Vornado Realty Financials
This page shows Vornado Realty (VNO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Vornado's recent numbers show a deleveraging cycle, where balance-sheet repair mattered more than revenue growth in FY2025 results.
FY2025's profit surge looks driven more by portfolio and financing changes than by top-line expansion: revenue stayed near$1.81B , but net income jumped from$20M to$937M while total liabilities fell by about$1.11B and investing cash flow turned positive at$116M . That combination points to asset monetization and deleveraging, so the earnings jump says less about a larger business than about a reshaped one.
Debt service became much easier to carry in FY2025: operating cash flow reached
The balance sheet strengthened even as the asset base shrank: total assets moved from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Vornado Realty's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Vornado Realty's revenue grew a modest 1.3% year-over-year to $1.8B. This slow but positive growth earns a score of 33/100.
Vornado Realty carries a low D/E ratio of 0.38, meaning only $0.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
Vornado Realty generates a 15.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 29/100. This is up from 0.4% the prior year.
Vornado Realty passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Vornado Realty generates $1.34 in operating cash flow ($1.3B OCF vs $937.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Vornado Realty generated $1.8B in revenue in fiscal year 2025. This represents an increase of 1.3% from the prior year.
Vornado Realty reported $937.0M in net income in fiscal year 2025. This represents an increase of 4585.0% from the prior year.
Vornado Realty earned $4.20 per diluted share (EPS) in fiscal year 2025. This represents an increase of 10400.0% from the prior year.
Cash & Balance Sheet
Vornado Realty held $840.9M in cash against $2.3B in long-term debt as of fiscal year 2025.
Vornado Realty paid $0.74 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Vornado Realty had 191M shares outstanding in fiscal year 2025. This represents a decrease of 0.1% from the prior year.
Margins & Returns
Vornado Realty's net profit margin was 51.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 50.6 percentage points from the prior year.
Vornado Realty's ROE was 15.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 15.3 percentage points from the prior year.
Capital Allocation
Vornado Realty spent $51.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
VNO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $459.1M+1.2% | $453.7M0.0% | $453.7M+2.8% | $441.4M-4.4% | $461.6M+0.8% | $457.8M+3.3% | $443.3M-1.6% | $450.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $42.2M+5.5% | $40.0M+6.8% | $37.5M-6.2% | $40.0M+3.6% | $38.6M+5.3% | $36.6M+3.2% | $35.5M-7.7% | $38.5M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $89.2M+4.1% | $85.7M+1.4% | $84.5M-3.9% | $87.9M-8.2% | $95.8M-4.6% | $100.5M-0.4% | $100.9M+2.5% | $98.4M |
| Income Tax | $5.9M-24.1% | $7.8M+239.2% | -$5.6M-235.6% | $4.1M-42.7% | $7.2M+23.5% | $5.8M+19.2% | $4.9M-7.6% | $5.3M |
| Net Income | -$7.3M-115.2% | $48.2M+77.7% | $27.1M-96.4% | $759.3M+641.8% | $102.4M+404.1% | -$33.7M-828.2% | -$3.6M-107.1% | $50.8M |
| EPS (Diluted) | $-0.12 | N/A | $0.06-98.4% | $3.70+760.5% | $0.43 | N/A | $-0.10-155.6% | $0.18 |
