VNO - NYSE
Vornado Realty Trust
$34.00
+1.3%Vornado'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.
At a Glance
Live SnapshotVornado Realty Trust Profit Bridge
Profitability Analysis
Gross Margin
Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.
Operating Margin
Healthy operating margins demonstrate effective cost control and strong business fundamentals.
Net Profit Margin
Exceptional profitability. The company converts a significant portion of revenue to bottom-line earnings.
Effective Tax Rate
Below-average tax rate suggests effective tax planning, favorable jurisdictions, or tax credits.
Profitability Insight
High margin compression: Large gap between gross and net margins suggests operational inefficiencies or heavy debt burden. Focus on expense management and deleveraging.
Vornado Realty Trust Income Statement
VNO • NYSE
| Vornado Realty Trust Income Statement | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 | Dec 2015 | Dec 2014 | Dec 2013 | Dec 2012 | Dec 2011 | Dec 2010 | Dec 2009 | Dec 2008 | Dec 2007 | Dec 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
REVENUE | ||||||||||||||||||||
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 | 3B | 2.7B | |
GROSS PROFIT | ||||||||||||||||||||
(0.0) | (0.0) | (905.2M) | (873.9M) | (797.3M) | (789.1M) | (918M) | (963.5M) | (886.6M) | (1B) | (1B) | (1.1B) | (1.1B) | (1.2B) | (1.2B) | (1.1B) | (1.1B) | (1.1B) | (1.6B) | (1.4B) | |
1.8B | 1.8B | 906M | 926.1M | 791.9M | 738.9M | 1B | 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 | |
OPERATING INCOME | ||||||||||||||||||||
(1.5B) | (1.5B) | (605.4M) | (638.2M) | (546.9M) | (594.6M) | (589M) | (588.4M) | (588.4M) | (744.3M) | (718.3M) | (722.2M) | (742.3M) | (719.7M) | (763.8M) | (744.9M) | (771.2M) | (731.5M) | (232.1M) | (618.8M) | |
(156.1M) | (148.5M) | (162.9M) | (133.7M) | (134.5M) | (181.5M) | (169.9M) | (141.9M) | (159M) | (179.3M) | (175.3M) | (185.9M) | (211.1M) | (201.9M) | (210M) | (214.2M) | (231.7M) | (194M) | (232.1M) | (221.4M) | |
(0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (32.2M) | (226.6M) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | |
272.2M | 263.9M | 300.6M | 287.9M | 245M | 144.3M | 417.7M | 583M | 607.4M | 550.8M | 760.2M | 815.6M | 874.2M | 677.6M | 856.2M | 805.9M | 795.8M | 814M | 1.2B | 726.9M | |
PRE-TAX INCOME | ||||||||||||||||||||
(353.9M) | (390.3M) | (349.2M) | (279.8M) | (231.1M) | (210.8M) | (262.8M) | (330.9M) | (311.6M) | (373.1M) | (345.9M) | (420.8M) | (457.6M) | (476.3M) | (523.3M) | (541.7M) | (616.6M) | (571.5M) | (634.6M) | (215.6M) | |
-306.7M | -344.2M | -303.1M | -267M | -226.5M | -216.4M | -263.2M | -317.8M | -328.1M | -319M | -295M | -398.3M | -399.8M | -464M | -497.3M | -521.2M | -575.4M | -532.7M | -456.8M | -139.2M | |
(1.4B) | (1.4B) | (442.5M) | (504.5M) | (412.3M) | (413.1M) | (419.1M) | -31.3M | (13.2M) | (7.3M) | (7.7M) | (10.6M) | (6.7M) | (7.2M) | (7.8M) | (7.9M) | (4.3M) | (537.4M) | (0.0) | (397.4M) | |
678.6M | -221M | -238.5M | -648.8M | -47.9M | -569.5M | 3B | -123.4M | -287.6M | 4.4M | -37.8M | -257.3M | -540.7M | -608.8M | -236.9M | -55M | -698.5M | -734.8M | -278.3M | -63.4M | |
950.7M | 42.8M | 62.1M | -361M | 197.1M | -425.2M | 3.4B | 459.6M | 318.4M | 983.1M | 722.5M | 505.2M | 133.8M | 416.7M | 619.3M | 750.9M | 97.3M | 79.2M | 587.5M | 607.3M | |
NET INCOME | ||||||||||||||||||||
(13.5M) | (22.7M) | (29.2M) | (21.7M) | -10.5M | (36.6M) | (103.4M) | (37.6M) | (41.1M) | (8.3M) | -84.7M | (11M) | -6.4M | (8.1M) | (24.8M) | (22.5M) | (20.7M) | -204.5M | (10.5M) | -28.9M | |
905M | 70.4M | 105.5M | -346.5M | 176M | -297M | 3.1B | 450M | 227.4M | 960.6M | 760.4M | 864.9M | 476M | 617.3M | 662.3M | 647.9M | 106.2M | 395M | 635.7M | 560.1M |
SEC Filings
VNO - Filing history and reports
| Filing Type | Filing Date | Period Ending | Fiscal Year | Actions |
|---|---|---|---|---|
8-K 8-K 2026 N/A | May 22, 2026 | May 21, 2026 | 2026 | |
8-K 8-K 2026 N/A | May 04, 2026 | May 04, 2026 | 2026 | |
10-Q 10-Q 2026 Q1 Q1 | May 04, 2026 | March 31, 2026 | 2026 | |
8-K 8-K 2026 N/A | April 08, 2026 | April 07, 2026 | 2026 | |
DEF 14A DEF 14A 2026 N/A | April 07, 2026 | May 21, 2026 | 2026 | |
8-K 8-K 2026 N/A | April 07, 2026 | April 07, 2026 | 2026 | |
10-K 10-K 2025 FY FY | February 09, 2026 | December 31, 2025 | 2025 | |
8-K 8-K 2026 N/A | February 09, 2026 | February 09, 2026 | 2026 | |
8-K 8-K 2026 N/A | January 14, 2026 | January 14, 2026 | 2026 | |
8-K 8-K 2026 N/A | January 07, 2026 | January 07, 2026 | 2026 |
Related Guides
Continue your VNO research with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.