VORNADO REALTY TRUST VNO
Vornado is a fully‑integrated REIT and conducts its business through, and substantially all of its interests in properties are held by, the Operating Partnership, a Delaware limited partnership. Accordingly, Vornado's cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership as of December 31, 2025.
•Multiple development sites and redevelopment projects, including 350 Park Avenue, Sunset Pier 94 Studios, 623 Fifth Avenue, the Hotel Pennsylvania site (PENN 15) and other PENN district sites;
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.81B | $1.79B | $1.81B | $1.80B | $1.59B | $1.53B | $1.92B | $2.16B | $2.08B | $2.00B |
| SG&A | $156.1M | $148.5M | $162.9M | $133.7M | $134.5M | $181.5M | $169.9M | $141.9M | $150.8M | $143.6M |
| Total operating expenses | $1.55B | $1.54B | $1.57B | $1.53B | $1.37B | $1.55B | $1.63B | $1.58B | $1.48B | $1.42B |
| Operating income | — | — | — | — | — | — | — | $583.0M | $608.7M | $579.8M |
| Pre-tax income | $950.7M | $42.8M | $62.1M | -$361.0M | $197.1M | -$425.2M | $3.44B | $459.6M | $319.7M | $584.9M |
| Income tax | $13.5M | $22.7M | $29.2M | $21.7M | $10.5M | $36.6M | $103.4M | $37.6M | $42.4M | $7.9M |
| Net income | $937.0M | $20.0M | $33.0M | -$383.0M | $208.0M | -$297.0M | $3.15B | $450.0M | $227.4M | $906.9M |
| EPS, basic | 4.40 | 0.04 | 0.23 | -2.13 | 0.53 | -1.83 | 16.23 | 2.02 | 0.85 | 4.36 |
| EPS, diluted | 4.20 | 0.04 | 0.23 | -2.13 | 0.53 | -1.83 | 16.21 | 2.01 | 0.85 | 4.34 |
| Shares, diluted (wtd. avg.) | $201.0M | $196.6M | $191.9M | $191.8M | $192.1M | $191.1M | $191.1M | $191.3M | $191.3M | $190.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $840.9M | $733.9M | $997.0M | $889.7M | $1.76B | $1.62B | $1.52B | $716.9M | $1.82B | $1.50B |
| Short-term investments | — | — | $0 | $472.0M | $0 | — | — | — | — | — |
| Other intangibles | $110.6M | $118.2M | $127.1M | $139.6M | $154.9M | $23.9M | $31.0M | $136.8M | $159.3M | $189.7M |
| Total assets | $15.52B | $16.00B | $16.19B | $16.49B | $17.27B | $16.22B | $18.29B | $17.18B | $17.40B | $20.81B |
| Long-term debt | $2.26B | $2.57B | $2.56B | $2.56B | $2.56B | $1.82B | $1.77B | $1.67B | $1.59B | $1.33B |
| Total liabilities | $8.72B | $9.83B | $9.84B | $9.98B | $10.06B | $8.67B | $10.09B | $11.29B | $11.41B | $11.92B |
| Retained earnings | -$3.49B | -$4.14B | -$4.01B | -$3.89B | -$3.08B | -$2.77B | -$1.95B | -$4.17B | -$4.18B | -$1.42B |
| Total equity | $5.99B | $5.16B | $5.71B | $6.08B | $6.52B | $6.95B | $7.31B | $5.11B | $5.01B | $7.62B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.26B | $537.7M | $648.2M | $798.9M | $761.8M | $424.2M | $662.5M | $802.6M | $860.1M | $995.1M |
| Depreciation and amortisation | $481.5M | $469.4M | $457.6M | $526.3M | $432.6M | $417.9M | $438.9M | $472.8M | $529.8M | $595.3M |
| Stock-based compensation | $25.5M | $30.2M | $43.2M | $29.2M | $38.3M | $48.7M | $53.9M | $31.7M | $32.8M | — |
| Capital expenditure | — | — | — | — | — | — | — | $234.6M | $271.3M | $387.5M |
| Investing cash flow | $115.5M | -$597.4M | -$128.8M | -$906.9M | -$532.3M | -$87.8M | $2.46B | -$877.7M | -$206.3M | -$893.1M |
| Financing cash flow | -$1.35B | -$252.3M | -$278.9M | -$801.3M | -$29.5M | -$213.2M | -$2.24B | -$1.12B | -$338.3M | -$446.2M |
| Dividends paid | $141.3M | $141.1M | $129.1M | $406.6M | $406.1M | $827.3M | $503.8M | $479.3M | $496.5M | $476.0M |
| Buybacks | $51.0M | $0 | $29.2M | $0 | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-040386.
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