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VNO-PL

Vornado Realty Trust

VNO-PL

Vornado Realty Trust • NYSE
$17.68 ▼ -0.73% (-0.13)
Market Cap $7.05 B
52w High $19.22
52w Low $15.25
Dividend Yield 1.35%
P/E 27.45
Volume 33.13K
Outstanding Shares 398.81M

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 Q2-2024Q3-2024Q4-2024Q3-2025
Fee And Other Income
Fee And Other Income
 $60.00M ▲$60.00M ▲$160.00M ▲$60.00M ▼
Parking Revenue
Parking Revenue
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Product and Service Other
Product and Service Other
 $10.00M ▲$20.00M ▲$40.00M ▲$20.00M ▼
Rental Revenue
Rental Revenue
 $390.00M ▲$390.00M ▲$1.18Bn ▲$390.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Vornado’s income statement shows a business with fairly steady rental-related revenue over the last five years, but with profits that move around a lot. Revenue has inched up from the pandemic period and has been relatively stable recently, which suggests the core portfolio is holding its own despite a tough office market. Profitability, however, has been choppy. Operating and net income swung from losses in some years to modest profits in others, reflecting write‑downs, leasing conditions, and higher costs. Recent years show the company back in the black, but earnings are thin and well below the strongest year in the period. On the positive side, cash-style profit (EBITDA) has improved versus the worst years, hinting at better underlying operations, even though bottom‑line results remain sensitive to market and financing conditions.

Balance Sheet

Balance Sheet The balance sheet paints a picture of a large, asset‑heavy landlord with meaningful leverage and slowly shrinking equity. Total assets have stayed broadly stable over the period, suggesting no major expansion or contraction of the portfolio. Cash balances, while still solid, have come down from earlier highs, which limits flexibility compared with the peak but remains a useful cushion. Debt sits high relative to equity, and equity has gradually eroded, pointing to a more leveraged capital structure over time. For a real estate trust, borrowing is normal, but this level of leverage increases sensitivity to interest rates, refinancing conditions, and property values. Overall, the balance sheet is typical for a big office REIT but leaves less margin of safety if valuations or rents come under more pressure.

Cash Flow

Cash Flow Cash flow is a relative bright spot compared with the volatility in accounting earnings. The company has consistently generated positive cash from its operations over the past five years, even in weaker income years. That indicates the underlying properties are still producing reliable rent cash flows. Free cash flow has closely tracked operating cash flow because recent capital spending has been very light, especially after a heavier investment year earlier in the period. This boosts near‑term cash but may also signal a pause between major redevelopment cycles. The pattern suggests a business that is currently prioritizing stabilizing cash and balance‑sheet health over aggressive expansion, while still depending on healthy occupancy and rent collections.

Competitive Edge

Competitive Edge Vornado’s competitive position is built around owning high‑quality, hard‑to‑replace office and mixed‑use properties in premier locations, especially in Manhattan. These are markets with substantial barriers to new supply, which helps support long‑term demand and gives the portfolio a degree of scarcity value. This concentration in trophy and near‑trophy assets lets Vornado appeal to blue‑chip tenants who care about location, image, and building quality. At the same time, the company operates in one of the most challenged parts of real estate: urban office, with ongoing pressure from hybrid work, space rationalization, and shifting tenant preferences. Its focus on amenity‑rich, modernized buildings—such as the PENN District—may help it capture the “flight to quality” trend, but it also means competition is intense at the top end and capital needs are substantial. In short, the portfolio has strong structural advantages, but it is tied to a segment facing structural headwinds.

Innovation and R&D

Innovation and R&D Innovation for Vornado is less about traditional R&D and more about how it upgrades buildings, uses technology, and differentiates the tenant experience. The company has leaned into sustainability through its long‑term carbon‑neutrality strategy and wide use of green building standards, positioning itself as a leader in environmentally efficient office space. That can be a draw for large corporate tenants with their own climate goals. On the tech side, Vornado is experimenting with artificial intelligence tools to streamline leasing, project management, and tenant communications, and it offers tenants energy‑monitoring tools that give them more control over usage and costs. Its “WorkLife” concept and large redevelopment projects—especially around Penn Station—aim to turn offices into full, hospitality‑like environments rather than just places to work. These efforts could help defend rents and occupancy over time, but they also require careful execution and sustained investment, especially in a soft office market.

Summary

Overall, Vornado looks like a flagship office and mixed‑use landlord with steady top‑line cash generation but uneven profitability and a balance sheet that carries meaningful leverage. The income statement reflects the reality of a tough office cycle: revenue resilience, but thin and volatile bottom‑line results. Cash flow has been more stable, aided by lower recent capital spending. Its strengths lie in premier locations, sustainability credentials, and a willingness to invest in technology and tenant experience. The main risks stem from its concentration in office, exposure to New York City, and a leveraged capital structure in an environment of higher interest rates and evolving workplace trends. Future performance will likely hinge on how well Vornado can keep its top‑tier assets full, push its redevelopment pipeline like the PENN District without overextending its balance sheet, and convert its innovation and amenity investments into durable, higher‑quality cash flows.