VNO
$33.11+2.86%
Vornado Realty TrustStock · Real EstateUS REITs · 0.3% of VNQRussell 1000 · 0.01% of IWBRussell 3000 · 0.010% of IWVUS Stock Market · 0.009% of VTI
VNO financial statements
The full income statement, balance sheet, and cash-flow statement for Vornado Realty Trust (VNO), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 190.5M2024-09 190.6M2024-12 190.8M2025-03 191.9M2025-06 192.0M2025-09 192.1M2025-12 190.7M2026-03 188.1M2026-06 186.7M-2.0% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
PeriodRangeOrderChangeFiguresAs-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.81B+1.3% | 1.79B-1.3% | 1.81B+0.6% | 1.80B+13.3% | 1.59B+4.0% | ||
| Lease income | 1.49B-1.0% | 1.51B-2.4% | 1.54B+0.1% | 1.54B+12.3% | 1.37B+2.3% | |
| 1.55B+0.7% | 1.54B-1.5% | 1.57B+2.0% | 1.53B+12.2% | 1.37B-11.8% | ||
| Selling, general & administrative | 156M+5.1% | 149M-8.8% | 163M+21.8% | 134M-0.6% | 135M-25.9% | |
| General & administrative | 156M+5.1% | 149M-8.8% | 163M+21.8% | 134M-0.6% | 135M-25.9% | |
| Interest expense | 354M-9.3% | 390M+11.8% | 349M+24.8% | 280M+21.1% | 231M+0.8% | |
| Other non-operating income | — | 0.00 | 0.00-100.0% | 235K-87.0% | 1.81M-50.1% | |
| Equity-method income | 141M+25.6% | 112M+190.7% | 38.7M+108.4% | -461M-453.5% | 131M+139.7% | |
| Gain (loss) on equity securities | — | — | — | 0.00 | 0.00+100.0% | |
| Pre-tax income | 951M+2119.0% | 42.8M-31.0% | 62.1M+117.2% | -361M-283.2% | 197M+146.3% | |
| Income tax | 13.5M-40.6% | 22.7M-22.2% | 29.2M+34.9% | 21.7M+306.4% | -10.5M-128.7% | |
| 905M+1185.7% | 70.4M-33.3% | 105M+130.4% | -346M-296.9% | 176M+159.3% | ||
| Income from continuing operations | — | — | — | — | 176M+159.3% | |
| Discontinued operations | — | — | — | — | 0.00 | |
| Preferred dividends | 62.1M-0.0% | 62.1M-0.0% | 62.1M+0.0% | 62.1M-5.7% | 65.9M+27.3% | |
| Net income to common | 843M+10085.5% | 8.28M-80.9% | 43.4M+110.6% | -409M-504.2% | 101M+129.0% | |
| $4.20+10400.0% | $0.04-82.6% | $0.23+110.8% | -$2.13-501.9% | $0.53+129.0% | ||
| EPS (basic) | $4.40+10900.0% | $0.04-82.6% | $0.23+110.8% | -$2.13-501.9% | $0.53+129.0% | |
| Weighted-avg shares (basic) | 192M+0.6% | 191M-0.2% | 191M-0.4% | 192M+0.1% | 192M+0.2% | |
| Weighted-avg shares (diluted) | 201M+2.2% | 197M+2.5% | 192M+0.0% | 192M-0.2% | 192M+0.5% | |
| Dividends per share | $0.74+0.0% | $0.74+9.6% | $0.68-68.2% | $2.12+0.0% | $2.12-10.9% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash & equivalents | 841M+14.6% | 734M-26.4% | 997M+12.1% | 890M-49.5% | 1.76B+8.4% | |
| Short-term investments | — | — | 0.00-100.0% | 472M | 0.00 | |
| 15.5B-3.0% | 16.0B-1.2% | 16.2B-1.9% | 16.5B-4.5% | 17.3B+6.4% | ||
| Operating lease right-of-use | 671M-1.1% | 679M-0.2% | 680M-0.6% | 684M+103.0% | 337M-8.2% | |
| Intangible assets | 111M-6.4% | 118M-7.0% | 127M-9.0% | 140M-9.8% | 155M+549.3% | |
| 8.72B-11.3% | 9.83B-0.2% | 9.84B-1.4% | 9.98B-0.8% | 10.1B+16.1% | ||
| Long-term debt | 2.26B-11.8% | 2.57B+0.1% | 2.56B+0.1% | 2.56B-0.1% | 2.56B+40.9% | |
| Operating lease liability (total) | 700M-6.7% | 750M+2.3% | 733M-0.4% | 736M+98.8% | 370M-7.7% | |
| 5.99B+16.1% | 5.16B-6.4% | 5.51B-5.7% | 5.84B-6.4% | 6.24B-4.5% | ||
| Preferred stock | 1.18B-0.0% | 1.18B-0.0% | 1.18B+0.0% | 1.18B+0.0% | 1.18B+0.0% | |
