Vornado Realty Trust (VNO) Financials

$36.91 -0.69 (-1.84%)

Closing price 08/8/2025 03:59 PM Eastern

Extended Trading

$36.92 +0.01 (+0.02%)

As of 08/8/2025 06:30 PM Eastern

Annual Income Statements for Vornado Realty Trust

This table shows Vornado Realty Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	680	824	162	385	3,098	-349	101	-409	43	8.28
Consolidated Net Income / (Loss)	859	982	264	423	3,334	-462	208	-383	33	20
Net Income / (Loss) Continuing Operations	636	577	277	422	3,334	-462	210	-351	84	25
Total Pre-Tax Income	551	585	320	460	3,438	-425	197	-361	62	43
Total Revenue	1,778	1,679	2,084	2,031	4,984	1,455	1,423	1,544	1,505	1,443
Net Interest Income / (Expense)	-282	-306	-346	-331	-265	-235	-226	-256	-306	-344
Total Interest Income	27	24	0.00	17	22	-5.50	4.61	23	43	46
Investment Securities Interest Income	27	24	-	17	22	-5.50	4.61	23	43	46
Total Interest Expense	309	330	346	348	287	229	231	280	349	390
Long-Term Debt Interest Expense	309	330	346	348	287	229	231	280	349	390
Total Non-Interest Income	2,060	1,985	1,738	2,362	5,249	1,689	1,650	1,800	1,811	1,788
Other Non-Interest Income	1,846	1,884	2,430	2,164	1,925	1,528	1,589	1,800	1,811	1,788
Total Non-Interest Expense	1,227	1,095	1,453	1,572	1,546	1,880	1,224	1,973	1,464	1,411
Salaries and Employee Benefits	-	5.21	0.00	-2.48	12	6.44	9.85	0.00	0.00	0.00
Other Operating Expenses	149	144	151	142	170	182	135	1,008	1,068	1,076
Depreciation Expense	380	421	429	447	419	400	412	505	434	448
Other Special Charges	685	515	871	954	839	1,118	667	461	-39	-112
Nonoperating Income / (Expense), net	-	-	3.74	-	-	-	-	101	71	16
Income Tax Expense	-85	7.92	42	38	103	37	-10	22	29	23
Preferred Stock Dividends Declared	81	83	65	65	50	52	75	62	62	62
Net Income / (Loss) Attributable to Noncontrolling Interest	99	75	37	-27	186	-165	32	-30	3.36	0.86
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	-	-	-5.74	-76	-51
Basic Earnings per Share	$7.22	$8.72	$0.85	$2.02	$16.23	($1.83)	$0.53	($2.13)	$0.23	$0.04
Weighted Average Basic Shares Outstanding	387.66M	389.19M	189.53M	190.22M	190.80M	191.15M	191.55M	191.78M	191.01M	190.54M
Diluted Earnings per Share	$3.59	$4.34	$0.85	$2.01	$16.21	($1.83)	$0.53	($2.13)	$0.23	$0.04
Weighted Average Diluted Shares Outstanding	189.56M	190.17M	191.26M	191.29M	191.05M	191.15M	192.12M	191.78M	191.86M	196.63M
Weighted Average Basic & Diluted Shares Outstanding	201.16M	202.02M	0.00	0.00	0.00	0.00	191.72M	191.87M	190.39M	190.85M
Cash Dividends to Common per Share	$2.52	$2.52	$2.62	$2.52	$1.95	$2.38	$2.12	$2.12	$0.68	$0.74

This table shows Vornado Realty Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	5.17	46	53	-61	-9.03	35	-19	1.20	87
Consolidated Net Income / (Loss)	11	63	60	-101	-6.27	40	-19	5.76	100
Net Income / (Loss) Continuing Operations	12	63	60	-51	-5.62	43	-19	6.99	100
Total Pre-Tax Income	16	67	71	-92	0.47	45	-15	12	107
Total Revenue	369	398	378	360	358	362	355	369	374
Net Interest Income / (Expense)	-77	-74	-73	-82	-79	-88	-89	-89	-88
Total Interest Income	9.58	13	15	5.83	12	11	12	11	8.26
Investment Securities Interest Income	9.58	13	15	5.83	12	11	12	11	8.26
Total Interest Expense	86	87	88	88	90	98	101	100	96
Long-Term Debt Interest Expense	86	87	88	88	90	98	101	100	96
Total Non-Interest Income	446	472	451	442	436	450	443	458	462
Other Non-Interest Income	446	472	451	442	436	450	443	458	462
Total Non-Interest Expense	360	332	362	410	357	330	369	356	283
Salaries and Employee Benefits	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Other Operating Expenses	270	262	270	266	264	268	272	273	263
Depreciation Expense	107	107	110	110	109	110	116	113	116
Other Special Charges	-17	-37	-18	34	-16	-48	-18	-30	-97
Nonoperating Income / (Expense), net	7.52	0.94	56	6.61	0.00	16	0.00	-	16
Income Tax Expense	4.67	4.50	12	8.37	6.74	5.28	4.88	5.82	7.19
Preferred Stock Dividends Declared	16	16	16	16	16	16	16	16	16
Net Income / (Loss) Attributable to Noncontrolling Interest	0.43	3.61	4.74	-5.41	-0.79	3.20	-1.69	0.14	7.89
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)	-9.93	-2.78	-14	-50	-12	-14	-14	-11	-10
Basic Earnings per Share	$0.03	$0.24	$0.28	($0.32)	($0.05)	$0.19	($0.10)	-	$0.45
Weighted Average Basic Shares Outstanding	191.87M	191.47M	190.36M	191.01M	190.43M	190.49M	190.56M	190.54M	191.37M
Diluted Earnings per Share	$0.03	$0.24	$0.28	($0.32)	($0.05)	$0.18	($0.10)	$0.01	$0.43
Weighted Average Diluted Shares Outstanding	191.88M	194.80M	192.92M	191.86M	190.43M	194.41M	190.56M	196.63M	200.74M
Weighted Average Basic & Diluted Shares Outstanding	191.88M	-	-	190.39M	190.48M	190.51M	190.65M	190.85M	191.95M

