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Vornado Realty Trust (VNO) Financials

Vornado Realty Trust logo
$30.53 -0.54 (-1.75%)
Closing price 05/15/2026 03:59 PM Eastern
Extended Trading
$30.70 +0.18 (+0.58%)
As of 05/15/2026 08:00 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Vornado Realty Trust

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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 680 824 162 385 3,098 -349 101 -409 43 8.28 843
Consolidated Net Income / (Loss)		 859 982 264 423 3,334 -462 208 -383 33 20 937
Net Income / (Loss) Continuing Operations		 636 577 277 422 3,334 -462 210 -351 84 25 136
Total Pre-Tax Income 		551 585 320 460 3,438 -425 197 -361 62 43 951
Total Revenue		 1,778 1,679 2,084 2,031 4,984 1,455 1,423 1,544 1,505 1,443 1,512
Net Interest Income / (Expense)		 -282 -306 -346 -331 -265 -235 -226 -256 -306 -344 -299
Total Interest Income		 27 24 0.00 17 22 -5.50 4.61 23 43 46 55
Investment Securities Interest Income		 27 24 - 17 22 -5.50 4.61 23 43 46 55
Total Interest Expense		 309 330 346 348 287 229 231 280 349 390 354
Long-Term Debt Interest Expense		 309 330 346 348 287 229 231 280 349 390 354
Total Non-Interest Income		 2,060 1,985 1,738 2,362 5,249 1,689 1,650 1,800 1,811 1,788 1,810
Other Non-Interest Income		 1,846 1,884 2,430 2,164 1,925 1,528 1,589 1,800 1,811 1,788 1,810
Total Non-Interest Expense		 1,227 1,095 1,453 1,572 1,546 1,880 1,224 1,973 1,464 1,411 1,397
Salaries and Employee Benefits		 - 5.21 0.00 -2.48 12 6.44 9.85 0.00 0.00 0.00 0.00
Other Operating Expenses		 149 144 151 142 170 182 135 1,008 1,068 1,076 1,076
Depreciation Expense		 380 421 429 447 419 400 412 505 434 448 462
Other Special Charges		 685 515 871 954 839 1,118 667 461 -39 -112 -141
Nonoperating Income / (Expense), net		 - - 3.74 - - - - 101 71 16 35
Income Tax Expense		 -85 7.92 42 38 103 37 -10 22 29 23 14
Preferred Stock Dividends Declared		 81 83 65 65 50 52 75 62 62 62 62
Net Income / (Loss) Attributable to Noncontrolling Interest		 99 75 37 -27 186 -165 32 -30 3.36 0.86 74
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)		 - - - - - - - -5.74 -76 -51 -42
Basic Earnings per Share		 $7.22 $8.72 $0.85 $2.02 $16.23 ($1.83) $0.53 ($2.13) $0.23 $0.04 $4.40
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 191.76M
Diluted Earnings per Share		 $3.59 $4.34 $0.85 $2.01 $16.21 ($1.83) $0.53 ($2.13) $0.23 $0.04 $4.20
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 201.05M
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 190.67M
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 $0.74

Quarterly Income Statements for Vornado Realty Trust

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 53 -61 -9.03 35 -19 1.20 87 744 12 0.60 -23
Consolidated Net Income / (Loss)		 60 -101 -6.27 40 -19 5.76 100 813 19 4.91 -22
Net Income / (Loss) Continuing Operations		 60 -51 -5.62 43 -19 6.99 100 452 23 -438 -21
Total Pre-Tax Income 		71 -92 0.47 45 -15 12 107 817 14 13 -16
Total Revenue		 378 360 358 362 355 369 374 814 392 -68 379
Net Interest Income / (Expense)		 -73 -82 -79 -88 -89 -89 -88 -77 -62 -72 -80
Total Interest Income		 15 5.83 12 11 12 11 8.26 11 22 13 9.33
Investment Securities Interest Income		 15 5.83 12 11 12 11 8.26 11 22 13 9.33
Total Interest Expense		 88 88 90 98 101 100 96 88 84 86 89
Long-Term Debt Interest Expense		 88 88 90 98 101 100 96 88 84 86 89
Total Non-Interest Income		 451 442 436 450 443 458 462 891 454 3.78 459
Other Non-Interest Income		 451 442 436 450 443 458 462 883 454 12 459
Total Non-Interest Expense		 362 410 357 330 369 356 283 358 374 382 395
Salaries and Employee Benefits		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Other Operating Expenses		 270 266 264 268 272 273 263 40 279 494 289
Depreciation Expense		 110 110 109 110 116 113 116 116 117 113 119
Other Special Charges		 -18 34 -16 -48 -18 -30 -97 203 -22 -225 -13
Nonoperating Income / (Expense), net		 56 6.61 0.00 16 0.00 - 16 - 0.00 - 0.00
Income Tax Expense		 12 8.37 6.74 5.28 4.88 5.82 7.19 4.12 -5.59 7.78 5.91
Preferred Stock Dividends Declared		 16 16 16 16 16 16 16 16 16 16 16
Net Income / (Loss) Attributable to Noncontrolling Interest		 4.74 -5.41 -0.79 3.20 -1.69 0.14 7.89 54 1.04 11 -2.02
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)		 -14 -50 -12 -14 -14 -11 -10 - -8.91 - -13
Basic Earnings per Share		 $0.28 ($0.32) ($0.05) $0.19 ($0.10) - $0.45 $3.87 $0.06 $0.02 ($0.12)
Weighted Average Basic Shares Outstanding		 190.36M 191.01M 190.43M 190.49M 190.56M 190.54M 191.37M 191.98M 192.05M 191.76M 189.66M
Diluted Earnings per Share		 $0.28 ($0.32) ($0.05) $0.18 ($0.10) $0.01 $0.43 $3.70 $0.06 $0.01 ($0.12)
Weighted Average Diluted Shares Outstanding		 192.92M 191.86M 190.43M 194.41M 190.56M 196.63M 200.74M 201.07M 200.15M 201.05M 189.68M
Weighted Average Basic & Diluted Shares Outstanding		 - 190.39M 190.48M 190.51M 190.65M 190.85M 191.95M 192.04M 192.05M 190.67M 188.10M

Annual Cash Flow Statements for Vornado Realty Trust

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 559 -344 315 -949 890 123 200 -909 240 -312 28
Net Cash From Operating Activities		 672 995 860 1,333 663 424 762 799 648 538 1,258
Net Cash From Continuing Operating Activities		 672 995 860 1,333 663 424 762 799 648 538 1,258
Net Income / (Loss) Continuing Operations		 859 982 264 845 3,334 -462 208 -383 33 20 937
Consolidated Net Income / (Loss)		 859 982 264 845 3,334 -462 208 -383 33 20 937
Provision For Loan Losses		 - - - 0.00 0.00 13 0.00 0.00 8.27 0.00 0.00
Depreciation Expense		 566 595 530 946 439 418 433 526 458 469 481
Amortization Expense		 -79 -53 -47 77 -20 -17 -9.24 -4.75 5.72 39 23
Non-Cash Adjustments to Reconcile Net Income		 -416 -453 180 998 -3,076 593 116 559 152 83 -5.66
Changes in Operating Assets and Liabilities, net		 -259 -76 -67 -117 -15 -121 15 101 -8.56 -74 -178
Net Cash From Investing Activities		 -732 -893 -206 -62 2,463 -88 -532 -907 -129 -597 116
Net Cash From Continuing Investing Activities		 -732 -893 -206 -62 2,463 -88 -532 -907 -129 -597 116
Purchase of Property, Leasehold Improvements and Equipment		 -777 -994 -386 - -509 -396 -3.00 -3.00 -33 0.00 -297
Purchase of Investment Securities		 -795 -235 -312 - -901 -767 -750 -1,997 -822 -631 -483
Sale and/or Maturity of Investments		 804 187 126 1,288 2,599 1,073 239 1,059 722 34 96
Other Investing Activities, net		 36 149 366 205 25 2.39 106 34 4.65 0.00 800
Net Cash From Financing Activities		 619 -446 -338 -2,220 -2,236 -213 -29 -801 -279 -252 -1,346
Net Cash From Continuing Financing Activities		 619 -446 -338 -2,220 -2,236 -213 -29 -801 -279 -252 -1,346
Issuance of Debt		 4,469 2,404 1,056 2,452 1,108 1,056 3,248 1,030 0.00 75 836
Repayment of Debt		 -3,018 -1,937 -647 0.00 -2,757 -1,078 -1,584 -1,251 -148 -97 -1,904
Repurchase of Common Equity		 -7.47 -0.19 -0.42 - -8.69 -0.14 -1.57 0.00 -29 0.00 -51
Payment of Dividends		 -658 -687 -671 1,221 -634 -983 -663 -553 -230 -221 -226
Other Financing Activities, Net		 -166 20 -385 286 57 501 -1,021 -26 128 -8.51 -0.81
Cash Interest Paid		 377 369 339 624 284 210 189 252 381 323 313
Cash Income Taxes Paid		 8.29 9.72 6.73 124 60 15 9.16 7.95 10 7.61 5.20

