Saturday 31 October 2026 Export VNO’s income statement to Excel — free account

Vornado Realty Trust

Vornado Realty Trust’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 1.27% from fiscal 2024. In the quarter to June 2026, revenue grew 4.71%, EPS fell 97.9%, free cash flow fell 90.5% and total debt rose 4.92%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

34.45 0.74 −2.10%

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Market cap: $7.2B
P/E: 1,723×
Fwd P/E: −68.2×
Dividend yield: 2.15%
F-score: 8/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis

Insider Decisions trades per month

Total buys 5.70

Total sells 7.94

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	2	1	—	—	1	—	—	—	—
Sell	—	—	—	—	—	—	—	1	—	—	1	—

Insider Ownership 7.61%

Capital & Financial Ratios $m

Market Cap 7,160.00

Revenue 1,828.76

Net Income 41.32

Free Cash Flow 29.42

Net Debt 6,489.33

Current Ratio 5.24

Debt/Equity 1.25

P/E ratio 1,722.50

Fwd P/E (68.20)

P/S ratio 3.53

P/B ratio 1.35

Past 5Y EPS Growth —

This Y EPS Growth (108.71%)

Next Y EPS Growth 21.09%

Next Y revenue growth 3.90%

Next 5Y EPS Growth 7.72%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 97.13%

10-year low 10-year high

P/S against its own 10 years 25.27%

10-year low 10-year high

P/B against its own 10 years 35.66%

10-year low 10-year high

EV/Sales against its own 10 years 24.57%

10-year low 10-year high

EV/FCF against its own 10 years 79.46%

10-year low 10-year high

Dividends

Payout Ratio 37.00

Annual Dividend Rate 0.74

Annual Dividend Yield 2.15%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	Powerpack
2025	0.74	0.74
2024	0.74	0.74
2023	0.68	0.38 0.30
2022	2.12	0.53 0.53 0.53 0.53
2021	2.12	0.53 0.53 0.53 0.53
2020	2.38	0.66 0.66 0.53 0.53
2019	2.64	0.66 0.66 0.66 0.66 1.95
2018	2.52	0.63 0.63 0.63 0.63
2017	2.35	0.57 0.57 0.60 0.60
2016	2.04	0.51 0.51 0.51 0.51

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,262	950	1,144	955
Receivables	771	766	830	901
Inventory	—	—	—	—
Other	—	—	—	—
	2,033	1,715	1,973	1,857

	2023	2024	2025	Q'26
Payables	411	374	376	354
ST’ Debt	—	—	—	—
Other	—	—	—	—
	411	374	376	354

Compound Annual Growth %

	10y	5y	3y
Sales	(0.92%)	3.45%	0.19%
Cash Flow	6.47%	24.29%	16.35%
Earnings	2.17%	0.00%	0.00%
Book Value	(1.92%)	(2.39%)	0.44%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.57 Actual 0.67

0.50 0.55 0.60 0.64 0.69

Q3 FY25 Beat +0.02

Q4 FY25 Miss −0.02

Q1 FY26 Met 0.00

Q2 FY26 Beat +0.10

Q3 FY26 — Nov 2

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q3 FY25	0.55	0.57	Beat by 0.02
Q4 FY25	0.57	0.55	Miss by 0.02
Q1 FY26	0.52	0.52	Met by 0.00
Q2 FY26	0.57	0.67	Beat by 0.10
Q3 FY26	0.64	—	Reports 2 November 2026

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.12)	0.08	—	—	—
’25	0.43	3.70	0.06	0.00	4.40
’24	(0.05)	0.18	(0.10)	0.01	0.04
’23	0.03	0.24	0.28	(0.32)	0.23
’22	0.14	0.26	0.04	(2.57)	(2.13)
’21	0.02	0.25	0.20	0.06	0.53
’20	0.03	(1.03)	0.28	(1.09)	(1.83)