This table details how cash moves in and out of Vornado Realty Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	559	-344	315	-949	890	123	200	-909	240	-312
Net Cash From Operating Activities	672	995	860	1,333	663	424	762	799	648	538
Net Cash From Continuing Operating Activities	672	995	860	1,333	663	424	762	799	648	538
Net Income / (Loss) Continuing Operations	859	982	264	845	3,334	-462	208	-383	33	20
Consolidated Net Income / (Loss)	859	982	264	845	3,334	-462	208	-383	33	20
Provision For Loan Losses	-	-	-	0.00	0.00	13	0.00	0.00	8.27	0.00
Depreciation Expense	566	595	530	946	439	418	433	526	458	469
Amortization Expense	-79	-53	-47	77	-20	-17	-9.24	-4.75	5.72	39
Non-Cash Adjustments to Reconcile Net Income	-416	-453	180	998	-3,076	593	116	559	152	53
Changes in Operating Assets and Liabilities, net	-259	-76	-67	-117	-15	-121	15	101	-8.56	-44
Net Cash From Investing Activities	-732	-893	-206	-62	2,463	-88	-532	-907	-129	-597
Net Cash From Continuing Investing Activities	-732	-893	-206	-62	2,463	-88	-532	-907	-129	-597
Purchase of Property, Leasehold Improvements and Equipment	-777	-994	-386	-	-509	-396	-3.00	-3.00	-33	0.00
Purchase of Investment Securities	-795	-235	-312	-	-901	-767	-750	-1,997	-822	-631
Sale and/or Maturity of Investments	804	187	126	1,288	2,599	1,073	239	1,059	722	34
Other Investing Activities, net	36	149	366	205	25	2.39	106	34	4.65	0.00
Net Cash From Financing Activities	619	-446	-338	-2,220	-2,236	-213	-29	-801	-279	-252
Net Cash From Continuing Financing Activities	619	-446	-338	-2,220	-2,236	-213	-29	-801	-279	-252
Issuance of Debt	4,469	2,404	1,056	2,452	1,108	1,056	3,248	1,030	0.00	75
Repayment of Debt	-3,018	-1,937	-647	0.00	-2,757	-1,078	-1,584	-1,251	-148	-97
Repurchase of Common Equity	-7.47	-0.19	-0.42	-	-8.69	-0.14	-1.57	0.00	-29	0.00
Payment of Dividends	-658	-687	-671	1,221	-634	-983	-663	-553	-230	-221
Other Financing Activities, Net	-166	20	-385	286	57	501	-1,021	-26	128	-8.51
Cash Interest Paid	377	369	339	624	284	210	189	252	381	323
Cash Income Taxes Paid	8.29	9.72	6.73	124	60	15	9.16	7.95	10	7.61

This table details how cash moves in and out of Vornado Realty Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	13	278	-50	-0.90	-113	-32	-88	-79	-143
Net Cash From Operating Activities	92	283	62	211	31	195	105	206	52
Net Cash From Continuing Operating Activities	92	283	62	211	31	195	105	206	52
Net Income / (Loss) Continuing Operations	11	63	60	-101	-6.27	40	-19	5.76	100
Consolidated Net Income / (Loss)	11	63	60	-101	-6.27	40	-19	5.76	100
Depreciation Expense	113	113	116	116	114	116	121	118	121
Amortization Expense	-0.94	0.38	0.70	5.58	11	9.99	9.14	8.76	7.64
Non-Cash Adjustments to Reconcile Net Income	32	28	-33	125	27	-20	33	13	-90
Changes in Operating Assets and Liabilities, net	-63	78	-81	57	-114	48	-39	60	-87
Net Cash From Investing Activities	126	27	-87	-195	-129	-178	-180	-110	276
Net Cash From Continuing Investing Activities	126	27	-87	-195	-129	-178	-180	-110	276
Purchase of Investment Securities	-201	-226	-204	-191	-129	-212	-180	-110	-95
Sale and/or Maturity of Investments	119	475	117	10	0.00	34	-	-	29
Other Investing Activities, net	209	-190	0.36	-14	0.00	-	-	-	342
Net Cash From Financing Activities	-205	-31	-25	-18	-16	-48	-13	-175	-470
Net Cash From Continuing Financing Activities	-205	-31	-25	-18	-16	-48	-13	-175	-470
Issuance of Debt	-	-	-	-	-	-	-	-	120
Repayment of Debt	-110	-5.40	-3.60	-29	0.00	-96	-	-1.74	-574
Payment of Dividends	-94	-19	-16	-102	-16	-16	-17	-174	-16
Other Financing Activities, Net	-0.55	16	-0.10	113	0.11	-12	3.38	-0.09	0.13
Cash Interest Paid	85	79	142	75	70	82	85	86	83
Cash Income Taxes Paid	2.18	2.57	3.98	1.64	1.61	2.83	1.57	1.60	1.80

This table presents Vornado Realty Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	21,143	20,815	17,398	17,181	18,287	16,222	17,267	16,493	16,188	15,999
Cash and Due from Banks	1,836	1,501	1,818	571	1,515	1,624	1,760	890	997	734
Restricted Cash	108	95	97	146	92	106	170	131	265	216
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	14,672	11,606	11,871	12,612	9,143	8,918	9,841	9,844	10,048	10,066
Intangible Assets	708	545	563	537	385	397	547	513	482	473
Other Assets	3,669	6,864	2,867	3,163	7,119	5,176	4,948	5,115	4,396	4,510
Total Liabilities & Shareholders' Equity	21,143	20,815	17,398	17,181	18,287	16,222	17,267	16,493	16,188	15,999
Total Liabilities	12,438	11,918	11,405	11,289	10,087	8,667	10,063	9,980	9,844	9,827
Short-Term Debt	550	116	0.00	80	575	575	575	575	575	575
Other Short-Term Payables	444	397	416	431	-	427	-	451	411	374
Long-Term Debt	10,541	9,331	10,185	9,757	6,832	6,824	8,041	7,814	7,676	7,668
Other Long-Term Liabilities	903	2,074	805	1,022	2,681	841	1,447	1,140	1,181	1,210
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	1,229	1,278	985	784	889	606	689	437	638	835
Total Equity & Noncontrolling Interests	7,476	7,618	5,008	5,108	7,311	6,948	6,515	6,076	5,705	5,337
Total Preferred & Common Equity	6,698	6,899	4,338	4,465	6,732	6,533	6,236	5,840	5,509	5,158
Preferred Stock	1,277	1,038	892	891	891	1,182	1,182	1,182	1,182	1,182
Total Common Equity	5,421	5,860	3,446	3,574	5,841	5,351	5,054	4,657	4,327	3,976
Common Stock	7,141	7,161	7,500	7,733	7,835	8,200	8,151	8,377	8,271	8,060
Retained Earnings	-1,767	-1,419	-4,183	-4,167	-1,954	-2,774	-3,079	-3,895	-4,009	-4,142
Accumulated Other Comprehensive Income / (Loss)	47	119	129	7.66	-40	-75	-18	175	65	58
Noncontrolling Interest	778	720	670	643	579	415	279	237	196	179

