Detailed financial statements for Vornado Realty Trust (VNO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Vornado's property holdings are predominantly focused on the crucial New York City market, complemented by a top-tier asset in both Chicago and San Francisco. The company is also at the forefront of the real estate sector regarding its sustainability initiatives.
Analysis Summary
Vornado Realty Trust reported revenue of $1.81B in the most recent fiscal year, growing at a 5-year CAGR of 3.5%.
Trailing-twelve-month margins: gross margin 42.6%, operating margin 10.9%, net margin 3.7%. Free cash flow grew at 112.3% CAGR over 5 years.
At $34.55 (closing price, October 30, 2026), VNO trades at a P/E of 1,043.81 and an ROE of 1.14%. Market capitalisation stands at $6.5B.
Balance sheet quality for VNO: current ratio of 1.8, net debt of $7.04B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.26B represents 139% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.51B | $2.08B | $2.16B | $1.92B | $1.53B | $1.59B | $1.80B | $1.81B | $1.79B | $1.81B |
| Cost of Revenue | $1.02B | $886.6M | $963.5M | $918.0M | $789.1M | $797.3M | $873.9M | $905.2M | 0 | 0 |
| Gross Profit | $1.48B | $1.20B | $1.20B | $1.01B | $738.9M | $791.9M | $926.1M | $906.0M | $1.79B | $1.81B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $179.3M | $159.0M | $141.9M | $169.9M | $181.5M | $134.5M | $133.7M | $162.9M | $148.5M | $156.1M |
| Operating Expenses | $744.3M | $588.4M | $588.4M | $589.0M | $594.6M | $546.9M | $638.2M | $605.4M | $1.52B | $1.54B |
| Operating Income | $550.8M | $607.4M | $583.0M | $417.7M | $144.3M | $245.0M | $287.9M | $300.6M | $263.9M | $272.1M |
| EBITDA | $1.48B | $1.16B | $1.25B | $4.14B | $203.5M | $840.5M | $423.3M | $845.6M | $880.6M | $1.77B |
| Interest Expense | $330.2M | $345.7M | $347.9M | $286.6M | $229.3M | $231.1M | $279.8M | $349.2M | $390.3M | $353.9M |
| Pre-tax Income | $983.1M | $318.4M | $459.6M | $3.44B | -$425.2M | $197.1M | -$361.0M | $62.1M | $42.8M | $950.7M |
| Income Tax | $8.3M | $41.1M | $37.6M | $103.4M | $36.6M | -$10.5M | $21.7M | $29.2M | $22.7M | $13.5M |
| Net Income | $960.6M | $227.4M | $450.0M | $3.15B | -$297.0M | $176.0M | -$346.5M | $105.5M | $70.4M | $905.0M |
| EPS | $5.08 | $0.85 | $2.36 | $16.23 | $-1.83 | $0.53 | $-2.13 | $0.23 | $0.04 | $4.40 |
| EPS (Diluted) | $5.08 | $0.85 | $2.35 | $16.21 | $-1.83 | $0.53 | $-2.13 | $0.23 | $0.04 | $4.20 |
| Shares Outstanding (Diluted) | 189.1 M | 191.3 M | 191.5 M | 191.1 M | 191.1 M | 192.1 M | 191.8 M | 191.9 M | 196.6 M | 191.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $453.7M | $453.7M | $459.1M | $462.2M |
| Gross Profit | $453.7M | $453.7M | -$24.6M | -$103.9M |
| Operating Income | $57.3M | $66.2M | $50.4M | $25.6M |
| EBITDA | $215.1M | $212.0M | $197.2M | $308.8M |
| Net Income | $27.1M | $16.1M | -$7.3M | $32.0M |
| EPS | $0.06 | $0.00 | $-0.12 | $0.09 |
| EPS (Diluted) | $0.06 | $0.00 | $-0.12 | $0.09 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.50B | $1.82B | $570.9M | $1.52B | $1.62B | $1.76B | $889.7M | $997.0M | $733.9M | $840.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $472.0M | 0 | 0 | 0 |
