Vornado Realty Trust (VNO) financial statements
Vornado Realty Trust reported revenue of $1.8B in fiscal 2025, down 1.1% a year over 9 years.
Net income was $905M and the operating margin 49.2%, against 28.9% in 2016.
The diluted share count rose 6% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Vornado Realty Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0B | $2.1B | $2.2B | $1.9B | $1.5B | $1.6B | $1.8B | $1.8B | $1.8B | $1.8B |
| Selling, general and admin | $144M | $151M | $142M | $170M | $182M | $135M | $134M | $163M | $149M | $156M |
| Operating income | $580M | $609M | $583M | $1.0B | $739M | $792M | $926M | $906M | $860M | $890M |
| Interest expense | $330M | $346M | $348M | $287M | $229M | $231M | $280M | $349M | $390M | $354M |
| Pre-tax income | $585M | $320M | $460M | $3.4B | -$425M | $197M | -$361M | $62M | $43M | $951M |
| Income tax | $8M | $42M | $38M | $103M | $37M | -$10M | $22M | $29M | $23M | $14M |
| Net income | $907M | $227M | $450M | $3.1B | -$297M | $176M | -$346M | $105M | $70M | $905M |
| EPS (diluted) | $4.34 | $0.85 | $2.01 | $16.21 | -$1.83 | $0.53 | -$2.13 | $0.23 | $0.04 | $4.20 |
| Diluted shares | 190M | 191M | 191M | 191M | 191M | 192M | 192M | 192M | 197M | 201M |
| Operating margin | 28.9% | 29.2% | 26.9% | 52.3% | 48.4% | 49.8% | 51.4% | 50.0% | 48.1% | 49.2% |
| Net margin | 45.3% | 10.9% | 20.8% | 163.6% | -19.4% | 11.1% | -19.2% | 5.8% | 3.9% | 50.0% |
Balance sheet
Fiscal years, from Vornado Realty Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.5B | $1.8B | $571M | $1.5B | $1.6B | $1.8B | $1.4B | $997M | $734M | $841M |
| Total assets | $20.8B | $17.4B | $17.2B | $18.3B | $16.2B | $17.3B | $16.5B | $16.2B | $16.0B | $15.5B |
| Total liabilities | $11.9B | $11.4B | $11.3B | $10.1B | $8.7B | $10.1B | $10.0B | $9.8B | $9.8B | $8.7B |
| Shareholders' equity | $6.9B | $4.3B | $4.5B | $6.7B | $6.5B | $6.2B | $5.8B | $5.5B | $5.2B | $6.0B |
| Net debt | -$1.5B | -$1.8B | -$571M | -$1.5B | -$1.6B | -$1.8B | -$890M | -$997M | -$734M | -$841M |
Cash flow
Fiscal years, from Vornado Realty Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $995M | $860M | $803M | $663M | $424M | $762M | $799M | $648M | $538M | $1.3B |
| Capital spending | $388M | $271M | $235M | — | — | — | — | — | — | — |
| Free cash flow | $608M | $589M | $568M | — | — | — | — | — | — | — |
| Stock-based compensation | $34M | $33M | $32M | $54M | $49M | $38M | $29M | $43M | $30M | $25M |
| Dividends paid | $476M | $496M | $479M | $504M | $827M | $406M | $407M | $129M | $141M | $141M |
| Share buybacks (net) | — | — | — | — | — | $0 | $0 | -$29M | $0 | -$51M |
| Net borrowing | $509M | $424M | -$158M | -$1.6B | -$11M | $1.7B | -$222M | -$148M | -$22M | -$1.1B |
| Free cash flow margin | 30.3% | 28.3% | 26.3% | — | — | — | — | — | — | — |
| Dividends per share | $2.50 | $2.60 | $2.51 | $2.64 | $4.33 | $2.11 | $2.12 | $0.67 | $0.72 | $0.70 |
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What was Vornado Realty Trust's revenue in 2025?
$1.8B in fiscal 2025, from its 10-K filing.
From Vornado Realty Trust's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.