This table presents Vornado Realty Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	3/31/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	16,272	16,207	16,210	16,083	15,599
Cash and Due from Banks	891	893	873	784	569
Restricted Cash	143	256	244	245	238
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	9,928	10,071	10,053	10,062	10,040
Intangible Assets	504	481	477	473	502
Other Assets	4,806	4,507	4,563	4,519	4,250
Total Liabilities & Shareholders' Equity	16,272	16,207	16,210	16,083	15,599
Total Liabilities	9,909	9,830	9,799	9,816	9,371
Short-Term Debt	575	575	575	575	575
Other Short-Term Payables	442	389	363	362	388
Long-Term Debt	7,703	7,680	7,662	7,666	7,217
Other Long-Term Liabilities	1,189	1,186	1,198	1,212	1,191
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	431	643	593	808	738
Total Equity & Noncontrolling Interests	5,933	5,734	5,818	5,459	5,490
Total Preferred & Common Equity	5,692	5,539	5,626	5,278	5,314
Preferred Stock	1,182	1,182	1,182	1,182	1,182
Total Common Equity	4,509	4,357	4,444	4,096	4,132
Common Stock	8,375	8,269	8,322	8,098	8,160
Retained Earnings	-3,961	-4,018	-3,983	-4,002	-4,055
Accumulated Other Comprehensive Income / (Loss)	96	106	105	-0.48	27
Noncontrolling Interest	241	195	192	181	176

This table displays calculated financial ratios and metrics derived from Vornado Realty Trust's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-15.42%	-5.52%	24.10%	-2.54%	145.37%	-70.81%	-2.15%	8.45%	-2.49%	-4.11%
EBITDA Growth	7.10%	8.57%	-1.17%	33.08%	160.19%	-100.63%	2,680.27%	-85.28%	450.58%	6.99%
EBIT Growth	27.34%	6.18%	7.84%	-27.14%	647.99%	-112.37%	146.99%	-315.14%	109.68%	-22.99%
NOPAT Growth	50.21%	-9.26%	-52.49%	53.94%	690.18%	-108.93%	169.73%	-255.67%	98.51%	361.42%
Net Income Growth	-14.83%	14.25%	-73.10%	60.00%	688.98%	-113.85%	144.94%	-284.34%	108.60%	-38.83%
EPS Growth	-14.83%	14.25%	-80.41%	136.47%	706.47%	-111.29%	128.96%	-501.89%	110.80%	-82.61%
Operating Cash Flow Growth	-40.80%	48.06%	-13.56%	55.01%	-50.31%	-35.97%	79.57%	4.88%	-18.87%	-17.04%
Free Cash Flow Firm Growth	-224.88%	352.80%	20.22%	-64.28%	296.52%	-89.72%	-285.38%	190.24%	-49.18%	-36.12%
Invested Capital Growth	7.84%	-7.34%	-11.81%	-2.78%	-0.77%	-4.18%	5.79%	-5.80%	-2.06%	-1.24%
Revenue Q/Q Growth	-20.07%	2.73%	38.92%	-2.96%	1.00%	-27.04%	0.00%	0.00%	0.00%	0.60%
EBITDA Q/Q Growth	-3.16%	27.38%	4.72%	41.23%	-17.87%	-114.25%	0.00%	0.00%	0.00%	14.53%
EBIT Q/Q Growth	-0.21%	59.03%	13.89%	-16.95%	2.82%	-346.43%	0.00%	0.00%	0.00%	204.92%
NOPAT Q/Q Growth	0.38%	60.54%	-50.43%	12.02%	1.93%	-1,264.18%	0.00%	0.00%	0.00%	121.49%
Net Income Q/Q Growth	-25.39%	75.06%	-71.14%	11.70%	1.92%	-399.60%	0.00%	0.00%	0.00%	123.32%
EPS Q/Q Growth	-25.39%	75.06%	-57.71%	22.56%	112.45%	-731.03%	0.00%	0.00%	0.00%	113.79%
Operating Cash Flow Q/Q Growth	-10.42%	24.23%	-20.67%	94.20%	-53.32%	51.58%	0.00%	0.00%	0.00%	-0.94%
Free Cash Flow Firm Q/Q Growth	-150.61%	442.43%	-45.30%	275.98%	16.19%	-64.22%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	6.63%	-6.01%	3.64%	-0.17%	-2.77%	-0.55%	0.00%	0.00%	0.00%	-0.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	58.40%	67.11%	53.44%	72.98%	77.38%	-1.66%	43.78%	5.94%	33.54%	37.42%
EBIT Margin	30.99%	34.83%	30.27%	22.63%	68.98%	-29.23%	14.04%	-27.85%	2.76%	2.22%
Profit (Net Income) Margin	48.35%	58.47%	12.67%	20.81%	66.90%	-31.75%	14.58%	-24.79%	2.18%	1.39%
Tax Burden Percent	156.00%	167.87%	82.61%	91.95%	96.99%	108.61%	105.33%	106.00%	52.95%	46.95%
Interest Burden Percent	100.00%	100.00%	50.69%	100.00%	100.00%	100.00%	98.62%	83.97%	149.30%	133.73%
Effective Tax Rate	-15.43%	1.35%	13.25%	8.19%	3.01%	0.00%	-5.33%	0.00%	47.05%	53.05%
Return on Invested Capital (ROIC)	3.33%	3.03%	1.59%	2.65%	21.28%	-1.95%	1.35%	-2.10%	-0.03%	0.09%
ROIC Less NNEP Spread (ROIC-NNEP)	5.50%	6.97%	1.49%	2.65%	21.28%	-4.17%	1.35%	-2.80%	0.42%	0.18%
Return on Net Nonoperating Assets (RNNOA)	6.47%	8.13%	1.96%	4.47%	26.04%	-3.92%	1.46%	-3.48%	0.54%	0.23%
Return on Equity (ROE)	9.80%	11.16%	3.55%	7.11%	47.32%	-5.86%	2.81%	-5.58%	0.51%	0.32%
Cash Return on Invested Capital (CROIC)	-4.21%	10.64%	14.14%	5.46%	22.06%	2.33%	-4.28%	3.87%	2.05%	1.33%
Operating Return on Assets (OROA)	2.60%	2.79%	3.30%	2.66%	19.39%	-2.46%	1.19%	-2.55%	0.25%	0.20%
Return on Assets (ROA)	4.06%	4.68%	1.38%	2.44%	18.80%	-2.68%	1.24%	-2.27%	0.20%	0.13%
Return on Common Equity (ROCE)	6.09%	7.15%	2.22%	4.20%	31.62%	-4.17%	1.98%	-3.95%	0.36%	0.21%
Return on Equity Simple (ROE_SIMPLE)	12.83%	14.23%	6.09%	9.46%	49.53%	-7.07%	3.33%	-6.55%	0.60%	0.39%
Net Operating Profit after Tax (NOPAT)	636	577	274	422	3,334	-298	208	-323	-4.81	13
NOPAT Margin	35.78%	34.36%	13.15%	20.77%	66.90%	-20.46%	14.58%	-20.93%	-0.32%	0.87%
Net Nonoperating Expense Percent (NNEP)	-2.17%	-3.94%	0.10%	-0.01%	0.00%	2.22%	0.00%	0.70%	-0.45%	-0.09%
SG&A Expenses to Revenue	0.00%	0.31%	0.00%	-0.12%	0.23%	0.44%	0.69%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	69.01%	65.17%	69.73%	77.37%	31.02%	129.23%	85.96%	127.85%	97.24%	97.78%
Earnings before Interest and Taxes (EBIT)	551	585	631	460	3,438	-425	200	-430	42	32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,038	1,127	1,114	1,482	3,857	-24	623	92	505	540
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.37	2.35	3.10	2.47	1.74	1.13	1.42	0.82	1.23	2.02
Price to Tangible Book Value (P/TBV)	2.72	2.59	3.71	2.90	1.86	1.22	1.59	0.92	1.39	2.29
Price to Revenue (P/Rev)	7.21	8.21	5.13	4.34	2.04	4.17	5.03	2.47	3.54	5.55
Price to Earnings (P/E)	18.86	16.74	65.98	22.90	3.28	0.00	70.76	0.00	122.89	968.57
Dividend Yield	3.70%	3.45%	4.18%	5.44%	8.62%	13.66%	5.68%	10.65%	2.43%	1.76%
Earnings Yield	5.30%	5.97%	1.52%	4.37%	30.50%	0.00%	1.41%	0.00%	0.81%	0.10%
Enterprise Value to Invested Capital (EV/IC)	1.28	1.35	1.33	1.29	1.17	0.93	1.01	0.88	0.98	1.21
Enterprise Value to Revenue (EV/Rev)	14.21	14.69	10.32	9.97	3.67	9.58	11.23	8.45	9.53	12.13
Enterprise Value to EBITDA (EV/EBITDA)	24.33	21.89	19.31	13.66	4.75	0.00	25.66	142.22	28.40	32.40
Enterprise Value to EBIT (EV/EBIT)	45.84	42.18	34.10	44.06	5.33	0.00	80.02	0.00	344.64	546.34
Enterprise Value to NOPAT (EV/NOPAT)	39.72	42.76	78.46	47.99	5.49	0.00	77.03	0.00	0.00	1,391.28
Enterprise Value to Operating Cash Flow (EV/OCF)	37.58	24.80	25.00	15.19	27.64	32.85	20.99	16.32	22.12	32.55
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	12.16	8.81	23.23	5.30	39.21	0.00	21.93	47.45	90.68