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	459	462	—	—	—
’25	462	441	454	454	1,810
’24	436	450	443	458	1,788
’23	446	472	451	442	1,811
’22	442	453	457	447	1,800
’21	380	379	409	421	1,589
’20	445	343	364	376	1,528

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	48	164	—	—	—
’25	52	1,027	33	146	1,258
’24	31	195	105	206	538
’23	92	283	62	211	648
’22	171	260	129	239	799
’21	224	249	5	284	762
’20	51	216	(76)	233	424

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(55)	83	—	—	—
’25	(31)	875	(61)	62	846
’24	(95)	71	(5)	102	72
’23	(101)	86	(135)	34	(116)
’22	(70)	11	(60)	19	(99)
’21	66	47	(193)	106	26
’20	(168)	31	(233)	36	(333)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	63.79	71.90	59.48	58.60	27.64	35.02	20.03	12.31	22.42	29.68		(8.2%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	87.87	90.33	78.31	70.54	68.68	50.91	47.26	32.21	46.63	45.37		(7.1%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	4,225	3,989	3,928	4,008	2,899	3,224	3,146	2,935	2,996	3,145		(3.2%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.47	0.52	0.55	0.48	0.53	0.49	0.57	0.62	0.60	0.58		+2.2%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	2,004	2,084	2,164	1,925	1,528	1,589	1,800	1,811	1,788	1,810		(1.1%)	1,881	2,011	2,141	+5.7%
	Gross margin, %	57.38	57.37	55.47	52.31	48.36	49.83	49.69	47.22	47.81	49.05		(8.3) pt	Powerpack Vornado Realty Trust’s next three years, line by line Analysts expect revenue to grow 5.7% a year to 2028 — faster than the −1.1% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	585	320	460	3,438	(425)	197	(361)	62	43	951		+5.5%
	EBT margin, %	29.19	15.34	21.24	178.61	(27.83)	12.40	(20.05)	3.43	2.40	52.51		+23.3 pt
	Net income	982	264	423	3,334	(462)	208	(383)	33	20	937		(0.5%)
	Depreciation	542	483	434	419	401	423	522	463	508	505		(0.8%)
Per share, $
Per share, $	Revenue	10.61	11.00	11.37	10.09	7.99	8.30	9.39	9.48	9.38	9.44		(1.3%)
	Earnings	4.36	0.85	2.02	16.23	(1.83)	0.53	(2.13)	0.23	0.04	4.40		+0.1%
	Cash flow	5.27	4.54	4.22	3.47	2.22	3.98	4.17	3.39	2.82	6.56		+2.5%
	Capex	(5.26)	(3.31)	(3.43)	(4.63)	(3.96)	(3.84)	(4.68)	(4.00)	(2.44)	(2.15)		(9.5%)
	Free cash flow	0.01	1.23	0.79	(1.15)	(1.74)	0.14	(0.52)	(0.61)	0.38	4.41		+112.0%
	Book value	40.34	26.42	26.85	38.32	36.35	34.01	31.68	29.87	28.01	32.11		(2.5%)
	Shares, m	189	190	190	191	191	192	192	191	191	192		+0.2%
Valuation, ×
Valuation, ×	P/E	19.46	90.96	30.56	4.10	0.00	78.98	0.00	124.78	840.80	7.60		119.7
	P/S	7.98	7.03	5.45	6.59	4.67	5.05	2.24	3.03	4.48	3.53		5.0
	P/B	2.43	3.56	2.80	1.98	1.24	1.50	0.82	1.21	1.93	1.28		1.9
	EV/Sales	11.90	10.78	9.67	9.61	8.38	9.25	6.07	6.89	8.56	6.86		8.8
	EV/FCF	24,576.74	96.44	139.60	(83.97)	(38.41)	556.86	(110.56)	(107.10)	212.22	14.69		2,525.7
Cash, $m
