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Vornado Realty Trust

VNO NYSE Office REITs Financials FY2016–FY2025

Vornado Realty Trust's revenue rose 1.3% to $1.8 billion in fiscal 2025. Its net margin was 50.0%, up from 3.9% a year earlier. Free cash flow was $962 million, up 78.8%. It paid out $192 million in dividends and buybacks, 20% of free cash flow. The diluted share count rose 2.2%.

Last close · Oct 23, 2026

$34.80

1.3%
Value it Compare
Revenue Total sales reported in the income statement.
$1.8B
1.3% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$905M
1,185.5%
Free cash flow Cash from operations minus capital spending.
$962M
78.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.4%
14.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—
On $0.03 EPS (TTM)

What Vornado Realty Trust does

No business description yet.

Legal name
Vornado Realty Trust
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000899689-26-000009
0000899689

Revenue and margins

Vornado Realty Trust had $1.8B of revenue in fiscal 2025, up 1.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −0.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $962M in fiscal 2025, 53.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Vornado Realty Trust returned $192M to shareholders in fiscal 2025, 20% of free cash flow. The diluted share count rose 2.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Vornado Realty Trust yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.4B and divides by 201.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today — · peers 26.9x · sector 28.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Vornado Realty Trust can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.8B$1.4B$997M$734M$841M
Debt incl. finance leases $2.6B$2.6B$2.6B$2.6B$2.3B
Net debt / EBITDA 0.9x2.7x1.8x2.0x0.8x
Debt / equity 0.4x0.4x0.5x0.5x0.4x
Interest coverage 1.9x−0.3x1.2x1.1x3.7x
Total assets $17.3B$16.5B$16.2B$16.0B$15.5B
Total liabilities $10.1B$10.0B$9.8B$9.8B$8.7B
Shareholders' equity $6.2B$5.8B$5.5B$5.2B$6.0B
Net debt (− = net cash) $802M$1.2B$1.6B$1.8B$1.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$5.7M