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.27	1.06	1.70	1.67	0.90	0.98	1.20	1.29	1.30	1.34
Long-Term Debt to Equity	1.21	1.05	1.70	1.66	0.83	0.90	1.12	1.20	1.21	1.24
Financial Leverage	1.18	1.17	1.32	1.68	1.22	0.94	1.09	1.24	1.29	1.32
Leverage Ratio	2.41	2.38	2.57	2.91	2.52	2.19	2.27	2.46	2.54	2.57
Compound Leverage Factor	2.41	2.38	1.30	2.91	2.52	2.19	2.24	2.07	3.80	3.44
Debt to Total Capital	56.03%	51.50%	62.96%	62.54%	47.46%	49.48%	54.46%	56.29%	56.54%	57.18%
Short-Term Debt to Total Capital	2.78%	0.63%	0.00%	0.51%	3.68%	3.85%	3.63%	3.86%	3.94%	3.99%
Long-Term Debt to Total Capital	53.25%	50.87%	62.96%	62.03%	43.77%	45.64%	50.83%	52.44%	52.60%	53.19%
Preferred Equity to Total Capital	6.45%	5.66%	5.51%	5.67%	5.71%	7.91%	7.47%	7.93%	8.10%	8.20%
Noncontrolling Interests to Total Capital	10.14%	10.89%	10.23%	9.07%	9.41%	6.83%	6.12%	4.52%	5.72%	7.03%
Common Equity to Total Capital	27.38%	31.95%	21.30%	22.72%	37.43%	35.78%	31.95%	31.25%	29.64%	27.58%
Debt to EBITDA	10.68	8.38	9.14	6.64	1.92	-306.36	13.83	91.48	16.34	15.26
Net Debt to EBITDA	8.81	6.97	7.43	6.15	1.50	-234.72	10.73	80.35	13.84	13.50
Long-Term Debt to EBITDA	10.15	8.28	9.14	6.58	1.77	-282.56	12.90	85.21	15.20	14.20
Debt to NOPAT	17.44	16.37	37.16	23.31	2.22	-24.86	41.51	-25.96	-1,714.50	655.17
Net Debt to NOPAT	14.38	13.61	30.17	21.61	1.74	-19.04	32.21	-22.80	-1,452.37	579.69
Long-Term Debt to NOPAT	16.58	16.17	37.16	23.12	2.05	-22.93	38.74	-24.18	-1,595.03	609.46
Noncontrolling Interest Sharing Ratio	37.89%	35.91%	37.50%	40.93%	33.19%	28.96%	29.50%	29.20%	30.12%	33.66%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-803	2,030	2,440	872	3,456	355	-659	595	302	193
Operating Cash Flow to CapEx	86.47%	100.10%	222.57%	0.00%	130.26%	107.08%	25,393.53%	26,631.47%	1,955.50%	0.00%
Free Cash Flow to Firm to Interest Expense	-2.60	6.15	7.06	2.50	12.06	1.55	-2.85	2.13	0.87	0.49
Operating Cash Flow to Interest Expense	2.17	3.01	2.49	3.83	2.31	1.85	3.30	2.86	1.86	1.38
Operating Cash Flow Less CapEx to Interest Expense	-0.34	0.00	1.37	6.24	0.54	0.12	3.28	2.85	1.76	1.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.08	0.08	0.11	0.12	0.28	0.08	0.09	0.09	0.09	0.09
Fixed Asset Turnover	0.13	0.13	0.18	0.17	0.46	0.16	0.15	0.16	0.15	0.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,796	18,344	16,178	15,728	15,607	14,953	15,820	14,902	14,595	14,415
Invested Capital Turnover	0.09	0.09	0.12	0.13	0.32	0.10	0.09	0.10	0.10	0.10
Increase / (Decrease) in Invested Capital	1,439	-1,453	-2,166	-450	-122	-653	866	-918	-307	-180
Enterprise Value (EV)	25,256	24,674	21,508	20,249	18,316	13,935	15,988	13,042	14,338	17,504
Market Capitalization	12,824	13,786	10,690	8,812	10,157	6,063	7,153	3,818	5,331	8,015
Book Value per Share	$28.75	$31.01	$18.15	$18.78	$30.60	$27.98	$26.38	$24.29	$22.55	$20.85
Tangible Book Value per Share	$24.99	$28.13	$15.18	$15.96	$28.59	$25.90	$23.53	$21.61	$20.04	$18.37
Total Capital	19,796	18,344	16,178	15,728	15,607	14,953	15,820	14,902	14,595	14,415
Total Debt	11,091	9,447	10,185	9,837	7,407	7,399	8,616	8,389	8,251	8,243
Total Long-Term Debt	10,541	9,331	10,185	9,757	6,832	6,824	8,041	7,814	7,676	7,668
Net Debt	9,148	7,851	8,270	9,120	5,799	5,669	6,686	7,368	6,990	7,293
Capital Expenditures (CapEx)	777	994	386	-836	509	396	3.00	3.00	33	0.00
Net Nonoperating Expense (NNE)	-224	-405	9.98	-0.64	0.03	164	0.00	60	-38	-7.53
Net Nonoperating Obligations (NNO)	11,091	9,447	10,185	9,837	7,407	7,399	8,616	8,389	8,251	8,243
Total Depreciation and Amortization (D&A)	487	542	483	1,023	419	401	423	522	463	508
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.93	$3.54	$1.69	$4.04	$16.23	($1.83)	$0.53	($2.13)	$0.23	$0.04
Adjusted Weighted Average Basic Shares Outstanding	232.12M	232.72M	390.74M	392.29M	190.80M	191.15M	191.55M	191.78M	191.01M	190.54M
Adjusted Diluted Earnings per Share	$2.91	$3.52	$0.85	$2.01	$16.21	($1.83)	$0.53	($2.13)	$0.23	$0.04
Adjusted Weighted Average Diluted Shares Outstanding	233.61M	234.36M	191.26M	191.29M	191.05M	191.15M	192.12M	191.78M	191.86M	196.63M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.83	$2.00	$16.23	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	232.39M	0.00	203.30M	203.41M	0.00	0.00	191.72M	191.87M	190.39M	190.85M
Normalized Net Operating Profit after Tax (NOPAT)	874	1,095	1,032	1,327	4,251	607	605	-0.16	-25	-60
Normalized NOPAT Margin	49.17%	65.17%	49.50%	65.33%	85.30%	41.72%	42.48%	-0.01%	-1.68%	-4.15%
Pre Tax Income Margin	30.99%	34.83%	15.34%	22.63%	68.98%	-29.23%	13.84%	-23.38%	4.13%	2.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.78	1.77	1.82	1.32	11.99	-1.85	0.86	-1.54	0.12	0.08
NOPAT to Interest Expense	2.06	1.75	0.79	1.21	11.63	-1.30	0.90	-1.15	-0.01	0.03
EBIT Less CapEx to Interest Expense	-0.73	-1.24	0.71	3.72	10.22	-3.58	0.85	-1.55	0.02	0.08
NOPAT Less CapEx to Interest Expense	-0.46	-1.26	-0.33	3.62	9.86	-3.03	0.89	-1.17	-0.11	0.03
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	76.59%	69.93%	253.93%	-288.98%	19.02%	-212.86%	319.37%	-144.63%	699.81%	1,100.47%
Augmented Payout Ratio	77.45%	69.95%	254.09%	-288.98%	19.28%	-212.89%	320.13%	-144.63%	788.54%	1,100.47%