Quarterly Cash Flow Statements for Vornado Realty Trust

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -50 -0.90 -113 -32 -88 -79 -143 556 -211 -175 234
Net Cash From Operating Activities		 62 211 31 195 105 206 52 1,027 33 146 48
Net Cash From Continuing Operating Activities		 62 211 31 195 105 206 52 1,027 33 146 48
Net Income / (Loss) Continuing Operations		 60 -101 -6.27 40 -19 5.76 100 813 19 4.91 -22
Consolidated Net Income / (Loss)		 60 -101 -6.27 40 -19 5.76 100 813 19 4.91 -22
Depreciation Expense		 116 116 114 116 121 118 121 120 122 118 124
Amortization Expense		 0.70 5.58 11 9.99 9.14 8.76 7.64 6.35 6.11 2.98 -0.04
Non-Cash Adjustments to Reconcile Net Income		 -33 125 27 -20 33 13 -77 103 -16 -2.11 -4.01
Changes in Operating Assets and Liabilities, net		 -81 57 -114 48 -39 60 -99 -15 -98 22 -50
Net Cash From Investing Activities		 -87 -195 -129 -178 -180 -110 276 250 -317 -93 -230
Net Cash From Continuing Investing Activities		 -87 -195 -129 -178 -180 -110 276 250 -317 -93 -230
Purchase of Property, Leasehold Improvements and Equipment		 - - - - - - 0.00 - -222 -51 -172
Purchase of Investment Securities		 -204 -191 -129 -212 -180 -110 -95 -156 -141 -90 -143
Sale and/or Maturity of Investments		 117 10 0.00 34 - - 29 18 3.37 45 85
Other Investing Activities, net		 0.36 -14 0.00 - - - 342 410 44 3.64 0.35
Net Cash From Financing Activities		 -25 -18 -16 -48 -13 -175 -470 -720 72 -228 416
Net Cash From Continuing Financing Activities		 -25 -18 -16 -48 -13 -175 -470 -720 72 -228 416
Issuance of Debt		 - - 0.00 - - - 120 - 715 0.37 1,515
Repayment of Debt		 -3.60 -29 0.00 -96 - -1.74 -574 -704 -622 -2.83 -968
Repurchase of Common Equity		 -5.93 - - - - - 0.00 - - - -80
Payment of Dividends		 -16 -102 -16 -16 -17 -174 -16 -16 -16 -178 -16
Other Financing Activities, Net		 -0.10 113 0.11 -12 3.38 -0.09 0.13 0.10 -5.15 4.12 -35
Cash Interest Paid		 142 75 70 82 85 86 83 84 67 79 69
Cash Income Taxes Paid		 3.98 1.64 1.61 2.83 1.57 1.60 1.80 1.83 1.38 0.20 2.64