2 insiders

Sold, 12 months

$4.9M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 17, 2026 Michael D FascitelliDirector Sold 133,350 $36.62 $4.9M Form 4
Jun 8, 2026 Russell B Wight JrDirector Bought 4,000 $16.94 $0.1M Form 4
Mar 12, 2026 Daniel R TischDirector Bought 30,000 $25.55 $0.8M Form 4
Mar 3, 2026 Daniel R TischDirector Bought 70,000 $26.30 $1.8M Form 4
Mar 2, 2026 Daniel R TischDirector Bought 40,000 $27.09 $1.1M Form 4
Feb 27, 2026 Daniel R TischDirector Bought 45,000 $27.70 $1.2M Form 4
Feb 24, 2026 Daniel R TischDirector Bought 25,000 $27.85 $0.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −3.3%−2.9%−2.2%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Vornado Realty Trust VNO $6.8B 1.3% — 53.1% 17.4% — —
Kilroy Realty KRC $4.4B −2.0% — 40.5% — 20.4x — Compare →
Alexandria Real Estate Equities ARE $7.3B −2.9% — −15.1% — — — Compare →
Cousins Properties CUZ $4.8B 16.0% 67.8% 13.6% 6.7% — — Compare →
BXP BXP $9.9B 2.2% — — — 33.4x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.0B $2.1B $2.2B $1.9B $1.5B $1.6B $1.8B $1.8B $1.8B $1.8B
Operating income $580M $609M $583M — — — — — — —
Interest expense $330M $346M $348M $287M $229M $231M $280M $349M $390M $354M
Pretax income $585M $320M $460M $3.4B −$425M $197M −$361M $62.1M $42.8M $951M
Income tax $7.9M $42.4M $37.6M $103M $36.6M −$10.5M $21.7M $29.2M $22.7M $13.5M
Net income $907M $227M $450M $3.1B −$297M $176M −$347M $106M $70.4M $905M
Diluted EPS $4.34 $0.85 $2.01 $16.21 −$1.83 $0.53 −$2.13 $0.23 $0.04 $4.20
Diluted shares 0.19B 0.19B 0.19B 0.19B 0.19B 0.19B 0.19B 0.19B 0.20B 0.20B
Cash flow
Cash from operations $995M $860M $803M $663M $424M $762M $799M $648M $538M $1.3B
Capital expenditure $388M $271M $235M $69.7M $1.2M $3.0M $3.0M $33.1M $0.0M $297M
Free cash flow $608M $589M $568M $593M $423M $759M $796M $615M $538M $962M
Depreciation and amortization $595M $530M $473M $439M $418M $433M $526M $458M $469M $482M
Stock-based compensation $34.0M $32.8M $31.7M $53.9M $48.7M $38.3M $29.2M $43.2M $30.2M $25.5M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $29.2M $0.0M $51.0M
Dividends paid $476M $497M $479M $504M $827M $406M $407M $129M $141M $141M
Dividends and buybacks $476M $496M $479M $504M $827M $406M $407M $158M $141M $192M
Balance sheet
Cash and short-term investments $1.5B $1.8B $571M $1.5B $1.6B $1.8B $1.4B $997M $734M $841M
Total debt $1.3B $1.6B $1.7B $1.8B $1.8B $2.6B $2.6B $2.6B $2.6B $2.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $20.8B $17.4B $17.2B $18.3B $16.2B $17.3B $16.5B $16.2B $16.0B $15.5B
Total liabilities $11.9B $11.4B $11.3B $10.1B $8.7B $10.1B $10.0B $9.8B $9.8B $8.7B
Shareholders' equity $6.9B $4.3B $4.5B $6.7B $6.5B $6.2B $5.8B $5.5B $5.2B $6.0B
Margins
Operating margin 28.9% 29.2% 26.9% — — — — — — —
EBITDA margin 58.7% 54.6% 48.8% 216.3% 14.5% 54.2% 24.7% 48.0% 50.5% 98.7%
Net margin 45.3% 10.9% 20.8% 163.6% −19.4% 11.1% −19.3% 5.8% 3.9% 50.0%
FCF margin 30.3% 28.3% 26.3% 30.8% 27.7% 47.8% 44.2% 34.0% 30.1% 53.1%
Returns
Return on capital 7.8% 8.6% 9.7% 52.5% −2.1% 5.9% −0.9% 3.0% 3.0% 17.4%
Return on equity 13.3% 4.1% 10.2% 56.2% −4.5% 2.8% −5.7% 1.9% 1.3% 16.2%
Return on assets 4.3% 1.2% 2.6% 17.8% −1.7% 1.1% −2.1% 0.7% 0.4% 5.7%
Growth
Revenue growth — 4.0% 3.8% −11.1% −20.6% 4.0% 13.3% 0.6% −1.3% 1.3%
Net income growth 19.3% −74.9% 97.9% 599.6% −109.4% — −296.9% — −33.3% 1,185.7%
EPS growth 20.9% −80.4% 136.5% 706.5% −111.3% — −501.9% — −82.6% 10,400.0%
FCF growth 63.9% −3.1% −3.5% 4.4% −28.6% 79.4% 4.9% −22.7% −12.6% 78.9%
Share count change 0.3% 0.6% 0.0% −0.1% 0.1% 0.5% −0.2% 0.0% 2.5% 2.3%
Financial health
Net debt / EBITDA −0.1x −0.2x 1.0x 0.1x 0.9x 0.9x 2.7x 1.8x 2.0x 0.8x
Debt / equity 0.2x 0.4x 0.4x 0.3x 0.3x 0.4x 0.4x 0.5x 0.5x 0.4x
Interest coverage 1.8x 1.8x 1.7x 13.0x −0.9x 1.9x −0.3x 1.2x 1.1x 3.7x
Capital allocation
Capex / revenue 19.3% 13.0% 10.8% 3.6% 0.1% 0.2% 0.2% 1.8% 0.0% 16.4%
Stock comp / revenue 1.7% 1.6% 1.5% 2.8% 3.2% 2.4% 1.6% 2.4% 1.7% 1.4%
Payouts / FCF 78.3% 84.3% 84.4% 85.0% 195.5% 53.5% 51.1% 25.7% 26.2% 20.0%
Quality scores
Accruals ratio −0.4% −3.3% −2.0% 14.0% −4.2% −3.5% −6.8% −3.3% −2.9% −2.2%

Source: SEC EDGAR XBRL filings (CIK 0000899689). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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