This table displays calculated financial ratios and metrics derived from Vornado Realty Trust's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.99%	0.00%	0.00%	0.00%	-3.15%	-9.03%	-6.05%	2.40%	4.59%
EBITDA Growth	-33.76%	0.00%	0.00%	0.00%	4.40%	-11.87%	-12.94%	95.89%	75.00%
EBIT Growth	-85.19%	0.00%	0.00%	0.00%	-87.56%	-50.70%	-192.26%	126.02%	8,070.45%
NOPAT Growth	-88.96%	0.00%	0.00%	0.00%	-206.50%	-58.10%	-180.78%	108.32%	1,460.09%
Net Income Growth	-79.02%	0.00%	0.00%	0.00%	-156.02%	-36.08%	-132.68%	105.72%	1,691.33%
EPS Growth	-78.57%	0.00%	0.00%	0.00%	-266.67%	-25.00%	-135.71%	103.13%	960.00%
Operating Cash Flow Growth	-46.28%	0.00%	0.00%	0.00%	-65.73%	-31.18%	69.60%	-2.41%	65.27%
Free Cash Flow Firm Growth	-198.00%	0.00%	0.00%	0.00%	100.02%	0.00%	0.00%	0.00%	24,085.47%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	-0.06%	0.00%	0.00%	-1.24%	-4.18%
Revenue Q/Q Growth	0.00%	7.87%	-5.21%	-4.65%	-0.67%	1.33%	-2.11%	3.92%	1.46%
EBITDA Q/Q Growth	0.00%	49.05%	-26.05%	-46.26%	76.26%	25.82%	-26.95%	20.92%	57.46%
EBIT Q/Q Growth	0.00%	636.69%	-75.98%	-411.69%	102.26%	2,819.29%	-144.95%	187.91%	608.22%
NOPAT Q/Q Growth	0.00%	950.22%	-79.57%	-647.45%	90.93%	513.19%	-139.39%	156.40%	1,381.73%
Net Income Q/Q Growth	0.00%	460.22%	-5.04%	-268.90%	93.77%	739.23%	-148.55%	129.58%	1,633.66%
EPS Q/Q Growth	0.00%	700.00%	16.67%	-214.29%	84.38%	460.00%	-155.56%	110.00%	4,200.00%
Operating Cash Flow Q/Q Growth	0.00%	207.89%	-78.03%	240.03%	-85.10%	518.32%	-45.87%	95.66%	-74.76%
Free Cash Flow Firm Q/Q Growth	0.00%	100.00%	0.00%	0.00%	0.00%	-507,307.02%	0.71%	101.28%	274.47%
Invested Capital Q/Q Growth	0.00%	-100.00%	0.00%	0.00%	0.25%	0.11%	-0.96%	-0.65%	-2.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-
EBITDA Margin	32.67%	45.14%	35.22%	19.85%	35.22%	43.73%	32.63%	37.97%	58.93%
EBIT Margin	2.44%	16.65%	4.22%	-13.79%	0.31%	9.02%	-4.14%	3.50%	24.47%
Profit (Net Income) Margin	3.03%	15.75%	15.78%	-27.95%	-1.75%	11.07%	-5.49%	1.56%	26.69%
Tax Burden Percent	70.58%	93.31%	83.60%	109.08%	-1,343.25%	88.36%	133.48%	49.72%	93.28%
Interest Burden Percent	176.22%	101.37%	447.27%	185.76%	41.70%	138.80%	99.23%	89.62%	116.95%
Effective Tax Rate	29.42%	6.69%	16.40%	0.00%	1,443.25%	11.64%	0.00%	50.28%	6.72%
Return on Invested Capital (ROIC)	0.33%	0.00%	0.00%	-1.98%	-0.18%	1.42%	-0.57%	0.16%	2.32%
ROIC Less NNEP Spread (ROIC-NNEP)	0.46%	0.00%	0.00%	-2.36%	-0.18%	1.77%	-0.79%	0.16%	2.51%
Return on Net Nonoperating Assets (RNNOA)	0.60%	0.00%	0.00%	-3.07%	-0.23%	2.27%	-1.04%	0.20%	3.19%
Return on Equity (ROE)	0.92%	0.00%	0.00%	-5.06%	-0.41%	3.69%	-1.61%	0.36%	5.51%
Cash Return on Invested Capital (CROIC)	-203.88%	0.00%	0.00%	2.07%	0.02%	0.00%	0.00%	1.33%	4.97%
Operating Return on Assets (OROA)	0.23%	0.00%	0.00%	-1.27%	0.03%	0.81%	-0.37%	0.31%	2.25%
Return on Assets (ROA)	0.28%	0.00%	0.00%	-2.57%	-0.16%	1.00%	-0.49%	0.14%	2.45%
Return on Common Equity (ROCE)	0.66%	0.00%	0.00%	-3.53%	-0.29%	2.56%	-1.05%	0.24%	3.71%
Return on Equity Simple (ROE_SIMPLE)	-7.46%	0.00%	0.00%	0.00%	0.28%	-0.13%	-1.63%	0.00%	2.38%
Net Operating Profit after Tax (NOPAT)	5.89	62	13	-69	-6.27	26	-10	5.76	85
NOPAT Margin	1.60%	15.53%	3.35%	-19.22%	-1.75%	7.15%	-2.88%	1.56%	22.81%
Net Nonoperating Expense Percent (NNEP)	-0.13%	0.00%	0.00%	0.38%	0.00%	-0.34%	0.22%	0.00%	-0.18%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	97.56%	83.35%	95.78%	113.79%	99.69%	90.98%	104.14%	96.50%	75.53%
Earnings before Interest and Taxes (EBIT)	9.00	66	16	-50	1.12	33	-15	13	92
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	121	180	133	71	126	158	116	140	220
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.64	0.00	0.00	1.23	1.25	1.11	1.80	2.02	1.71
Price to Tangible Book Value (P/TBV)	0.72	0.00	0.00	1.39	1.40	1.24	2.04	2.29	1.94
Price to Revenue (P/Rev)	1.90	0.00	0.00	3.54	3.63	3.38	5.14	5.55	4.84
Price to Earnings (P/E)	0.00	0.00	0.00	122.89	186.08	272.71	0.00	968.57	67.78
Dividend Yield	13.13%	11.13%	8.90%	2.43%	2.39%	2.61%	1.74%	1.76%	2.00%
Earnings Yield	0.00%	0.00%	0.00%	0.81%	0.54%	0.37%	0.00%	0.10%	1.48%
Enterprise Value to Invested Capital (EV/IC)	0.82	0.00	0.00	0.98	0.99	0.96	1.16	1.21	1.15
Enterprise Value to Revenue (EV/Rev)	7.92	0.00	0.00	9.53	9.75	9.61	11.69	12.13	11.06
Enterprise Value to EBITDA (EV/EBITDA)	396.26	0.00	0.00	28.40	28.53	28.66	35.55	32.40	25.43
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	344.64	431.67	153,987.22	0.00	546.34	131.84
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	895.28	0.00	1,391.28	162.19
Enterprise Value to Operating Cash Flow (EV/OCF)	16.63	0.00	0.00	22.12	24.76	28.05	30.89	32.55	28.91
