NYSE : VNO
Vornado Realty Trust — Financial statements
Real Estate · REIT - Office · United States
Last price 35.19 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 7.16B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.58B | 1.56B | 1.57B | 1.61B | 1.61B | 1.42B |
| Other Revenue | 301.61M | 306.33M | 331.34M | 225.97M | 296.99M | 280.62M |
| Total Revenue | 1.88B | 1.86B | 1.90B | 1.83B | 1.90B | 1.71B |
| Property Expenses | 946.15M | 919.96M | 927.80M | 905.16M | 873.91M | 797.32M |
| Selling, General & Administrative | 158.88M | 156.12M | 148.52M | 162.88M | 133.73M | 134.54M |
| Depreciation & Amortization | 520.23M | 462.20M | 447.50M | 434.27M | 504.50M | 412.35M |
| Total Operating Expenses | 1.63B | 1.54B | 1.52B | 1.50B | 1.51B | 1.34B |
| Operating Income | 251.84M | 326.30M | 376.33M | 331.14M | 392.53M | 360.94M |
| Interest Expense | -324.52M | -330.40M | -348.52M | -338.23M | -279.33M | -207.37M |
| Interest & Investment Income | 54.11M | 55.11M | 45.97M | 43.29M | 23.41M | 15.68M |
| Other Non-Operating Income | -26.55M | -25.45M | -46.99M | -16.67M | -13.05M | -5.93M |
| EBT Excluding Unusual Items | -45.12M | 25.55M | 26.80M | 19.52M | 123.55M | 163.32M |
| Gain (Loss) on Sale of Investments | 55.33M | 87.16M | 16.40M | -566.03M | 14.58M | |
| Gain (Loss) on Sale of Assets | 11.25M | 838.54M | 16.05M | 71.20M | 100.62M | 50.77M |
| Asset Writedown | -542.00K | -542.00K | -45.01M | -19.10M | -7.88M | |
| Other Unusual Items | 32.07M | -23.73M | ||||
| Pretax Income | 52.99M | 950.71M | 42.84M | 62.11M | -360.95M | 197.06M |
| Income Tax Expense | 11.67M | 13.51M | 22.73M | 29.22M | 21.66M | -10.50M |
| Earnings From Continuing Operations | 41.32M | 937.20M | 20.12M | 32.89M | -382.61M | 207.55M |
| Net Income to Company | 41.32M | 937.20M | 20.12M | 32.89M | -382.61M | 207.55M |
| Minority Interest in Earnings | 26.56M | -32.25M | 50.27M | 72.61M | 36.11M | -31.55M |
| Net Income | 67.88M | 904.96M | 70.39M | 105.49M | -346.50M | 176.00M |
| Preferred Dividends & Other Adjustments | 62.10M | 62.10M | 62.11M | 62.12M | 62.13M | 74.95M |
| Net Income to Common | 5.78M | 842.85M | 8.28M | 43.38M | -408.63M | 101.05M |
| Basic Shares Outstanding | 190.15M | 191.76M | 190.54M | 191.00M | 191.78M | 191.55M |
| Diluted Shares Outstanding | 194.82M | 201.05M | 196.63M | 191.86M | 191.78M | 192.12M |
| EPS (Basic) | 0.03 | 4.40 | 0.04 | 0.23 | -2.13 | 0.53 |
| EPS (Diluted) | 0.03 | 4.20 | 0.04 | 0.23 | -2.13 | 0.53 |
| Dividend Per Share | 0.74 | 0.74 | 0.74 | 0.68 | 2.12 | 2.12 |
| Operating Margin | 13.42% | 17.50% | 19.80% | 18.06% | 20.61% | 21.17% |
| Profit Margin | 0.31% | 45.20% | 0.43% | 2.37% | -21.45% | 5.93% |
| EBITDA | 771.63M | 788.11M | 820.80M | 760.15M | 891.85M | 764.04M |
| EBITDA Margin | 41.11% | 42.27% | 43.20% | 41.46% | 46.82% | 44.81% |
| D&A For Ebitda | 519.79M | 461.82M | 444.46M | 429.00M | 499.32M | 403.10M |
