Cash conversion remains erratic, with FFO/NI ratios swinging from -6.57 in 2026Q1 to 12.32 in 2024Q4, complicating the assessment of true underlying cash-generating capacity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 1.25B | 1.26B | 537.72M | 648.15M | 798.94M | 761.81M | 424.24M | 662.54M | 802.64M | 860.14M | 1B | 672.15M | 1.14B | 1.04B | 825.05M | 702.5M | 771.09M | 633.58M | 817.81M | 697.33M | 824.67M | 762.68M | 664.69M | 528.95M | 499.82M | 387.69M | 249.92M | 176.9M | 189.4M | 110.8M | 70.7M |
| Operating CF Growth % | 322.34% | 134.02% | -17.04% | -18.87% | 4.88% | 79.57% | -35.97% | -17.46% | -6.69% | -14.04% | 48.88% | -40.8% | 9.08% | 26.15% | 17.44% | -8.89% | 21.7% | -22.53% | 17.28% | -15.44% | 8.13% | 14.74% | 25.66% | 5.83% | 28.93% | 55.12% | 41.28% | -6.6% | 70.94% | 56.72% | 12.4% |
| Operating CF / Revenue % | 69.39% | 69.51% | 30.08% | 35.79% | 44.39% | 47.94% | 27.77% | 34.42% | 37.1% | 41.27% | 39.93% | 26.86% | 43.07% | 37.7% | 29.82% | 24.09% | 27.74% | 23.1% | 30.32% | 23.45% | 30.41% | 29.94% | 38.93% | 35.19% | 34.83% | 39.57% | 31.1% | 26.66% | 41.68% | 54.69% | 60.27% |
| Net Income | 795.27M | 937.2M | 20.12M | 32.89M | -382.61M | 207.55M | -461.85M | 3.33B | 422.6M | 264.13M | 981.92M | 859.43M | 1.01B | 564.74M | 694.54M | 740M | 708.03M | 128.45M | 395.04M | 568.91M | 560.14M | 539.6M | 592.92M | 460.7M | 232.9M | 263.74M | 235.12M | 202.5M | 152.9M | 61M | 61.4M |
| Depreciation & Amortization | 478.72M | 481.46M | 469.42M | 457.57M | 526.31M | 432.59M | 417.94M | 438.93M | 472.79M | 529.83M | 595.27M | 566.21M | 583.41M | 562M | 557.89M | 580.99M | 556.31M | 559.05M | 577.34M | 462.63M | 413.16M | 346.77M | 253.82M | 219.91M | 205.83M | 123.86M | 99.85M | 83.6M | 59.2M | 47.4M | 14.7M |
| Stock-Based Compensation | 19.46M | 25.48M | 30.17M | 43.2M | 29.25M | 38.33M | 48.68M | 53.91M | 31.72M | 32.83M | 33.98M | 39.85M | 36.64M | 34.91M | 30.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.11M | 27.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 56.46M | -8.05M | 61.99M | 123.05M | 524.66M | 68.54M | 610.95M | 3.61M | -83.92M | 100.41M | -503.48M | -103.54M | -360.98M | -24.66M | -116M | -337.31M | -326.89M | 91.94M | -23.45M | -188.59M | -217.39M | -85.33M | -200.12M | 127.68M | 128.47M | -24.51M | -44.25M | -58.2M | -5.1M | 9.5M | -6.1M |
| Working Capital Changes | -130.7M | -181.23M | -56.98M | -25.58M | 87.33M | 3.55M | -191.48M | -25.17M | -8.83M | -101.85M | -73.04M | -262.1M | -96.14M | -61.29M | -311.38M | -281.18M | -166.37M | -145.87M | -39.89M | -145.63M | 68.76M | -38.37M | 18.08M | -31.74M | -38.24M | 24.6M | -40.79M | -51M | -17.6M | -7.1M | 700K |
| Cash from Investing | -390.27M | 115.51M | -597.37M | -128.79M | -906.86M | -532.35M | -87.8M | 2.46B | -877.72M | -206.32M | -889.19M | -678.75M | -574.47M | 722.08M | -642.26M | -164.76M | -520.36M | -242.2M | -453.23M | -3.07B | -1.92B | -1.75B | -350.73M | -130.29M | -24.12M | -79.72M | -699.38M | -494.2M | -1.26B | -1.06B | 14.9M |
| Acquisitions (Net) | 27.63M | 15.34M | -115.36M | -52.64M | 1.25M | -32.93M | -6.57M | 1.73B | -35.06M | -40.54M | -127.61M | -235.44M | -120.64M | 10.17M | -82.49M | -571.92M | -165.17M | -38.27M | -160.83M | 0 | -251.23M | -971.36M | -136.77M | -15.33M | -100.88M | -11.57M | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -315.28M | 0 | 0 | 0 | -1.07B | 0 | 0 | 438.94M | -692.91M | -4.38M | -4.38M | -756.81M | 0 | -186.08M | -191.33M | -43.85M | -504.1M | -145.09M | -164.89M | -424.11M | -153.91M | -242.62M | -59.71M | -17.36M | 38.79M | -14.32M | -26.53M | -21.6M | -73.5M | -8.4M | -17M |