Annual Balance Sheets for Vornado Realty Trust

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 2025
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 12/31/2025
Total Assets		 21,143 20,815 17,398 17,181 18,287 16,222 17,267 16,493 16,188 15,999 15,521
Cash and Due from Banks		 1,836 1,501 1,818 571 1,515 1,624 1,760 890 997 734 841
Restricted Cash		 108 95 97 146 92 106 170 131 265 216 137
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 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 10,155
Intangible Assets		 708 545 563 537 385 397 547 513 482 473 485
Other Assets		 3,669 6,864 2,867 3,163 7,119 5,176 4,948 5,115 4,396 4,510 3,903
Total Liabilities & Shareholders' Equity		 21,143 20,815 17,398 17,181 18,287 16,222 17,267 16,493 16,188 15,999 15,521
Total Liabilities		 12,438 11,918 11,405 11,289 10,087 8,667 10,063 9,980 9,844 9,827 8,717
Short-Term Debt		 550 116 0.00 80 575 575 575 575 575 575 720
Other Short-Term Payables		 444 397 416 431 - 427 - 451 411 374 376
Long-Term Debt		 10,541 9,331 10,185 9,757 6,832 6,824 8,041 7,814 7,676 7,668 6,465
Other Long-Term Liabilities		 903 2,074 805 1,022 2,681 841 1,447 1,140 1,181 1,210 1,155
Commitments & Contingencies		 0.00 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 1,278 985 784 889 606 689 437 638 835 648
Total Equity & Noncontrolling Interests		 7,476 7,618 5,008 5,108 7,311 6,948 6,515 6,076 5,705 5,337 6,157
Total Preferred & Common Equity		 6,698 6,899 4,338 4,465 6,732 6,533 6,236 5,840 5,509 5,158 5,987
Preferred Stock		 1,277 1,038 892 891 891 1,182 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 4,804
Common Stock		 7,141 7,161 7,500 7,733 7,835 8,200 8,151 8,377 8,271 8,060 8,296
Retained Earnings		 -1,767 -1,419 -4,183 -4,167 -1,954 -2,774 -3,079 -3,895 -4,009 -4,142 -3,492
Accumulated Other Comprehensive Income / (Loss)		 47 119 129 7.66 -40 -75 -18 175 65 58 -0.01
Noncontrolling Interest		 778 720 670 643 579 415 279 237 196 179 170

Quarterly Balance Sheets for Vornado Realty Trust

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 Q2 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 3/31/2023 6/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 16,272 16,438 16,207 16,210 16,083 15,599 15,608 15,747 15,920
Cash and Due from Banks		 891 1,134 893 873 784 569 1,205 1,010 1,081
Restricted Cash		 143 178 256 244 245 238 158 142 130
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 9,928 9,976 10,071 10,053 10,062 10,040 9,903 10,115 10,281
Intangible Assets		 504 494 481 477 473 502 441 463 491
Other Assets		 4,806 4,655 4,507 4,563 4,519 4,250 3,902 4,018 3,936
Total Liabilities & Shareholders' Equity		 16,272 16,438 16,207 16,210 16,083 15,599 15,608 15,747 15,920
Total Liabilities		 9,909 9,963 9,830 9,799 9,816 9,371 8,594 8,730 9,210
Short-Term Debt		 575 575 575 575 575 575 575 720 718
Other Short-Term Payables		 442 504 389 363 362 388 337 382 367
Long-Term Debt		 7,703 7,702 7,680 7,662 7,666 7,217 6,521 6,465 6,997
Other Long-Term Liabilities		 1,189 1,182 1,186 1,198 1,212 1,191 1,162 1,162 1,128
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 431 480 643 593 808 738 750 781 527
Total Equity & Noncontrolling Interests		 5,933 5,995 5,734 5,818 5,459 5,490 6,264 6,236 6,183
Total Preferred & Common Equity		 5,692 5,735 5,539 5,626 5,278 5,314 6,092 6,066 6,018
Preferred Stock		 1,182 1,182 1,182 1,182 1,182 1,182 1,182 1,182 1,182
Total Common Equity		 4,509 4,552 4,357 4,444 4,096 4,132 4,910 4,884 4,836
Common Stock		 8,375 8,339 8,269 8,322 8,098 8,160 8,211 8,180 8,415
Retained Earnings		 -3,961 -3,938 -4,018 -3,983 -4,002 -4,055 -3,312 -3,300 -3,594
Accumulated Other Comprehensive Income / (Loss)		 96 152 106 105 -0.48 27 9.86 3.97 15
Noncontrolling Interest		 241 260 195 192 181 176 172 170 165

Annual Metrics And Ratios for Vornado Realty Trust

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 2025
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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 190,666,367.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 0.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.00
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
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 $4.40
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 191.76M
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 $4.20
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 201.05M
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 $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 190.67M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Vornado Realty Trust

