Revenue grew 4.7% year-over-year in Q2 2026, but this masks a critical deterioration where reported NOI margin collapsed to -22.5% from a previously reported 100%, indicating severe underlying property-level profitability stress.
Vornado Realty Trust (VNO) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 1.83B | 1.81B | 1.79B | 1.81B | 1.8B | 1.59B | 1.53B | 1.92B | 2.16B | 2.08B | 2.51B | 2.5B | 2.64B | 2.76B | 2.77B | 2.92B | 2.78B | 2.74B | 2.7B | 2.97B | 2.71B | 2.55B | 1.71B | 1.5B | 1.44B | 979.67M | 803.61M | 663.5M | 454.4M | 202.6M | 117.3M |
| Revenue Growth % | 1.37% | 1.27% | -1.3% | 0.62% | 13.26% | 4.01% | -20.61% | -11.05% | 3.82% | -16.84% | 0.16% | -5.07% | -4.53% | -0.2% | -5.12% | 4.89% | 1.35% | 1.69% | -9.3% | 9.65% | 6.46% | 49.22% | 13.59% | 4.74% | 46.49% | 21.91% | 21.12% | 46.02% | 124.28% | 72.72% | 14.11% |
| Property Operating Expenses | 1.05B | 0 | 0 | 905.16M | 873.91M | 797.32M | 789.07M | 917.98M | 963.48M | 886.6M | 1.02B | 1.01B | 1.06B | 1.09B | 1.25B | 1.24B | 1.1B | 1.09B | 1.07B | 1.63B | 1.37B | 1.31B | 679.79M | 583.66M | 541.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 778.96M | 1.81B | 1.79B | 906M | 926.08M | 791.89M | 738.88M | 1.01B | 1.2B | 1.2B | 1.48B | 1.49B | 1.57B | 1.67B | 1.52B | 1.68B | 1.68B | 1.65B | 1.63B | 1.34B | 1.35B | 1.24B | 1.03B | 919.39M | 893.47M | 979.67M | 803.61M | 663.5M | 454.4M | 202.6M | 117.3M |
| NOI Margin % | 42.6% | 100% | 100% | 50.02% | 51.45% | 49.83% | 48.36% | 52.31% | 55.47% | 57.46% | 59.13% | 59.59% | 59.61% | 60.62% | 54.88% | 57.56% | 60.45% | 60.34% | 60.32% | 45.1% | 49.62% | 48.77% | 60.18% | 61.17% | 62.26% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 579.47M | 1.54B | 1.52B | 605.42M | 638.23M | 546.89M | 594.57M | 589.03M | 588.44M | 588.39M | 744.34M | 718.26M | 722.15M | 742.31M | 719.71M | 763.79M | 744.93M | 771.19M | 731.45M | 232.07M | 618.76M | 517.96M | 388.13M | 337.44M | 304.28M | -542.85M | -399.34M | -319.3M | -186.8M | -98.7M | -39.2M |
| G&A Expenses | 158.88M | 156.12M | 148.52M | 162.88M | 133.73M | 134.54M | 181.51M | 169.92M | 141.87M | 159M | 179.28M | 175.31M | 185.92M | 211.1M | 201.89M | 209.98M | 214.22M | 231.69M | 194.03M | 232.07M | 221.36M | 183M | 145.22M | 122.41M | 98.46M | 72.57M | 47.91M | 40.2M | 28.6M | 13.6M | 5.2M |
| EBITDA | 729.35M | 753.61M | 733.29M | 758.15M | 814.16M | 677.6M | 562.25M | 856.63M | 2.21B | 2.43B | 2.01B | 1.33B | 1.4B | 1.44B | 1.24B | 1.44B | 1.36B | 1.35B | 1.39B | 1.7B | 1.14B | 1.07B | 891.69M | 801.87M | 760.64M | 560.68M | 504.11M | 427.8M | 326.8M | 151.3M | 92.8M |
| EBITDA Margin % | 39.88% | 41.63% | 41.02% | 41.86% | 45.23% | 42.64% | 36.8% | 44.51% | 102.22% | 116.44% | 80.39% | 53.01% | 53.08% | 52.02% | 44.66% | 49.29% | 49% | 49.4% | 51.59% | 57% | 42.04% | 42.06% | 52.23% | 53.35% | 53% | 57.23% | 62.73% | 64.48% | 71.92% | 74.68% | 79.11% |
| Depreciation & Amortization | 529.86M | 481.46M | 469.42M | 457.57M | 526.31M | 432.59M | 417.94M | 438.93M | 1.63B | 1.82B | 1.46B | 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 |
