Vornado Realty Financials
Vornado Realty (VNO) reported $1.8B in revenue for fiscal year 2025, up 1.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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.
Not available for Vornado Realty, and counted as zero in the overall score.
Not available for Vornado Realty, and counted as zero in the overall score.
Vornado Realty passes 7 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Vornado Realty spent $51.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
VNO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $1.8B+1.3% | $1.8B-1.3% | $1.8B+0.6% | $1.8B+13.3% | $1.6B+4.0% | $1.5B-20.6% | $1.9B-11.0% | $2.2B+3.8% | $2.1B+4.0% | $2.0B | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $158.9M | $156.1M+5.1% | $148.5M-8.8% | $162.9M+21.8% | $133.7M-0.6% | $134.5M-25.9% | $181.5M+6.8% | $169.9M+19.8% | $141.9M-5.9% | $150.8M+5.0% | $143.6M-3.8% | $149.3M-11.8% | $169.3M-4.6% | $177.4M+6.1% | $167.2M-19.8% | $208.5M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $583.0M-4.2% | $608.7M+5.0% | $579.8M-6.4% | $619.4M-10.2% | $689.9M+2.3% | $674.6M+13.5% | $594.3M-26.8% | $812.2M |
| Interest Expense | $348.9M | $353.9M-9.3% | $390.3M+11.8% | $349.2M+24.8% | $279.8M+21.1% | $231.1M+0.8% | $229.3M-20.0% | $286.6M-17.6% | $347.9M+0.7% | $345.7M+4.7% | $330.2M+6.8% | $309.3M-25.1% | $412.8M-3.1% | $425.8M-1.3% | $431.2M-16.9% | $519.2M |
| Income Tax | $11.7M | $13.5M-40.6% | $22.7M-22.2% | $29.2M+34.9% | $21.7M+306.4% | -$10.5M-128.7% | $36.6M-64.6% | $103.4M+174.9% | $37.6M-11.2% | $42.4M+434.8% | $7.9M+109.3% | -$85.0M-1016.0% | $9.3M+206.5% | -$8.7M-207.2% | $8.1M-66.0% | $23.9M |
| Net Income | $99.9M | $937.0M+4585.0% | $20.0M-39.4% | $33.0M+108.6% | -$383.0M-284.1% | $208.0M+170.0% | -$297.0M-109.4% | $3.1B+599.6% | $450.0M+97.9% | $227.4M-74.9% | $906.9M+19.3% | $760.4M-12.1% | $864.9M+81.7% | $476.0M-22.9% | $617.3M-6.8% | $662.3M |
| EPS (Diluted) | — | $4.20 | $0.04 | $0.23+110.8% | -$2.13 | $0.53 | -$1.83-111.3% | $16.21+706.5% | $2.01+136.5% | $0.85-80.4% | $4.34+20.9% | $3.59-13.5% | $4.15+98.6% | $2.09-28.9% | $2.94-9.0% | $3.23 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VNO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.5B-3.0% | $16.0B-1.2% | $16.2B-1.9% | $16.5B-4.5% | $17.3B+6.4% | $16.2B-11.3% | $18.3B+6.4% | $17.2B-1.2% | $17.4B-16.4% | $20.8B-1.6% | $21.1B-0.1% | $21.2B+5.7% | $20.0B-9.3% | $22.1B+7.9% | $20.4B |
| Cash & Equivalents | $840.9M+14.6% | $733.9M-26.4% | $997.0M+12.1% | $889.7M-49.5% | $1.8B+8.4% | $1.6B+7.2% | $1.5B+165.4% | $570.9M-68.6% | $1.8B+21.1% | $1.5B-18.2% | $1.8B+53.2% | $1.2B+105.5% | $583.3M-39.3% | $960.3M+58.3% | $606.6M |
| Accounts Receivable | $77.1M+31.1% | $58.9M-15.4% | $69.5M-14.3% | $81.2M+1.9% | $79.7M+2.6% | $77.7M-18.9% | $95.7M+30.6% | $73.3M+24.9% | $58.7M-3.9% | $61.1M-37.7% | $98.1M-10.9% | $110.0M+1.7% | $108.2M-44.7% | $195.7M+13.9% | $171.8M |
| Total Liabilities | $8.7B-11.3% | $9.8B-0.2% | $9.8B-1.4% | $10.0B-0.8% | $10.1B+16.1% | $8.7B-14.1% | $10.1B-10.6% | $11.3B-1.0% | $11.4B-4.3% | $11.9B-4.2% | $12.4B+0.9% | $12.3B+7.2% | $11.5B-13.0% | $13.2B+12.2% | $11.8B |
| Long-Term Debt | $2.3B-11.8% | $2.6B+0.1% | $2.6B+0.1% | $2.6B-0.1% | $2.6B+40.9% | $1.8B+2.9% | $1.8B+5.9% | $1.7B+4.8% | $1.6B+19.4% | $1.3B-15.5% | $1.6B+17.5% | $1.3B | N/A | N/A | N/A |
| Total Equity | $6.0B+16.1% | $5.2B-6.4% | $5.5B-5.7% | $5.8B-6.4% | $6.2B-4.5% | $6.5B-3.0% | $6.7B+50.8% | $4.5B+2.9% | $4.3B-37.1% | $6.9B+3.0% | $6.7B-0.7% | $6.7B-0.3% | $6.8B-1.3% | $6.9B+0.3% | $6.8B |
| Retained Earnings | -$3.5B+15.7% | -$4.1B-3.3% | -$4.0B-2.9% | -$3.9B-26.5% | -$3.1B-11.0% | -$2.8B-42.0% | -$2.0B+53.1% | -$4.2B+0.4% | -$4.2B-194.7% | -$1.4B+19.7% | -$1.8B-17.4% | -$1.5B+13.2% | -$1.7B-10.3% | -$1.6B-12.2% | -$1.4B |
Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities.
VNO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $390.9M | $1.3B+134.0% | $537.7M-17.0% | $648.2M-18.9% | $798.9M+4.9% | $761.8M+79.6% | $424.2M-36.0% | $662.5M-17.5% | $802.6M-6.7% | $860.1M-13.6% | $995.1M+48.1% | $672.1M-40.8% | $1.1B+9.1% | $1.0B+26.1% | $825.0M+17.4% | $702.5M |
| Investing Cash Flow | -$908.3M | $115.5M+119.3% | -$597.4M-363.8% | -$128.8M+85.8% | -$906.9M-70.4% | -$532.3M-506.3% | -$87.8M-103.6% | $2.5B+380.6% | -$877.7M-325.4% | -$206.3M+76.9% | -$893.1M-21.9% | -$732.4M-27.5% | -$574.5M-179.6% | $722.1M+212.4% | -$642.3M-289.8% | -$164.8M |
| Financing Cash Flow | -$57.0M | -$1.3B-433.4% | -$252.3M+9.5% | -$278.9M+65.2% | -$801.3M-2618.3% | -$29.5M+86.2% | -$213.2M+90.5% | -$2.2B-99.1% | -$1.1B-231.9% | -$338.3M+24.2% | -$446.2M-172.1% | $618.9M+1038.8% | $54.3M+102.5% | -$2.1B-1351.6% | $171.0M+127.5% | -$622.0M |
| Dividends Paid | N/A | $141.3M+0.1% | $141.1M+9.3% | $129.1M-68.3% | $406.6M+0.1% | $406.1M-50.9% | $827.3M+64.2% | $503.8M+5.1% | $479.3M-3.5% | $496.5M+4.3% | $476.0M+0.3% | $474.8M-13.3% | $547.8M+0.4% | $545.9M-21.9% | $699.3M+37.5% | $508.7M |
| Share Buybacks | N/A | $51.0M | $0-100.0% | $29.2M | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VNO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 26.9%-2.3pp | 29.2%+0.3pp | 28.9% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 51.8%+50.6pp | 1.1%-0.7pp | 1.8%+23.1pp | -21.3%-34.4pp | 13.1%+32.5pp | -19.4% | 163.5% | 20.8%+9.9pp | 10.9%-34.4pp | 45.3% | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | 15.7%+15.3pp | 0.4%-0.2pp | 0.6%+7.2pp | -6.6%-9.9pp | 3.3%+7.9pp | -4.5%-51.3pp | 46.8%+36.7pp | 10.1%+4.8pp | 5.2%-7.9pp | 13.2%+1.8pp | 11.3%-1.5pp | 12.8%+5.8pp | 7.0%-2.0pp | 9.0%-0.7pp | 9.7% |
| Return on Assets | 6.0%+5.9pp | 0.1%-0.1pp | 0.2%+2.5pp | -2.3%-3.5pp | 1.2%+3.0pp | -1.8%-19.0pp | 17.2%+14.6pp | 2.6%+1.3pp | 1.3%-3.0pp | 4.4%+0.8pp | 3.6%-0.5pp | 4.1%+1.7pp | 2.4%-0.4pp | 2.8%-0.4pp | 3.2% |
| Debt-to-Equity | 0.38-0.1x | 0.500.0x | 0.470.0x | 0.440.0x | 0.41+0.1x | 0.280.0x | 0.26-0.1x | 0.370.0x | 0.37+0.2x | 0.190.0x | 0.240.0x | 0.20-1.5x | 1.70-0.2x | 1.93+0.2x | 1.72 |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
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Where Vornado Realty Ranks
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 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 58 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.