VNO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.9B+2.6% | $15.5B-1.4% | $15.7B+0.9% | $15.6B+0.1% | $15.6B-2.5% | $16.0B-0.5% | $16.1B-0.8% | $16.2B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $1.1B+28.6% | $840.9M-16.7% | $1.0B-16.2% | $1.2B+111.8% | $568.9M-22.5% | $733.9M-6.3% | $783.6M-10.2% | $872.6M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $98.0M+27.1% | $77.1M-13.6% | $89.3M+37.0% | $65.2M-8.1% | $70.9M+20.5% | $58.9M-18.3% | $72.1M+1.2% | $71.2M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $9.2B+5.7% | $8.7B-0.1% | $8.7B+1.6% | $8.6B-8.3% | $9.4B-4.6% | $9.8B+0.1% | $9.8B+0.2% | $9.8B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $2.8B+23.6% | $2.3B0.0% | $2.3B+6.9% | $2.1B0.0% | $2.1B-17.5% | $2.6B0.0% | $2.6B0.0% | $2.6B |
| Total Equity | $6.0B+0.5% | $6.0B-1.3% | $6.1B-0.4% | $6.1B+14.6% | $5.3B+3.0% | $5.2B-2.3% | $5.3B-6.2% | $5.6B |
| Retained Earnings | -$3.6B-2.9% | -$3.5B-5.8% | -$3.3B+0.3% | -$3.3B+18.3% | -$4.1B+2.1% | -$4.1B-3.5% | -$4.0B-0.5% | -$4.0B |
VNO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $47.7M-67.4% | $146.3M+341.0% | $33.2M-96.8% | $1.0B+1873.5% | $52.0M-74.8% | $206.2M+95.7% | $105.4M-45.9% | $194.7M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$229.9M-147.2% | -$93.0M+70.6% | -$316.6M-226.8% | $249.7M-9.4% | $275.5M+349.8% | -$110.3M+38.7% | -$180.0M-0.8% | -$178.5M |
| Financing Cash Flow | $416.1M+282.7% | -$227.8M-415.2% | $72.3M+110.0% | -$720.2M-53.1% | -$470.3M-168.2% | -$175.4M-1230.7% | -$13.2M+72.7% | -$48.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | $141.1M | $0 | $0 |
| Share Buybacks | $79.9M | N/A | N/A | N/A | $0 | $0 | $0 | N/A |
VNO Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -1.6%-12.2pp | 10.6%+4.6pp | 6.0%-166.0pp | 172.0%+149.8pp | 22.2%+29.5pp | -7.3%-6.5pp | -0.8%-12.1pp | 11.3% |
| Return on Equity | -0.1%-0.9pp | 0.8%+0.4pp | 0.4%-12.0pp | 12.5%+10.5pp | 1.9%+2.6pp | -0.7%-0.6pp | -0.1%-1.0pp | 0.9% |
| Return on Assets | -0.1%-0.4pp | 0.3%+0.1pp | 0.2%-4.7pp | 4.9%+4.2pp | 0.7%+0.9pp | -0.2%-0.2pp | -0.0%-0.3pp | 0.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.47+0.1 | 0.380.0 | 0.37+0.0 | 0.35-0.1 | 0.40-0.1 | 0.50+0.0 | 0.49+0.0 | 0.46 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Vornado Realty's annual revenue?
Vornado Realty (VNO) reported $1.8B in total revenue for fiscal year 2025. This represents a 1.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Vornado Realty's revenue growing?
Vornado Realty (VNO) revenue grew by 1.3% year-over-year, from $1.8B to $1.8B in fiscal year 2025.
Is Vornado Realty profitable?
Yes, Vornado Realty (VNO) reported a net income of $937.0M in fiscal year 2025, with a net profit margin of 51.8%.
How much debt does Vornado Realty have?
As of fiscal year 2025, Vornado Realty (VNO) had $840.9M in cash and equivalents against $2.3B in long-term debt.
What is Vornado Realty's net profit margin?
Vornado Realty (VNO) had a net profit margin of 51.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Vornado Realty pay dividends?
Yes, Vornado Realty (VNO) paid $0.74 per share in dividends during fiscal year 2025.
What is Vornado Realty's return on equity (ROE)?
Vornado Realty (VNO) has a return on equity of 15.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Vornado Realty's operating cash flow?
Vornado Realty (VNO) generated $1.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Vornado Realty's total assets?
Vornado Realty (VNO) had $15.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Vornado Realty's debt-to-equity ratio?
Vornado Realty (VNO) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Vornado Realty's return on assets (ROA)?
Vornado Realty (VNO) had a return on assets of 6.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Vornado Realty's Piotroski F-Score?
Vornado Realty (VNO) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Vornado Realty's earnings high quality?
Vornado Realty (VNO) has an earnings quality ratio of 1.34x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Vornado Realty?
Vornado Realty (VNO) scores 26 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.