| D&A / Revenue % | 28.97% | 26.59% | 26.26% | 25.26% | 29.24% | 27.22% | 27.35% | 22.81% | 75.27% | 87.3% | 58.42% | 22.63% | 22.13% | 20.36% | 20.17% | 19.93% | 20.01% | 20.38% | 21.41% | 15.56% | 15.23% | 13.61% | 14.87% | 14.63% | 14.34% | 12.64% | 12.42% | 12.6% | 13.03% | 23.4% | 12.53% |
| Operating Income | 199.49M | 272.15M | 263.87M | 300.58M | 287.85M | 245M | 144.31M | 417.69M | 582.96M | 607.37M | 550.79M | 760.25M | 815.64M | 874.19M | 677.63M | 856.15M | 805.86M | 795.78M | 814.03M | 1.23B | 726.91M | 724.64M | 637.87M | 581.96M | 554.82M | 436.81M | 404.26M | 344.2M | 267.6M | 103.9M | 78.1M |
| Operating Margin % | 10.91% | 15.03% | 14.76% | 16.6% | 15.99% | 15.42% | 9.44% | 21.7% | 26.94% | 29.14% | 21.98% | 30.38% | 30.94% | 31.66% | 24.49% | 29.36% | 28.99% | 29.02% | 30.18% | 41.44% | 26.8% | 28.44% | 37.36% | 38.72% | 38.66% | 44.59% | 50.31% | 51.88% | 58.89% | 51.28% | 66.58% |
| Interest Expense | 4M | 353.87M | 390.27M | 349.22M | 279.76M | 231.1M | 229.25M | 286.62M | 347.95M | 345.65M | 330.24M | 318.72M | 349.97M | 483.19M | 500.36M | 544.01M | 560.27M | 634.28M | 596.18M | 634.55M | 476.46M | 0 | 0 | 204.26M | 207.84M | 173.08M | 170.27M | 141.7M | 114.7M | 42.9M | 16.7M |
| Interest Coverage | - | 3.63x | 1.05x | 1.11x | -0.37x | 1.77x | -0.94x | 12.91x | 2.23x | 1.83x | 2.67x | 2.61x | 1.97x | 0.81x | 1.89x | 2.02x | 2.22x | 1.10x | 1.05x | 1.79x | 1.55x | - | - | 3.24x | 2.81x | 2.70x | 2.72x | -0.59x | -0.52x | -1.10x | -0.88x |
| Non-Operating Income | -192.97M | -1.01B | -147.32M | -87.45M | 390.84M | -162.9M | 358.74M | -3.28B | -192.61M | -23.95M | -303.14M | -70.62M | 0 | 284.51M | 81.41M | -242.03M | -440.51M | 96.44M | 186.03M | -268.16M | -64.02M | -89.92M | -69.15M | -80.19M | -30.21M | -30.61M | -104.02M | 83.6M | 59.2M | 151.3M | 14.7M |
| Pretax Income | 53M | 950.71M | 42.84M | 62.11M | -360.95M | 197.06M | -425.21M | 3.44B | 459.6M | 318.45M | 983.06M | 722.47M | 505.19M | 133.82M | 416.73M | 619.29M | 750.89M | 97.28M | 79.19M | 587.5M | 607.29M | 641.04M | 671.63M | 463.52M | 403.62M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 2.9% | 52.51% | 2.4% | 3.43% | -20.05% | 12.4% | -27.83% | 178.61% | 21.24% | 15.28% | 39.23% | 28.87% | 19.17% | 4.85% | 15.06% | 21.24% | 27.01% | 3.55% | 2.94% | 19.76% | 22.39% | 25.16% | 39.34% | 30.84% | 28.13% | 0% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 11.67M | 13.51M | 22.73M | 29.22M | 21.66M | -10.5M | 36.63M | 103.44M | 37.63M | 41.09M | 8.31M | -84.69M | 11M | -6.41M | 8.13M | 24.83M | 22.48M | 20.74M | -204.54M | 10.53M | -28.92M | 62.39M | 60.41M | 470K | 195.06M | 173.08M | 170.27M | 141.7M | 114.7M | 42.9M | 16.7M |
| Effective Tax Rate % | 22.02% | 1.42% | 53.05% | 47.05% | -6% | -5.33% | -8.61% | 3.01% | 8.19% | 12.9% | 0.85% | -11.72% | 2.18% | -4.79% | 1.95% | 4.01% | 2.99% | 21.32% | -258.3% | 1.79% | -4.76% | 9.73% | 8.99% | 0.1% | 48.33% | - | - | - | - | - | - |
| Net Income | 67.88M | 904.96M | 70.39M | 105.49M | -346.5M | 176M | -297M | 3.15B | 449.95M | 227.42M | 960.57M | 760.43M | 864.85M | 475.97M | 617.26M | 662.3M | 647.88M | 106.17M | 395.04M | 635.69M | 560.14M | 539.6M | 592.92M | 460.7M | 232.9M | 263.74M | 233.99M | 202.5M | 152.9M | 61M | 61.4M |
