Vornado Realty Trust (VNO) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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VNO Revenue Growth
Revenue Breakdown (FY 2025)
VNO's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
VNO Revenue Analysis (2014–2025)
As of May 8, 2026, Vornado Realty Trust (VNO) generated trailing twelve-month (TTM) revenue of $1.81 billion, reflecting slight decline in growth of -0.5% year-over-year. The most recent quarter (Q1 2026) recorded $459.1 million in revenue, up 1.2% sequentially.
Looking at the longer-term picture, VNO's 5-year compound annual growth rate (CAGR) stands at +3.5%, indicating moderate growth over time. The company achieved its highest annual revenue of $2.64 billion in 2014.
Revenue diversification analysis shows VNO's business is primarily driven by Rental Revenue (81%), Fee And Other Income (13%), and Product and Service, Other (4%). With over half of revenue concentrated in Rental Revenue, the company maintains significant focus in this area while developing other growth vectors.
When compared to Real Estate sector peers including SLG (+38.9% YoY), BXP (+2.2% YoY), and KRC (-2.0% YoY), VNO has underperformed the peer group in terms of revenue growth. Compare VNO vs SLG →
VNO Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| VNOCurrent | $1.8B | -0.5% | +3.5% | 15.0% | |
 SLG | $1.0B | +38.9% | -0.5% | 15.4% | |
 BXP | $3.5B | +2.2% | +4.7% | 55.7% | |
 KRC | $1.1B | -2.0% | +4.4% | 28.4% | |
 HIW | $806M | +0.4% | +1.8% | 26.0% | |
 PDM | $565M | -25.7% | +1.1% | 14.1% |
VNO Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.81B | +1.3% | $1.81B | 100.0% | $272.1M | 15.0% |
| 2024 | $1.79B | -1.3% | $1.79B | 100.0% | $263.9M | 14.8% |
| 2023 | $1.81B | +0.6% | $906.0M | 50.0% | $300.6M | 16.6% |
| 2022 | $1.80B | +13.3% | $926.1M | 51.4% | $287.9M | 16.0% |
| 2021 | $1.59B | +4.0% | $791.9M | 49.8% | $245.0M | 15.4% |
| 2020 | $1.53B | -20.6% | $738.9M | 48.4% | $144.3M | 9.4% |
| 2019 | $1.92B | -11.0% | $1.01B | 52.3% | $417.7M | 21.7% |
| 2018 | $2.16B | +3.8% | $1.20B | 55.5% | $583.0M | 26.9% |
| 2017 | $2.08B | -16.8% | $1.20B | 57.5% | $607.4M | 29.1% |
| 2016 | $2.51B | +0.2% | $1.48B | 59.1% | $550.8M | 22.0% |
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Start ComparisonVNO — Frequently Asked Questions
Quick answers to the most common questions about buying VNO stock.
Is VNO's revenue growth accelerating or slowing?
VNO revenue growth slowed to -0.5%, below the 5-year CAGR of +3.5%. TTM revenue is $1.8B. The deceleration marks a shift from historical growth rates.
What is VNO's long-term revenue growth rate?
Vornado Realty Trust's 5-year revenue CAGR of +3.5% reflects the variable expansion pattern. Current YoY growth of -0.5% is near this long-term average.
How is VNO's revenue distributed by segment?
VNO reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.