| Sale of Investments | 85M | 0 | 0 | 468.6M | 597.5M | 0 | 28.38M | 168.31M | 4.1M | 187.11M | 3.94M | 573.3M | 388.78M | 479.86M | 195.21M | 126.77M | 320.46M | 79.36M | 51.19M | 112.78M | 308.06M | 115.97M | 110.77M | 7.95M | 87.9M | 1.93M | 0 | 12.5M | 25.8M | 0 | 46.7M |
| Other Investing | -187.62M | 100.17M | -482.01M | -544.74M | -439.51M | -499.42M | 285.45M | 564.48M | -79.24M | 7.34M | -11.07M | 216.02M | -842.6M | 23.29M | -117.63M | 673.85M | 303.43M | 543.67M | 654.19M | 282.74M | -98.77M | 304.53M | -147.07M | 15.04M | 46.09M | 11.34M | -301.2M | -89.3M | -244.8M | -144.9M | 0 |
| Cash from Financing | -459.55M | -1.35B | -252.32M | -278.94M | -801.27M | -29.48M | -213.2M | -2.24B | -1.12B | -338.34M | -446.15M | 643.83M | 54.34M | -2.14B | 170.98M | -621.97M | -95.42M | -1.38B | 7.68M | 1.29B | 3.03B | 683.83M | -35.22M | -286.32M | -533.09M | -179.37M | 473.81M | 262.1M | 879.8M | 1.22B | -15M |
| Dividends Paid | -203.38M | -203.38M | -203.22M | -191.18M | -468.68M | -471.99M | -891.59M | -553.92M | -534.46M | -561.01M | -556.1M | -555.33M | -629.3M | -629.1M | -773.29M | -570.21M | -529.97M | -319.47M | -619.09M | -581.96M | -594.9M | -583.13M | -401.4M | -348.69M | -337.59M | -335.95M | -204.5M | -183.8M | -173.3M | -93M | -59.6M |
| Common Dividends | 0 | -141.28M | -141.1M | -129.07M | -406.56M | -406.11M | -827.32M | -503.79M | -534.46M | -496.49M | -475.96M | -474.75M | -547.83M | -545.91M | -699.32M | -508.75M | -474.3M | -262.4M | -561.98M | -524.72M | -537.3M | -524.16M | -379.48M | -327.88M | -314.42M | -201.81M | -168.69M | -183.8M | -173.3M | -93M | -59.6M |
| Debt Issuance (Net) | 0 | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K |
| Share Repurchases | -79.9M | -50.99M | 0 | -29.18M | 0 | -1.57M | 0 | -893K | -470M | -418K | -186K | -7.47M | -3.81M | -299.4M | -30.17M | -28M | -78.95M | 0 | 0 | 0 | -45M | -812M | -112.47M | -103.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -74.48M | -23.87M | -26.67M | 89.28M | -111.88M | -1.21B | 398.45M | -62.15M | 53.1M | -201.11M | -160.98M | -350.63M | -428.57M | -163.52M | 81.46M | 40.28M | 36.34M | -100.91M | -99.72M | -204.52M | -985.53M | -108.81M | -74.23M | -14.41M | -124.06M | -90.73M | -87.89M | -60.6M | -11.2M | -4.7M | 0 |
| Net Change in Cash | 404.63M | 27.93M | -311.96M | 240.43M | -909.19M | 199.98M | 123.24M | 890.23M | -1.2B | 315.48M | -334.68M | 637.23M | 615.19M | -377.03M | 353.77M | -84.24M | 155.31M | -991.37M | 372.26M | -1.08B | 1.94B | -304.78M | 278.74M | 112.34M | -57.38M | 128.59M | 24.36M | -55.2M | -188.2M | 266.3M | 70.6M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 977.55M | 949.62M | 1.26B | 1.02B | 1.93B | 1.73B | 1.61B | 716.9M | 1.91B | 1.6B | 1.84B | 1.2B | 583.29M | 960.32M | 606.55M | 690.79M | 535.48M | 1.53B | 1.15B | 2.23B | 294.5M | 599.28M | 320.54M | 208.2M | 265.58M | 136.99M | 112.63M | 167.8M | 356M | 89.7M | 19.1M |
| Cash at End | 1.21B | 977.55M | 949.62M | 1.26B | 1.02B | 1.93B | 1.73B | 1.61B | 716.9M | 1.91B | 1.5B | 1.84B | 1.2B | 583.29M | 960.32M | 606.55M | 690.79M | 535.48M | 1.53B | 1.15B | 2.23B | 294.5M | 599.28M | 320.54M | 208.2M | 265.58M | 136.99M | 112.6M | 167.8M | 356M | 89.7M |
| Free Cash Flow | 1.25B | 1.26B | 537.72M | 648.15M | 798.94M | 761.81M | 29.19M | 223.6M | 728.03M | 504.29M | 250.59M | 196.33M | 1.14B | 1.44B | 379.02M | 352.89M | 296.1M | -48.3M | -15.08M | -2.34B | -895.98M | -195.13M | 546.75M | 408.36M | 403.81M | 320.6M | -121.72M | -218.9M | -775.5M | -800.4M | 55.9M |
| FCF Growth % | 124.7% | 134.02% | -17.04% | -18.87% | 4.88% | 2509.91% | -86.95% | -69.29% | 44.37% | 101.24% | 27.64% | -82.71% | -20.92% | 278.77% | 7.4% | 19.18% | 713.12% | -220.28% | 99.36% | -161.37% | -359.16% | -135.69% | 33.89% | 1.13% | 25.96% | 363.39% | 44.39% | 71.77% | 3.11% | -1531.84% | 20.73% |