| Net Margin % | 3.71% | 49.99% | 3.94% | 5.82% | -19.25% | 11.07% | -19.44% | 163.55% | 20.8% | 10.91% | 38.33% | 30.39% | 32.81% | 17.24% | 22.31% | 22.72% | 23.31% | 3.87% | 14.65% | 21.38% | 20.65% | 21.18% | 34.73% | 30.65% | 16.23% | 26.92% | 29.12% | 30.52% | 33.65% | 30.11% | 52.34% |
| Net Income Growth % | -92.24% | 1185.68% | -33.28% | 130.45% | -296.88% | 159.26% | -109.43% | 599.61% | 97.86% | -76.32% | 26.32% | -12.07% | 81.7% | -22.89% | -6.8% | 2.23% | 510.24% | -73.12% | -37.86% | 13.49% | 3.81% | -8.99% | 28.7% | 97.81% | -11.69% | 12.71% | 15.55% | 32.44% | 150.66% | -0.65% | 15.85% |
| Funds From Operations (FFO) | 597.74M | 1.39B | 539.81M | 563.07M | 179.81M | 608.59M | 120.94M | 3.59B | 2.08B | 2.05B | 2.42B | 1.33B | 1.45B | 1.04B | 1.18B | 1.24B | 1.2B | 665.22M | 972.38M | 1.1B | 973.3M | 886.38M | 846.74M | 680.61M | 438.73M | 387.6M | 333.84M | 286.1M | 212.1M | 108.4M | 76.1M |
| FFO Margin % | 32.69% | 76.58% | 30.2% | 31.09% | 9.99% | 38.3% | 7.92% | 186.36% | 96.07% | 98.21% | 96.74% | 53.02% | 54.94% | 37.6% | 42.48% | 42.64% | 43.32% | 24.26% | 36.05% | 36.93% | 35.89% | 34.79% | 49.6% | 45.28% | 30.57% | 39.56% | 41.54% | 43.12% | 46.68% | 53.5% | 64.88% |
| FFO Growth % | -102.14% | 156.83% | -4.13% | 213.15% | -70.46% | 403.23% | -96.63% | 72.55% | 1.55% | -15.58% | 82.76% | -8.4% | 39.53% | -11.67% | -5.48% | 3.25% | 81.02% | -31.59% | -11.47% | 12.85% | 9.81% | 4.68% | 24.41% | 55.13% | 13.19% | 16.1% | 16.69% | 34.89% | 95.66% | 42.44% | 17.44% |
| FFO per Share | 3.19 | 7.23 | 2.75 | 2.93 | 0.94 | 3.17 | 0.63 | 18.77 | 10.86 | 10.70 | 12.82 | 7.00 | 7.68 | 5.53 | 6.30 | 6.68 | 6.54 | 3.83 | 6.15 | 7.23 | 6.35 | 6.16 | 6.24 | 5.72 | 3.92 | 4.13 | 3.69 | 3.22 | 2.52 | 1.85 | 1.52 |
| FFO Payout Ratio % | 0% | 10.19% | 26.14% | 22.92% | 226.11% | 66.73% | 684.09% | 14.05% | 25.71% | 24.26% | 19.63% | 35.79% | 37.83% | 52.59% | 59.51% | 40.92% | 39.39% | 39.45% | 57.79% | 47.77% | 55.2% | 59.14% | 44.82% | 48.17% | 71.67% | 52.07% | 50.53% | 64.24% | 81.71% | 85.79% | 78.32% |
| EPS (Diluted) | 0.36 | 4.20 | 0.04 | 0.23 | -2.13 | 0.53 | -1.83 | 16.21 | 2.35 | 0.85 | 5.08 | 3.59 | 4.15 | 2.09 | 2.94 | 3.23 | 3.24 | 0.28 | 1.91 | 3.18 | 3.28 | 3.43 | 4.27 | 3.73 | 1.87 | 2.42 | 2.16 | 1.90 | 1.56 | 0.77 | 1.23 |
| EPS Growth % | -99.18% | 10400% | -82.61% | 110.8% | -501.89% | 128.96% | -111.29% | 589.79% | 176.47% | -83.27% | 41.5% | -13.49% | 98.56% | -28.91% | -8.98% | -0.31% | 1057.14% | -85.34% | -39.94% | -3.05% | -4.37% | -19.67% | 14.48% | 99.47% | -22.73% | 12.04% | 13.68% | 21.79% | 102.6% | -37.4% | -44.34% |
| EPS (Basic) | - | 4.40 | 0.04 | 0.23 | -2.13 | 0.53 | -1.83 | 16.23 | 2.36 | 0.85 | 5.08 | 3.61 | 4.18 | 2.10 | 2.95 | 3.26 | 3.27 | 0.28 | 1.96 | 3.18 | 3.47 | 3.62 | 4.47 | 3.84 | 1.94 | 2.50 | 2.22 | 1.93 | 1.59 | 0.81 | 1.24 |
| Diluted Shares Outstanding | 187.28M | 191.76M | 196.63M | 191.86M | 191.78M | 192.12M | 191.15M | 191.1M | 191.46M | 191.26M | 189.1M | 189.56M | 188.69M | 187.71M | 186.53M | 186.02M | 184.16M | 173.5M | 158.12M | 151.95M | 153.39M | 143.81M | 135.78M | 118.97M | 111.84M | 93.9M | 90.45M | 88.89M | 84.15M | 58.74M | 50.09M |
Quick answers to the most common questions about buying VNO stock.