| Receivables | $946.2M | $985.4M | $1.01B | $837.9M | $751.7M | $736.0M | $776.1M | $771.2M | $765.9M | $995.7M |
| Inventory | -$21.8M | -$27.5M | -$27.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.73B | $2.90B | $1.82B | $2.85B | $2.61B | $2.72B | $2.31B | $2.03B | $1.72B | $1.97B |
| Property, Plant & Equipment | $11.61B | $11.87B | $12.61B | $379.5M | $367.4M | $337.2M | $684.4M | $680.0M | $678.8M | $671.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $192.7M | $159.3M | $136.8M | $31.0M | $23.9M | $154.9M | $139.6M | $127.1M | $118.2M | $110.6M |
| Total Assets | $20.81B | $17.40B | $17.18B | $18.29B | $16.22B | $17.27B | $16.49B | $16.19B | $16.00B | $15.52B |
| Accounts Payable | -$287.8M | $415.8M | $431.0M | $440.0M | $427.2M | $613.5M | 0 | 0 | 0 | 0 |
| Short-term Debt | $115.6M | 0 | 0 | $575.0M | $575.0M | $575.0M | $575.0M | $575.0M | $575.0M | $720.4M |
| Total Current Liabilities | $574.3M | $415.8M | $511.0M | $1.41B | $1.00B | $1.24B | $1.07B | $1.02B | $949.0M | $1.10B |
| Long-term Debt | $10.50B | $9.73B | $9.76B | $6.83B | $6.82B | $8.04B | $7.81B | $7.68B | $7.67B | $6.47B |
| Total Liabilities | $11.92B | $11.41B | $11.29B | $10.09B | $8.67B | $10.06B | $9.98B | $9.84B | $9.83B | $8.72B |
| Retained Earnings | -$1.42B | -$4.18B | -$4.17B | -$1.95B | -$2.77B | -$3.08B | -$3.89B | -$4.01B | -$4.14B | -$3.49B |
| Total Equity | $6.90B | $4.34B | $4.47B | $6.73B | $6.53B | $6.24B | $5.84B | $5.51B | $5.16B | $5.99B |
| Total Debt | $10.61B | $9.73B | $9.84B | $7.90B | $7.80B | $8.99B | $9.13B | $8.98B | $8.99B | $7.89B |
| Net Debt | $9.11B | $7.91B | $9.27B | $6.39B | $6.18B | $7.23B | $7.76B | $7.99B | $8.26B | $7.04B |
| Working Capital | $2.15B | $2.48B | $1.31B | $1.44B | $1.61B | $1.49B | $1.25B | $1.01B | $766.5M | $876.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.01B | $840.9M | $1.08B | $675.4M |
| Total Assets | $15.75B | $15.52B | $15.92B | $15.61B |
| Total Liabilities | $8.73B | $8.72B | $9.21B | $8.91B |
| Total Equity | $6.07B | $5.99B | $6.02B | $5.79B |
| Total Debt | $7.89B | $7.89B | $8.41B | $9.06B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $981.9M | $264.1M | $422.6M | $3.33B | -$461.8M | $207.6M | -$382.6M | $32.9M | $20.1M | $937.2M |
| Depreciation & Amortization | $595.3M | $529.8M | $472.8M | $438.9M | $417.9M | $432.6M | $526.3M | $457.6M | $469.4M | $481.5M |
| Stock-based Compensation | $34.0M | $32.8M | $31.7M | $53.9M | $48.7M | $38.3M | $29.2M | $43.2M | $30.2M | $25.5M |
| Change in Working Capital | -$73.0M | -$101.9M | -$8.8M | -$25.2M | -$191.5M | $3.5M | $87.3M | -$25.6M | -$57.0M | -$181.2M |
| Operating Cash Flow | $1.00B | $860.1M | $802.6M | $662.5M | $424.2M | $761.8M | $798.9M | $648.2M | $537.7M | $1.26B |
| Capital Expenditure | -$750.1M | -$355.9M | -$74.6M | -$438.9M | -$395.1M | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | -$127.6M | -$40.5M | -$35.1M | $1.73B | -$6.6M | -$32.9M | $1.2M | -$52.6M | -$115.4M | $15.3M |
| Stock Repurchased | -$186,000 | -$418,000 | -$470.0M | -$893,000 | 0 | -$1.6M | 0 | -$29.2M | 0 | -$51.0M |
| Dividends Paid | -$556.1M | -$561.0M | -$534.5M | -$553.9M | -$891.6M | -$472.0M | -$468.7M | -$191.2M | -$203.2M | -$203.4M |