| FCF / Revenue % | 69.39% | 69.51% | 30.08% | 35.79% | 44.39% | 47.94% | 1.91% | 11.62% | 33.65% | 24.2% | 10% | 7.85% | 43.07% | 52% | 13.7% | 12.1% | 10.65% | -1.76% | -0.56% | -78.75% | -33.04% | -7.66% | 32.03% | 27.17% | 28.14% | 32.72% | -15.15% | -32.99% | -170.66% | -395.06% | 47.66% |
NYC Office Market Concentration
As reported in quarterly financial filings, the relationship between FFO and GAAP operating cash flow remains highly erratic, with FFO/NI ratios swinging from -6.57 in 2026Q1 to 12.32 in 2024Q4, suggesting that non-cash adjustments and accounting volatility frequently obscure the REIT's true underlying cash-generating capacity.
The extreme variance in FFO relative to GAAP metrics indicates that Vornado's reported earnings are heavily influenced by non-recurring items or valuation adjustments. Investors should monitor whether this volatility reflects genuine operational shifts or merely the accounting treatment of complex joint venture interests and straight-line rent accruals.
Based on the provided financial data, the absence of reported AFFO figures across the last ten quarters prevents a definitive assessment of dividend coverage, though the observed dividend payout ratios exceeding 1.0 in 2025Q4 and 2024Q4 suggest periods of significant pressure on distributable cash flow.
The lack of consistent AFFO disclosure is a critical transparency gap that complicates the evaluation of the dividend's sustainability. Without clear visibility into recurring capital expenditures like tenant improvements and leasing commissions, it remains difficult to determine if the current dividend is supported by organic cash flow or external financing.
According to historical income statements, the persistent gap between GAAP net income and FFO highlights the massive impact of non-cash depreciation charges, which frequently mask the true economic cost of maintaining Vornado’s aging Manhattan office assets in a competitive, high-cost regulatory environment like New York City.
The reliance on FFO as a primary performance metric is necessary given the heavy depreciation of the Manhattan portfolio, yet this metric may overstate the cash available for distribution by ignoring the ongoing capital intensity required for Local Law 97 compliance. This suggests that the true economic earnings of the portfolio may be lower than headline FFO figures imply.
Data from 2026Q1 reveals a concerning negative NOI of $24.6M, a sharp departure from historical trends, which suggests that property-level operating expenses may be outpacing rental income and warrants further investigation into the sustainability of the company's current cost structure and property management efficiency.
The emergence of negative property-level performance may indicate that the costs associated with maintaining the Penn District ecosystem are becoming a structural drag on cash flow. Investors should be wary that the company's aggressive redevelopment pipeline may be creating off-balance-sheet obligations that are not fully captured in standard cash flow reporting.
Quick answers to the most common questions about buying VNO stock.
Vornado Realty Trust (VNO) generated $1.26B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vornado Realty Trust (VNO) generated $1.26B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Vornado Realty Trust (VNO) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Vornado Realty Trust (VNO) returned $203.4M to shareholders via cash dividends and spent $51.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.