Vornado Realty Trust (VNO)

Vornado Realty Trust is a fully integrated real estate investment trust with a 26 million square-foot portfolio of premier New York City office, retail and multifamily assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with 100% of our in-service office buildings LEED certified and over 95% certified LEED Gold or Platinum. Vornado Realty Trust was incorporated in 1946 in Maryland, USA.

Ticker: VNO
Exchange: NYSE
Sector: Real Estate
Industry: REIT - Office
Market cap: $6.69B
52-week range: $24.57 - $41.60

Valuation

Share price: $35.82 (close of Nov 6, 2026)
P/E (TTM): 716.40x
Price to book: 1.12x
Price to free cash flow: 17.11x
Enterprise value: $14.15B
Book value per share: $31.94

Price performance

Period	Change
1 day	-0.14%
5 days	+3.68%
1 month	+6.86%
3 months	-8.01%
6 months	+13.50%
Year to date	+7.63%
1 year	+0.56%
3 years	+56.56%
5 years	-19.67%
10 years	-49.78%
All time	+4,478.96%

Short interest

As of: Oct 15, 2026
Short % of float: 8.70%
Shares short: 13.65M
Days to cover: 10.07
Change since prior report: +6.32%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 14.70%
Return on assets: 5.83%
Net margin: 49.99%
Revenue growth: 1.27%
Free cash flow growth: 134.02%

Cash flow and balance sheet

Free cash flow yield (TTM): 5.84%
Net debt to EBITDA: 8.10x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $1.81B
Net income: $904.96M
Earnings per share: $4.40
Interest expense: $353.87M
Shares outstanding: 191.76M

Income statement by year

Period end	Revenue	Net income	EPS
2025-12-31	$1.81B	$904.96M	$4.40
2024-12-31	$1.79B	$70.39M	$0.04
2023-12-31	$1.81B	$105.49M	$0.23
2022-12-31	$1.80B	-$346.50M	-$2.13
2021-12-31	$1.59B	$176.00M	$0.53
2020-12-31	$1.53B	-$297.00M	-$1.83
2019-12-31	$1.92B	$3.15B	$16.23
2018-12-31	$2.16B	$449.95M	$2.02
2017-12-31	$2.08B	$227.42M	$0.85
2016-12-31	$2.00B	$906.92M	$4.36

Margins and returns by year

Period end	Net margin	Return on equity
2025-12-31	49.99%	14.70%
2024-12-31	3.94%	1.32%
2023-12-31	5.82%	1.85%
2022-12-31	-19.25%	-5.70%
2021-12-31	11.07%	2.70%
2020-12-31	-19.44%	-4.27%
2019-12-31	163.55%	43.06%
2018-12-31	20.80%	8.81%
2017-12-31	10.91%	4.54%
2016-12-31	45.26%	11.90%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$840.85M	$2.26B
2024-12-31	$733.95M	$2.57B
2023-12-31	$997.00M	$2.56B
2022-12-31	$1.36B	$2.56B
2021-12-31	$1.76B	$2.56B
2020-12-31	$1.62B	$1.82B
2019-12-31	$1.52B	$1.77B
2018-12-31	$570.92M	$1.67B
2017-12-31	$1.82B	$1.59B
2016-12-31	$1.50B	$1.33B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$1.26B	$25.48M
2024-12-31	$537.72M	$30.17M
2023-12-31	$648.15M	$43.20M
2022-12-31	$798.94M	$29.25M
2021-12-31	$761.81M	$38.33M
2020-12-31	$424.24M	$48.68M
2019-12-31	$662.54M	$53.91M
2018-12-31	$802.64M	$31.72M
2017-12-31	$860.14M	$32.83M
2016-12-31	$995.08M	$33.98M

Dividend history

Most recent payment: Dec 18, 2025
Paid in the last twelve months: $0.74

Payment date	Dividend per share
2025-12-18	$0.74
2024-12-16	$0.74
2023-12-14	$0.30
2023-01-27	$0.38
2022-11-04	$0.53
2022-08-05	$0.53
2022-05-06	$0.53
2022-01-28	$0.53

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-11-02	Sep 2026	$0.64
2026-08-03	Jun 2026	$0.57
2026-05-04	Mar 2026	$0.52
2026-02-09	Dec 2025	$0.57
2025-11-03	Sep 2025	$0.55
2025-08-04	Jun 2025	$0.53
2025-05-05	Mar 2025	$0.52
2025-02-10	Dec 2024	$0.51

Filings and sources

Company website: vno.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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