Vornado Realty Trust (VNO) FY2019 results: revenue $1.9 billion, down 11.0% on the year
Vornado Realty Trust (VNO) reported revenue of $1.9 billion for fiscal 2019, the year ended 31 December 2019, down 11.0% on the year before. Net income was $3.1 billion, up 599.6%, and diluted earnings per share $16.21. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2020.
Revenue
$1.9 billion
-11.0% on the year
FY2012FY2019
Operating margin
15.6%
26.9% a year earlier
FY2012FY2019
Net income
$3.1 billion
+599.6% on the year
FY2012FY2019
Diluted EPS
$16.21
+706.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,925
2,164
2,084
-11.0%
Operating income
300
583
609
-48.6%
Operating margin
15.6%
26.9%
29.2%
Pre-tax income
3,438
460
320
+648.0%
Income tax
103
37.6
42.4
+174.9%
Effective tax rate
3.0%
8.2%
13.3%
Net income
3,148
450
227
+599.6%
Net margin
163.6%
20.8%
10.9%
Diluted EPS
$16.21
$2.01
$0.85
+706.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
663
803
860
-17.5%
Capital expenditure
69.7
235
271
-70.3%
Free cash flow
593
568
589
+4.4%
Free cash flow margin
30.8%
26.3%
28.3%
Cash from investing
2,463
-878
-206
Cash from financing
-2,236
-1,123
-338
Depreciation and amortisation
439
473
530
-7.2%
Share-based compensation
53.9
31.7
32.8
+69.9%
Dividends paid
504
479
496
+5.1%
Dividend per share
$1.95
$2.52
$2.62
-22.6%
Diluted shares, weighted
191m
191m
191m
-0.1%
Shares outstanding at period end
191m
191m
190m
+0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
6,732
4,465
4,338
+50.8%
Non-controlling interest
579
643
670
-9.9%
Redeemable equity
889
784
985
+13.4%
Debt
7,407
9,837
9,729
-24.7%
Other liabilities
2,681
1,453
1,676
+84.5%
Total liabilities and equity
18,287
17,181
17,398
+6.4%
Intangible assets
31.0
137
159
-77.4%
Cash and equivalents
1,515
571
1,818
+165.4%
Other assets
16,741
16,473
15,421
+1.6%
Total assets
18,287
17,181
17,398
+6.4%
10-K for the year ended 31 December 2019, filed 18 February 2020: the filing.