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VORNADO REALTY TRUST

VNO Clue Score59
United States Fiscal year ends December CIK 0000899689
$33.63 -0.53% Close, 9 Oct 2026
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Price $33.63 −23.90% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue2.00Operating income0.58Net income0.91EPS, diluted4.34Fiscal year 2017Revenue2.08 +4.0%Operating income0.61Net income0.23 −74.9%EPS, diluted0.85 −80.4%Fiscal year 2018Revenue2.16 +3.8%Operating income0.58Net income0.45 +97.9%EPS, diluted2.01 +136.5%Fiscal year 2019Revenue1.92 −11.0%Net income3.15 +599.6%EPS, diluted16.21 +706.5%Fiscal year 2020Revenue1.53 −20.6%Net income−0.30 −109.4%EPS, diluted−1.83 −111.3%Fiscal year 2021Revenue1.59 +4.0%Net income0.18EPS, diluted0.53Fiscal year 2022Revenue1.80 +13.3%Net income−0.35 −296.9%EPS, diluted−2.13 −501.9%Fiscal year 2023Revenue1.81 +0.6%Net income0.11EPS, diluted0.23Fiscal year 2024Revenue1.79 −1.3%Net income0.07 −33.3%EPS, diluted0.04 −82.6%Fiscal year 2025Revenue1.81 +1.3%Net income0.90 +1,185.7%EPS, diluted4.20 +10,400.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2.00 2.08 2.16 1.92 1.53 1.59 1.80 1.81 1.79 1.81
Growth +4.0% +3.8% −11.0% −20.6% +4.0% +13.3% +0.6% −1.3% +1.3%
Operating income 0.58 0.61 0.58 n/a n/a n/a n/a n/a n/a n/a
Net income 0.91 0.23 0.45 3.15 −0.30 0.18 −0.35 0.11 0.07 0.90
Growth −74.9% +97.9% +599.6% −109.4% −296.9% −33.3% +1,185.7%
EPS, diluted 4.34 0.85 2.01 16.21 −1.83 0.53 −2.13 0.23 0.04 4.20
Growth −80.4% +136.5% +706.5% −111.3% −501.9% −82.6% +10,400.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin28.9%Net margin45.3%Fiscal year 2017Operating margin29.2%Net margin10.9%Fiscal year 2018Operating margin26.9%Net margin20.8%Fiscal year 2019Net margin163.6%Fiscal year 2020Net margin−19.4%Fiscal year 2021Net margin11.1%Fiscal year 2022Net margin−19.2%Fiscal year 2023Net margin5.8%Fiscal year 2024Net margin3.9%Fiscal year 2025Net margin50.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 28.9% 29.2% 26.9% n/a n/a n/a n/a n/a n/a n/a
Net margin 45.3% 10.9% 20.8% 163.6% −19.4% 11.1% −19.2% 5.8% 3.9% 50.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow1.00Dividends paid−0.48Fiscal year 2017Operating cash flow0.86Dividends paid−0.50Fiscal year 2018Operating cash flow0.80Dividends paid−0.48Fiscal year 2019Operating cash flow0.66Dividends paid−0.50Fiscal year 2020Operating cash flow0.42Dividends paid−0.83Fiscal year 2021Operating cash flow0.76Buybacks0.00Dividends paid−0.41Fiscal year 2022Operating cash flow0.80Buybacks0.00Dividends paid−0.41Fiscal year 2023Operating cash flow0.65Buybacks−0.03Dividends paid−0.13Fiscal year 2024Operating cash flow0.54Buybacks0.00Dividends paid−0.14Fiscal year 2025Operating cash flow1.26Buybacks−0.05Dividends paid−0.14
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.00 0.86 0.80 0.66 0.42 0.76 0.80 0.65 0.54 1.26
Buybacks n/a n/a n/a n/a n/a 0.00 0.00 −0.03 0.00 −0.05
Dividends paid −0.48 −0.50 −0.48 −0.50 −0.83 −0.41 −0.41 −0.13 −0.14 −0.14

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.50Total debt1.33Net cash (debt)0.17Shareholders’ equity6.90Debt to equity0.19Fiscal year 2017Cash1.82Total debt1.59Net cash (debt)0.23Shareholders’ equity4.34Debt to equity0.37Fiscal year 2018Cash0.57Total debt1.67Net cash (debt)−1.10Shareholders’ equity4.47Debt to equity0.37Fiscal year 2019Cash1.52Total debt1.77Net cash (debt)−0.25Shareholders’ equity6.73Debt to equity0.26Fiscal year 2020Cash1.62Total debt1.82Net cash (debt)−0.19Shareholders’ equity6.53Debt to equity0.28Fiscal year 2021Cash1.76Total debt2.56Net cash (debt)−0.80Shareholders’ equity6.24Debt to equity0.41Fiscal year 2022Cash0.89Total debt2.56Net cash (debt)−1.67Shareholders’ equity5.84Debt to equity0.44Fiscal year 2023Cash1.00Total debt2.56Net cash (debt)−1.57Shareholders’ equity5.51Debt to equity0.47Fiscal year 2024Cash0.73Total debt2.57Net cash (debt)−1.83Shareholders’ equity5.16Debt to equity0.50Fiscal year 2025Cash0.84Total debt2.26Net cash (debt)−1.42Shareholders’ equity5.99Debt to equity0.38
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.50 1.82 0.57 1.52 1.62 1.76 0.89 1.00 0.73 0.84
Total debt 1.33 1.59 1.67 1.77 1.82 2.56 2.56 2.56 2.57 2.26
Net cash (debt) 0.17 0.23 −1.10 −0.25 −0.19 −0.80 −1.67 −1.57 −1.83 −1.42
Shareholders’ equity 6.90 4.34 4.47 6.73 6.53 6.24 5.84 5.51 5.16 5.99
Debt to equity 0.19 0.37 0.37 0.26 0.28 0.41 0.44 0.47 0.50 0.38

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
28.9% 29.2% 26.9% n/a n/a n/a n/a n/a n/a n/a
29.2% 15.3% 21.2% 178.6% −27.8% 12.4% −20.1% 3.4% 2.4% 52.5%
45.3% 10.9% 20.8% 163.6% −19.4% 11.1% −19.2% 5.8% 3.9% 50.0%
Spending
7.2% 7.2% 6.6% 8.8% 11.9% 8.5% 7.4% 9.0% 8.3% 8.6%
1.4% 13.3% 8.2% 3.0% n/a −5.3% n/a 47.0% 53.0% 1.4%
Returns
13.1% 5.2% 10.1% 46.8% −4.5% 2.8% −5.9% 1.9% 1.4% 15.1%
4.4% 1.3% 2.6% 17.2% −1.8% 1.0% −2.1% 0.7% 0.4% 5.8%
Balance and payout
0.19 0.37 0.37 0.26 0.28 0.41 0.44 0.47 0.50 0.38
57.3% 65.6% 65.7% 55.2% 53.4% 58.3% 60.5% 60.8% 61.4% 56.2%
52.5% 218.3% 106.5% 16.0% n/a 230.7% n/a 122.3% 200.5% 15.6%