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 190,666,367.00 188,097,756.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 0.00 188,097,756.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.00 -0.12
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% -3.15% -9.03% -6.05% 2.40% 4.59% 124.76% 10.41% - 1.39%
EBITDA Growth		 0.00% 0.00% 4.40% -11.87% -12.94% 95.89% 75.00% 267.82% 25.40% - -50.69%
EBIT Growth		 0.00% 0.00% -87.56% -50.70% -192.26% 126.02% 8,070.45% 1,295.46% 217.11% - -116.78%
NOPAT Growth		 0.00% 0.00% -206.50% -58.10% -180.78% 108.32% 1,460.09% 3,037.51% 288.44% - -113.22%
Net Income Growth		 0.00% 0.00% -156.02% -36.08% -132.68% 105.72% 1,691.33% 1,928.05% 198.82% - -122.06%
EPS Growth		 0.00% 0.00% -266.67% -25.00% -135.71% 103.13% 960.00% 1,955.56% 160.00% - -127.91%
Operating Cash Flow Growth		 0.00% 0.00% -65.73% -31.18% 69.60% -2.41% 65.27% 427.49% -68.53% - -8.24%
Free Cash Flow Firm Growth		 0.00% 0.00% 100.02% 0.00% 0.00% 0.00% 24,085.47% 948.94% 102.24% - -159.53%
Invested Capital Growth		 0.00% 0.00% -0.06% 0.00% 0.00% -1.24% -4.18% -3.68% -2.10% - 2.88%
Revenue Q/Q Growth		 -5.21% -4.65% -0.67% 1.33% -2.11% 3.92% 1.46% 117.76% -51.91% - 653.64%
EBITDA Q/Q Growth		 -26.05% -46.26% 76.26% 25.82% -26.95% 20.92% 57.46% 164.45% -75.09% - 133.01%
EBIT Q/Q Growth		 -75.98% -411.69% 102.26% 2,819.29% -144.95% 187.91% 608.22% 398.60% -96.23% - 96.59%
NOPAT Q/Q Growth		 -79.57% -647.45% 90.93% 513.19% -139.39% 156.40% 1,381.73% 853.17% -97.63% - -329.60%
Net Income Q/Q Growth		 -5.04% -268.90% 93.77% 739.23% -148.55% 129.58% 1,633.66% 714.66% -97.63% - -548.23%
EPS Q/Q Growth		 16.67% -214.29% 84.38% 460.00% -155.56% 110.00% 4,200.00% 760.47% -98.38% - -1,300.00%
Operating Cash Flow Q/Q Growth		 -78.03% 240.03% -85.10% 518.32% -45.87% 95.66% -74.76% 1,873.54% -96.77% - -67.36%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -507,307.02% 0.71% 101.28% 274.47% 93.92% -75.99% - -196.64%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.25% 0.11% -0.96% -0.65% -2.74% 0.64% 0.66% - 3.10%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 35.22% 19.85% 35.22% 43.73% 32.63% 37.97% 58.93% 71.56% 37.07% - 28.66%
EBIT Margin		 4.22% -13.79% 0.31% 9.02% -4.14% 3.50% 24.47% 56.02% 4.40% - -4.05%
Profit (Net Income) Margin		 15.78% -27.95% -1.75% 11.07% -5.49% 1.56% 26.69% 99.85% 4.91% - -5.81%
Tax Burden Percent		 83.60% 109.08% -1,343.25% 88.36% 133.48% 49.72% 93.28% 99.50% 140.95% - 136.65%
Interest Burden Percent		 447.27% 185.76% 41.70% 138.80% 99.23% 89.62% 116.95% 179.14% 79.30% - 104.96%
Effective Tax Rate		 16.40% 0.00% 1,443.25% 11.64% 0.00% 50.28% 6.72% 0.50% -40.95% - 0.00%
Return on Invested Capital (ROIC)		 0.00% -1.98% -0.18% 1.42% -0.57% 0.16% 2.32% 13.28% 0.67% - -0.32%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -2.36% -0.18% 1.77% -0.79% 0.16% 2.51% 13.28% 0.67% - -0.46%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -3.07% -0.23% 2.27% -1.04% 0.20% 3.19% 15.16% 0.77% - -0.55%
Return on Equity (ROE)		 0.00% -5.06% -0.41% 3.69% -1.61% 0.36% 5.51% 28.44% 1.44% - -0.86%
Cash Return on Invested Capital (CROIC)		 0.00% 2.07% 0.02% 0.00% 0.00% 1.33% 4.97% 10.00% 8.66% - 2.76%
Operating Return on Assets (OROA)		 0.00% -1.27% 0.03% 0.81% -0.37% 0.31% 2.25% 6.73% 0.54% - -0.39%
Return on Assets (ROA)		 0.00% -2.57% -0.16% 1.00% -0.49% 0.14% 2.45% 12.00% 0.60% - -0.56%
Return on Common Equity (ROCE)		 0.00% -3.53% -0.29% 2.56% -1.05% 0.24% 3.71% 19.81% 0.97% - -0.60%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.28% -0.13% -1.63% 0.00% 2.38% 14.76% 15.46% - 13.55%
Net Operating Profit after Tax (NOPAT)		 13 -69 -6.27 26 -10 5.76 85 813 19 - -11
NOPAT Margin		 3.35% -19.22% -1.75% 7.15% -2.88% 1.56% 22.81% 99.85% 4.91% - -2.98%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.38% 0.00% -0.34% 0.22% 0.00% -0.18% 0.00% 0.00% - 0.14%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 95.78% 113.79% 99.69% 90.98% 104.14% 96.50% 75.53% 43.98% 95.61% - 104.05%
Earnings before Interest and Taxes (EBIT)		 16 -50 1.12 33 -15 13 92 456 17 - -15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 133 71 126 158 116 140 220 583 145 - 109
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 1.23 1.25 1.11 1.80 2.02 1.71 1.50 1.59 - 1.02
Price to Tangible Book Value (P/TBV)		 0.00 1.39 1.40 1.24 2.04 2.29 1.94 1.64 1.76 - 1.14
Price to Revenue (P/Rev)		 0.00 3.54 3.63 3.38 5.14 5.55 4.84 3.84 3.99 - 3.27
Price to Earnings (P/E)		 0.00 122.89 186.08 272.71 0.00 968.57 67.78 9.03 9.23 - 6.76
Dividend Yield		 8.90% 2.43% 2.39% 2.61% 1.74% 1.76% 2.00% 1.94% 1.83% - 2.85%
Earnings Yield		 0.00% 0.81% 0.54% 0.37% 0.00% 0.10% 1.48% 11.07% 10.84% - 14.80%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.98 0.99 0.96 1.16 1.21 1.15 1.08 1.12 - 0.92
Enterprise Value to Revenue (EV/Rev)		 0.00 9.53 9.75 9.61 11.69 12.13 11.06 7.94 8.18 - 8.79
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 28.40 28.53 28.66 35.55 32.40 25.43 14.33 14.65 - 26.27
Enterprise Value to EBIT (EV/EBIT)		 0.00 344.64 431.67 153,987.22 0.00 546.34 131.84 27.80 27.60 - 1,700.55
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 895.28 0.00 1,391.28 162.19 16.88 17.00 - 16.75
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 22.12 24.76 28.05 30.89 32.55 28.91 10.91 12.10 - 10.63
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 4,093.09 0.00 0.00 90.68 22.69 10.55 12.83 - 34.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 1.30 1.29 1.28 1.31 1.34 1.25 1.01 1.02 - 1.15
Long-Term Debt to Equity		 0.00 1.21 1.20 1.20 1.22 1.24 1.16 0.93 0.92 - 1.04
Financial Leverage		 0.00 1.30 1.30 1.28 1.31 1.32 1.27 1.14 1.16 - 1.20
Leverage Ratio		 0.00 2.54 2.55 2.53 2.57 2.57 2.52 2.37 2.40 - 2.44
Compound Leverage Factor		 0.00 4.72 1.06 3.51 2.55 2.30 2.95 4.25 1.90 - 2.56
Debt to Total Capital		 0.00% 56.54% 56.42% 56.23% 56.80% 57.18% 55.58% 50.29% 50.59% - 53.48%
Short-Term Debt to Total Capital		 0.00% 3.94% 3.93% 3.93% 3.96% 3.99% 4.10% 4.08% 5.07% - 4.98%
Long-Term Debt to Total Capital		 0.00% 52.60% 52.49% 52.31% 52.84% 53.19% 51.48% 46.21% 45.52% - 48.51%
Preferred Equity to Total Capital		 0.00% 8.10% 8.08% 8.07% 8.15% 8.20% 8.43% 8.38% 8.32% - 8.20%
Noncontrolling Interests to Total Capital		 0.00% 5.72% 5.73% 5.36% 6.82% 7.03% 6.52% 6.53% 6.70% - 4.79%
Common Equity to Total Capital		 0.00% 29.64% 29.77% 30.34% 28.23% 27.58% 29.47% 34.80% 34.39% - 33.53%
Debt to EBITDA		 0.00 16.34 16.18 16.85 17.47 15.26 12.28 6.70 6.60 - 15.20
Net Debt to EBITDA		 0.00 13.84 13.93 14.57 15.29 13.50 11.01 5.41 5.54 - 12.81
Long-Term Debt to EBITDA		 0.00 15.20 15.05 15.67 16.25 14.20 11.37 6.16 5.94 - 13.79
Debt to NOPAT		 0.00 -1,714.50 -1,474.13 526.28 -140.78 655.17 78.30 7.89 7.66 - 9.69
Net Debt to NOPAT		 0.00 -1,452.37 -1,268.96 454.92 -123.20 579.69 70.19 6.37 6.43 - 8.17
Long-Term Debt to NOPAT		 0.00 -1,595.03 -1,371.45 489.54 -130.95 609.46 72.52 7.25 6.89 - 8.79
Noncontrolling Interest Sharing Ratio		 0.00% 30.12% 30.41% 30.69% 34.65% 33.66% 32.66% 30.33% 32.41% - 30.69%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 2.88 -14,623 -14,519 186 697 1,352 325 - -415
