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Vornado Realty Trust (VNO) FY2023 results: revenue $1.8 billion, up 0.6% on the year

Vornado Realty Trust (VNO) reported revenue of $1.8 billion for fiscal 2023, the year ended 31 December 2023, up 0.6% on the year before. Net income was $105 million, and diluted earnings per share $0.23. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2024.

Revenue
$1.8 billion
+0.6% on the year
FY2016FY2023
Operating margin
n/a
FY2016FY2023
Net income
$105 million
FY2016FY2023
Diluted EPS
$0.23
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue1,8111,8001,589+0.6%
Operating incomen/an/a221
Operating marginn/an/a13.9%
Pre-tax income62.1-361197
Income tax29.221.7-10.5+34.9%
Effective tax rate47.0%n/a-5.3%
Net income105-346176
Net margin5.8%-19.2%11.1%
Diluted EPS$0.23-$2.13$0.53
$ 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow648799762-18.9%
Capital expenditure33.13.03.0+1,004.8%
Free cash flow615796759-22.7%
Free cash flow margin34.0%44.2%47.7%
Cash from investing-129-907-532
Cash from financing-279-801-29.5
Depreciation and amortisation458526433-13.1%
Share-based compensation43.229.238.3+47.7%
Buybacks29.20.00.0
Dividends paid129407406-68.3%
Dividend per share$0.68$2.12$2.12-68.2%
Diluted shares, weighted192m192m192m+0.0%
Shares outstanding at period end190m192m192m-0.8%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity5,5095,8406,236-5.7%
Non-controlling interest196237279-17.1%
Redeemable equity638437689+46.2%
Debt8,2518,3898,616-1.6%
Other liabilities1,5921,5911,447+0.1%
Total liabilities and equity16,18816,49317,267-1.9%
Intangible assets127140155-9.0%
Investments0.04720.0
Cash and equivalents9978901,760+12.1%
Other assets15,06414,99215,351+0.5%
Total assets16,18816,49317,267-1.9%

10-K for the year ended 31 December 2023, filed 12 February 2024: the filing.