-
Book Value / Share31.3330.7742.9139.5237.533.9633.0731.3935.4832.6
Revenue Growth-16.84%3.82%-11.05%-20.61%4.01%13.26%0.62%-1.3%1.27%-0.27%

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 $779.7M 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 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.

Industry Metrics

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.

Explore More VNO

Vornado Realty Trust (VNO) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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