Vornado Realty Financials

VNO

Source SEC Filings (10-K/10-Q) Updated Feb 9, 2026 Currency USD FYE February

Financial Health Signals

Piotroski F-Score Neutral

6/9

Vornado Realty passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.39x

For every $1 of reported earnings, Vornado Realty generates $1.39 in operating cash flow ($1.3M OCF vs $905K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

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).

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Key Financial Metrics

Revenue

$1.6M

YoY-99.9%

5Y CAGR-74.8%

Vornado Realty generated $1.6M in revenue in fiscal year 2025. This represents a decrease of 99.9% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$905K

YoY-98.7%

10Y CAGR-49.0%

Vornado Realty reported $905K in net income in fiscal year 2025. This represents a decrease of 98.7% from the prior year.

EPS (Diluted)

$4.20

YoY+10400.0%

10Y CAGR+1.6%

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 & Debt

$841K

YoY-99.9%

5Y CAGR-78.0%

10Y CAGR-53.6%

Vornado Realty held $841K in cash against $747K in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.74

YoY+0.0%

5Y CAGR-20.8%

Vornado Realty paid $0.74 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

191M

YoY-0.1%

5Y CAGR-0.1%

10Y CAGR+0.1%

Vornado Realty had 191M shares outstanding in fiscal year 2025. This represents a decrease of 0.1% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

58.1%

YoY+54.1pp

5Y CAGR+77.5pp

Vornado Realty's net profit margin was 58.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 54.1 percentage points from the prior year.

Return on Equity

15.1%

YoY+13.8pp

10Y CAGR+3.8pp

Vornado Realty's ROE was 15.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 13.8 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$51K

Vornado Realty spent $51K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

VNO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.6M-99.9%	$1.8B-1.3%	$1.8B+0.6%	$1.8B+13.3%	$1.6B+4.0%	$1.5B
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$156K-99.9%	$148.5M-8.8%	$162.9M+21.8%	$133.7M-0.6%	$134.5M-25.9%	$181.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$354K-99.9%	$390.3M+11.8%	$349.2M+24.8%	$279.8M+21.1%	$231.1M+0.8%	$229.3M
Income Tax	$14K-99.9%	$22.7M-22.2%	$29.2M+34.9%	$21.7M+306.4%	-$10.5M-128.7%	$36.6M
Net Income	$905K-98.7%	$70.4M-33.3%	$105.5M+130.4%	-$346.5M-296.9%	$176.0M+159.3%	-$297.0M
EPS (Diluted)	$4.20+10400.0%	$0.04-82.6%	$0.23+110.8%	$-2.13-501.9%	$0.53+129.0%	$-1.83

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$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+3.2%	$436.4M
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	$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+1.5%	$37.9M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$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+8.8%	$90.5M
Income Tax	$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-21.6%	$6.7M
Net Income	$16.1M-40.5%	$27.1M-96.4%	$759.3M+641.8%	$102.4M+511.9%	$16.7M+561.4%	-$3.6M-107.1%	$50.8M+682.0%	$6.5M
EPS (Diluted)	$0.01-83.3%	$0.06-98.4%	$3.70+760.5%	$0.43+4200.0%	$0.01+110.0%	$-0.10-155.6%	$0.18+460.0%	$-0.05

VNO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$15.5M-99.9%	$16.0B-1.2%	$16.2B-1.9%	$16.5B-4.5%	$17.3B+6.4%	$16.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$841K-99.9%	$733.9M-26.4%	$997.0M+12.1%	$889.7M-49.5%	$1.8B+8.4%	$1.6B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$77K-99.9%	$58.9M-15.4%	$69.5M-14.3%	$81.2M+1.9%	$79.7M+2.6%	$77.7M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$8.7M-99.9%	$9.8B-0.2%	$9.8B-1.4%	$10.0B-0.8%	$10.1B+16.1%	$8.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$747K-100.0%	$2.6B+0.1%	$2.6B+0.1%	$2.6B-0.1%	$2.6B+40.9%	$1.8B
Total Equity	$6.0M-99.9%	$5.2B-6.4%	$5.5B-5.7%	$5.8B-6.4%	$6.2B-4.5%	$6.5B
Retained Earnings	$3.5M+100.1%	-$4.1B-3.3%	-$4.0B-2.9%	-$3.9B-26.5%	-$3.1B-11.0%	-$2.8B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$15.5B-1.4%	$15.7B+0.9%	$15.6B+0.1%	$15.6B-2.5%	$16.0B-0.5%	$16.1B-0.8%	$16.2B0.0%	$16.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$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-2.2%	$892.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$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-7.1%	$76.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$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-0.3%	$9.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.3B0.0%	$2.3B+6.9%	$2.1B0.0%	$2.1B-17.5%	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B
Total Equity	$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+1.6%	$5.5B
Retained Earnings	-$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+0.9%	-$4.0B

