VNO · Vornado Realty Trust

$39.23 -0.68 (-1.70%)

Market Cap

$7.45B

186.72M

Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.

Revenue

$1.81B +1.3%

FY2025

Net Income

$937M +4585%

FY2025

Operating Margin

26.94% -2.3pp

FY2018

Diluted EPS

$4.20 +10400%

FY2025

Operating Cash Flow

$1.26B +134%

FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Income Statement Balance Sheet Cash Flow Adjusted All Metrics

Annual Quarterly

Line Item	3Y	5Y	10Y	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007
Revenue	+0.2%	+3.5%	-0.9%	$1.83B	$1.81B	$1.79B	$1.81B	$1.8B	$1.59B	$1.53B	$1.92B	$2.16B	$2.08B	$2B	$1.99B	$2.31B	$2.3B	$2.33B	$2.7B	$2.56B	$2.66B	$2.64B	$2.41B
Rental Income	-1.1%	+2.1%	-0.9%	$1.51B	$1.49B	$1.51B	$1.54B	$1.54B	$1.37B	$1.34B	$1.72B	$1.76B	$1.71B	$1.66B	$1.63B	$1.91B	$1.88B	$1.77B	$2.09B	$2.09B	$2.15B	$2.16B	$1.97B
General & Administrative	+5.3%	-3.0%	+0.5%	$158.89M	$156.12M	$148.52M	$162.88M	$133.73M	$134.55M	$181.51M	$169.92M	$141.87M	$150.78M	$143.64M	$149.26M	$169.27M	$177.37M	$167.19M	$208.53M	$211.4M	$230.58M	$193.97M	$189.02M
Depreciation & Amortization	-2.9%	+2.9%	-1.6%	$539.93M	$481.46M	$469.42M	$457.57M	$526.31M	$432.59M	$417.94M	$438.93M	$472.79M	$529.83M	$595.27M	$566.21M	$583.41M	$562M	$557.89M	$580.99M	$556.31M	$559.05M	$577.34M	$545.89M
Impairment of Real Estate	—	—	—	—	$0	$0	$45.01M	$19.1M	$7.88M	$236.29M	$26.71M	$12M	$0	$160.7M	$256K	—	—	—	—	—	—	—	—
Total Operating Expenses	+0.4%	0.0%	+1.3%	$1.64B	$1.55B	$1.54B	$1.57B	$1.53B	$1.37B	$1.55B	$1.63B	$1.58B	$1.48B	$1.42B	$1.37B	$1.62B	$1.62B	$1.74B	$1.89B	$1.8B	$1.87B	$1.05B	$950.49M
Operating Income	-2.0%	-2.9%	-3.0%	—	—	—	—	—	—	—	—	$582.96M	$608.65M	$579.85M	$619.41M	$689.89M	$674.55M	$594.34M	$812.23M	$759.03M	$781.17M	$787.4M	$815.13M
Operating Margin	—	—	—	—	—	—	—	—	—	—	—	26.94%	29.2%	28.94%	31.2%	29.83%	29.34%	25.48%	30.05%	29.67%	29.42%	29.82%	33.89%
EBITDA	-3.8%	-3.1%	-2.5%	—	—	—	—	—	—	—	—	$1.06B	$1.14B	$1.18B	$1.19B	$1.27B	$1.24B	$1.15B	$1.39B	$1.32B	$1.34B	$1.36B	$1.36B
Other Non-Operating Income	—	—	—	—	—	$0	$0	$235K	$1.81M	$3.63M	$3.71M	$4.05M	$5.06M	$3.69M	$7.92M	$8.38M	$5.32M	$6.9M	$7.79M	—	—	—	—
Gain on Sales of Real Estate	—	—	—	—	—	—	—	—	—	—	—	$0	$3.49M	$5.07M	$65.4M	$507.19M	$414.5M	$245.8M	$51.62M	$2.51M	$5.64M	$7.76M	$39.49M
Equity in Earnings of Unconsolidated Entities	—	—	—	—	$141.31M	$112.46M	$38.69M	-$461.35M	$130.52M	-$329.11M	—	—	—	—	-$12.63M	-$59.86M	-$340.88M	$423.13M	$118.61M	$92.49M	$72.39M	-$156.83M	$31.89M
Pretax Income	—	—	+5.6%	$53M	$950.71M	$42.85M	$62.11M	-$360.95M	$197.06M	-$425.22M	$3.44B	$459.6M	$319.73M	$584.93M	$550.91M	$432.63M	-$12.07M	$393.83M	$598.48M	$723.34M	$99.16M	—	—
Income Tax	-14.6%	-18.1%	—	$11.67M	$13.51M	$22.73M	$29.22M	$21.66M	-$10.5M	$36.63M	$103.44M	$37.63M	$42.38M	$7.92M	-$85.01M	$9.28M	-$8.72M	$8.13M	$23.93M	$22.14M	$20.64M	-$204.64M	$9.18M
Net Income	—	—	+2.1%	$99.93M	$937M	$20M	$33M	-$383M	$208M	-$297.01M	$3.15B	$449.95M	$227.42M	$906.92M	$760.43M	$864.85M	$475.97M	$617.26M	$662.3M	$647.88M	$106.17M	$359.3M	$541.54M
Net Margin	—	—	—	—	51.76%	1.12%	1.82%	-21.28%	13.09%	-19.44%	163.55%	20.8%	10.91%	45.26%	38.3%	37.4%	20.7%	26.46%	24.5%	25.33%	4%	13.61%	22.51%
Net Income Attributable to Noncontrolling Interests	-37.8%	—	—	$13.43M	—	—	—	—	—	—	—	—	—	$21.35M	$55.77M	$96.56M	$88.77M	$77.28M	-$77.7M	—	$22.28M	$52.15M	$66.29M
Net Income Available to Common Stockholders	—	—	+2.2%	$5.78M	$842.85M	$8.28M	$43.38M	-$408.62M	$101.09M	-$348.74M	$3.1B	$384.83M	$162.02M	$823.61M	$679.86M	$783.39M	$392.03M	$549.27M	$601.77M	$596.73M	$49.09M	$302.21M	$484.36M
Comprehensive Income	—	—	+1.7%	$83.6M	$847.28M	$62.95M	-$1.78M	-$154M	$233.56M	-$331.87M	$3.1B	$437.31M	$237.13M	$978.97M	$714.09M	$886.58M	$566.45M	$524.59M	$662.58M	$689.69M	$138.65M	$326.07M	—
EPS (Basic) USD/shares	—	—	+2.0%	—	$4.40	$0.04	$0.23	-$2.13	$0.53	-$1.83	$16.23	$2.02	$0.85	$4.36	$3.61	$4.18	$2.10	$2.95	$3.26	$3.27	$0.28	$1.96	$3.18
EPS (Diluted) USD/shares	—	—	+1.6%	—	$4.20	$0.04^G	$0.23	-$2.13	$0.53	-$1.83	$16.21	$2.01	$0.85	$4.34	$3.59	$4.15	$2.09	$2.94	$3.23	$3.24	$0.28	$1.91	$3.05
Shares Outstanding (Basic Avg) shares	0.0%	+0.1%	+0.2%	—	191.76M	190.54M	191.01M	191.78M	191.55M	191.15M	190.8M	190.22M	189.53M	188.84M	188.35M	187.57M	186.94M	185.81M	184.31M	182.34M	171.6M	153.9M	151.95M
Shares Outstanding (Diluted Avg) shares	+1.6%	+1.0%	+0.6%	—	201.05M	196.63M	191.86M	191.78M	192.12M	191.15M	191.05M	191.29M	191.26M	190.17M	189.56M	188.69M	187.71M	186.53M	186.02M	184.16M	173.5M	158.12M	158.56M

Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2007–FY2025: $80.17M in buybacks, $8.61B in dividends.

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue

—

EV/EBIT

—

P/E (TTM)

1,330.33×

Peer median 39.06×

P/FFO (FY2025)

15.31×

Peer median 8.91×

Peer medians compare against the 14 similar-size REIT - Office companies (of 21 listed).

P/FFO uses the company-stated “FFO attributable to common shareholders plus assumed conversions”, extracted from the reconciliation in its SEC filings — the company's own non-GAAP definition, not an XBRL-tagged figure.

Valuation over time computed as of each quarter's filing date

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (USD)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
New York Segment	$1,476,522,000	$1,471,997,000	$1,452,158,000	$1,449,442,000	$1,257,599,000	$1,221,748,000	$1,577,860,000	$1,836,036,000
Other Segment	$333,903,000	$315,689,000	$359,005,000	$350,553,000	$331,611,000	$306,203,000	$346,840,000	$327,684,000

By Product & Service (USD)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Rental Revenue	$1,558,241,000	$1,568,806,000	$1,607,486,000	$1,607,685,000	$1,424,531,000	$1,377,635,000	$1,767,222,000	$2,007,333,000
Building Maintenance Service	$157,686,000	$149,225,000	$141,937,000	$137,673,000	$119,780,000	$105,536,000	$124,674,000	$120,357,000
Product And Service Other	$82,934,000	$54,975,000	$48,700,000	$43,598,000	$33,174,000	$25,364,000	$19,262,000	$22,706,000
Tenant Services	$45,237,000	$41,549,000	$42,460,000	$45,211,000	$37,449,000	$34,244,000	$47,512,000	$53,921,000
Parking Revenue	$20,320,000	$19,213,000	$20,355,000	$19,157,000	$13,391,000	—	—	—
Management and Leasing Fees	$11,564,000	$14,680,000	$13,040,000	$11,039,000	$11,725,000	$19,416,000	$13,542,000	$13,324,000

Key facts CIK 899689 CUSIP 929042109 13F (30d) 183 filings 158 filers Visit website Investor relations