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Vornado Realty Trust (VNO) FY2025 results: revenue $1.8 billion, up 1.3% on the year

Vornado Realty Trust (VNO) reported revenue of $1.8 billion for fiscal 2025, the year ended 31 December 2025, up 1.3% on the year before. Net income was $905 million, up 1185.7%, and diluted earnings per share $4.20. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2026.

Revenue
$1.8 billion
+1.3% on the year
FY2018FY2025
Operating margin
14.3%
FY2018FY2025
Net income
$905 million
+1,185.7% on the year
FY2018FY2025
Diluted EPS
$4.20
+10,400.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 1 lowered, 1 new, 1 kept.

  • Quarterly FFO per share fell year on year: Fourth-quarter FFO as adjusted was $0.55 per diluted share against $0.61 a year earlier; reported FFO was $0.56 against $0.58. Net income to common shareholders was $601,000, or $0.00 per diluted share.
  • Full-year net income lifted by one-off gains: Full-year net income to common shareholders was $4.20 per diluted share, mainly from the 770 Broadway master lease gain, a $76,162,000 gain on the 666 Fifth condominium sale to UNIQLO, and a $17,240,000 PENN 1 accrual reversal.
  • Total same-store NOI rose year on year: Same store NOI at share was $260,577,000 for the quarter, up 5.0% on the prior-year quarter; the cash basis measure fell 8.3%. For the full year, same store NOI at share rose 5.4%.
  • Full-year New York office leasing: For 2025, New York office leased 3,742,000 square feet, including 1,104,000 square feet of second generation relet space, at initial rent of $97.86 and a weighted average lease term of 11.3 years.
  • PENN 1 ground rent reset and accrual reversal: An April 2025 arbitration panel set PENN 1 annual ground rent at $15,000,000 or $20,220,000, depending on litigation. The company reversed $17,240,000 of accrued rent in 2025, having accrued $26,205,000 a year.
Read the Q4 FY2025 earnings call summary

From this 10-K

Vornado Realty Trust is a REIT that owns office, retail and residential property, mainly in Manhattan. It holds substantially all of its property interests through its Operating Partnership, a Delaware limited partnership, of which it is the sole general partner and owned approximately 91.3% of the common limited partnership interest at December 31, 2025. It reports two segments, New York and Other.

Vornado Realty Trust, the 10-K for 2025

Vornado Realty Trust is a REIT that owns office, retail and residential property, mainly in Manhattan. It holds substantially all of its property interests through its Operating Partnership, a Delaware limited partnership, of which it is the sole general partner and owned approximately 91.3% of the common limited partnership interest at December 31, 2025. It reports two segments, New York and Other.

New York

It owns all or part of 51 Manhattan operating properties, with 19.2 million square feet of office space in 26 of them, 2.3 million square feet of street retail space in 45, and 1,331 units in two residential properties. It also has development sites and redevelopment projects including 350 Park Avenue, Sunset Pier 94 Studios, 623 Fifth Avenue and the Hotel Pennsylvania site, known as PENN 15, and other sites in the PENN District, where it is redeveloping the PENN 2 office building to 1,825,000 square feet. It owns 32.4% of Alexander's, Inc., which owns five properties in the New York area, including 731 Lexington Avenue, home to the Bloomberg, L.P. headquarters building. It also owns signage in the PENN District and Times Square, and its subsidiary Building Maintenance Services provides cleaning and security for its buildings and for third parties.

Other property

Outside New York it owns THE MART in Chicago, at 3.7 million square feet, and a 70% controlling interest in 555 California Street, a three-building office complex of 1.8 million square feet in San Francisco's financial district.

Recent activity

In September 2025 it bought the 623 Fifth Avenue office condominium, a 36-story building above the Saks Fifth Avenue department store, which it is turning into a boutique office building expected to be delivered to tenants in 2027. In 2025 it sold to UNIQLO the portion of 666 Fifth Avenue that houses its store, and it sold 512 West 22nd Street. With Hudson Pacific Properties and Blackstone it owns 49.9% of a joint venture building a 266,000 square foot studio campus at Pier 94 in Manhattan. On December 18, 2025 an affiliate of Kenneth C. Griffin exercised an option to acquire at least 60% of a joint venture that would build a 1,850,000 square foot office tower at the 350 Park Avenue site with Citadel as anchor tenant, and at the time of the filing Vornado and the Rudin Family had until July 2026 to decide whether to join it.

Competition

The filing states that it competes with a large number of real estate investors, property owners and developers, on rents, tenant concessions, location, property quality and services.

People

At December 31, 2025 it had 3,145 employees: 2,725 at Building Maintenance Services, which provides cleaning, security, engineering and parking services mainly to its New York properties, 369 in its corporate office and 51 at THE MART. Building Maintenance Services' janitorial and security staff are members of 32BJ SEIU and its engineering staff are members of Local 94 of the International Union of Operating Engineers.

From Vornado Realty Trust's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 9 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,8101,7881,811+1.3%
Operating income259n/an/a
Operating margin14.3%n/an/a
Pre-tax income95142.862.1+2,119.0%
Income tax13.522.729.2-40.6%
Effective tax rate1.4%53.0%47.0%
Net income90570.4105+1,185.7%
Net margin50.0%3.9%5.8%
Diluted EPS$4.20$0.04$0.23+10,400.0%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,258538648+134.0%
Capital expenditure2970.033.1
Free cash flow962538615+78.8%
Free cash flow margin53.1%30.1%34.0%
Cash from investing116-597-129
Cash from financing-1,346-252-279
Depreciation and amortisation481469458+2.6%
Share-based compensation25.530.243.2-15.6%
Buybacks51.00.029.2
Dividends paid141141129+0.1%
Dividend per share$0.74$0.74$0.680.0%
Diluted shares, weighted201m197m192m+2.2%
Shares outstanding at period end191m191m190m-0.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity5,9875,1585,509+16.1%
Non-controlling interest170179196-5.1%
Redeemable equity648835638-22.4%
Debt7,1868,2438,251-12.8%
Other liabilities1,5311,5841,592-3.3%
Total liabilities and equity15,52115,99916,188-3.0%
Intangible assets111118127-6.4%
Investmentsn/an/a0.0
Cash and equivalents841734997+14.6%
Other assets14,57015,14615,064-3.8%
Total assets15,52115,99916,188-3.0%

10-K for the year ended 31 December 2025, filed 9 February 2026: the filing.