VNO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.3M-99.8%	$537.7M-17.0%	$648.2M-18.9%	$798.9M+4.9%	$761.8M+79.6%	$424.2M
Capital Expenditures	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
Investing Cash Flow	$116K+100.0%	-$597.4M-363.8%	-$128.8M+85.8%	-$906.9M-70.4%	-$532.3M-506.3%	-$87.8M
Financing Cash Flow	$1.3M+100.5%	-$252.3M+9.5%	-$278.9M+65.2%	-$801.3M-2618.3%	-$29.5M+86.2%	-$213.2M
Dividends Paid	$141K-99.9%	$141.1M+9.3%	$129.1M-68.3%	$406.6M+0.1%	$406.1M-50.9%	$827.3M
Share Buybacks	$51K	$0-100.0%	$29.2M	$0	$0	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$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+518.3%	$31.5M
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	-$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-38.8%	-$128.6M
Financing Cash Flow	-$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-210.9%	-$15.5M
Dividends Paid	N/A	N/A	N/A	N/A	$141.1M	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0	N/A	N/A

VNO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	58.1%+54.1pp	3.9%-1.9pp	5.8%+25.1pp	-19.3%-30.3pp	11.1%+30.5pp	-19.4%
Return on Equity	15.1%+13.8pp	1.4%-0.5pp	1.9%	N/A	2.8%	N/A
Return on Assets	5.8%+5.4pp	0.4%-0.2pp	0.7%+2.8pp	-2.1%-3.1pp	1.0%+2.9pp	-1.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.12-0.4	0.50+0.0	0.47+0.0	0.44+0.0	0.41+0.1	0.28
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	3.5%-2.4pp	6.0%-166.0pp	172.0%+149.8pp	22.2%+18.5pp	3.6%+4.5pp	-0.8%-12.1pp	11.3%+9.8pp	1.5%
Return on Equity	0.3%-0.2pp	0.4%-12.0pp	12.5%+10.5pp	1.9%+1.6pp	0.3%	N/A	0.9%+0.8pp	0.1%
Return on Assets	0.1%-0.1pp	0.2%-4.7pp	4.9%+4.2pp	0.7%+0.6pp	0.1%+0.1pp	-0.0%-0.3pp	0.3%+0.3pp	0.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.380.0	0.37+0.0	0.35-0.1	0.40-0.1	0.50+0.0	0.49+0.0	0.460.0	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 $1.6M in total revenue for fiscal year 2025. This represents a -99.9% 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 declined by 99.9% year-over-year, from $1.8B to $1.6M in fiscal year 2025.

Is Vornado Realty profitable?

Yes, Vornado Realty (VNO) reported a net income of $905K in fiscal year 2025, with a net profit margin of 58.1%.

What is Vornado Realty's earnings per share (EPS)?

Vornado Realty (VNO) reported diluted earnings per share of $4.20 for fiscal year 2025. This represents a 10400.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Vornado Realty have?

As of fiscal year 2025, Vornado Realty (VNO) had $841K in cash and equivalents against $747K in long-term debt.

What is Vornado Realty's net profit margin?

Vornado Realty (VNO) had a net profit margin of 58.1% 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 15.1% 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 $1.3M 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 $15.5M in total assets as of fiscal year 2025, including both current and long-term assets.

Does Vornado Realty buy back shares?

Yes, Vornado Realty (VNO) spent $51K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Vornado Realty have outstanding?

Vornado Realty (VNO) had 191M shares outstanding as of fiscal year 2025.

What is Vornado Realty's debt-to-equity ratio?

Vornado Realty (VNO) had a debt-to-equity ratio of 0.12 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 5.8% 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 6 out of 9, indicating neutral 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 7–9 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 1.39x, 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.