Balance Sheet Vornado Realty Trust

Equities

VNO

US9290421091

Commercial REITs

Market Closed - Nyse Other stock markets 04:00:02 2026-03-06 pm EST			5-day change	1st Jan Change
26.94 ^USD	-4.84%		-2.32%	-19.05%

Mar. 03	Vornado Realty Trust Insider Bought Shares Worth $4,171,000, According to a Recent SEC Filing	MT
Feb. 10	Vornado Realty Trust, Q4 2025 Earnings Call, Feb 10, 2026

1ae380f0070559e727da79.FaIgMtiQ5C0cNlbF6wjQRVmy-cDNtvZv2nHSmOfGoTA.Y9dFW5nDu2l7cxKzvW-mEmv_pvGU0rsj6ivnr6qzxUBx-2tT6-G8YnFHYg

Published financial data: VORNADO REALTY TRUST

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	1.42B	1.61B	1.61B	1.57B	1.56B
Tenant Reimbursements	-	-	-	-	-
Other Revenues, Total	281M	297M	276M	331M	306M
Total Revenues	1.71B	1.9B	1.88B	1.9B	1.86B
Property Expenses	797M	874M	905M	928M	920M
Selling General & Admin Expenses, Total	135M	134M	163M	149M	156M
Depreciation & Amortization - (IS) - (Collected)	412M	505M	434M	448M	462M
Other Operating Expenses	-	-	-	-	-
Total Operating Expenses	1.34B	1.51B	1.5B	1.52B	1.54B
Operating Income (REIT / Utility Template)	361M	393M	382M	376M	326M
Interest Expense, Total	-207M	-280M	-349M	-349M	-330M
Interest and Investment Income	15.68M	23.41M	43.29M	45.97M	55.11M
Net Interest Expenses	-192M	-256M	-306M	-303M	-275M
Other Non Operating Income (Expenses)	-5.94M	-12.62M	-5.68M	-46.99M	-25.46M
EBT, Excl. Unusual Items	163M	124M	69.98M	26.8M	25.55M
Restructuring Charges	-	-	-	-	-
Gain (Loss) on Sale of Investments	14.58M	-566M	-34.06M	-	87.16M
Gain (Loss) on Sale of Assets	50.77M	101M	71.2M	16.05M	839M
Asset Writedown	-7.88M	-19.1M	-45.01M	-	-542K
Other Unusual Items	-23.73M	-	-	-	-
EBT, Incl. Unusual Items	197M	-361M	62.11M	42.84M	951M
Income Tax Expense	-10.5M	21.66M	29.22M	22.73M	13.51M
Earnings From Continuing Operations	208M	-383M	32.89M	20.12M	937M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	208M	-383M	32.89M	20.12M	937M
Minority Interest	-31.55M	36.11M	72.61M	50.27M	-32.25M
Net Income - (IS)	176M	-346M	105M	70.39M	905M
Preferred Dividend and Other Adjustments	74.95M	62.13M	62.12M	62.11M	62.1M
Net Income to Common Incl Extra Items	101M	-409M	43.38M	8.28M	843M
Net Income to Common Excl. Extra Items	101M	-409M	43.38M	8.28M	843M
Per Share Items
Net EPS - Basic	0.53	-2.13	0.23	0.04	4.4
Basic EPS - Continuing Operations	0.53	-2.13	0.23	0.04	4.4
Basic Weighted Average Shares Outstanding	192M	192M	191M	191M	192M
Net EPS - Diluted	0.53	-2.13	0.23	0.04	4.2
Diluted EPS - Continuing Operations	0.53	-2.13	0.23	0.04	4.2
Diluted Weighted Average Shares Outstanding	192M	192M	192M	197M	201M
Normalized Basic EPS	0.37	0.59	0.61	0.35	-0.08