| EBIT | 251.84M | 326.30M | 376.33M | 331.14M | 392.53M | 360.94M |
| EBIT Margin | 13.42% | 17.50% | 19.80% | 18.06% | 20.61% | 21.17% |
| Funds From Operations (FFO) | 541.85M | 485.42M | 468.47M | 502.15M | 637.61M | 571.03M |
| FFO Per Share | 2.37 | 2.42 | 2.37 | 2.59 | 3.30 | 2.97 |
| Adjusted Funds From Operations (AFFO) | 485.42M | 468.47M | 502.15M | 637.61M | 571.03M | |
| AFFO Per Share | 2.41 | 2.36 | 2.58 | 3.29 | 2.97 | |
| FFO Payout Ratio | 26.07% | 29.10% | 30.12% | 25.70% | 63.76% | 71.12% |
| Effective Tax Rate | 22.02% | 1.42% | 53.05% | 47.05% | ||
| Revenue as Reported | 1.83B | 1.81B | 1.79B | 1.81B | 1.80B | 1.59B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 10.82B | 10.83B | 10.75B | 10.73B | 10.53B | 10.18B |
| Cash & Equivalents | 675.35M | 840.85M | 733.95M | 997.00M | 889.69M | 1.76B |
| Accounts Receivable | 1.07B | 995.71M | 765.87M | 771.21M | 776.14M | 735.98M |
| Investment In Debt and Equity Securities | 2.15B | 1.69B | 2.42B | 2.36B | 3.05B | 3.21B |
| Other Intangible Assets | 106.82M | 110.59M | 118.22M | 127.08M | 139.64M | 154.90M |
| Restricted Cash | 113.57M | 136.70M | 215.67M | 264.58M | 131.47M | 170.13M |
| Other Current Assets | 3.04M | 15.28M | 43.60M | 137.15M | ||
| Trading Asset Securities | 35.11M | 14.03M | 90.02M | 142.93M | 183.80M | 18.93M |
| Deferred Long-Term Tax Assets | 3.38M | 6.14M | 7.56M | 7.94M | 8.58M | |
| Deferred Long-Term Charges | 379.37M | 374.62M | 354.88M | 355.01M | 373.56M | 391.69M |
| Other Long-Term Assets | 266.50M | 528.31M | 531.75M | 432.35M | 370.15M | 496.60M |
| Total Assets | 15.61B | 15.52B | 16.00B | 16.19B | 16.49B | 17.27B |
| Current Portion of Long-Term Debt | 925.00M | 282.00K | ||||
| Current Portion of Leases | 45.06M | |||||
| Long-Term Debt | 7.50B | 6.31B | 8.29B | 8.31B | 8.44B | 8.70B |
| Long-Term Leases | 696.23M | 654.58M | 749.76M | 732.86M | 735.97M | 370.21M |
| Accounts Payable | 354.07M | 376.19M | 374.01M | 411.04M | 450.88M | 613.50M |
| Long-Term Unearned Revenue | 32.20M | 39.88M | 48.12M | |||
| Long-Term Deferred Tax Liabilities | 88.15M | 84.88M | 74.72M | 54.60M | 40.59M | |
| Other Long-Term Liabilities | 368.57M | 314.43M | 323.47M | 280.94M | 260.51M | 291.81M |
| Total Liabilities | 8.91B | 8.72B | 9.83B | 9.84B | 9.98B | 10.06B |
| Preferred Stock, Redeemable | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | |
| Preferred Stock, Convertible | 806.00K | 825.00K | 1.18B | 920.00K | 920.00K | |
| Total Preferred Equity | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B |
| Common Stock | 7.47M | 7.63M | 7.63M | 7.59M | 7.65M | 7.65M |
| Additional Paid-In Capital | 8.20B | 8.29B | 8.05B | 8.26B | 8.37B | 8.14B |
| Distributions in Excess of Earnings | -3.63B | -3.49B | -4.14B | -4.01B | -3.89B | -3.08B |
| Comprehensive Income & Other | 26.03M | -5.00K | 57.70M | 65.11M | 174.97M | -17.53M |
| Total Common Equity | 4.61B | 4.80B | 3.98B | 4.33B | 4.66B | 5.05B |
