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VNO

Vornado Realty Trust

VNO

Vornado Realty Trust • NYSE
$36.82 ▲ 0.00% (+0.00)
Market Cap $7.07 B
52w High $46.52
52w Low $29.68
Dividend Yield 0.74%
P/E 8.79
Volume 454.26K
Outstanding Shares 192.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $453.7M ▲ $396.381M ▲ $27.115M ▼ 5.976% ▼ $0.06 ▼ $215.131M ▼
Q2-2025 $441.437M ▼ $374.9M ▼ $759.345M ▲ 172.017% ▲ $3.87 ▲ $1.021B ▲
Q1-2025 $461.579M ▲ $379.492M ▼ $102.368M ▲ 22.178% ▲ $0.45 ▲ $318.988M ▲
Q4-2024 $457.79M ▲ $385.741M ▼ $16.729M ▲ 3.654% ▲ $0.01 ▲ $227.966M ▲
Q3-2024 $443.255M $387.666M $-3.626M -0.818% $-0.1 $201.396M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.01B ▼ $15.747B ▲ $8.73B ▲ $6.066B ▼
Q2-2025 $1.205B ▲ $15.608B ▲ $8.594B ▼ $6.092B ▲
Q1-2025 $568.861M ▼ $15.599B ▼ $9.371B ▼ $5.314B ▲
Q4-2024 $733.947M ▼ $15.999B ▼ $9.827B ▲ $5.158B ▼
Q3-2024 $783.596M $16.083B $9.816B $5.278B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $19.239M ▼ $33.166M ▼ $-316.631M ▼ $72.262M ▲ $-211.203M ▼ $33.166M ▼
Q2-2025 $813.227M ▲ $1.027B ▲ $249.654M ▼ $-720.156M ▼ $556.41M ▲ $1.027B ▲
Q1-2025 $99.824M ▲ $52.034M ▼ $275.501M ▲ $-470.266M ▼ $-142.731M ▼ $52.034M ▼
Q4-2024 $5.758M ▲ $206.18M ▲ $-110.284M ▲ $-175.352M ▼ $-79.456M ▲ $206.18M ▲
Q3-2024 $-19.468M $105.379M $-179.981M $-13.177M $-87.779M $105.379M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Fee And Other Income
Fee And Other Income
 $60.00M ▲$60.00M ▲$120.00M ▲$60.00M ▼
Parking Revenue
Parking Revenue
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Product and Service Other
Product and Service Other
 $10.00M ▲$20.00M ▲$30.00M ▲$20.00M ▼
Rental Revenue
Rental Revenue
 $390.00M ▲$390.00M ▲$790.00M ▲$380.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Vornado’s revenue has been fairly steady over the last several years, without strong growth but also without a collapse. The real story is on the profit side: earnings have been very up‑and‑down, with years of losses mixed in with years of modest profit. Recent results show the company back in the black, but with much thinner profits than the prior year. This pattern suggests a business that is stable at the top line but exposed to swings in costs, financing, and property valuations, which is typical for office-focused real estate in a choppy market.

Balance Sheet

Balance Sheet The balance sheet shows a large, mature property portfolio with significant debt and a shrinking equity cushion. Total assets have edged down from their peak, and cash on hand has come down from earlier, more liquid years. Debt levels remain high and fairly steady, while shareholders’ equity has been slowly eroding. Overall, Vornado still has substantial real estate backing it, but it is operating with meaningful leverage and less balance‑sheet flexibility than in the past.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive and relatively stable, even in tougher years. Free cash flow has generally tracked operating cash flow closely, helped by limited recent capital spending after a period of heavier investment. This indicates the portfolio is producing dependable cash, but there is no obvious step‑change improvement, and recent cash flows are a bit lower than the peak a few years ago. The company appears capable of funding itself, though large new projects or refinancing waves could still test liquidity over time.

Competitive Edge

Competitive Edge Vornado’s key strength is its concentration of high‑quality office and retail properties in prime Manhattan locations, an area that is extremely hard and expensive for rivals to enter. This gives it a meaningful advantage in attracting blue‑chip tenants who want top‑tier space near major transit hubs. Its scale, long operating history, and in‑house development and leasing capabilities add to this edge. At the same time, its heavy exposure to the office sector in New York ties its fortunes closely to trends in office demand, work‑from‑home patterns, and local regulation, which remain important sources of risk.

Innovation and R&D

Innovation and R&D As a real estate trust, Vornado does not do traditional lab-style R&D, but it invests heavily in redevelopment, technology, and tenant experience. The PENN DISTRICT project is a flagship example: a large, multi‑year effort to transform the area around Penn Station into a modern office campus. The company is also pushing digital tools like its mobile app, amenity platforms, and real‑time energy monitoring to make buildings smarter, greener, and more user‑friendly. Looking ahead, management has signaled interest in more residential projects and in using newer smart‑building technologies, which could broaden its growth options and help keep the portfolio competitive.

Summary

Vornado is a large, office‑heavy New York City landlord with stable rental income but volatile bottom‑line results. Its prime Manhattan assets and redevelopment expertise give it a strong position in a scarce, high‑barrier market, yet also expose it to the ongoing pressures facing office real estate. The balance sheet carries meaningful debt and has gradually weakened, but the business still throws off solid, recurring cash flow. Strategic initiatives like the PENN DISTRICT, tech‑enabled tenant services, and potential moves into residential offer upside if executed well, while office demand trends, interest rates, and refinancing needs remain the main areas to watch.

NEWS

November 3, 2025 · 4:29 PM UTC

Vornado Announces Third Quarter 2025 Financial Results

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October 30, 2025 · 1:51 PM UTC

Vornado Declares Quarterly Dividends On Preferred Shares

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October 21, 2025 · 12:19 PM UTC

Vornado Announces Third Quarter Earnings Release Date and Conference Call Information

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