Normalized Diluted EPS	0.37	0.59	0.61	0.34	-0.08
Dividend Per Share	2.12	2.12	0.68	0.74	0.74
Payout Ratio	268.18	-135.26	181.23	288.71	22.47
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	764M	892M	811M	821M	788M
EBITA	359M	398M	385M	380M	332M
EBIT	361M	393M	382M	376M	326M
EBITDAR	802M	951M	872M	881M	836M
Total Revenues (As Reported)	1.59B	1.8B	1.81B	1.79B	1.81B
Effective Tax Rate - (Ratio)	-5.33	-6	47.05	53.05	1.42
Normalized Net Income	70.52M	113M	116M	67.02M	-16.28M
Interest Capitalized	38.32M	19.08M	43.06M	51.21M	38.65M
Interest on Long-Term Debt	-	-	-	-	-
Supplemental Operating Expense Items
General and Administrative Expenses	135M	134M	163M	149M	156M
Net Rental Expense, Total	37.98M	59.39M	61.22M	60.51M	48.15M
Imputed Operating Lease Interest Expense	8.79M	15.57M	21.09M	21.4M	16.74M
Imputed Operating Lease Depreciation	29.19M	43.82M	40.12M	39.12M	31.41M
Stock-Based Comp., G&A Exp. (Total)	38.33M	29.25M	43.2M	30.17M	25.48M
Total Stock-Based Compensation	38.33M	29.25M	43.2M	30.17M	25.48M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	13.56B	14B	14.48B	14.77B	15.02B
Accumulated Depreciation	-3.38B	-3.47B	-3.75B	-4.03B	-4.19B
Net Property Plant And Equipment	10.18B	10.53B	10.73B	10.75B	10.83B
Total Real Estate Assets	10.18B	10.53B	10.73B	10.75B	10.83B
Cash And Equivalents	1.76B	890M	997M	734M	841M
Accounts Receivable, Total	736M	776M	771M	766M	996M
Investment In Debt and Equity Securities	3.21B	3.05B	2.52B	2.47B	1.79B
Other Intangibles, Total	155M	140M	127M	118M	111M
Restricted Cash	170M	131M	265M	216M	137M
Other Current Assets, Total	137M	43.6M	35.94M	-	3.04M
Trading Asset Securities, Total	18.93M	184M	139M	90.02M	14.03M
Deferred Tax Assets Long-Term (Collected)	8.58M	7.94M	7.56M	6.14M	3.38M
Deferred Charges Long-Term	392M	374M	355M	355M	375M
Other Long-Term Assets, Total	497M	370M	239M	495M	421M
Total Assets	17.27B	16.49B	16.19B	16B	15.52B
Liabilities
Current Portion of Long-Term Debt	-	21.6M	170M	1.33B	925M
Current Portion of Leases	21.08M	34.78M	57.81M	81.57M	45.06M
Long-Term Debt	8.7B	8.42B	8.14B	6.97B	6.31B
Long-Term Leases	349M	701M	675M	668M	655M
Accounts Payable, Total	613M	451M	411M	374M	376M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	-	-	-	-	-
Unearned Revenue Non Current	48.12M	39.88M	32.2M	28.42M	-
Deferred Tax Liability Non-Current	40.59M	54.6M	74.72M	84.88M	88.15M
Other Non Current Liabilities	292M	261M	285M	295M	314M
Total Liabilities	10.06B	9.98B	9.84B	9.83B	8.72B
Preferred Stock Redeemable	1.18B	1.18B	1.18B	1.18B	1.18B
Preferred Stock Convertible	920K	920K	920K	825K	806K
Total Preferred Equity	1.18B	1.18B	1.18B	1.18B	1.18B