| Minority Interest | 909.38M | 817.80M | 1.01B | 834.67M | 673.38M | 967.58M |
| Shareholders' Equity | 6.70B | 6.80B | 6.17B | 6.34B | 6.51B | 7.20B |
| Total Liabilities & Equity | 15.61B | 15.52B | 16.00B | 16.19B | 16.49B | 17.27B |
| Total Debt | 8.19B | 7.94B | 9.04B | 9.05B | 9.17B | 9.07B |
| Net Cash (Debt) | -7.48B | -7.08B | -8.22B | -7.91B | -8.10B | -7.29B |
| Net Cash Per Share | -38.40 | -35.23 | -41.81 | -41.20 | -42.24 | -37.94 |
| Filing Date Shares Outstanding | 186.72M | 190.67M | 190.85M | 190.39M | 191.87M | 191.72M |
| Total Common Shares Outstanding | 186.72M | 190.67M | 190.85M | 190.39M | 191.87M | 191.72M |
| Book Value Per Share | 24.66 | 25.20 | 20.83 | 22.72 | 24.27 | 26.36 |
| Tangible Book Value | 4.50B | 4.69B | 3.86B | 4.20B | 4.52B | 4.90B |
| Tangible Book Value Per Share | 24.09 | 24.62 | 20.21 | 22.06 | 23.55 | 25.55 |
| Land | 2.36B | 2.41B | 2.43B | 2.44B | 2.45B | 2.54B |
| Buildings | 11.08B | 10.94B | 10.44B | 9.95B | 9.80B | 9.84B |
| Construction In Progress | 1.01B | 890.14M | 1.10B | 1.28B | 933.33M | 718.69M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 67.88M | 904.96M | 70.39M | 105.49M | -346.50M | 176.00M |
| Depreciation & Amortization | 519.79M | 461.82M | 444.46M | 429.00M | 499.32M | 403.10M |
| Other Amortization | 20.18M | 920.66M | 21.92M | 23.30M | 21.80M | 20.25M |
| Gain (Loss) on Sale of Assets | -11.25M | -35.29M | -16.05M | -71.20M | -100.62M | -50.77M |
| Gain (Loss) on Sale of Investments | 9.38M | 23.47M | 41.74M | 9.13M | 3.02M | -4.61M |
| Asset Writedown | 45.01M | 19.10M | 7.88M | |||
| Stock-Based Compensation | 25.40M | 25.48M | 30.17M | 43.20M | 29.25M | 38.33M |
| Income (Loss) on Equity Investments | 9.74M | -26.56M | 30.42M | 134.18M | 645.85M | 84.00M |
| Change in Accounts Receivable | -37.52M | -18.79M | 4.70M | 9.38M | -4.44M | -187.00K |
| Change in Accounts Payable | 39.67M | 6.28M | -6.80M | 10.72M | 5.72M | 35.86M |
| Change in Other Net Operating Assets | -99.75M | -168.72M | -54.89M | -45.68M | 86.05M | -32.12M |
| Other Operating Activities | -152.64M | -834.92M | -28.35M | -44.39M | -59.61M | 76.39M |
| Operating Cash Flow | 390.89M | 1.26B | 537.72M | 648.15M | 798.94M | 761.81M |
| Acquisition of Real Estate Assets | -807.22M | -709.55M | -465.61M | -797.75M | -900.79M | -738.40M |
| Sale of Real Estate Assets | 98.32M | 95.71M | 33.60M | 148.00M | 461.28M | 237.43M |
| Net Sale / Acq. of Real Estate Assets | -708.91M | -613.84M | -432.01M | -649.74M | -439.51M | -500.97M |
| Cash Acquisition | -123.94M | |||||
| Investment in Marketable & Equity Securities | -249.39M | 764.34M | -115.36M | 430.17M | -467.35M | 91.01M |
| Investing Cash Flow | -908.29M | 115.51M | -597.37M | -128.79M | -906.86M | -532.35M |
| Long-Term Debt Issued | 835.79M | 75.00M | 1.03B | 3.25B | ||
| Long-Term Debt Repaid | -1.90B | -97.44M | -148.00M | -1.25B | -1.58B | |
| Net Debt Issued (Repaid) | 389.73M | -1.07B | -22.44M | -148.00M | -221.60M | 1.66B |