Cash, $m	Operating cash flow	995	860	803	663	424	762	799	648	538	1,258		+2.6%
	Capex	(994)	(627)	(653)	(883)	(758)	(735)	(898)	(765)	(466)	(413)		(9.3%)
	Free cash flow	1	233	150	(220)	(333)	26	(99)	(116)	72	846		+112.2%
Balance, $m
Balance, $m	Working capital	2,145	2,484	1,294	2,005	2,055	2,053	1,818	1,622	1,341	1,597		(3.2%)
	Total debt	9,447	9,729	9,837	7,407	7,399	8,616	8,389	8,251	8,243	7,186		(3.0%)
	Net debt	7,851	7,815	9,120	5,799	5,669	6,686	6,896	6,990	7,293	6,042		(2.9%)
	Shareholders’ equity	7,618	5,008	5,108	7,311	6,948	6,515	6,076	5,705	5,337	6,157		(2.3%)
Returns, %
Returns, %	ROA	3.93	0.85	2.23	17.47	(2.02)	0.60	(2.42)	0.27	0.05	5.35		+1.4 pt
	ROIC	2.34	2.97	2.56	1.43	(0.11)	1.05	1.28	1.21	1.22	1.33		(1.0) pt
	ROE	12.89	3.03	9.24	58.25	(5.72)	1.82	(7.99)	0.92	0.19	18.47		+5.6 pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
BXP BXP, Inc.	$11.2B	33.7×	29.4×	+3.14% (above 0%: growing)	−23.21% (below 0%: shrinking)	+38.70% (above 0%: growing)	61.43%	28.91%	Compare
CDP COPT Defense Properties	$7.7B	23.2×	23.5×	+3.94% (above 0%: growing)	+17.65% (above 0%: growing)	+76.90% (above 0%: growing)	60.18%	32.03%	Compare
VNO Vornado Realty Trust	$7.2B	1,723×	— (loss-making)	+4.71% (above 0%: growing)	−97.93% (below 0%: shrinking)	−90.54% (below 0%: shrinking)	51.58%	5.54%
ARE Alexandria Real Estate Equities, Inc.	$7.1B	— (loss-making)	— (loss-making)	−13.03% (below 0%: shrinking)	n/m	−158.14% (below 0%: shrinking)	68.72%	17.23%	Compare
CUZ Cousins Properties Incorporated	$4.8B	737×	134×	+11.83% (above 0%: growing)	+77.78% (above 0%: growing)	+811.42% (above 0%: growing)	68.47%	24.85%	Compare
KRC Kilroy Realty Corporation	$4.3B	25.3×	139×	−6.04% (below 0%: shrinking)	−70.69% (below 0%: shrinking)	−83.18% (below 0%: shrinking)	65.29%	23.99%	Compare
SLG SL Green Realty Corporation	$3.9B	— (loss-making)	— (loss-making)	+9.13% (above 0%: growing)	n/m	+7,443.12% (above 0%: growing)	48.82%	7.84%	Compare
HIW Highwoods Properties, Inc.	$3.4B	20.4×	17.8×	+7.87% (above 0%: growing)	+400.00% (above 0%: growing)	+364.51% (above 0%: growing)	67.58%	26.47%	Compare
DEI Douglas Emmett, Inc.	$1.7B	— (loss-making)	— (loss-making)	+1.63% (above 0%: growing)	n/m	+41.06% (above 0%: growing)	63.19%	19.62%	Compare
Median of peers	$4.5B	25.3×	29.4×	+3.54%	+17.65%	+58.98%	64.24%	24.42%

All 19 Reit Office stocks →

Pay and ownership Proxy statement filed 7 April 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	3.14m	(32.24m)	107.00
2024	2.86m	68.40m	132.00
2023	26.84m	62.90m	87.00
2022	9.93m	(4.86m)	63.00
2021	9.76m	13.37m	118.00

Ownership

Directors and executive officers, together 9.00%

BlackRock, Inc. 10.55%

Norges Bank (The Central Bank of Norway) 8.68%

Franklin Resources, Inc. (Putnam) 5.56%

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement