Vornado Realty Trust (VNO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	-$0.11	-$0.08	+27.3%	—	$459.1M	—
Q4 25	$0.05	-$0.02	-140.0%	—	$453.7M	—
Q3 25	-$0.01	$0.06	+700.0%	—	$453.7M	—
Q2 25	-$0.07	$3.7	+5385.7%	—	$441.4M	—
Q1 25	-$0.03	$0.43	+1533.3%	—	$461.6M	—
Q4 24	-$0.09	$0.01	+111.1%	—	$457.8M	—
Q3 24	-$0.09	-$0.1	-11.1%	—	$443.3M	—
Q2 24	-$0.1	$0.18	+280.0%	—	$450.3M	—
Q1 24	-$0.08	-$0.05	+37.5%	—	$436.4M	—
Q4 23	-$0.1	-$0.32	-220.0%	—	$441.9M	—
Q3 23	$0.08	$0.07	-12.5%	—	$451M	—
Q2 23	$0.05	$0.14	+180.0%	—	$472.4M	—
Q1 23	-$0.06	$0.01	+116.7%	—	$445.9M	—
Q4 22	—	$0.1	—	—	$446.9M	—
Q3 22	$0.11	$0.19	+72.7%	—	$457.4M	—
Q2 22	$0.17	$0.19	+11.8%	—	$453.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.4	—	—	$1.8B	—
FY24	—	$0.04	—	—	$1.8B	—
FY23	—	$0.23	—	—	$1.8B	—
FY22	—	-$2.13	—	—	$1.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2B	$2.1B	$2.2B	$1.9B	$1.5B	$1.6B	$1.8B	$1.8B	$1.8B	$1.8B
YoY change	+0.92%	+4.01%	+3.82%	-11%	-20.6%	+4.01%	+13.3%	+0.62%	-1.3%	+1.27%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2B	2.1B	2.2B	1.9B	1.5B	1.6B	1.8B	1.8B	1.8B	1.8B
Cost of revenue	844.6M	886.6M	963.5M	918M	789.1M	797.3M	873.9M	905.2M	—	—
Gross profit	1.2B	1.2B	1.2B	1B	738.9M	791.9M	926.1M	906M	—	—
Gross margin	57.9%	57.5%	55.5%	52.3%	48.4%	49.8%	51.4%	50%	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	143.6M	150.8M	141.9M	169.9M	181.5M	134.5M	133.7M	162.9M	148.5M	156.1M
Operating expenses	988.2M	1B	1.1B	1.1B	970.6M	931.9M	1B	1.1B	1.1B	1.1B
Operating income	594.5M	617.4M	611.8M	417.7M	144.3M	245M	287.9M	300.6M	263.9M	272.1M
Operating margin	29.7%	29.6%	28.3%	21.7%	9.44%	15.4%	16%	16.6%	14.8%	15%
Non-operating income, net	309.5M	30.4M	165.6M	3.3B	-353.1M	178.5M	-388.9M	60.8M	123.2M	985.3M
Pretax income	584.9M	319.7M	459.6M	3.4B	-425.2M	197.1M	-361M	62.1M	42.8M	950.7M
Income tax	7.9M	42.4M	37.6M	103.4M	36.6M	-10.5M	21.7M	29.2M	22.7M	13.5M
Net income	981.9M	264.1M	422.6M	3.3B	-461.8M	207.6M	-382.6M	32.9M	20.1M	937.2M
Net margin	49%	12.7%	19.5%	173.2%	-30.2%	13.1%	-21.3%	1.82%	1.13%	51.8%
EBITDA	1.3B	1.1B	1.1B	3.4B	297.8M	792.5M	350.9M	823.5M	869.9M	922.8M
EPS	5.08	0.85	2.02	16.2	-1.83	0.53	-2.13	0.23	0.04	4.4
Diluted EPS	5.08	0.85	2.01	16.2	-1.83	0.53	-2.13	0.23	0.04	4.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	451M	441.9M	436.4M	450.3M	443.3M	457.8M	461.6M	441.4M	453.7M	453.7M	459.1M	462.2M
Cost of revenue	233.7M	219.9M	—	—	—	—	—	—	—	—	—	—
Gross profit	217.3M	222M	—	—	—	—	—	—	—	—	—	—
Gross margin	48.2%	50.2%	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	35.8M	46M	37.9M	38.5M	35.5M	36.6M	38.6M	40M	37.5M	40M	42.2M	39.1M
Operating expenses	269.6M	266M	264.1M	267.9M	271.7M	272.7M	263.3M	259.3M	279.3M	274.2M	288.9M	262.7M
Operating income	71.1M	57.5M	63.6M	72.6M	55.6M	72M	82.1M	66.5M	57.3M	66.2M	51.7M	28.3M
Operating margin	15.8%	13%	14.6%	16.1%	12.5%	15.7%	17.8%	15.1%	12.6%	14.6%	11.3%	6.11%
Non-operating income, net	75.4M	-76.2M	15.7M	60.6M	18.3M	28.7M	112.6M	827.7M	25.5M	19.4M	12.1M	95.1M
Pretax income	71.3M	-92.2M	467K	45.4M	-14.6M	11.6M	107M	817.4M	13.7M	12.7M	-16.1M	42.8M
Income tax	11.7M	8.4M	6.7M	5.3M	4.9M	5.8M	7.2M	4.1M	-5.6M	7.8M	5.9M	3.6M
Net income	59.6M	-100.6M	-6.3M	40.1M	-19.5M	5.8M	99.8M	813.2M	19.2M	4.9M	-22M	39.2M
Net margin	13.2%	-22.8%	-1.44%	8.91%	-4.39%	1.26%	21.6%	184.2%	4.24%	1.08%	-4.8%	8.48%
EBITDA	211.3M	152.4M	200.2M	239M	201.3M	229.2M	303.3M	209.6M	211.5M	198.3M	192.4M	271.4M
EPS	0.28	-0.32	-0.05	0.19	-0.1	0.01	0.45	3.87	0.06	0	-0.12	0.09
Diluted EPS	0.28	-0.32	-0.05	0.18	-0.1	0.01	0.43	3.7	0.06	0	-0.12	0.08

