VORNADO REALTY TRUST financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VORNADO REALTY TRUST files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,004	2,084	2,164	1,925	1,528	1,589	1,800	1,811	1,788	1,810
General and administrative	144	151	142	170	182	135	134	163	149	156
Operating expenses	1,424	1,475	1,581	1,625	1,551	1,368	1,534	1,565	1,542	1,552
Operating income	580	609	583
Interest expense	330	346	348	287	229	231	280	349	390	354
Other non-operating income	3.69	5.06	4.05	3.71	3.63	1.81	0.24	0	0
Pre-tax income	585	320	460	3,438	-425	197	-361	62.1	42.8	951
Income tax	7.92	42.4	37.6	103	36.6	-10.5	21.7	29.2	22.7	13.5
Income from continuing operations	527	240	449	3,148	-297	176
Net income to minority interests	21.4
Net income	907	227	450	3,148	-297	176	-346	105	70.4	905
EBITDA	1,175	1,138	1,056
EPS, basic	4.36	0.85	2.02	16.23	-1.83	0.53	-2.13	0.23	0.04	4.40
EPS, diluted	4.34	0.85	2.01	16.21	-1.83	0.53	-2.13	0.23	0.04	4.20
Shares, basic (weighted)	189	190	190	191	191	192	192	191	191	192
Shares, diluted (weighted)	190	191	191	191	191	192	192	192	197	201
Dividend per share		2.62	2.52	2.64	2.38	2.12	2.12	0.68	0.74	0.74

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,501	1,818	571	1,515	1,624	1,760	890	997	734	841
Short-term investments						0	472	0
Lease right-of-use assets			0	380	367	337	684	680	679	671
Intangible assets	190	159	137	31	23.9	155	140	127	118	111
Total assets	20,815	17,398	17,181	18,287	16,222	17,267	16,493	16,188	15,999	15,521
Total liabilities	11,918	11,405	11,289	10,087	8,667	10,063	9,980	9,844	9,827	8,717
Total debt	1,333	1,592	1,669	1,767	1,818	2,563	2,560	2,563	2,567	2,265
Paid-in capital	7,153	7,493	7,726	7,828	8,193	8,143	8,369	8,263	8,053	8,288
Retained earnings	-1,419	-4,183	-4,167	-1,954	-2,774	-3,079	-3,895	-4,009	-4,142	-3,492
Other comprehensive income	119	129	7.66	-40.2	-75.1	-17.5	175	65.1	57.7	-0.01
Shareholders' equity	6,899	4,338	4,465	6,732	6,533	6,236	5,840	5,509	5,158	5,987
Minority interests	720	670	643	579	415	279	237	196	179	170
Total equity	7,618	5,008	5,108	7,311	6,948	6,515	6,076	5,705	5,337	6,157
Total liabilities and equity	20,815	17,398	17,181	18,287	16,222	17,267	16,493	16,188	15,999	15,521
Shares outstanding	189	190	191	191	191	192	192	190	191	191

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	982	264	423	3,334	-462	208	-383	32.9	20.1	937
Depreciation and amortization	595	530	473	439	418	433	526	458	469	481
Stock-based compensation	34	32.8	31.7	53.9	48.7	38.3	29.2	43.2	30.2	25.5
Change in receivables	-4.27	1.18	-14.5	-26	-5.33	-0.19	-4.44	9.38	4.7	-18.8
Change in payables	13.3	3.76	5.87	5.94	14.9	35.9	5.72	10.7	-6.8	6.28
Cash from operations	995	860	803	663	424	762	799	648	538	1,258
Capital expenditures	-388	-271	-235
Purchases of investments	-4.38	0	0		0	0	-1,066	0	0
Sales and maturities of investments	3.94	0	4.1	168	28.4	0	0
Cash from investing	-893	-206	-878	2,463	-87.8	-532	-907	-129	-597	116
Debt issued	2,404	1,056	527	1,108	1,056	3,248	1,030	0	75	836
Debt repaid	-1,895	-632	-685	-2,719	-1,068	-1,584	-1,251	-148	-97.4	-1,904
Stock issued	8.27	29.7	7.31	6.9	5.86	0.9	0.89	0	0	0.04
Share buybacks						0	0	-29.2	0	-51
Dividends paid	-476	-496	-479	-504	-827	-406	-407	-129	-141	-141
Cash from financing	-446	-338	-1,123	-2,236	-213	-29.5	-801	-279	-252	-1,346
Net change in cash	-344	315	-1,198	890	123	200	-909	240	-312	27.9
Free cash flow	608	589	568
Interest paid	369	339	312	284	210	189	252	381	323	313
Income taxes paid	9.72	6.73	62.2	59.8	15.1	9.16	7.95	10.4	7.61	5.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $34.10 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	2.9%	Pre-tax income / revenue.
Net margin	3.7%	Net income / revenue.
Operating cash flow margin	21.4%	Cash from operations / revenue.
Effective tax rate	22.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.4%	Net income / average total assets.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	29.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1,186.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	10,400.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	134.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	16.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-29.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-20.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	16.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.45x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.7%	Total debt / total assets.
Liabilities / assets	57.1%	Total liabilities / total assets.
Net debt	$1.92B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$5.68B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.12x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.35	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.42	Revenue / diluted weighted shares.
Operating cash flow per share	$2.01	Cash from operations / diluted weighted shares.
Book value per share	$31.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$30.42	Tangible book value / shares outstanding.
Cash per share	$3.62	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.37B	Share price x shares outstanding.
Enterprise value	$8.29B	Market cap + total debt - cash - short-term investments.
P/E	93.8x	Market cap / net income. Only when net income is positive.
P/S	3.48x	Market cap / revenue.
P/B	1.10x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.12x	Market cap / tangible book value, when positive.
P/OCF	16.3x	Market cap / cash from operations, when positive.
EV/Sales	4.53x	Enterprise value / revenue.
Earnings yield	1.1%	Net income / market cap (the inverse of P/E).

What was VORNADO REALTY TRUST's revenue in fiscal 2025?

VORNADO REALTY TRUST reported revenue of $1.81B for fiscal 2025, 1.3% higher than the year before.

Was VORNADO REALTY TRUST profitable in fiscal 2025?

Yes. Net income was $905.0M, a net margin of 50%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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