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VNO-PM

Vornado Realty Trust

VNO-PM

Vornado Realty Trust • NYSE
$17.70 ▼ -0.34% (-0.06)
Market Cap $7.20 B
52w High $19.23
52w Low $14.75
Dividend Yield 1.31%
P/E 27.48
Volume 23.48K
Outstanding Shares 406.61M

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 Q3-2023Q2-2024Q3-2024Q4-2024
Fee And Other Income
Fee And Other Income
 $50.00M ▲$60.00M ▲$60.00M ▲$110.00M ▲
Parking Revenue
Parking Revenue
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Product and Service Other
Product and Service Other
 $10.00M ▲$10.00M ▲$20.00M ▲$30.00M ▲
Rental Revenue
Rental Revenue
 $400.00M ▲$390.00M ▼$390.00M ▲$790.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Vornado’s revenue has been fairly steady over the last several years, with only modest growth. The main story is volatility in profits, not in sales. Operating results swung from losses earlier in the period to healthier profits more recently, but 2024 looks softer than 2023 on that front. Net income has bounced between losses and only small profits, which signals a business under earnings pressure, likely from a tough office market, higher financing costs, and property-related charges. Overall, the income statement shows a stable top line but uneven, fragile profitability.

Balance Sheet

Balance Sheet The balance sheet is dominated by large real estate holdings funded with a meaningful amount of debt, which is typical for an office REIT but still a key risk. Total assets have been broadly stable, but shareholder equity has edged down, suggesting that past losses and/or distributions have slowly eroded the cushion for common equity holders. Debt has stayed high and fairly flat, which keeps leverage elevated. Cash on hand has come down from pandemic-era levels, leaving less liquidity than a few years ago but still some buffer. In short, this is a heavily asset-backed but also heavily leveraged balance sheet, sensitive to property values and interest rates.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive, even in years when accounting profits were weak or negative. That’s a key strength. Free cash flow has largely tracked operating cash flow, because reported capital spending in this summary is limited, though in practice many redevelopment outlays may be financed differently or sit in joint ventures. Operating cash flow peaked a couple of years ago and has eased more recently, which suggests some pressure on underlying cash earnings. Overall, the company appears able to support its obligations from recurring cash flows, but large development plans and high debt mean ongoing discipline around cash will remain very important.

Competitive Edge

Competitive Edge Vornado’s main edge comes from owning high-quality, hard-to-replicate office and retail properties in the heart of New York City, especially around Penn Station. These locations benefit from heavy commuter traffic, strong visibility, and long-term desirability for tenants who want prime addresses. The firm has leaned into the “flight to quality” trend by upgrading buildings and adding amenities, which helps attract tenants even as the broader office market struggles with remote and hybrid work. The flip side is concentration risk: the portfolio is heavily tied to one city and one challenged property type, so Vornado’s fortunes are closely linked to how the New York office market evolves.

Innovation and R&D

Innovation and R&D While real estate companies don’t do traditional R&D, Vornado has been investing in innovation around sustainability, technology, and tenant experience. Its entire in-service portfolio being green-certified, and its push toward carbon neutrality, help differentiate it with large corporate tenants that care about ESG. Digital tools such as tenant apps and energy portals modernize building operations and can deepen tenant relationships. The large-scale PENN District redevelopment, along with curated amenities under the “WorkLife” concept, is effectively its growth and innovation engine. The opportunity is to create a next-generation urban campus; the risk is execution, timing, and costs in a still-uncertain office demand environment.

Summary

Vornado Realty Trust shows a mixed picture: a stable revenue base supported by prime urban properties, but uneven profitability and high leverage in a structurally challenged office sector. Cash flows from operations have been a relative bright spot, consistently positive and supportive of ongoing obligations, even when accounting earnings were weak. The balance sheet is asset-rich but highly geared, making interest rates, refinancing conditions, and property values key watch points. Competitively, Vornado benefits from irreplaceable New York locations and a strong push into high-quality, amenity-rich, and sustainable buildings that align with what top tenants now want. The PENN District and related initiatives could be powerful long-term value drivers if executed well. For stakeholders in the preferred shares, the central considerations are the durability of rental cash flows, the resilience of New York office demand, and the company’s ability to manage its debt and large redevelopment ambitions without overstraining its finances.