VNO - NYSE

Vornado Realty Trust

VNO·NYSE

$34.00

+1.3%

Real EstateREIT - Office

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.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$6.40B

EPS4.4000

P/E Ratio7.05

Earnings Date08/03/2026

1.26B

Operating Cash Flow

134%

3Y+58.0%

5Y+197.0%

10Y+26.0%

115.51M

Investing Cash Flow

-119%

3Y-113.0%

5Y-232.0%

10Y-113.0%

-1.35B

Financing Cash Flow

433%

3Y+68.0%

5Y+531.0%

10Y+202.0%

Vornado Realty Trust Cash Conversion Engine

VNO · NYSE

FCF Components

Net Income937.20M

Depreciation & Amortization481.46M

Stock-Based Compensation25.48M

Change in Working Capital-181.23M

Others-8.05M

Capital Expenditures0.00

Free Cash Flow1.26B

Cash Flow Quality Analysis

FCF Conversion Rate

134.3%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

FCF Growth Trend

+134.0%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

-$181.23M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

Cash Flow Quality Insight

Exceptional cash generation: High-quality earnings converting to growing free cash flow. The company demonstrates strong pricing power, efficient operations, and disciplined capital allocation.

Vornado Realty Trust Cash Flow Statement

VNO • NYSE

Vornado Realty Trust Cash Flow 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
OPERATING ACTIVITIES
Net Income	937.2M	20.1M	32.9M	-382.6M	207.6M	-461.8M	3.3B	422.6M	264.1M	981.9M	859.4M	1B	564.7M	694.5M	740M	708M	128.5M	395M	568.9M	560.1M
Depreciation & Amortization	481.5M	469.4M	457.6M	526.3M	432.6M	417.9M	438.9M	472.8M	529.8M	595.3M	566.2M	583.4M	562M	557.9M	581M	556.3M	559.1M	577.3M	462.6M	413.2M
Change in Deferred Taxes	3.5M	13M	17M	14M	11.2M	0.0	-3.1B	12.8M	34.8M	0.0	-90M	0.0	0.0	0.0	0.0	0.0	0.0	-222.2M	0.0	0.0
Stock-Based Compensation	25.5M	30.2M	43.2M	29.2M	38.3M	48.7M	53.9M	31.7M	32.8M	34M	39.8M	36.6M	34.9M	30.6M	0.0	0.0	0.0	0.0	0.0	0.0
Other Non-Cash Items	-8.1M	62M	123M	524.7M	68.5M	610.9M	3.6M	-83.9M	100.4M	-503.5M	-103.5M	-361M	-24.7M	-116M	-337.3M	-326.9M	91.9M	-23.4M	-188.6M	-217.4M
Cash Taxes Paid	(5.2M)	(7.6M)	(10.4M)	(7.9M)	(170.1M)	(15.1M)	(59.8M)	(62.2M)	(6.7M)	(9.7M)	(8.3M)	(11.7M)	(9M)	(21.7M)	(26.2M)	(24M)	-21.8M	(22M)	(36.5M)	(8.8M)
Change in Working Capital	-181.2M	-57M	-25.6M	87.3M	3.5M	-191.5M	-25.2M	-8.8M	-101.9M	-73M	-262.1M	-96.1M	-61.3M	-311.4M	-281.2M	-166.4M	-145.9M	-39.9M	-145.6M	68.8M
Cash from Operating Activities	1.3B	537.7M	648.2M	798.9M	761.8M	424.2M	662.5M	802.6M	860.1M	1B	672.2M	1.1B	1B	825M	702.5M	771.1M	633.6M	817.8M	697.3M	824.7M
INVESTING ACTIVITIES
Investments in Property, Plant, and Equipment	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	-395.1M	-438.9M	-74.6M	-355.9M	-750.1M	-475.8M	(0.0)	(394.8M)	-446M	-349.6M	-475M	-681.9M	-832.9M	-3B	-1.7B
Acquisitions, Net	(15.3M)	-115.4M	-52.6M	(1.2M)	-32.9M	-6.6M	(1.7B)	-35.1M	-40.5M	-127.6M	-235.4M	-120.6M	(10.2M)	-82.5M	-571.9M	-165.2M	-38.3M	-160.8M	(0.0)	-251.2M