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	4,093.09	0.00	0.00	90.68	22.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	1.30	0.00	0.00	1.30	1.29	1.28	1.31	1.34	1.25
Long-Term Debt to Equity	1.21	0.00	0.00	1.21	1.20	1.20	1.22	1.24	1.16
Financial Leverage	1.30	0.00	0.00	1.30	1.30	1.28	1.31	1.32	1.27
Leverage Ratio	2.56	0.00	0.00	2.54	2.55	2.53	2.57	2.57	2.52
Compound Leverage Factor	4.51	0.00	0.00	4.72	1.06	3.51	2.55	2.30	2.95
Debt to Total Capital	56.54%	0.00%	0.00%	56.54%	56.42%	56.23%	56.80%	57.18%	55.58%
Short-Term Debt to Total Capital	3.93%	0.00%	0.00%	3.94%	3.93%	3.93%	3.96%	3.99%	4.10%
Long-Term Debt to Total Capital	52.61%	0.00%	0.00%	52.60%	52.49%	52.31%	52.84%	53.19%	51.48%
Preferred Equity to Total Capital	8.08%	0.00%	0.00%	8.10%	8.08%	8.07%	8.15%	8.20%	8.43%
Noncontrolling Interests to Total Capital	4.59%	0.00%	0.00%	5.72%	5.73%	5.36%	6.82%	7.03%	6.52%
Common Equity to Total Capital	30.80%	0.00%	0.00%	29.64%	29.77%	30.34%	28.23%	27.58%	29.47%
Debt to EBITDA	274.08	0.00	0.00	16.34	16.18	16.85	17.47	15.26	12.28
Net Debt to EBITDA	239.85	0.00	0.00	13.84	13.93	14.57	15.29	13.50	11.01
Long-Term Debt to EBITDA	255.04	0.00	0.00	15.20	15.05	15.67	16.25	14.20	11.37
Debt to NOPAT	-29.14	0.00	0.00	-1,714.50	-1,474.13	526.28	-140.78	655.17	78.30
Net Debt to NOPAT	-25.50	0.00	0.00	-1,452.37	-1,268.96	454.92	-123.20	579.69	70.19
Long-Term Debt to NOPAT	-27.11	0.00	0.00	-1,595.03	-1,371.45	489.54	-130.95	609.46	72.52
Noncontrolling Interest Sharing Ratio	29.14%	0.00%	0.00%	30.12%	30.41%	30.69%	34.65%	33.66%	32.66%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-14,636	0.00	0.00	0.00	2.88	-14,623	-14,519	186	697
Operating Cash Flow to CapEx	9,187.20%	879.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-169.71	0.00	0.00	0.00	0.03	-148.60	-143.88	1.85	7.28
Operating Cash Flow to Interest Expense	1.07	3.25	0.71	2.41	0.35	1.98	1.04	2.05	0.54
Operating Cash Flow Less CapEx to Interest Expense	1.05	2.88	0.71	2.41	0.35	1.98	1.04	2.05	0.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.00	0.00	0.09	0.09	0.09	0.09	0.09	0.09
Fixed Asset Turnover	0.15	0.00	0.00	0.15	0.15	0.15	0.14	0.14	0.15
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	14,641	0.00	0.00	14,595	14,632	14,649	14,509	14,415	14,020
Invested Capital Turnover	0.21	0.00	0.00	0.10	0.10	0.20	0.20	0.10	0.10
Increase / (Decrease) in Invested Capital	14,641	0.00	0.00	0.00	-9.16	14,649	14,509	-180	-612
Enterprise Value (EV)	11,969	0.00	0.00	14,338	14,556	14,013	16,765	17,504	16,141
Market Capitalization	2,870	3,388	4,236	5,331	5,429	4,925	7,382	8,015	7,059
Book Value per Share	$23.50	$0.00	$0.00	$22.55	$22.88	$23.33	$21.50	$20.85	$21.65
Tangible Book Value per Share	$20.87	$0.00	$0.00	$20.04	$20.35	$20.83	$19.02	$18.37	$19.02
Total Capital	14,641	0.00	0.00	14,595	14,632	14,649	14,509	14,415	14,020
Total Debt	8,278	0.00	0.00	8,251	8,255	8,237	8,241	8,243	7,792
Total Long-Term Debt	7,703	0.00	0.00	7,676	7,680	7,662	7,666	7,668	7,217
Net Debt	7,244	0.00	0.00	6,990	7,106	7,120	7,212	7,293	6,985
Capital Expenditures (CapEx)	1.00	32	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	-5.31	-0.87	-47	31	0.00	-14	9.26	0.00	-15
Net Nonoperating Obligations (NNO)	8,278	0.00	0.00	8,251	8,255	8,237	8,241	8,243	7,792
Total Depreciation and Amortization (D&A)	112	113	117	121	125	126	130	127	129
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.03	$0.00	$0.00	($0.32)	($0.05)	$0.19	($0.10)	$0.00	$0.45
Adjusted Weighted Average Basic Shares Outstanding	191.87M	0.00	0.00	191.01M	190.43M	190.49M	190.56M	190.54M	191.37M
Adjusted Diluted Earnings per Share	$0.03	$0.00	$0.00	($0.32)	($0.05)	$0.18	($0.10)	$0.01	$0.43
Adjusted Weighted Average Diluted Shares Outstanding	191.88M	0.00	0.00	191.86M	190.43M	194.41M	190.56M	196.63M	200.74M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	191.88M	0.00	0.00	190.39M	190.48M	190.51M	190.65M	190.85M	191.95M
Normalized Net Operating Profit after Tax (NOPAT)	-5.87	27	-2.63	-46	-11	-16	-23	-13	-5.14
Normalized NOPAT Margin	-1.59%	6.80%	-0.70%	-12.70%	-3.10%	-4.54%	-6.48%	-3.50%	-1.37%
Pre Tax Income Margin	4.30%	16.88%	18.87%	-25.62%	0.13%	12.52%	-4.11%	3.14%	28.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.10	0.76	0.18	-0.57	0.01	0.33	-0.15	0.13	0.96
NOPAT to Interest Expense	0.07	0.71	0.14	-0.79	-0.07	0.26	-0.10	0.06	0.89
EBIT Less CapEx to Interest Expense	0.09	0.39	0.18	-0.57	0.01	0.33	-0.15	0.13	0.96
NOPAT Less CapEx to Interest Expense	0.06	0.34	0.14	-0.79	-0.07	0.26	-0.10	0.06	0.89
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-114.55%	0.00%	0.00%	699.81%	985.25%	-2,064.63%	-173.88%	1,100.47%	175.71%
Augmented Payout Ratio	-114.55%	0.00%	0.00%	788.54%	985.25%	-2,146.83%	-173.88%	1,100.47%	175.71%

