Vornado Realty Trust (VNO) FY2016 results: revenue $2.0 billion, up 0.9% on the year
Vornado Realty Trust (VNO) reported revenue of $2.0 billion for fiscal 2016, the year ended 31 December 2016, up 0.9% on the year before. Net income was $907 million, up 19.3%, and diluted earnings per share $4.34. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2017.
Revenue
$2.0 billion
+0.9% on the year
FY2009FY2016
Operating margin
28.9%
31.2% a year earlier
FY2009FY2016
Net income
$907 million
+19.3% on the year
FY2009FY2016
Diluted EPS
$4.34
+20.9% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,004
1,985
2,313
+0.9%
Operating income
580
619
690
-6.4%
Operating margin
28.9%
31.2%
29.8%
Pre-tax income
585
551
433
+6.2%
Income tax
7.9
-85.0
9.3
Effective tax rate
1.4%
-15.4%
2.1%
Net income
907
760
865
+19.3%
Net margin
45.3%
38.3%
37.4%
Diluted EPS
$4.34
$3.59
$4.15
+20.9%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
995
672
1,135
+48.0%
Capital expenditure
388
301
279
+28.6%
Free cash flow
608
371
856
+63.9%
Free cash flow margin
30.3%
18.7%
37.0%
Cash from investing
-893
-732
-574
Cash from financing
-446
619
54.3
Depreciation and amortisation
595
566
583
+5.1%
Share-based compensation
34.0
39.8
36.6
-14.7%
Dividends paid
476
475
548
+0.3%
Diluted shares, weighted
190m
190m
189m
+0.3%
Shares outstanding at period end
189m
189m
188m
+0.3%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
6,899
6,698
6,745
+3.0%
Non-controlling interest
720
778
744
-7.5%
Redeemable equity
1,278
1,229
1,338
+4.0%
Debt
9,447
11,091
9,530
-14.8%
Other liabilities
2,471
1,347
2,800
+83.5%
Total liabilities and equity
20,815
21,143
21,158
-1.6%
Intangible assets
190
228
225
-16.8%
Cash and equivalents
1,501
1,836
1,198
-18.2%
Other assets
19,124
19,080
19,734
+0.2%
Total assets
20,815
21,143
21,158
-1.6%
10-K for the year ended 31 December 2016, filed 13 February 2017: the filing.