| Common stock | 7.63M-0.1% | 7.63M+0.5% | 7.59M-0.8% | 7.65M+0.1% | 7.65M+0.2% | |
| Additional paid-in capital | 8.29B+2.9% | 8.05B-2.5% | 8.26B-1.3% | 8.37B+2.8% | 8.14B-0.6% | |
| Retained earnings | -3.49B+15.7% | -4.14B-3.3% | -4.01B-2.9% | -3.89B-26.5% | -3.08B-11.0% | |
| Accumulated other comprehensive income | -5.00K-100.0% | 57.7M-11.4% | 65.1M-62.8% | 175M+1097.9% | -17.5M+76.7% | |
| Non-controlling interest | 170M-5.1% | 179M-8.8% | 196M-17.1% | 237M-15.1% | 279M-32.8% | |
| Total equity incl. non-controlling | 6.16B+15.4% | 5.34B-6.5% | 5.71B-6.1% | 6.08B-6.7% | 6.52B-6.2% | |
| Total liabilities & equity | 15.5B-3.0% | 16.0B-1.2% | 16.2B-1.9% | 16.5B-4.5% | 17.3B+6.4% | |
| Common shares issued | 191M-0.1% | 191M+0.2% | 190M-0.8% | 192M+0.1% | 192M+0.2% | |
| Common shares outstanding | 191M-0.1% | 191M+0.2% | 190M-0.8% | 192M+0.1% | 192M+0.2% | |
| Shares outstanding (cover) | 191M-0.1% | 191M+0.2% | 190M-0.8% | 192M+0.1% | 192M+0.2% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.26B+134.0% | 538M-17.0% | 648M-18.9% | 799M+4.9% | 762M+79.6% | ||
| Depreciation & amortization | 481M+2.6% | 469M+2.6% | 458M-13.1% | 526M+21.7% | 433M+3.5% | |
| Share-based compensation | 25.5M-15.6% | 30.2M-30.2% | 43.2M+47.7% | 29.2M-23.7% | 38.3M-21.3% | |
| Change in receivables | 18.8M+499.4% | -4.70M+49.8% | -9.38M-311.4% | 4.44M+2272.7% | 187K-96.5% | |
| 116M+119.3% | -597M-363.8% | -129M+85.8% | -907M-70.4% | -532M-506.3% | ||
| Capital expenditure | 268M+20.4% | 223M+5.1% | 212M+32.6% | 160M+6.9% | 149M-4.0% | |
| Free cash flow | 990M+214.3% | 315M-27.8% | 436M-31.7% | 639M+4.4% | 612M+128.1% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| -1.35B-433.4% | -252M+9.5% | -279M+65.2% | -801M-2618.3% | -29.5M+86.2% | ||
| Long-term debt issued | 836M+1014.4% | 75.0M | 0.00-100.0% | 1.03B-68.3% | 3.25B+207.5% | |
| Long-term debt repaid | 1.90B+1853.5% | 97.4M-34.2% | 148M-88.2% | 1.25B-21.0% | 1.58B+48.4% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 51.0M | 0.00-100.0% | 29.2M | 0.00 | 0.00 | |
| Dividends paid | 141M+0.1% | 141M+9.3% | 129M-68.3% | 407M+0.1% | 406M-50.9% | |
| Other financing activities | -41.0K-171.9% | 57.0K-52.9% | 121K-84.9% | 800K | — | |
| Net change in cash | 27.9M+109.0% | -312M-229.8% | 240M+126.4% | -909M-554.6% | 200M+62.3% | |
| Interest paid | 313M-3.0% | 323M-15.4% | 381M+51.1% | 252M+33.8% | 189M-10.2% | |
| Income taxes paid | 5.20M-31.6% | 7.61M-26.6% | 10.4M+30.4% | 7.95M-13.2% | 9.15M-39.4% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 6.35B-20.9% | 8.02B+49.2% | 5.38B+34.7% | 3.99B-50.3% | 8.03B+12.3% | |
| P/E | 7.0×-93.8% | 114.0× | — | 25.2×-44.8% | 45.6× | |
| P/S | 3.5×-21.9% | 4.5×+51.6% | 3.0×+31.6% | 2.2×-55.4% | 5.1×+8.0% | |
| P/B | 1.1×-31.9% | 1.6×+68.1% | 0.9×+49.2% | 0.6×-51.8% | 1.3×+17.7% | |
| P/FCF | 6.4×-74.8% | 25.5×+128.0% | 11.2×+92.4% | 5.8×-55.7% | 13.1×-50.7% | |
| Earnings yield | 14.3%+1525.6% | 0.88% | — | 4.0%+81.3% | 2.2% | |
| FCF yield | 15.6%+297.5% | 3.9%-56.1% | 9.0%-48.0% | 17.2%+125.7% | 7.6%+103.0% | |
| Dividend yield | 2.2%+26.3% | 1.8%-26.3% | 2.4%-76.5% | 10.2%+101.2% | 5.1%-20.5% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: VNO’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all VNO filings on SEC EDGAR → Not investment advice.