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	16B	14.8B	11.8B	12.7B	7.1B	8B	4B	5.4B	8B	6.4B	7B
Enterprise value	23.9B	22.7B	21.1B	19.1B	13.3B	15.2B	11.8B	13.4B	16.3B	13.4B	16.1B
Shares outstanding	189.1M	189.5M	190.5M	190.9M	191.1M	191.6M	191.8M	191M	190.5M	191.8M	191.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	16.2	56.1	28	3.81	—	38.6	—	164.1	398.2	6.81	1.2K
P/S	7.96	7.11	5.46	6.59	4.67	5.05	2.22	2.98	4.48	3.52	3.79
P/B	1.79	2.47	2.01	1.55	0.94	1.11	0.61	0.85	1.3	0.94	1.41
EV/EBITDA	17.9	19.8	19.3	5.59	44.7	19.2	33.5	16.3	18.7	14.5	20.8
EV/Sales	11.9	10.9	9.74	9.91	8.71	9.59	6.53	7.39	9.1	7.42	8.55
Earnings yield	6.15%	1.78%	3.58%	26.3%	—	2.59%	—	0.61%	0.25%	14.7%	0.09%
FCF yield	6.24%	5.81%	6.16%	1.76%	0.41%	9.5%	20%	12%	6.71%	19.7%	6.38%
PEG	—	—	—	—	—	—	—	—	—	—	-11.8

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	57.9%	57.5%	55.5%	52.3%	48.4%	49.8%	51.4%	50%	—	—	—
Operating margin	29.7%	29.6%	28.3%	21.7%	9.44%	15.4%	16%	16.6%	14.8%	15%	9.8%
Net margin	49%	12.7%	19.5%	173.2%	-30.2%	13.1%	-21.3%	1.82%	1.13%	51.8%	3.62%
ROE	11%	4.41%	7.17%	40.7%	-6.11%	2.88%	-5.87%	0.52%	0.33%	13.8%	0.6%
ROA	4.72%	1.52%	2.46%	18.2%	-2.85%	1.2%	-2.32%	0.2%	0.13%	6.04%	1.01%
ROIC	3.48%	3.85%	3.71%	2.78%	1.05%	1.7%	2.02%	1.11%	0.86%	1.94%	1.12%
Return on tangible assets	4.8%	1.55%	2.5%	18.3%	-2.86%	1.22%	-2.36%	0.21%	0.13%	6.08%	0.27%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.96	6.98	3.57	2.02	2.6	2.2	2.17	2.03	1.76	1.8	5.34
Quick ratio	4.96	6.98	3.57	2.02	2.6	2.2	2.17	2.03	1.76	1.8	1.46
Debt / equity	1.06	1.62	1.67	0.96	1.03	1.25	1.4	1.42	1.46	1.16	1.22
Debt / assets	0.45	0.56	0.57	0.43	0.48	0.52	0.55	0.56	0.56	0.51	0.52
Net debt / EBITDA	5.94	6.9	8.49	1.87	20.7	9.12	22.1	9.7	9.49	7.63	8.55
Interest coverage	2.96	2.03	2.45	14.1	-1.02	1.93	-0.4	1.19	1.12	3.84	1.16
Effective tax rate	1.35%	13.3%	8.19%	3.01%	0%	0%	0%	47%	53%	1.42%	22%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	10.6	11	11.4	10.1	7.99	8.3	9.39	9.48	9.38	9.44	9.87
EPS (basic)	5.08	0.85	2.02	16.2	-1.83	0.53	-2.13	0.23	0.04	4.4	4.4
EPS (diluted)	5.08	0.85	2.01	16.2	-1.83	0.53	-2.13	0.23	0.04	4.2	0.03
Book value per share	47	31.6	30.9	43	39.5	37.6	34	33.2	32.4	35.5	24.7
FCF per share	5.26	4.54	3.82	1.17	0.15	3.98	4.17	3.39	2.82	6.56	1.9
Cash per share	7.94	9.59	3	7.94	8.5	9.19	7.1	5.22	3.85	4.38	3.81
Capex per share	—	1.88	—	—	—	—	—	—	—	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	17.1%	—	—	—	—	—	—	—	—	—
Capex / operating cash flow	—	42.9%	—	—	—	—	—	—	—	—	—
Payout ratio	56.6%	212.4%	126.5%	16.6%	-193%	227.4%	-122.5%	581.3%	1K%	21.7%	2.5K%
Dividend yield	3.49%	3.79%	4.52%	4.36%	12.5%	5.89%	11.7%	3.54%	2.54%	3.19%	4.31%

