Saturday 7 November 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.

Revenue: +3.08%
EPS: −510.0%
Free cash flow: +35.9%
Total debt: +3.66%

Quarter to September 2026, against a year earlier

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35.79 0.08 −0.22%

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Market cap: $7.3B
P/E: 0.0×
Fwd P/E: −67.7×
Dividend yield: 2.07%
F-score: 8/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Vornado Realty Trust (VNO) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
New York	1,477	81.56%
Other	334	18.44%
Gross margin		49.05%
Operating margin		14.29%
Pre-tax margin		52.51%

Revenue by product or service $m

Line	FY2016
Real Estate	2,004 100.00%
Revenue	2,004

Gross profit by product or service $m, and margin

	FY2016
Management Service	‡
Gross profit	‡
	‡
	‡
	‡
	‡
	‡
	‡
	‡
	‡
	‡
	‡

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
New York	1,477 81.56%	1,472 82.34%	1,452 80.18%	1,449 80.52%	1,258 79.13%	1,222 79.96%	1,578 81.98%	1,836 84.86%	1,779 85.37%	1,713 85.51%
Other	334 18.44%	316 17.66%	359 19.82%	351 19.48%	332 20.87%	306 20.04%	347 18.02%	328 15.14%	305 14.63%	290 14.49%
Revenue	1,810	1,788	1,811	1,800	1,589	1,528	1,925	2,164	2,084	2,004

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
New York	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Washington DC	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
555 California Street initial rent	Q3 FY2026	$163.18	$113.95	+43.20%
555 California Street share of square feet leased	Q3 FY2026	38.0K	157.0K	−75.80%
555 California Street total square feet leased	Q3 FY2026	55.0K	224.0K	−75.45%
555 California Street weighted average lease term	Q3 FY2026	10.80	8.60	+25.58%
AFFO a share	Q3 FY2026	$0.65	$0.57	+14.04%
FFO a share	Q3 FY2026	$0.62	$0.58	+6.90%
New York Office initial rent per square foot	Q3 FY2026	$122.96	$102.60	+19.84%
New York Office second generation space leased	Q3 FY2026	283.0K	169.0K	+67.46%
New York Office space leased	Q3 FY2026	489.0K	594.0K	−17.68%
New York Office space leased at share	Q3 FY2026	443.0K	542.0K	−18.27%
New York Office weighted average lease term	Q3 FY2026	9.50	12.50	−24.00%
New York Retail initial rent per square foot	Q3 FY2026	$496.83	$292.79	+69.69%
New York Retail second generation space leased	Q3 FY2026	19.0K	11.0K	+72.73%
New York Retail space leased	Q3 FY2026	37.0K	27.0K	+37.04%
New York Retail space leased at share	Q3 FY2026	28.0K	23.0K	+21.74%
New York Retail weighted average lease term	Q3 FY2026	7.10	9.00	−21.11%
THE MART initial rent per square foot	Q3 FY2026	$63.50	$48.84	+30.02%
THE MART second generation relet space	Q3 FY2026	31.0K	46.0K	−32.61%
THE MART space leased	Q3 FY2026	33.0K	158.0K	−79.11%
THE MART space leased at share	Q3 FY2026	33.0K	158.0K	−79.11%
THE MART weighted average lease term	Q3 FY2026	5.60	10.50	−46.67%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
555 California Street initial rent	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
555 California Street share of square feet leased	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
555 California Street total square feet leased	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
555 California Street weighted average lease term	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
AFFO a share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
FFO a share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New York Office initial rent per square foot	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New York Office second generation space leased	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New York Office space leased	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New York Office space leased at share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New York Office weighted average lease term	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New York Retail initial rent per square foot	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New York Retail second generation space leased	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New York Retail space leased	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New York Retail space leased at share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New York Retail weighted average lease term	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
THE MART initial rent per square foot	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
THE MART second generation relet space	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
THE MART space leased	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
THE MART space leased at share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
THE MART weighted average lease term	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.