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Vornado Realty Trust (VNO) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · REIT - OFFICE · DATA UPDATED 2026-08-10

Vornado Realty Trust (VNO) operates in the REIT - OFFICE industry and is headquartered in New York, United States with about 3,145 employees. Its market capitalization is roughly $7 billion. In the fiscal year ended 2025-12-31, VNO reported $1.8B in revenue and $905M in net income.

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.

Interactive charts & full statements → Open the VNO valuation workbench →

VNO Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$1.8B	$1.8B	$1.8B	$1.8B	$1.8B	$1.6B	$1.5B	$1.9B	$2.2B	$2.1B	$2.5B	$2.5B	$2.6B	$2.8B	$2.8B	$2.9B	$2.8B	$2.7B	$2.7B	$3.0B	$2.7B
Gross Profit	$1.1B	$1.8B	$1.8B	$906M	$926M	$792M	$739M	$1.0B	$1.2B	$1.2B	$1.5B	$1.5B	$1.6B	$1.7B	$1.5B	$1.7B	$1.7B	$1.7B	$1.6B	$1.3B	$1.3B
Gross Margin %	61.3%	100.0%	100.0%	50.0%	51.4%	49.8%	48.4%	52.3%	55.5%	57.5%	59.1%	59.6%	59.6%	60.6%	54.9%	57.6%	60.5%	60.3%	60.3%	45.1%	49.6%
Operating Income (EBIT)	$373M	$272M	$264M	$301M	$288M	$245M	$144M	$418M	$583M	$607M	$551M	$760M	$816M	$874M	$678M	$856M	$806M	$796M	$814M	$1.2B	$727M
Operating Margin %	20.4%	15.0%	14.8%	16.6%	16.0%	15.4%	9.4%	21.7%	26.9%	29.1%	22.0%	30.4%	30.9%	31.7%	24.5%	29.4%	29.0%	29.0%	30.2%	41.4%	26.8%
Net Income	$68M	$905M	$70M	$105M	($346M)	$176M	($297M)	$3.1B	$450M	$227M	$961M	$760M	$865M	$476M	$617M	$662M	$648M	$106M	$395M	$636M	$560M
Net Margin %	3.7%	50.0%	3.9%	5.8%	-19.2%	11.1%	-19.4%	163.5%	20.8%	10.9%	38.3%	30.4%	32.8%	17.2%	22.3%	22.7%	23.3%	3.9%	14.6%	21.4%	20.6%
EBITDA	$922M	$1.8B	$881M	$846M	$423M	$840M	$204M	$4.1B	$1.2B	$1.2B	$1.5B	$1.3B	$1.4B	$1.2B	$1.5B	$1.7B	$1.6B	$1.3B	$1.2B	$1.7B	$1.1B
Earnings Per Share (EPS)	$0.36	$4.72	$0.36	$0.55	$-1.81	$0.92	$-1.55	$16.47	$2.35	$1.19	$5.08	$4.01	$4.58	$2.54	$3.31	$3.56	$3.52	$0.61	$2.50	$4.18	$3.65
Shares Outstanding (M)	187M	192M	197M	192M	192M	192M	191M	191M	191M	191M	189M	190M	189M	188M	187M	186M	184M	174M	158M	152M	153M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

VNO Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$462M	$459M	$454M	$454M	$441M	$462M	$458M	$443M
Gross Profit	$239M	($25M)	$454M	$454M	$441M	$462M	$458M	$443M
Gross Margin %	51.6%	-5.3%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating Income (EBIT)	$199M	$50M	$66M	$57M	$67M	$82M	$72M	$56M
Operating Margin %	43.2%	11.0%	14.6%	12.6%	15.1%	17.8%	15.7%	12.5%
Net Income	$32M	($7M)	$16M	$27M	$759M	$102M	$17M	($4M)
Net Margin %	6.9%	-1.6%	3.5%	6.0%	172.0%	22.2%	3.6%	-0.8%
EBITDA	$304M	$192M	$212M	$215M	$1.0B	$319M	$228M	$201M
Earnings Per Share (EPS)	$0.17	$-0.04	$0.08	$0.14	$3.78	$0.51	$0.08	$-0.02
Shares Outstanding (M)	187M	190M	192M	192M	201M	201M	200M	191M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

VNO Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$439M	$1.3B	$538M	$648M	$799M	$762M	$424M	$663M	$803M	$860M	$1.0B	$672M	$1.1B	$1.0B	$825M	$702M	$771M	$634M	$818M	$697M	$825M
Capital Expenditures (CapEx)	$1.4B	$710M	$466M	$33M	$901M	$738M	$395M	$439M	$75M	$356M	$750M	$476M	$646M	$395M	$446M	$350M	$475M	$682M	$833M	$3.0B	$1.7B
Free Cash Flow (FCF)	($965M)	$549M	$72M	$615M	($102M)	$23M	$29M	$224M	$728M	$504M	$251M	$196M	$489M	$646M	$379M	$353M	$296M	($48M)	($15M)	($2.3B)	($896M)
FCF Margin %	-52.8%	30.3%	4.0%	34.0%	-5.7%	1.5%	1.9%	11.6%	33.7%	24.2%	10.0%	7.8%	18.6%	23.4%	13.7%	12.1%	10.7%	-1.8%	-0.6%	-78.8%	-33.0%
Dividends Paid	$219M	$203M	$203M	$191M	$469M	$472M	$892M	$554M	$534M	$561M	$556M	$555M	$629M	$629M	$773M	$570M	$530M	$319M	$619M	$582M	$595M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

VNO Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$211M	$48M	$146M	$33M	$1.0B	$52M	$206M	$105M
Capital Expenditures (CapEx)	$120M	$0M	$710M	$574M	$257M	$83M	$466M	$361M
Free Cash Flow (FCF)	$91M	$48M	($563M)	($541M)	$770M	($31M)	($259M)	($256M)
FCF Margin %	19.7%	10.4%	-124.2%	-119.2%	174.3%	-6.7%	-56.7%	-57.8%
Dividends Paid	$31M	$16M	$157M	$16M	$16M	$16M	$157M	$16M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

VNO Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$15.6B	$15.5B	$16.0B	$16.2B	$16.5B	$17.3B	$16.2B	$18.3B	$17.2B	$17.4B	$20.8B	$21.1B	$21.2B	$20.1B	$22.0B	$20.4B	$20.5B	$20.2B	$21.4B	$22.5B	$18.0B
Cash & Cash Equivalents	$675M	$841M	$734M	$997M	$890M	$1.8B	$1.6B	$1.5B	$571M	$1.8B	$1.5B	$1.8B	$1.2B	$583M	$960M	$607M	$691M	$535M	$1.5B	$1.2B	$2.2B
Total Liabilities	$8.9B	$8.7B	$9.8B	$9.8B	$10.0B	$10.1B	$8.7B	$10.1B	$11.3B	$11.4B	$11.9B	$12.4B	$12.4B	$11.5B	$13.1B	$11.8B	$12.4B	$12.3B	$14.2B	$14.9B	$10.7B
Total Debt (Short + Long-Term)	$7.4B	$7.2B	$8.2B	$8.3B	$8.4B	$8.6B	$7.4B	$7.4B	$9.8B	$10.5B	$10.6B	$12.2B	$10.9B	$10.0B	$12.2B	$9.9B	$10.4B	$11.2B	$12.5B	$12.5B	$8.8B
Total Shareholders' Equity	$5.8B	$6.0B	$5.2B	$5.5B	$5.8B	$6.2B	$6.5B	$6.7B	$4.5B	$6.0B	$6.9B	$6.7B	$8.8B	$6.8B	$8.8B	$6.8B	$6.3B	$6.2B	$5.7B	$6.1B	$6.2B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive VNO viewer.

Other Companies in REIT - OFFICE

CUZ · Cousins Properties Incorporated — $5 billion
KRC · Kilroy Realty Corp — $4 billion
SLG · SL Green Realty Corp — $4 billion
HIW · Highwoods Properties Inc — $3 billion
HPP · Hudson Pacific Properties Inc — $1 billion
DEA · Eerly Govt Ppty Inc — $1 billion
PDM · Piedmont Office Realty Trust Inc — $1 billion
PSTL · Postal Realty Trust Inc — $940 million

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