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 14.91% - 27.79%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.03 -148.60 -143.88 1.85 7.28 15.38 3.84 - -4.65
Operating Cash Flow to Interest Expense		 0.71 2.41 0.35 1.98 1.04 2.05 0.54 11.68 0.39 - 0.54
Operating Cash Flow Less CapEx to Interest Expense		 0.71 2.41 0.35 1.98 1.04 2.05 0.54 11.68 -2.24 - -1.39
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.09 0.09 0.09 0.09 0.09 0.09 0.12 0.12 - 0.10
Fixed Asset Turnover		 0.00 0.15 0.15 0.15 0.14 0.14 0.15 0.19 0.19 - 0.15
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 14,595 14,632 14,649 14,509 14,415 14,020 14,110 14,203 - 14,424
Invested Capital Turnover		 0.00 0.10 0.10 0.20 0.20 0.10 0.10 0.13 0.14 - 0.11
Increase / (Decrease) in Invested Capital		 0.00 0.00 -9.16 14,649 14,509 -180 -612 -539 -305 - 404
Enterprise Value (EV)		 0.00 14,338 14,556 14,013 16,765 17,504 16,141 15,177 15,951 - 13,332
Market Capitalization		 4,236 5,331 5,429 4,925 7,382 8,015 7,059 7,340 7,783 - 4,955
Book Value per Share		 $0.00 $22.55 $22.88 $23.33 $21.50 $20.85 $21.65 $25.58 $25.43 - $25.36
Tangible Book Value per Share		 $0.00 $20.04 $20.35 $20.83 $19.02 $18.37 $19.02 $23.28 $23.02 - $22.79
Total Capital		 0.00 14,595 14,632 14,649 14,509 14,415 14,020 14,110 14,203 - 14,424
Total Debt		 0.00 8,251 8,255 8,237 8,241 8,243 7,792 7,096 7,186 - 7,715
Total Long-Term Debt		 0.00 7,676 7,680 7,662 7,666 7,668 7,217 6,521 6,465 - 6,997
Net Debt		 0.00 6,990 7,106 7,120 7,212 7,293 6,985 5,732 6,033 - 6,503
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 222 - 172
Net Nonoperating Expense (NNE)		 -47 31 0.00 -14 9.26 0.00 -15 0.00 0.00 - 11
Net Nonoperating Obligations (NNO)		 0.00 8,251 8,255 8,237 8,241 8,243 7,792 7,096 7,186 - 7,715
Total Depreciation and Amortization (D&A)		 117 121 125 126 130 127 129 127 128 - 124
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.32) ($0.05) $0.19 ($0.10) $0.00 $0.45 $3.87 $0.06 $0.02 ($0.12)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 191.01M 190.43M 190.49M 190.56M 190.54M 191.37M 191.98M 192.05M 191.76M 189.66M
Adjusted Diluted Earnings per Share		 $0.00 ($0.32) ($0.05) $0.18 ($0.10) $0.01 $0.43 $3.70 $0.06 $0.01 ($0.12)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 191.86M 190.43M 194.41M 190.56M 196.63M 200.74M 201.07M 200.15M 201.05M 189.68M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $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		 0.00 190.39M 190.48M 190.51M 190.65M 190.85M 191.95M 192.04M 192.05M 190.67M 188.10M
Normalized Net Operating Profit after Tax (NOPAT)		 -2.63 -46 -11 -16 -23 -13 -5.14 1,015 -5.80 - -20
Normalized NOPAT Margin		 -0.70% -12.70% -3.10% -4.54% -6.48% -3.50% -1.37% 124.60% -1.48% - -5.34%
Pre Tax Income Margin		 18.87% -25.62% 0.13% 12.52% -4.11% 3.14% 28.61% 100.35% 3.49% - -4.25%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.18 -0.57 0.01 0.33 -0.15 0.13 0.96 5.19 0.20 - -0.17
NOPAT to Interest Expense		 0.14 -0.79 -0.07 0.26 -0.10 0.06 0.89 9.25 0.23 - -0.13
EBIT Less CapEx to Interest Expense		 0.18 -0.57 0.01 0.33 -0.15 0.13 0.96 5.19 -2.43 - -2.10
NOPAT Less CapEx to Interest Expense		 0.14 -0.79 -0.07 0.26 -0.10 0.06 0.89 9.25 -2.41 - -2.05
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 699.81% 985.25% -2,064.63% -173.88% 1,100.47% 175.71% 24.74% 23.61% - 27.72%
Augmented Payout Ratio		 0.00% 788.54% 985.25% -2,146.83% -173.88% 1,100.47% 175.71% 24.74% 23.61% - 43.78%

Financials Breakdown Chart

Key Financial Trends

Here are key takeaways from Vornado Realty Trust's quarterly reports over the last four years, focusing on trends that could affect investors. The bullets are grouped from most positive to most negative.

  • In Q2 2025, Consolidated Net Income attributable to Common Shareholders was about $743,819,000, signaling a strong quarterly profitability event.
  • Q2 2025 Basic Earnings per Share (EPS) was $3.87 and Diluted EPS was $3.70, indicating a robust quarter on a per-share basis.
  • Q2 2025 Net Cash From Continuing Operating Activities was about $1,026,912,000, showing solid cash flow from core operations in that quarter.
  • Total assets rose to approximately $15,747,098,000 by 2025-09-30, reflecting scale growth over the period.
  • Net income to common shareholders remained positive in all 2025 quarters (Q1: about $86,842,000; Q2: about $743,819,000; Q3: about $11,589,000; Q4: about $0.601 million), though quarterly results varied significantly.
  • Q4 2025 Total Revenue was negative at about -$68,497,000, a sharp reversal from prior quarters.
  • Q4 2025 Other Operating Expenses stood at about $493,500,000, indicating a large expense spike in that period.
  • Q4 2025 Net Change in Cash & Equivalents dropped by about -$174,549,000, indicating a cash outflow for the quarter.
05/17/26 07:28 PM ETAI Generated. May Contain Errors.

Vornado Realty Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Vornado Realty Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Vornado Realty Trust's net income appears to be on a downward trend, with a most recent value of $937.20 million in 2025, rising from $859.43 million in 2015. The previous period was $20.12 million in 2024. See Vornado Realty Trust's forecast for analyst expectations on what's next for the company.

Over the last 10 years, Vornado Realty Trust's total revenue changed from $1.78 billion in 2015 to $1.51 billion in 2025, a change of -15.0%.

Vornado Realty Trust's total liabilities were at $8.72 billion at the end of 2025, a 11.3% decrease from 2024, and a 29.9% decrease since 2015.

In the past 10 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 $840.85 million as of their latest financial filing in 2025.


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Financial statements for NYSE:VNO last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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