Common Stock, Total	7.65M	7.65M	7.59M	7.63M	7.63M
Additional Paid In Capital	8.14B	8.37B	8.26B	8.05B	8.29B
Distributions In Excess Of Earnings	-3.08B	-3.89B	-4.01B	-4.14B	-3.49B
Comprehensive Income and Other	-17.53M	175M	65.12M	57.7M	-5K
Total Common Equity	5.05B	4.66B	4.33B	3.98B	4.8B
Minority Interest	968M	673M	835M	1.01B	818M
Total Equity	7.2B	6.51B	6.34B	6.17B	6.8B
Total Liabilities And Equity	17.27B	16.49B	16.19B	16B	15.52B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	192M	192M	190M	191M	191M
ECS Total Common Shares Outstanding	192M	192M	190M	191M	191M
Book Value / Share	26.36	24.27	22.72	20.83	25.2
Tangible Book Value	4.9B	4.52B	4.2B	3.86B	4.69B
Tangible Book Value Per Share	25.55	23.55	22.06	20.21	24.62
Total Debt	9.07B	9.17B	9.04B	9.04B	7.94B
Net Debt	7.29B	8.1B	7.91B	8.22B	7.08B
Debt Equivalent Oper. Leases	304M	475M	490M	484M	385M
Minority Interest, Total (Incl. Fin. Div)	968M	673M	835M	1.01B	818M
Equity Method Investments, Total	91.4M	87.8M	87.51M	270M	254M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	2.54B	2.45B	2.44B	2.43B	2.41B
Buildings, Total	9.84B	9.8B	9.95B	10.44B	10.94B
Full Time Employees	3.22K	3.15K	2.94K	3K	3.14K
Assets under Capital Lease - Gross	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	176M	-346M	105M	70.39M	905M
Depreciation, Depletion & Amortization	405M	494M	426M	441M	456M
Amortization of Goodwill and Intangible Assets - (CF)	-1.92M	5.34M	3.07M	3.9M	5.34M
Total Depreciation, Depletion & Amortization	403M	499M	429M	444M	462M
Amortization of Deferred Charges, Total	20.25M	21.8M	23.3M	21.92M	921M
(Gain) Loss On Sale of Asset - (CF)	-50.77M	-101M	-71.2M	-16.05M	-35.29M
(Gain) Loss on Sale of Investments - (CF)	-4.62M	2.59M	9.13M	41.74M	23.47M
Total Asset Writedown	7.88M	19.1M	45.01M	-	-
Provision for Credit Losses	7.7M	872K	1.01M	-	-
(Income) Loss On Equity Investments - (CF)	84M	646M	134M	30.42M	-26.56M
Stock-Based Compensation (CF)	38.33M	29.25M	43.2M	30.17M	25.48M
Change in Accounts Receivable	-187K	-4.44M	9.38M	4.7M	-18.79M
Change in Accounts Payable	35.86M	5.72M	10.72M	-6.8M	6.28M
Change in Other Net Operating Assets (Collected)	-32.12M	86.05M	-45.68M	-54.89M	-169M
Other Operating Activities	76.4M	-60.05M	-45.4M	-28.35M	-835M
Net Cash From Discontinued Operations	-	-	-	-	-
Cash from Operations	762M	799M	648M	538M	1.26B
Acquisition of Real Estate Assets, Total	-738M	-901M	-798M	-466M	-710M
Sale of Real Estate Assets, Total	237M	461M	148M	33.6M	95.71M
Net Sale / Acquisition of Real Estate Assets	-501M	-440M	-650M	-432M	-614M
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-14.22M	-	-