| Issuance of Common Stock | 899.00K | |||||
| Repurchase of Common Stock | -184.39M | -50.99M | -29.18M | -1.57M | ||
| Preferred Stock Issued | 291.15M | |||||
| Preferred Share Repurchases | -300.00M | |||||
| Common Dividends Paid | -141.28M | -141.28M | -141.10M | -129.07M | -406.56M | -406.11M |
| Preferred Dividends Paid | -62.10M | -62.10M | -62.11M | -62.12M | -62.12M | -65.88M |
| Total Dividends Paid | -203.38M | -203.38M | -203.22M | -191.18M | -468.68M | -471.99M |
| Other Financing Activities | -58.93M | -23.87M | -26.67M | 89.43M | -111.00M | -1.21B |
| Net Cash Flow | -574.38M | 27.93M | -311.96M | 240.43M | -909.19M | 199.98M |
| Levered Free Cash Flow | 445.74M | 1.27B | 515.88M | 366.66M | 550.55M | 686.54M |
| Unlevered Free Cash Flow | 628.39M | 1.46B | 711.78M | 554.75M | 703.33M | 795.89M |
| Cash Interest Paid | 295.17M | 313.09M | 322.77M | 381.41M | 252.37M | 188.59M |
| Cash Income Tax Paid | 6.87M | 5.20M | 7.61M | 10.37M | 7.95M | 9.15M |
| Change in Working Capital | -97.59M | -181.23M | -56.98M | -25.58M | 87.33M | 3.55M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.23B | 6.39B | 8.01B | 5.38B | 3.99B | 8.02B |
| Enterprise Value | 14.71B | 15.44B | 18.40B | 15.09B | 14.05B | 17.45B |
| Last Close Price | 34.55 | 33.28 | 41.13 | 27.18 | 19.48 | 36.53 |
| Price/FFO Ratio | 16.59 | 13.75 | 17.36 | 10.49 | 5.90 | 12.30 |
| Price/AFFO Ratio | 13.78 | 17.40 | 10.52 | 5.92 | 12.29 | |
| PE Ratio | 1,169.47 | 7.58 | 968.57 | 123.95 | 79.40 | |
| PS Ratio | 3.80 | 3.43 | 4.22 | 2.93 | 2.10 | 4.71 |
| PB Ratio | 1.40 | 0.94 | 1.30 | 0.85 | 0.61 | 1.11 |
| P/OCF Ratio | 18.27 | 5.08 | 14.90 | 8.29 | 5.00 | 10.53 |
| EV/Sales Ratio | 7.79 | 8.28 | 9.68 | 8.23 | 7.38 | 10.23 |
| EV/EBITDA Ratio | 18.95 | 19.59 | 22.41 | 19.85 | 15.75 | 22.84 |
| EV/EBIT Ratio | 58.06 | 47.32 | 48.88 | 45.56 | 35.79 | 48.34 |
| Debt / Equity Ratio | 1.22 | 1.17 | 1.47 | 1.43 | 1.41 | 1.26 |
| Debt / EBITDA Ratio | 10.07 | 9.49 | 10.26 | 11.01 | 9.64 | 11.31 |
| Net Debt / Equity Ratio | 1.12 | 1.04 | 1.33 | 1.25 | 1.24 | 1.01 |
| Net Debt / EBITDA Ratio | 9.70 | 8.99 | 10.02 | 10.40 | 9.08 | 9.54 |
| Asset Turnover | 0.12 | 0.12 | 0.12 | 0.11 | 0.11 | 0.10 |
| Quick Ratio | 5.02 | 1.38 | 4.25 | 4.65 | 4.10 | 4.10 |
| Current Ratio | 5.34 | 1.48 | 4.87 | 5.29 | 4.49 | 4.60 |
| Return on Equity (ROE) | 0.60% | 14.45% | 0.32% | 0.51% | -5.58% | 2.81% |
| Return on Assets (ROA) | 1.01% | 1.29% | 1.46% | 1.27% | 1.45% | 1.35% |
| Return on Invested Capital (ROIC) | 1.31% | 2.15% | 1.16% | 1.13% | 2.46% | 2.27% |
| Earnings Yield | 0.09% | 14.16% | 0.88% | 1.96% | -8.68% | 2.19% |
| Dividend Yield | 2.08% | 2.21% | 1.76% | 2.39% | 10.19% | 5.07% |
| Payout Ratio | 2,433.65% | 22.47% | 288.71% | 181.22% | 268.18% | |
| Buyback Yield / Dilution | 2.51% | -2.25% | -2.49% | -0.04% | 0.18% | -0.51% |
| Total Shareholder Return | 4.65% | -0.04% | -0.72% | 2.35% | 10.37% | 4.55% |