Purchase of Investments	(0.0)	(0.0)	(0.0)	-1.1B	(0.0)	(0.0)	(438.9M)	-692.9M	-4.4M	-4.4M	-756.8M	(0.0)	-186.1M	-191.3M	-43.9M	-504.1M	-145.1M	-164.9M	-424.1M	-153.9M
Sale/Maturity of Investments	0.0	0.0	468.6M	597.5M	0.0	28.4M	168.3M	4.1M	187.1M	3.9M	573.3M	388.8M	479.9M	195.2M	126.8M	320.5M	79.4M	51.2M	112.8M	308.1M
Other Investing Items	100.2M	-482M	-544.7M	-439.5M	-499.4M	285.4M	564.5M	-79.2M	7.3M	-11.1M	216M	-842.6M	23.3M	-117.6M	673.8M	303.4M	543.7M	654.2M	282.7M	-98.8M
Cash from Investing Activities	(115.5M)	-597.4M	-128.8M	-906.9M	-532.3M	-87.8M	(2.5B)	-877.7M	-206.3M	-889.2M	-678.7M	-574.5M	(722.1M)	-642.3M	-164.8M	-520.4M	-242.2M	-453.2M	-3.1B	-1.9B
FINANCING ACTIVITIES
Net Issuance of Common Stock	-51M	0.0	-29M	885K	-1.6M	0.0	-8.7M	-13M	-418K	-186K	-7.5M	-3.8M	-443K	-30.2M	24.5M	0.0	710.2M	-1.8M	-8.3M	1B
Net Issuance of Debt	-1.1B	-22.4M	-148M	-221.6M	1.7B	-11.2M	-1.6B	-158.5M	424.2M	508.9M	1.5B	1.1B	-1.3B	845.3M	-327.4M	477.2M	-1.6B	728.3M	2.1B	3.6B
Cash Paid for Dividends	-203.4M	-203.2M	-191.2M	-468.7M	-472M	-891.6M	-553.9M	-534.5M	-561M	-556.1M	-555.3M	-629.3M	-629.1M	-773.3M	-570.2M	-530M	-319.5M	-619.1M	-582M	-594.9M
Share Repurchases	-51M	(0.0)	-29.2M	(0.0)	-1.6M	(0.0)	-8.7M	-470M	-418K	-186K	-7.5M	-3.8M	-299.4M	-30.2M	-28M	-79M	(0.0)	(0.0)	(0.0)	-45M
Other Financing Items	-23.9M	-26.7M	89.3M	-111.9M	-1.2B	398.5M	-62.2M	53.1M	-201.1M	-161M	-350.6M	-428.6M	-163.5M	81.5M	40.3M	36.3M	-100.9M	-99.7M	-204.5M	-985.5M
Cash from Financing Activities	-1.3B	-252.3M	-278.9M	-801.3M	-29.5M	-213.2M	-2.2B	-1.1B	-338.3M	-446.2M	643.8M	54.3M	-2.1B	171M	-622M	-95.4M	-1.4B	7.7M	1.3B	3B
CASH FLOW SUMMARY
Net Change in Cash	27.9M	-312M	240.4M	-909.2M	200M	123.2M	890.2M	-1.2B	315.5M	-334.7M	637.2M	615.2M	-377M	353.8M	-84.2M	155.3M	-991.4M	372.3M	-1.1B	1.9B
Cash at Beginning of Period	949.6M	1.3B	1B	1.9B	1.7B	1.6B	716.9M	1.9B	1.6B	1.8B	1.2B	583.3M	960.3M	606.6M	690.8M	535.5M	1.5B	1.2B	2.2B	294.5M
Cash at End of Period	977.5M	949.6M	1.3B	1B	1.9B	1.7B	1.6B	716.9M	1.9B	1.5B	1.8B	1.2B	583.3M	960.3M	606.6M	690.8M	535.5M	1.5B	1.2B	2.2B
Free Cash Flow	1.3B	537.7M	648.2M	798.9M	761.8M	29.2M	223.6M	728M	504.3M	250.6M	196.3M	1.1B	1.4B	379M	352.9M	296.1M	-48.3M	-15.1M	-2.3B	-896M

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	View Filing
8-K 8-K 2026 N/A	May 04, 2026	May 04, 2026	2026	View Filing
10-Q 10-Q 2026 Q1 Q1	May 04, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 08, 2026	April 07, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	April 07, 2026	May 21, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 07, 2026	April 07, 2026	2026	View Filing
10-K 10-K 2025 FY FY	February 09, 2026	December 31, 2025	2025	View Filing
8-K 8-K 2026 N/A	February 09, 2026	February 09, 2026	2026	View Filing
8-K 8-K 2026 N/A	January 14, 2026	January 14, 2026	2026	View Filing
8-K 8-K 2026 N/A	January 07, 2026	January 07, 2026	2026	View Filing

Showing 1 to 10 of 540 filings

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