Investment in Marketable and Equity Securities, Total	-32.93M	-467M	430M	-115M	764M
Net (Increase) Decrease in Loans Originated / Sold - Investing	1.55M	-	105M	-50M	-35M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-532M	-907M	-129M	-597M	116M
Long-Term Debt Issued, Total	3.25B	1.03B	-	75M	836M
Total Debt Issued	3.25B	1.03B	-	75M	836M
Long-Term Debt Repaid, Total	-1.58B	-1.25B	-148M	-97.44M	-1.9B
Total Debt Repaid	-1.58B	-1.25B	-148M	-97.44M	-1.9B
Issuance of Common Stock	899K	885K	146K	-	-
Repurchase of Common Stock	-1.57M	-85K	-29.21M	-	-50.99M
Issuance of Preferred Stock	291M	-	-	-	-
Repurchase of Preferred Stock	-300M	-	-	-	-
Common Dividends Paid	-406M	-407M	-129M	-141M	-141M
Preferred Dividends Paid	-65.88M	-62.12M	-62.12M	-62.11M	-62.1M
Common & Preferred Stock Dividends Paid	-472M	-469M	-191M	-203M	-203M
Other Financing Activities, Total	-1.21B	-112M	89.31M	-26.67M	-23.87M
Cash from Financing	-29.48M	-801M	-279M	-252M	-1.35B
Net Change in Cash	200M	-909M	240M	-312M	27.93M
Supplemental Items
Cash Interest Paid	189M	252M	381M	323M	313M
Cash Income Tax Paid (Refund)	9.16M	7.95M	10.36M	7.61M	5.2M
Net Debt Issued / Repaid	1.66B	-222M	-148M	-22.44M	-1.07B
Levered Free Cash Flow	687M	550M	355M	531M	1.27B
Unlevered Free Cash Flow	796M	703M	550M	727M	1.46B
Change In Net Working Capital	-129M	70.57M	160M	-17.22M	136M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.35	1.45	1.46	1.46	1.29
Return on Total Capital	1.42	1.54	1.54	1.54	1.36
Return On Equity %	2.81	-5.58	0.51	0.32	14.44
Return on Common Equity	1.94	-8.42	0.97	0.2	19.2
Margin Analysis
Gross Profit Margin %	53.24	54.12	51.95	51.17	50.66
SG&A Margin	7.89	7.02	8.65	7.82	8.37
EBITDA Margin %	44.81	46.82	43.03	43.2	42.27
EBITA Margin %	21.06	20.89	20.42	20.01	17.79
EBIT Margin %	21.17	20.61	20.26	19.81	17.5
Income From Continuing Operations Margin %	12.17	-20.09	1.75	1.06	50.26
Net Income Margin %	10.32	-18.19	5.6	3.7	48.53
Net Avail. For Common Margin %	5.93	-21.45	2.3	0.44	45.2
Normalized Net Income Margin	4.14	5.95	6.18	3.53	-0.87
Levered Free Cash Flow Margin	40.26	28.89	18.86	27.95	68.06
Unlevered Free Cash Flow Margin	46.68	36.93	29.21	38.26	78.1
Asset Turnover
Asset Turnover	0.1	0.11	0.12	0.12	0.12
Fixed Assets Turnover	0.18	0.18	0.18	0.18	0.17
Receivables Turnover (Average Receivables)	1.92	2.13	2.08	2.04	1.77
Short Term Liquidity
Current Ratio	4.45	3.99	3.46	1.01	1.48
Quick Ratio	3.96	3.65	2.99	0.89	1.37
Operating Cash Flow to Current Liabilities	1.2	1.58	1.01	0.3	0.93
Days Sales Outstanding (Average Receivables)	190.59	171.65	175.67	179.3	206.31
Average Days Payable Outstanding	238.21	222.28	173.78	154.85	148.82
Long Term Solvency
Total Debt/Equity	125.88	140.86	142.52	146.54	116.66
Total Debt / Total Capital	55.73	58.48	58.77	59.44	53.84
LT Debt/Equity	125.59	139.99	138.93	123.7	102.4
Long-Term Debt / Total Capital	55.6	58.12	57.29	50.17	47.26
Total Liabilities / Total Assets	58.28	60.51	60.81	61.42	56.16
EBIT / Interest Expense	1.74	1.4	1.09	1.08	0.99
EBITDA / Interest Expense	3.87	3.4	2.5	2.53	2.53
(EBITDA - Capex) / Interest Expense	3.87	3.4	2.5	2.53	2.53
Total Debt / EBITDA	11.31	9.64	10.37	10.26	9.49
Net Debt / EBITDA	9.09	8.52	9.07	9.33	8.47
Total Debt / (EBITDA - Capex)	11.31	9.64	10.37	10.26	9.49
Net Debt / (EBITDA - Capex)	9.09	8.52	9.07	9.33	8.47
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.77	11.7	-1.09	0.86	-1.87
Gross Profit, 1 Yr. Growth %	9.07	13.54	-5.05	-0.65	-2.85
EBITDA, 1 Yr. Growth %	16.49	16.73	-9.11	1.26	-3.98
EBITA, 1 Yr. Growth %	36.55	10.82	-3.32	-1.16	-12.78
EBIT, 1 Yr. Growth %	32.07	8.75	-2.78	-1.38	-13.3
Earnings From Cont. Operations, 1 Yr. Growth %	-144.94	-284.34	-108.6	-38.83	4.56K
Net Income, 1 Yr. Growth %	-159.26	-296.88	-130.45	-33.28	1.19K
Diluted EPS Before Extra, 1 Yr. Growth %	-128.83	-503.91	-110.66	-82.39	10.4K
Normalized Net Income, 1 Yr. Growth %	-62.36	60.7	2.66	-42.4	-124.29
Net Property, Plant and Equip., 1 Yr. Growth %	9.61	3.43	1.9	0.16	0.76
Accounts Receivable, 1 Yr. Growth %	-2.1	5.46	-0.64	-0.69	30.01
Total Assets, 1 Yr. Growth %	6.44	-4.48	-1.85	-1.17	-2.98
Common Equity, 1 Yr. Growth %	-5.55	-7.85	-7.1	-8.11	20.84
Tangible Book Value, 1 Yr. Growth %	-8.03	-7.78	-7.04	-8.14	21.67
Cash From Operations, 1 Yr. Growth %	79.57	4.87	-18.87	-17.04	134.02
Levered Free Cash Flow, 1 Yr. Growth %	63.75	-19.85	-35.42	33.39	145.98
Unlevered Free Cash Flow, 1 Yr. Growth %	46.28	-11.63	-21.75	24.01	104.58
Dividend Per Share, 1 Yr. Growth %	-10.92	0	-68.16	9.63	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-7.75	8.69	5.11	-0.12	0.84
Gross Profit, 2 Yr. CAGR %	-8.55	11.9	3.83	-2.87	0.87
EBITDA, 2 Yr. CAGR %	-7.44	19.5	3	-4.07	1.82
EBITA, 2 Yr. CAGR %	-14	31.08	3.51	-2.24	-0.39
EBIT, 2 Yr. CAGR %	-14.74	27.38	2.82	-2.08	-0.73
Earnings From Cont. Operations, 2 Yr. CAGR %	-75.05	-8.98	-60.19	-77.07	433.82
Net Income, 2 Yr. CAGR %	-76.35	8.01	-22.58	-54.93	192.89
Diluted EPS Before Extra, 2 Yr. CAGR %	-81.96	7.91	-34.39	-86.3	330.02
Normalized Net Income, 2 Yr. CAGR %	52.62	-17.81	28.44	-23.1	-56.19
Net Property, Plant and Equip., 2 Yr. CAGR %	3.39	6.48	2.66	1.02	0.46
Accounts Receivable, 2 Yr. CAGR %	-6.28	1.61	2.37	-0.66	13.63
Total Assets, 2 Yr. CAGR %	-2.83	0.83	-3.17	-1.51	-2.08
Common Equity, 2 Yr. CAGR %	-6.98	-6.71	-7.47	-7.6	5.38
Tangible Book Value, 2 Yr. CAGR %	-8.17	-7.91	-7.41	-7.59	5.72
Cash From Operations, 2 Yr. CAGR %	7.23	37.23	-7.76	-17.96	39.34
Levered Free Cash Flow, 2 Yr. CAGR %	-14.57	17.34	-28.05	-1.78	86.03
Unlevered Free Cash Flow, 2 Yr. CAGR %	-14.23	15.8	-16.84	1.67	62.02
Dividend Per Share, 2 Yr. CAGR %	-10.39	-5.62	-43.57	-40.92	4.7
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-7.76	-1.67	16.26	3.68	-0.71
Gross Profit, 3 Yr. CAGR %	-9.12	-1.71	33.67	2.31	-2.87
EBITDA, 3 Yr. CAGR %	-8.89	-0	56.58	2.42	-4.04
EBITA, 3 Yr. CAGR %	-15.13	-6.41	28.38	1.93	-5.89
EBIT, 3 Yr. CAGR %	-15.95	-7.54	30.57	1.4	-5.97
Earnings From Cont. Operations, 3 Yr. CAGR %	-21.06	-51.41	-58.55	-54.07	34.8
Net Income, 3 Yr. CAGR %	-26.87	-52.08	-29.18	-26.32	37.71
Diluted EPS Before Extra, 3 Yr. CAGR %	-35.97	-49.16	-50.12	-57.67	25.38
Normalized Net Income, 3 Yr. CAGR %	-28.94	55.27	8.7	-1.68	-47.63
Net Property, Plant and Equip., 3 Yr. CAGR %	-6.9	3.4	4.93	1.82	0.94
Accounts Receivable, 3 Yr. CAGR %	-9.97	-2.52	0.86	1.34	8.66
Total Assets, 3 Yr. CAGR %	0.17	-3.38	-0.07	-2.51	-2
Common Equity, 3 Yr. CAGR %	12.24	-7.27	-6.84	-7.69	1.04
Tangible Book Value, 3 Yr. CAGR %	12.54	-8.04	-7.62	-7.66	1.28
Cash From Operations, 3 Yr. CAGR %	-1.73	6.44	15.17	-10.96	16.35
Levered Free Cash Flow, 3 Yr. CAGR %	13.48	-16.37	35.99	-8.2	32.09
Unlevered Free Cash Flow, 3 Yr. CAGR %	6.69	-13.38	27.4	-2.97	27.45
Dividend Per Share, 3 Yr. CAGR %	-5.6	-7.05	-34.3	-29.59	-29.59
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-4.78	-1.9	-2.81	-1.05	9.24
Gross Profit, 5 Yr. CAGR %	-7.27	-3.12	-4.14	-2.18	18.18
EBITDA, 5 Yr. CAGR %	-9.77	-3.69	-4.3	-1.65	30.13
EBITA, 5 Yr. CAGR %	-13.55	-8.06	-8.11	-4.77	12.77
EBIT, 5 Yr. CAGR %	-14.02	-8.95	-8.89	-5.39	13.74
Earnings From Cont. Operations, 5 Yr. CAGR %	-18.49	6.65	-39.97	-64.02	15.2
Net Income, 5 Yr. CAGR %	-27.96	8.79	-25.18	-53.24	24.96
Diluted EPS Before Extra, 5 Yr. CAGR %	-24.88	18.36	-35.34	-69.91	18.07
Normalized Net Income, 5 Yr. CAGR %	-19.89	-6.75	-9.96	17.23	-29.06
Net Property, Plant and Equip., 5 Yr. CAGR %	-2.59	-2.37	-3.18	2.44	3.12
Accounts Receivable, 5 Yr. CAGR %	-4.9	-4.66	-5.22	-1.78	5.78
Total Assets, 5 Yr. CAGR %	-3.67	-1.06	-1.18	-2.64	-0.88
Common Equity, 5 Yr. CAGR %	-2.92	6.21	3.9	-7.4	-2.13
Tangible Book Value, 5 Yr. CAGR %	-2.88	6.57	4.09	-7.86	-2.5
Cash From Operations, 5 Yr. CAGR %	-5.2	-1.47	-4.19	-4.09	24.29
Levered Free Cash Flow, 5 Yr. CAGR %	-13.11	-28.67	-5.43	-10.8	55.11
Unlevered Free Cash Flow, 5 Yr. CAGR %	-8.06	-25.97	-3.43	-7.64	40.48
Dividend Per Share, 5 Yr. CAGR %	-3.4	-4.15	-23.16	-22.46	-20.84