Key Financial Trends

Vornado Realty Trust (NYSE: VNO) presents a mixed but somewhat improving financial picture over the past four years through Q1 2025, characterized by volatile net income, high depreciation expenses, and significant debt-related interest costs. Here are the key financial insights for retail investors to consider:

Q1 2025 shows a solid consolidated net income of $99.8 million, a substantial improvement compared to consecutive quarters in 2024, where income ranged from losses to small profits.
Total revenue in Q1 2025 was $374 million, slightly higher than recent quarters, driven largely by consistent non-interest income (~$461 million), demonstrating diversified income sources beyond interest earnings.
Operating cash flow remains healthy; Q1 2025 net cash from operating activities was $52 million, indicating positive cash generation despite mixed earnings.
Depreciation expenses remained high but stable, around $108-$121 million quarterly, reflecting ongoing investments in property and equipment, which aligns with the company’s real estate operations.
Long-term debt remains substantial, around $7.2 billion as of Q1 2025, with high associated interest expense (~$95.8 million in Q1 2025), affecting net interest income negatively (reported net interest expense of about -$87.5 million in Q1 2025).
The company maintains strong total assets (~$15.6 billion in Q1 2025) primarily composed of premises and equipment (~$10 billion), intangible assets, and other assets, supporting its real estate portfolio.
Total equity decreased slightly to $5.49 billion by Q1 2025 from higher levels in prior quarters, partly due to accumulated losses and dividends paid out to preferred shareholders.
Net income/loss has been highly volatile over the past years, including large net losses in Q4 2023 (-$100.6 million) and Q3 2024 (-$19.4 million), reflecting challenges in the real estate market or operational costs.
The company consistently pays significant preferred stock dividends (~$15.5 million per quarter), which reduces net income available to common shareholders, affecting EPS and investor returns.
Cash flow from financing activities shows substantial debt repayments and dividend payments resulting in significant cash outflows, e.g., cash used in financing activities was -$470 million in Q1 2025, which may pressure liquidity if sustained.

Summary: Vornado Realty Trust is navigating a challenging operating environment with volatile earnings but shows signs of recovery in early 2025 with positive net income and steady cash flow from operations. The high debt load and related interest expenses remain a concern, as does the impact of preferred dividends on earnings available to common shareholders. Investors should watch for continued earnings stabilization, efficient debt management, and operational improvements going forward.

08/09/25 04:41 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Vornado Realty Trust's Financials

When does Vornado Realty Trust's financial year end?

According to the most recent income statement we have on file, Vornado Realty Trust's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Vornado Realty Trust's net income changed over the last 9 years?

Vornado Realty Trust's net income appears to be on a downward trend, with a most recent value of $20.12 million in 2024, falling from $859.43 million in 2015. The previous period was $32.89 million in 2023. See where experts think Vornado Realty Trust is headed by visiting Vornado Realty Trust's forecast page.

How has Vornado Realty Trust's revenue changed over the last 9 years?

Over the last 9 years, Vornado Realty Trust's total revenue changed from $1.78 billion in 2015 to $1.44 billion in 2024, a change of -18.8%.

How much debt does Vornado Realty Trust have?

Vornado Realty Trust's total liabilities were at $9.83 billion at the end of 2024, a 0.2% decrease from 2023, and a 21.0% decrease since 2015.

How much cash does Vornado Realty Trust have?

In the past 9 years, Vornado Realty Trust's cash and equivalents has ranged from $570.92 million in 2018 to $1.84 billion in 2015, and is currently $733.95 million as of their latest financial filing in 2024.

How has Vornado Realty Trust's book value per share changed over the last 9 years?

Over the last 9 years, Vornado Realty Trust's book value per share changed from 28.75 in 2015 to 20.85 in 2024, a change of -27.5%.

Related Companies

This page (NYSE:VNO) was last updated on 8/9/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Vornado Realty Trust (VNO) Financials

Key Financial Trends

Frequently Asked Questions About Vornado Realty Trust's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Vornado Realty Trust (VNO) Financials

Annual Income Statements for Vornado Realty Trust

Quarterly Income Statements for Vornado Realty Trust

Annual Cash Flow Statements for Vornado Realty Trust

Quarterly Cash Flow Statements for Vornado Realty Trust

Annual Balance Sheets for Vornado Realty Trust

Quarterly Balance Sheets for Vornado Realty Trust

Annual Metrics And Ratios for Vornado Realty Trust

Quarterly Metrics And Ratios for Vornado Realty Trust

Key Financial Trends

Frequently Asked Questions About Vornado Realty Trust's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools