Vornado Realty Trust (VNO) FY2015 results: revenue $2.0 billion, down 14.1% on the year
Vornado Realty Trust (VNO) reported revenue of $2.0 billion for fiscal 2015, the year ended 31 December 2015, down 14.1% on the year before. Net income was $760 million, down 12.1%, and diluted earnings per share $3.59. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2016.
Revenue
$2.0 billion
-14.1% on the year
FY2008FY2015
Operating margin
31.2%
29.8% a year earlier
FY2008FY2015
Net income
$760 million
-12.1% on the year
FY2008FY2015
Diluted EPS
$3.59
-13.5% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
1,985
2,313
2,299
-14.1%
Operating income
619
690
675
-10.2%
Operating margin
31.2%
29.8%
29.3%
Pre-tax income
551
433
-12.1
+27.3%
Income tax
-85.0
9.3
-8.7
Effective tax rate
-15.4%
2.1%
n/a
Net income
760
865
476
-12.1%
Net margin
38.3%
37.4%
20.7%
Diluted EPS
$3.59
$4.15
$2.09
-13.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
672
1,135
1,041
-40.8%
Capital expenditure
301
279
260
+8.0%
Free cash flow
371
856
780
-56.7%
Free cash flow margin
18.7%
37.0%
33.9%
Cash from investing
-732
-574
722
Cash from financing
619
54.3
-2,140
+1,038.8%
Depreciation and amortisation
566
583
562
-2.9%
Share-based compensation
39.8
36.6
34.9
+8.7%
Dividends paid
475
548
546
-13.3%
Diluted shares, weighted
190m
189m
188m
+0.5%
Shares outstanding at period end
189m
188m
187m
+0.4%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
6,698
6,745
6,765
-0.7%
Non-controlling interest
778
744
830
+4.6%
Redeemable equity
1,229
1,338
1,004
-8.1%
Debt
11,091
9,530
9,979
+16.4%
Other liabilities
1,347
2,800
1,441
-51.9%
Total liabilities and equity
21,143
21,158
20,018
-0.1%
Intangible assets
228
225
253
+1.2%
Cash and equivalents
1,836
1,198
583
+53.2%
Other assets
19,080
19,734
19,182
-3.3%
Total assets
21,143
21,158
20,018
-0.1%
10-K for the year ended 31 December 2015, filed 16 February 2016: the filing.