VORNADO REALTY TRUST VNO

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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;

Last close 34.80 2026-10-23
Market cap $6.50B 2026-06-30 share count
52-week range 24.57 - 41.60

Valuation FY2025 figures against the last close

P/S3.6x
P/E8.3x
P/FCF5.2x
EV/EBITDA—
Dividend yield2.2%
Diluted EPS4.20

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • New York
  • Other
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 New York, FY2025: 1.5B (81.6%) 82% New York Other, FY2025: 333.9M (18.4%) 18% Other FY2024 New York, FY2024: 1.5B (82.3%) 82% Other, FY2024: 315.7M (17.7%) 18% FY2023 New York, FY2023: 1.5B (80.2%) 80% Other, FY2023: 359M (19.8%) 20%
Segment FY2025FY2024FY2023
New York $1.48B $1.47B $1.45B
Other $333.9M $315.7M $359.0M

As the company reported it, from the “Segment Information (Schedule of NOI by Segment) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 4.400.040.23-2.130.53-1.8316.232.020.854.36
EPS, diluted 4.200.040.23-2.130.53-1.8316.212.010.854.34
Shares, diluted (wtd. avg.) 201.0M196.6M191.9M191.8M192.1M191.1M191.1M191.3M191.3M190.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B 4B Revenue, FY2016: 2B Net income, FY2016: 906.9M Revenue, FY2017: 2.1B Net income, FY2017: 227.4M Revenue, FY2018: 2.2B Net income, FY2018: 450M Revenue, FY2019: 1.9B Net income, FY2019: 3.1B Revenue, FY2020: 1.5B Net income, FY2020: -297M Revenue, FY2021: 1.6B Net income, FY2021: 208M Revenue, FY2022: 1.8B Net income, FY2022: -383M Revenue, FY2023: 1.8B Net income, FY2023: 33M Revenue, FY2024: 1.8B Net income, FY2024: 20M Revenue, FY2025: 1.8B Net income, FY2025: 937M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $2.00B $2.08B $2.16B $1.92B $1.53B $1.59B $1.80B $1.81B $1.79B $1.81B
Gross profit — — — — — — — — — —
Net income $906.9M $227.4M $450.0M $3.15B -$297.0M $208.0M -$383.0M $33.0M $20.0M $937.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced Item 2.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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