Vornado Realty Trust (VNO) FY2018 results: revenue $2.2 billion, up 3.8% on the year
Vornado Realty Trust (VNO) reported revenue of $2.2 billion for fiscal 2018, the year ended 31 December 2018, up 3.8% on the year before. Net income was $450 million, up 97.9%, and diluted earnings per share $2.01. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2020.
Revenue
$2.2 billion
+3.8% on the year
FY2011FY2018
Operating margin
26.9%
29.2% a year earlier
FY2011FY2018
Net income
$450 million
+97.9% on the year
FY2011FY2018
Diluted EPS
$2.01
+136.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,164
2,084
2,004
+3.8%
Operating income
583
609
580
-4.2%
Operating margin
26.9%
29.2%
28.9%
Pre-tax income
460
320
585
+43.7%
Income tax
37.6
42.4
7.9
-11.2%
Effective tax rate
8.2%
13.3%
1.4%
Net income
450
227
907
+97.9%
Net margin
20.8%
10.9%
45.3%
Diluted EPS
$2.01
$0.85
$4.34
+136.5%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
803
860
995
-6.7%
Capital expenditure
235
271
388
-13.5%
Free cash flow
568
589
608
-3.5%
Free cash flow margin
26.3%
28.3%
30.3%
Cash from investing
-878
-206
-893
Cash from financing
-1,123
-338
-446
Depreciation and amortisation
473
530
595
-10.8%
Share-based compensation
31.7
32.8
34.0
-3.4%
Dividends paid
479
496
476
-3.5%
Dividend per share
$2.52
$2.62
n/a
-3.8%
Diluted shares, weighted
191m
191m
190m
+0.0%
Shares outstanding at period end
191m
190m
189m
+0.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
4,465
4,338
6,899
+2.9%
Non-controlling interest
643
670
720
-4.1%
Redeemable equity
784
985
1,278
-20.4%
Debt
9,837
9,729
9,447
+1.1%
Other liabilities
1,453
1,676
2,471
-13.3%
Total liabilities and equity
17,181
17,398
20,815
-1.2%
Intangible assets
137
159
190
-14.1%
Cash and equivalents
571
1,818
1,501
-68.6%
Other assets
16,473
15,421
19,124
+6.8%
Total assets
17,181
17,398
20,815
-1.2%
10-K for the year ended 31 December 2018, filed 18 February 2020: the filing.