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VNO-PO

Vornado Realty Trust

VNO-PO

Vornado Realty Trust • NYSE
$14.90 ▼ -0.73% (-0.11)
Market Cap $2.86 B
52w High $16.40
52w Low $12.51
Dividend Yield 1.11%
P/E 23.14
Volume 81.04K
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 Q1-2024Q2-2024Q3-2024Q3-2025
Fee And Other Income
Fee And Other Income
 $50.00M ▲$60.00M ▲$60.00M ▲$60.00M ▲
Parking Revenue
Parking Revenue
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Product and Service Other
Product and Service Other
 $10.00M ▲$10.00M ▲$20.00M ▲$20.00M ▲
Rental Revenue
Rental Revenue
 $390.00M ▲$390.00M ▲$390.00M ▲$390.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Vornado’s income statement shows a business with fairly steady rental and fee income but very uneven profits. Revenue has inched up over the last five years, not surged, which fits the profile of a mature office REIT rather than a fast‑growing company. Profitability has been bumpy: there were meaningful losses in some years and only modest profits in the more recent period. Operating performance (before non‑cash charges) has improved, but the bottom line is still thin and sensitive to changes in valuations, leasing costs, and interest expense. Overall, this looks like a large, relatively stable revenue base with earnings that can swing around depending on the property cycle and accounting impacts.

Balance Sheet

Balance Sheet The balance sheet is dominated by a big portfolio of office and mixed‑use properties, which has stayed broadly stable in size. Debt is substantial and has become more important as the equity cushion has eroded over time, largely due to past losses and value write‑downs. That means the business is more leveraged than it used to be and more exposed to changes in interest rates and property values. Cash on hand is lower than a few years ago but still provides some flexibility; however, the overall picture is of a capital‑intensive company with meaningful borrowing and a shrinking equity buffer, typical for an office REIT navigating a tough market.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive, which is a key strength for a landlord with long‑term leases. It was strongest a couple of years ago and has softened more recently, mirroring the pressure on earnings, but it still comfortably covers day‑to‑day needs. Capital spending has recently been very light in the reported numbers, so free cash flow has largely tracked operating cash flow. That supports ongoing interest payments and preferred distributions, but it also suggests that big redevelopment projects or upgrades may need separate financing or could tighten cash if they ramp back up. The main message: cash generation is steady, but not abundant, and must be managed carefully against debt obligations and investment plans.

Competitive Edge

Competitive Edge Competitively, Vornado sits in the upper tier of office REITs thanks to its concentration in prime Manhattan assets and high‑street retail. These are locations that are difficult and expensive for rivals to replicate, giving the company a structural edge in attracting blue‑chip tenants. Its fully integrated model—including in‑house building services—helps control quality and costs and supports a consistent tenant experience. On the other hand, heavy concentration in New York office means strong exposure to remote‑work trends, tenant downsizing, and local regulatory and tax environments. In short, the portfolio quality is a major strength, but the sector and geographic concentration create notable structural risks.

Innovation and R&D

Innovation and R&D Vornado does not do traditional lab R&D, but it is investing heavily in property innovation. Its focus on green buildings, advanced energy management, and tools like the Energy Information Portal give it a clear sustainability and technology angle that many tenants now actively seek. Programs like “WorkLife” and the amenity‑rich redesign of buildings such as PENN 1 aim to turn offices into full experiences rather than simple workspaces, which can help justify premium rents. The large PENN District redevelopment and expansion into residential add a growth and diversification element but also bring execution, leasing, and cost risks over many years. Overall, the company is leaning into sustainability, smart‑building technology, and placemaking as its main innovation engines.

Summary

Putting it together, Vornado looks like a mature, asset‑heavy office REIT with steady but slow‑growing revenue, volatile earnings, and meaningful leverage. Its properties and locations are clear competitive strengths, and its emphasis on sustainability and tenant experience aligns well with where high‑end real estate demand is heading. At the same time, the financials reflect the strain of the office downturn: thinner equity, choppy net income, and only moderate cushions relative to a sizable debt load. Future performance will likely hinge on how effectively management can lease up and reposition key assets (especially in the PENN District), manage refinancing in a higher‑rate world, and balance investment needs with the desire to maintain stable cash flows for creditors and preferred shareholders like VNO‑PO holders.