Revenue growth remains stagnant with a 0.5% decline in 2026Q1, while property-level performance deteriorated into a negative NOI of $24.6 million during the same period.
| 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 | 1.81B | 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 % | -0.27% | 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 | 483.69M | 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) | 1.32B | 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 % | 73.25% | 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 | 1.08B | 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 | 117.52M | 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 | 719.14M | 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 % | 39.78% | 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 | 478.72M | 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 % | 26.48% | 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 | 240.42M | 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 % | 13.3% | 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 | -920.27M | -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 | 827.58M | 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 % | 45.77% | 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 | 12.22M | 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 % | 1.48% | 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 | 795.27M | 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 % | 43.99% | 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 % | 378.33% | 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) | 1.27B | 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 % | 70.47% | 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 % | 408.83% | 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 | 6.72 | 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) | 4.19 | 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 % | 600.6% | 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 | 189.66M | 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 |
NYC Office Market Concentration
As reported in recent financial filings, Vornado’s revenue growth has remained largely stagnant, with a 0.5% decline in 2026Q1, reflecting the broader challenges of maintaining occupancy and rental rates within their core Manhattan office portfolio as market demand for premium space continues to face significant structural pressure.
The lack of consistent top-line expansion suggests that the company is struggling to offset the impact of expiring leases with new tenant demand. Investors should monitor whether the Penn District redevelopment can eventually drive organic growth or if the current revenue trajectory will remain tethered to the broader NYC office downturn.
Based on the provided quarterly data, Vornado’s FFO per share has exhibited extreme volatility, peaking at 4.37 in 2025Q2 before dropping to 0.59 in 2026Q1, a trend that suggests non-recurring items or accounting adjustments are significantly distorting the underlying cash-generating capacity of the REIT's core operations.
The sharp fluctuations in FFO indicate that headline earnings metrics may not be reliable indicators of dividend safety or long-term operational health. Analysts should look past these swings to determine if the core portfolio is generating sufficient cash flow to cover distributions without relying on capital recycling or asset sales.
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.
Because GAAP net income often fails to capture the recurring capital expenditures required to keep Class A assets relevant, investors should focus on the relationship between FFO and actual maintenance CAPEX. The reliance on depreciation-heavy accounting may hide the true intensity of the capital required to meet Local Law 97 standards.
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.
This negative NOI figure is a significant red flag that implies the cost of operating the portfolio may be exceeding the revenue generated, potentially due to rising taxes or maintenance costs. Such a shift suggests that the company's profitability model is currently under severe strain and may not be sustainable in the near term.
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.