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VNOVornado Realty Trust
$40.58$7.6B
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VNO logoVornado Realty Trust(VNO)Earnings, Financials & Key Ratios

VNO•NYSE•REIT / Real Estate
$40.06
9.5× P/E·Price updated Jul 2, 2026
SectorReal EstateIndustryOffice REITsSub-IndustryGateway CBD Office REITs
AboutVornado's portfolio is concentrated in the nation's key market New York City along with the premier asset in both Chicago and San Francisco. Vornado is also the real estate industry leader in sustainability policy. The company owns and manages over 23 million square feet of LEED certified buildings and received the Energy Star Partner of the Year Award, Sustained Excellence 2019. In 2012, Vornado commemorated 50 years on the NYSE.Show more
  • Revenue$1.81B+1.3%
  • FFO$1.39B+156.8%
  • FFO/Share7.23+163.4%
  • FFO Payout10.19%-61.0%
  • FFO per Share7.23+163.4%
  • NOI Margin100%
  • FFO Margin76.58%+153.6%
  • ROE13.95%+1140.0%
  • ROA5.74%+1212.8%

VNO Price & Volume

Vornado Realty Trust (VNO) stock price & volume — 10-year historical chart

Loading chart...

Manhattan Office Concentration Strains Operational Margin Stability

Investment Thesis • Updated 2026Q1

VerdictNegative: The company's 2026Q1 negative NOI of $24.6 million and extreme FFO volatility
Growth:Contracting
Profitability:Strained
Financial:Strained
Cash Flow:Deteriorating
Primary Risk:NYC Office Market Concentration

Key Thesis Takeaways

  • Vornado Realty Trust faces significant structural headwinds as its core Manhattan office portfolio struggles with stagnant revenue growth and extreme FFO volatility, evidenced by a 0.5% revenue decline in 2026Q1.
  • While the company has made efforts to reduce total debt from $9.0 billion in 2024Q4 to $7.9 billion by 2025Q4, the persistent reliance on high-cost capital and the recent emergence of negative NOI of $24.6 million in 2026Q1 suggest ongoing operational distress.
  • Investors should remain cautious as the lack of consistent AFFO reporting and high dividend payout ratios in periods like 2025Q4, where the payout reached 116.6%, indicate potential risks to long-term capital preservation.

Verdict Logic

which saw per-share figures drop from 4.37 in 2025Q2 to 0.59 in 2026Q1, suggest significant operational instability.

VNO Growth Metrics

Vornado Realty Trust (VNO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-3.18%
5 Years3.45%
3 Years0.19%
TTM-0.27%

Profit CAGR

10 Years1.76%
5 Years-
3 Years-
TTM378.33%

EPS CAGR

10 Years1.58%
5 Years-
3 Years-
TTM600.6%

Return on Capital

10 Years2.18%
5 Years1.79%
3 Years1.85%
Last Year1.85%

VNO Recent Earnings

Vornado Realty Trust (VNO) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
May 4, 2026
Metric
Actual
Est
EPS
$0.52+0.0%
$0.52
Rev
$459M+6.3%
$432M
Q1 2026
Feb 9, 2026
Metric
Actual
Est
EPS
$0.55+816.7%
$0.06
Rev
$454M+2.0%
$445M
Q4 2025
Nov 3, 2025
Metric
Actual
Est
EPS
$0.57+3.6%
$0.55
Rev
$454M+3.1%
$440M
Q3 2025
Aug 4, 2025
Metric
Actual
Est
EPS
$0.56+5.7%
$0.53
Rev
$441M-6.0%
$469M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 4, 2026
$0.52vs $0.52+0.0%
$459Mvs $432M+6.3%
Q1 2026Feb 9, 2026
$0.55vs $0.06+816.7%
$454Mvs $445M+2.0%
Q4 2025Nov 3, 2025
$0.57vs $0.55+3.6%
$454Mvs $440M+3.1%
Q3 2025Aug 4, 2025
$0.56vs $0.53+5.7%
$441Mvs $469M-6.0%
Based on last 12 quarters of dataView full earnings history →

Latest VNO News

Recent stock market news and headlines for Vornado Realty Trust (VNO)

Zacks Investment Research·6 days ago
VNO or EXR: Which Is the Better Value Stock Right Now?

Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Vornado (VNO) and Extra Space Storage (EXR). But which of these two stocks offers value investors a better bang for their buck right now?

Zacks Investment Research·Jun 26, 2026
Should You Buy Vornado (VNO) After Golden Cross?

Vornado Realty Trust (VNO) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, VNO's 50-day simple moving average broke out above its 200-day moving average; this is known as a "golden cross.

Zacks Investment Research·Jun 24, 2026
Vornado Stock Soars 44.9% in Three Months: Will This Momentum Last?

VNO jumps 44.9% in three months as strong Manhattan office demand, strategic acquisitions and ample liquidity fuel optimism.

Zacks Investment Research·Jun 15, 2026
Key Reasons to Add Vornado Stock to Your Portfolio Right Now

VNO's premium assets, strong NYC leasing, Park Avenue Plaza acquisition and ample liquidity support cash-flow growth.

Peers Comparison

Key metrics vs top competitors for Vornado Realty Trust (VNO)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
VNO logoVNOVornado Realty TrustCurrent
$40.06$7.54B9.541.27%49.99%13.95%1.84%
SLG logoSLGSL Green Realty Corp.
$52.22$3.77B-44.2541.96%-15.25%-3.47%—
BXP logoBXPBXP, Inc.
$67.76$10.81B38.942.19%9.09%4.13%—
KRC logoKRCKilroy Realty Corporation
$39.16$4.55B16.88-2.02%19.59%3.89%—
HIW logoHIWHighwoods Properties, Inc.
$30.91$3.41B21.32-2.39%11.4%3.76%—
PDM logoPDMPiedmont Office Realty Trust, Inc.
$9.45$1.18B-14.10-0.93%-20.46%-5.7%—

Compare VNO vs Peers

Vornado Realty Trust (VNO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SLG

Most directly comparable listed peer for VNO.

Scale Benchmark

vs SPG

Larger-name benchmark to compare VNO against a more recognizable public peer.

Peer Set

Compare Top 5

vs SLG, BXP, KRC, HIW

VNO SEC Filings & Documents

Vornado Realty Trust (VNO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 4, 2026·SEC

Material company update

Apr 8, 2026·SEC

Material company update

Apr 7, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 9, 2026·SEC

FY 2025

Feb 10, 2025·SEC

FY 2024

Feb 12, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 4, 2026·SEC

FY 2025

Nov 3, 2025·SEC

FY 2025

Aug 4, 2025·SEC

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VNO Frequently Asked Questions

Vornado Realty Trust (VNO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Vornado Realty Trust's revenue?

Vornado Realty Trust (VNO) reported $1.81B in revenue for fiscal year 2025. This represents a 1441% increase from $117.3M in 1996.

How fast is Vornado Realty Trust growing?

Vornado Realty Trust (VNO) grew revenue by 1.3% over the past year. Growth has been modest.

Is VNO profitable?

Yes, Vornado Realty Trust (VNO) is profitable, generating $795.3M in net income for fiscal year 2025 (50.0% net margin).

Dividend & Returns
Does VNO pay dividends?

Yes, Vornado Realty Trust (VNO) pays a dividend with a yield of 1.84%. This makes it attractive for income-focused investors.

What is VNO's return on equity?

Vornado Realty Trust (VNO) has a return on equity (ROE) of 13.9%. This is reasonable for most industries.

Industry Metrics
What is Vornado Realty Trust's FFO?

Vornado Realty Trust (VNO) generated Funds From Operations (FFO) of $1.27B in the trailing twelve months. FFO is the primary profitability metric for REITs.

What if you invested $1,000 in VNO back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →