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.
- Symbol
- VNO
- Exchange
- NYSE
- Sector
- Real Estate
- Industry
- REIT - Office
- Market cap
- $6.47B
- 52 week range
- 24.57 - 42.17
Valuation
- Share price
- $34.44 (close of 2026-09-23)
- P/E (TTM)
- 693.40x
- Price to book
- 1.09x
- Price to free cash flow
- 16.56x
- Enterprise value
- $13.94B
- Book value per share
- $31.94
Price performance
| Period | Change |
|---|
| 1 day | -3.20% |
| 5 days | -0.26% |
| 1 month | -9.08% |
| 3 months | -8.53% |
| 6 months | +32.36% |
| Year to date | +3.49% |
| 1 year | -17.43% |
| 3 years | +53.61% |
| 5 years | -20.46% |
| 10 years | -58.95% |
| All time | +4315.38% |
Profitability and growth
- Return on equity
- 14.70%
- Return on assets
- 5.83%
- Net margin
- 49.99%
- EBITDA margin
- 96.87%
- Revenue growth
- 1.27%
- Net income growth
- 1185.68%
- Free cash flow growth
- 134.02%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 6.04%
- Net debt to EBITDA
- 8.10x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $1.81B
- EBITDA
- $1.75B
- Net income
- $904.96M
- Earnings per share
- $4.40
- Interest expense
- $353.87M
- Shares outstanding
- 191.76M
Income statement by year
| Period end | Revenue | Gross profit | 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 | $724.83M | $449.95M | $2.02 |
| 2017-12-31 | $2.08B | $759.43M | $227.42M | $0.85 |
| 2016-12-31 | $2.00B | $723.49M | $906.92M | $4.36 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 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 | 33.50% | 20.80% | 8.81% | 8.79% |
| 2017-12-31 | 36.44% | 10.91% | 4.54% | 11.84% |
| 2016-12-31 | 36.11% | 45.26% | 11.90% | 7.68% |
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
- 2025-12-18
- 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
Next earnings report
- Next confirmed report
- 2026-11-02
- Consensus EPS estimate
- $0.63
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-03 | Jun/2026 | $0.57 |
| 2026-05-04 | - | - |
| 2026-02-09 | - | - |
| 2025-11-03 | - | - |
| 2025-08-04 | - | - |
| 2025-05-05 | - | - |
| 2025-02-10 | - | - |
| 2024-11-04 | - | - |
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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