Yield

4.31%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.74

ex-dividend Dec 18, 2025

Payout ratio

2467%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 18, 2025	$0.74
Dec 16, 2024	$0.74
Dec 14, 2023	$0.30

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$451M	$441.9M	$436.4M	$450.3M	$443.3M	$457.8M	$461.6M	$441.4M	$453.7M	$453.7M	$459.1M	$462.2M
YoY change	-1.41%	-1.13%	-2.14%	-4.68%	-1.72%	+3.6%	+5.78%	-1.96%	+2.36%	-0.89%	-0.54%	+4.71%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.5B	1.8B	570.9M	1.5B	1.6B	1.8B	1.4B	997M	733.9M	840.9M
Receivables	946.2M	985.4M	1B	837.9M	751.7M	736M	776.1M	771.2M	765.9M	829.7M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	2.5B	2.9B	1.8B	2.9B	2.6B	2.7B	2.3B	2.1B	1.7B	2B
Property, plant & equipment	1.9B	2B	—	379.5M	367.4M	337.2M	684.4M	680M	678.8M	671.3M
Goodwill & intangibles	379.3M	318.5M	273.6M	61.9M	47.7M	309.8M	279.3M	254.2M	118.2M	110.6M
Total assets	20.8B	17.4B	17.2B	18.3B	16.2B	17.3B	16.5B	16.2B	16B	15.5B
Accounts payable	—	415.8M	431M	440M	427.2M	613.5M	—	—	—	—
Short-term debt	115.6M	—	80M	575M	575M	575M	575M	575M	575M	720.4M
Total current liabilities	512.8M	415.8M	511M	1.4B	1B	1.2B	1.1B	1B	977.4M	1.1B
Long-term debt	9.3B	9.7B	9.8B	7.3B	7.2B	8.4B	8.6B	8.4B	8.4B	7.2B
Total liabilities	11.9B	11.4B	11.3B	10.1B	8.7B	10.1B	10B	9.8B	9.8B	8.7B
Shareholders' equity	8.9B	6B	5.9B	8.2B	7.6B	7.2B	6.5B	6.3B	6.2B	6.8B
Total debt	9.4B	9.7B	9.8B	7.9B	7.8B	9B	9.1B	9B	9B	7.9B
Net debt	7.9B	7.9B	9.3B	6.4B	6.2B	7.2B	8.2B	8B	8.3B	7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1B	997M	892.7M	872.6M	783.6M	733.9M	568.9M	1.2B	1B	840.9M	1.1B	675.4M
Receivables	785.9M	771.2M	782.9M	777.4M	771M	765.9M	782.3M	765.6M	814.1M	829.7M	876.7M	901.4M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	2.1B	2.1B	2B	1.9B	1.8B	1.7B	1.6B	2.3B	2.1B	2B	2.3B	1.9B
Property, plant & equipment	679.1M	680M	679M	678.7M	677.1M	678.8M	677.3M	677.2M	677.6M	671.3M	669.7M	668.2M
Goodwill & intangibles	260.2M	254.2M	124.9M	122.4M	120.3M	118.2M	116.3M	114.4M	112.5M	110.6M	108.7M	106.8M
Total assets	16.5B	16.2B	16.2B	16.2B	16.1B	16B	15.6B	15.6B	15.7B	15.5B	15.9B	15.6B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	575M	575M	575M	575M	575M	575M	575M	575M	720.4M	720.4M	718M	918M
Total current liabilities	1.1B	1B	994.9M	969.3M	966.6M	977.4M	962.9M	911.5M	1.1B	1.1B	1.1B	1.3B
Long-term debt	8.4B	8.4B	8.4B	8.4B	8.4B	8.4B	8B	7.2B	7.2B	7.2B	7.7B	7.2B
Total liabilities	9.9B	9.8B	9.8B	9.8B	9.8B	9.8B	9.4B	8.6B	8.7B	8.7B	9.2B	8.9B