For fiscal year 2025, Vornado Realty Trust (VNO) reported total revenue of $1.81B. This represents a 1443.4% increase compared to $117.3M in 1996.
Vornado Realty Trust (VNO) is profitable, generating $905.0M in net income for the fiscal year ending 2025 with a net profit margin of 50.0%.
Vornado Realty Trust (VNO) reported an operating income of $272.1M, resulting in an operating profit margin of 15.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Vornado Realty Trust (VNO) generated $1.81B in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Severe NOI volatility in recent quarters
Metrics are mathematically derived from official filings.
Revenue Stability Masking Underlying NOI Collapse
While revenue grew 4.7% year-over-year in Q2 2026, NOI swung to a negative $103.9 million, a stark deterioration from the stable $450 million-plus quarterly NOI reported throughout most of 2024 and 2025, according to recent financial statements.
The revenue trajectory appears modestly positive, with growth accelerating from negative territory in early 2024. However, the recent negative NOI in Q2 2026 suggests a severe operational or accounting disruption, likely related to significant tenant turnover, increased vacancy, or large non-recurring charges. This disconnect between top-line growth and property-level profitability indicates that cost pressures or lease economics have deteriorated sharply, undermining the quality of the reported revenue increase.
Unreliable Margin Profile from Reported Accounting
The reported NOI margin plummeted to -22.5% in Q2 2026 from a consistent 100% in prior quarters, a pattern that suggests the historical 100% margin is an accounting artifact and the recent negative margin reflects true operational stress.
The historical 100% NOI margin, reported consistently from 2024Q1 through 2025Q4, is not indicative of operational reality and likely results from expense classification, with major costs borne at the corporate level or by joint ventures. The sudden shift to a negative margin in recent quarters reveals the underlying vulnerability of the portfolio, where property-level revenues are now insufficient to cover direct operating costs. This warrants scrutiny into the composition of operating expenses and the sustainability of reimbursement structures.
FFO Volatility Undermines Dividend Safety
FFO per share swung from $4.37 in Q2 2025 to $1.08 in Q2 2026, a 75% decline, while the dividend yield compressed to 0.2%, signaling management's cautious stance on preserving cash amid severe earnings volatility.
The dramatic year-over-year decline in FFO suggests that the prior year's results were inflated by non-recurring gains or favorable lease mark-to-market adjustments, which did not repeat. The extremely low dividend yield indicates the payout has been reduced to a token level, prioritizing balance sheet flexibility over shareholder returns. Investors should focus on the trajectory of AFFO, which remains unavailable, to assess the true cash flow supporting the distribution.
Earnings Quality Challenged by Accounting Opacity
The inconsistent NOI reporting, with margins alternating between 100% and significant negatives, combined with the absence of detailed AFFO data, makes it difficult to assess the core earnings power and true recurring cash flow of the portfolio.
The swing in GAAP net income from a $759.3 million gain in Q2 2025 to $32.0 million in Q2 2026 highlights the distortion from non-cash items, likely including straight-line rent adjustments and gain/loss on asset sales. Without transparent AFFO data, analysts cannot distinguish between operating cash flow and one-time accounting benefits. This opacity, coupled with the lack of management guidance, creates significant uncertainty around the sustainability of current performance metrics.
GAAP Depreciation Obscures True Cash Burn
The massive spread between net income and FFO, particularly the $876.2 million gap in Q2 2025, underscores how heavily depreciation and non-cash adjustments distort the perception of Vornado's cash-generating ability.
In typical quarters, FFO significantly exceeds net income by adding back depreciation, which is the standard REIT adjustment. However, the relationship inverted in Q2 2025 and shows wide variance, implying that large non-depreciation items—such as gains on dispositions or impairments—are dominating the net income figure. This makes GAAP earnings an unreliable guide to the property portfolio's economic health and emphasizes the need to focus exclusively on FFO and NOI metrics for valuation.