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VNO-PN

Vornado Realty Trust

VNO-PN

Vornado Realty Trust • NYSE
$17.35 ▼ -1.64% (-0.29)
Market Cap $3.33 B
52w High $19.18
52w Low $14.81
Dividend Yield 1.31%
P/E 26.94
Volume 14.40K
Outstanding Shares 192.06M

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 Q2-2024Q3-2024Q4-2024Q1-2025
Fee And Other Income
Fee And Other Income
 $60.00M ▲$60.00M ▲$120.00M ▲$60.00M ▼
Rental Revenue
Rental Revenue
 $390.00M ▲$390.00M ▲$790.00M ▲$400.00M ▼
Parking Revenue
Parking Revenue
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Product and Service Other
Product and Service Other
 $10.00M ▲$20.00M ▲$30.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Vornado’s revenue has been broadly stable over the past five years, creeping up only modestly, which is typical for a mature office-focused landlord. The more important story is profit volatility: the company swung from losses around the pandemic and in 2022 to modest profitability in 2023 and 2024. Operating earnings and net income are positive again, but the margin of safety is not large, meaning a tough leasing environment or higher costs could quickly pressure profits. Overall, the income statement shows a large, established platform generating steady rental income, but with thin and somewhat choppy bottom-line results in a challenged office market.

Balance Sheet

Balance Sheet The balance sheet reflects a classic big-city office REIT: large, valuable properties funded with a meaningful amount of debt. Total assets have stayed fairly steady, suggesting no major expansion or shrinkage of the portfolio. Debt levels are high relative to equity, and equity has edged down over time, which points to a leveraged but still substantial capital base. Cash balances have declined from earlier peaks, so the company now has less of a cash cushion than during the immediate post-pandemic period. The key risk here is refinancing and interest-cost pressure in a higher-rate world, offset by the strength and quality of its underlying real estate.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive, which is important for a REIT that must fund interest, property upkeep, and distributions. Operating cash flow peaked a couple of years ago and has eased somewhat more recently but remains solidly positive. Free cash flow has been healthy in recent years, helped by relatively modest capital spending in the reported figures. This suggests the existing portfolio is largely self-funding day to day, though large redevelopment projects and debt service still require careful capital planning and access to financing markets.

Competitive Edge

Competitive Edge Vornado’s main advantage is its concentration in premier office and retail properties in New York City and other top-tier urban locations, where it is hard and expensive for competitors to build new supply. This creates a durable edge, especially for tenants that value prestige, transit access, and amenities. The company’s vertically integrated model—handling leasing, development, construction, and building services in-house—supports consistent quality and quicker execution. At the same time, Vornado faces structural headwinds: remote and hybrid work, potential long-term pressure on office demand, and heavy exposure to a single city. Its moat is strong in terms of assets, but the pond (the office market) is under pressure.

Innovation and R&D

Innovation and R&D While Vornado does not do “R&D” in the tech-company sense, it is clearly investing in innovation around buildings and tenant services. Smart-building initiatives, advanced energy management, and ambitious sustainability targets (including carbon-neutral and zero-waste goals) differentiate its properties and appeal to corporate tenants with environmental commitments. Tenant-facing tools like the Vornado DO app and AI-driven service systems aim to make the day-to-day office experience smoother and more responsive. Large mixed-use projects such as the PENN District redevelopment combine these elements into modern, amenity-rich urban campuses. The opportunity is to command better tenant loyalty and rents; the risk is execution complexity and high upfront costs in a still-uncertain office demand environment.

Summary

Vornado Realty Trust sits on a portfolio of irreplaceable office and retail assets in one of the world’s most supply-constrained markets, which provides a strong underlying foundation. Financially, it generates steady rental revenue and solid cash flow, but profits have been volatile and currently run at fairly thin levels, leaving limited room for error. The balance sheet is sizable and noticeably leveraged, making interest rates and refinancing terms important swing factors. On the positive side, Vornado is leaning into sustainability, smart-building technology, and tenant-centric services, and it has high-profile redevelopment projects that could enhance the franchise if executed well. Overall, this is a high-quality but highly exposed urban office landlord, with outcomes closely tied to how the office market, interest rates, and its major development projects evolve over the next several years.