| Free Cash Flow | $250.6M | $504.3M | $728.0M | $223.6M | $29.2M | $761.8M | $798.9M | $648.2M | $537.7M | $1.26B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $33.2M | $146.3M | $47.7M | $163.7M |
| Capital Expenditure | 0 | 0 | 0 | -$120.3M |
| Free Cash Flow | $33.2M | $146.3M | $47.7M | $43.4M |
| Dividends Paid | -$15.5M | -$156.8M | -$15.5M | -$15.5M |
| Stock-based Compensation | $5.6M | $6.4M | $5.7M | $7.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -16.8% | +3.8% | -11.0% | -20.6% | +4.0% | +13.3% | +0.6% | -1.3% | +1.3% | |
| Net Income Growth (YoY) | -76.3% | +97.9% | +599.6% | -109.4% | +159.3% | -296.9% | +130.4% | -33.3% | +1,185.7% | |
| EPS Growth (YoY) | -83.3% | +177.6% | +587.7% | -111.3% | +129.0% | -501.9% | +110.8% | -82.6% | +10,900.0% | |
| Shares Change (YoY) | +1.1% | +0.1% | -0.2% | +0.0% | +0.5% | -0.2% | +0.0% | +2.5% | -2.5% | |
| FCF Growth (YoY) | +101.2% | +44.4% | -69.3% | -86.9% | +2,509.9% | +4.9% | -18.9% | -17.0% | +134.0% | |
| Gross Margin | 59.1% | 57.5% | 55.5% | 52.3% | 48.4% | 49.8% | 51.4% | 50.0% | 100.0% | 100.0% |
| Operating Margin | 22.0% | 29.1% | 26.9% | 21.7% | 9.4% | 15.4% | 16.0% | 16.6% | 14.8% | 15.0% |
| EBITDA Margin | 59.0% | 55.7% | 57.7% | 215.1% | 13.3% | 52.9% | 23.5% | 46.7% | 49.3% | 97.6% |
| Net Margin | 38.3% | 10.9% | 20.8% | 163.6% | -19.4% | 11.1% | -19.2% | 5.8% | 3.9% | 50.0% |
| FCF Margin | 10.0% | 24.2% | 33.6% | 11.6% | 1.9% | 47.9% | 44.4% | 35.8% | 30.1% | 69.5% |
| Effective Tax Rate | 0.8% | 12.9% | 8.2% | 3.0% | -8.6% | -5.3% | -6.0% | 47.0% | 53.0% | 1.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.33 | $2.64 | $3.80 | $1.17 | $0.15 | $3.97 | $4.17 | $3.38 | $2.73 | $6.56 |
| Dividends Per Share | $2.94 | $2.93 | $2.79 | $2.90 | $4.66 | $2.46 | $2.44 | $1.00 | $1.03 | $1.06 |
| Shares Outstanding (Basic) | 188.8 M | 189.5 M | 190.5 M | 190.9 M | 191.1 M | 191.6 M | 191.8 M | 191.0 M | 190.5 M | 191.8 M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (<=15x (<=20x borderline)) — REIT P/E equivalent. As with the P/E, the lower, the cheaper.
Profitability
| Return on Equity | 1.14% |
| Return on Invested Capital | 0.96% |
| Return on Assets | 0.43% |
| Gross Margin | 42.60% |
| Operating Margin | 10.91% |
| Net Margin | 3.71% |
Financial Health
| Debt / Equity | 1.57 |
| Current Ratio | 4.77 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.37 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 16.60 | 91.98 | 26.28 | 4.10 | -20.40 | 78.98 | -9.77 | 122.83 | 1,051.00 | 7.56 |
| P/B | 2.31 | 3.42 | 2.65 | 1.89 | 1.09 | 1.29 | 0.68 | 0.98 | 1.55 | 1.07 |
| P/S | 6.36 | 7.11 | 5.46 | 6.59 | 4.67 | 5.05 | 2.22 | 2.98 | 4.48 | 3.52 |
| Gross Margin | 59.1% | 57.5% | 55.5% | 52.3% | 48.4% | 49.8% | 51.4% | 50.0% | 100.0% | 100.0% |
| Operating Margin | 22.0% | 29.1% | 26.9% | 21.7% | 9.4% | 15.4% | 16.0% | 16.6% | 14.8% | 15.0% |
| Net Margin | 38.3% | 10.9% | 20.8% | 163.6% | -19.4% | 11.1% | -19.2% | 5.8% | 3.9% | 50.0% |
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Explore sector: Real Estate · REIT - Office
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