Shareholders' equity	6.5B	6.3B	6.4B	6.4B	6.3B	6.2B	6.2B	7B	7B	6.8B	6.7B	6.7B
Total debt	9B	9B	9B	9B	9B	9B	8.5B	7.8B	7.9B	7.9B	8.4B	8.1B
Net debt	8B	8B	8.1B	8.1B	8.2B	8.3B	8B	6.6B	6.9B	7B	7.3B	7.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	981.9M	264.1M	422.6M	3.3B	-461.8M	207.6M	-382.6M	32.9M	20.1M	937.2M
Depreciation & amortization	595.3M	529.8M	472.8M	438.9M	417.9M	432.6M	526.3M	457.6M	469.4M	481.5M
Stock-based compensation	—	32.8M	31.7M	53.9M	48.7M	38.3M	29.2M	43.2M	30.2M	25.5M
Change in working capital	-158.4M	-54.8M	-166.2M	-51.3M	-132.5M	-26.9M	-16.9M	-12.7M	-48.6M	-189.9M
Operating cash flow	1.3B	829.5M	742.5M	3.8B	-113.4M	687.1M	126.5M	542.9M	490M	1.3B
Capital expenditure	—	-355.9M	—	—	—	—	—	—	—	—
Investing cash flow	56.9M	86.1M	-10M	1.9B	21.8M	-31.4M	-467.4M	521M	-165.4M	729.3M
Dividends paid	-556.1M	-561M	-534.5M	-553.9M	-891.6M	-472M	-468.7M	-191.2M	-203.2M	-203.4M
Share repurchases	-246.3M	0	-470M	-893K	0	-301.6M	-85K	-29.2M	0	-51M
Financing cash flow	-454.2M	-367.6M	-1.1B	-2.2B	-218.9M	-30.4M	-802.2M	-279.1M	-252.3M	-1.3B
Net change in cash	932.8M	547.9M	-384.7M	3.5B	-310.5M	625.4M	-1.1B	784.7M	72.3M	641.8M
Free cash flow	995.1M	860.1M	728M	223.6M	29.2M	761.8M	798.9M	648.2M	537.7M	1.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	59.6M	-100.6M	-6.3M	40.1M	-19.5M	5.8M	99.8M	813.2M	19.2M	4.9M	-22M	39.2M
Depreciation & amortization	115M	119.6M	114M	113.9M	120.4M	121.1M	121.3M	120.1M	121.7M	118.4M	124.1M	176.2M
Stock-based compensation	9.7M	10M	7.5M	8.8M	6.5M	7.4M	6M	7.5M	5.6M	6.4M	5.7M	7.8M
Change in working capital	-70.7M	10.4M	-37.2M	561K	-4.3M	-844K	-68.4M	-32.5M	-67.9M	-27.4M	-5.4M	-27.9M
Operating cash flow	119M	46M	78M	171.2M	119.5M	128.1M	162.5M	1B	33.2M	146.3M	47.7M	163.7M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-6.2M	-27.7M	-2M	-88M	-19.3M	-6.1M	329.7M	405.6M	-3.2M	-2.8M	44.2M	-237.6M
Dividends paid	-15.5M	-72.6M	-15.5M	-15.5M	-15.5M	-156.6M	-15.5M	-15.5M	-15.5M	-156.8M	-15.5M	-15.5M
Share repurchases	-5.9M	-25K	—	—	0	0	—	—	—	—	-79.9M	-53.5M
Financing cash flow	-28.3M	-17.6M	-15.5M	-34.6M	-26.8M	-175.4M	-470.3M	-719.7M	72.3M	-176.8M	416.1M	-317.6M
Net change in cash	84.6M	628K	60.4M	48.5M	73.4M	-53.3M	21.9M	712.9M	102.2M	-33.3M	508.1M	-391.4M
Free cash flow	62.1M	211.3M	31.5M	194.7M	105.4M	206.2M	52M	1B	33.2M	146.3M	47.7M	163.7M

Date	Ratio
Jul 18, 2017	1237:1000
Jan 16, 2015	10000:9050
Nov 6, 2009	1:1
Aug 7, 2009	1:1
May 7, 2009	1:1
Oct 19, 1998	1000:987
Oct 21, 1997	2:1
Mar 26, 1993	3:2
Jun 3, 1991	5:1

Vornado Realty Trust Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history