Vornado Realty Trust (VNO) financial statements: income statement, balance sheet and cash flow
Vornado Realty Trust's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Vornado Realty Trust reported revenue of $1.8B (+1.3% year on year) and net income of $937.2M (+4559.0% year on year).
Income statement
Vornado Realty Trust income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenues
$1.8B
$1.8B
$1.8B
$1.8B
Operating
($920.0M)
($927.8M)
($905.2M)
($873.9M)
Depreciation and amortization expense
($462.2M)
($447.5M)
($434.3M)
($504.5M)
General and administrative
($156.1M)
($148.5M)
($162.9M)
($133.7M)
Expense from deferred compensation plan liability
($10.9M)
($12.6M)
($12.2M)
$9.6M
Transaction related costs, impairment losses and other
($2.5M)
($5.2M)
($50.7M)
—
Total expenses
($1.6B)
($1.5B)
($1.6B)
($1.5B)
Income from partially owned entities
$141.3M
$112.5M
$38.7M
($461.4M)
Interest and other investment income, net
$55.1M
$46.0M
$41.7M
$19.9M
Income from deferred compensation plan assets
$10.9M
$12.6M
$12.2M
($9.6M)
Interest and debt expense
($353.9M)
($390.3M)
($349.2M)
($279.8M)
Gain on sales-type lease
$803.2M
—
—
—
Net gains on disposition of wholly owned and partially owned assets
$35.3M
$16.0M
$71.2M
$100.6M
Income before income taxes
$950.7M
$42.8M
$62.1M
($361.0M)
Income tax expense
($13.5M)
($22.7M)
($29.2M)
($21.7M)
Net income
$937.2M
$20.1M
$32.9M
($382.6M)
Consolidated subsidiaries
$41.6M
$51.1M
$76.0M
$5.7M
Operating Partnership
($73.9M)
($860.0K)
($3.4M)
$30.4M
Net income attributable to Vornado/Vornado Realty L.P.
$905.0M
$70.4M
$105.5M
($346.5M)
Preferred share dividends/unit distributions
($62.1M)
($62.1M)
($62.1M)
($62.1M)
Net income attributable to common shareholders/Class A unitholders
$842.9M
$8.3M
$43.4M
($408.6M)
Net income per common share (in dollars per share)
$4.40
$0.04
$0.23
-$2.13
Weighted average shares outstanding (in shares)
191.8M
190.5M
191.0M
191.8M
Net income per common share (in dollars per share)
$4.20
$0.04
$0.23
-$2.13
Weighted average shares outstanding (in shares)
201.0M
196.6M
191.9M
191.8M
Vornado Realty Trust income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenues
$462.2M
$459.1M
$453.7M
$441.4M
Operating
($223.6M)
($246.6M)
($241.8M)
($219.3M)
Depreciation and amortization
($171.2M)
($118.5M)
($117.1M)
($115.6M)
General and administrative
($39.1M)
($42.2M)
($37.5M)
($40.0M)
Expense from deferred compensation plan liability
($2.5M)
($581.0K)
($6.8M)
($3.1M)
Transaction related costs and other
($173.0K)
($762.0K)
($3.6M)
($721.0K)
Total expenses
($436.6M)
($408.7M)
($406.7M)
($378.7M)
Income from partially owned entities
$63.2M
$12.8M
$21.9M
$16.7M
Interest and other investment income, net
$9.0M
$9.3M
$22.4M
$11.1M
Income from deferred compensation plan assets
$2.5M
$581.0K
$6.8M
$3.1M
Interest and debt expense
($89.6M)
($89.2M)
($84.5M)
($87.9M)
Gain on debt extinguishment
$32.1M
—
—
—
Gain on sales-type lease
$0
—
$0
$803.2M
Net gains on disposition of wholly owned and partially owned assets
$0
$0
$0
$8.5M
Income before income taxes
$42.8M
($16.1M)
$13.7M
$817.4M
Income tax expense
($3.6M)
($5.9M)
$5.6M
($4.1M)
Net income
$39.2M
($22.0M)
$19.2M
$813.2M
Consolidated subsidiaries
($5.7M)
$12.7M
$8.9M
$11.0M
Operating Partnership
($1.5M)
$2.0M
($1.0M)
($64.9M)
Net income attributable to Vornado/Vornado Realty L.P.
$32.0M
($7.3M)
$27.1M
$759.3M
Preferred share dividends/unit distributions
($15.5M)
($15.5M)
($15.5M)
($15.5M)
Net income (loss) attributable to common shareholders/Class A unitholders
$16.4M
($22.8M)
$11.6M
$743.8M
Net (loss) income per common share (in dollars per share)
$0.09
-$0.12
$0.06
$3.87
Weighted average shares outstanding (in shares)
187.3M
189.7M
192.1M
192.0M
Net (loss) income per common share (in dollars per share)
$0.08
-$0.12
$0.06
$3.70
Weighted average shares outstanding (in shares)
194.2M
189.7M
200.2M
201.1M
Balance sheet
Vornado Realty Trust balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Land
$2.4B
$2.4B
$2.4B
$2.5B
Buildings and improvements
$10.9B
$10.4B
$10.0B
$9.8B
Development costs and construction in progress
$890.1M
$1.1B
$1.3B
$933.3M
Leasehold improvements and equipment
$105.1M
$120.9M
$131.0M
$125.4M
Total
$14.3B
$14.1B
$13.8B
$13.3B
Less accumulated depreciation and amortization
($4.2B)
($4.0B)
($3.8B)
($3.5B)
Real estate, net
$10.2B
$10.1B
$10.0B
$9.8B
Right-of-use assets
$671.3M
$678.8M
$680.0M
$684.4M
Net investment in lease
$166.0M
—
—
—
Cash and cash equivalents
$840.9M
$733.9M
$997.0M
$889.7M
Restricted cash
$136.7M
$215.7M
$264.6M
$131.5M
Tenant and other receivables
$77.1M
$58.9M
$69.5M
$81.2M
Investments in partially owned entities
$1.9B
$2.7B
$2.6B
$2.7B
Receivable arising from the straight-lining of rents
$752.5M
$707.0M
$701.7M
$695.0M
Deferred leasing costs, net of accumulated amortization of $233,448 and $268,532
$374.6M
$354.9M
$355.0M
$373.6M
Identified intangible assets, net of accumulated amortization of $81,962 and $75,002
$110.6M
$118.2M
$127.1M
$139.6M
Other assets
$294.6M
$373.5M
$297.9M
$474.1M
Assets
$15.5B
$16.0B
$16.2B
$16.5B
Mortgages payable, net
$4.9B
$5.7B
$5.7B
$5.8B
Senior unsecured notes, net
$747.2M
$1.2B
$1.2B
$1.2B
Unsecured term loan, net
$797.3M
$795.9M
$794.6M
$793.2M
Unsecured revolving credit facilities
$720.4M
$575.0M
$575.0M
$575.0M
Lease liabilities
$699.6M
$749.8M
$732.9M
$736.0M
Accounts payable and accrued expenses
$376.2M
$374.0M
$411.0M
$450.9M
Deferred compensation plan
$113.8M
$114.6M
$105.2M
$96.3M
Other liabilities
$341.4M
$317.1M
$311.1M
$268.2M
Total liabilities
$8.7B
$9.8B
$9.8B
$10.0B
Class A units - 16,650,713 and 16,850,803 units outstanding
$554.1M
$708.4M
$480.3M
$345.2M
Series D cumulative redeemable preferred units - 141,400 units outstanding
$3.5M
$3.5M
$3.5M
$3.5M
Total redeemable noncontrolling interests
$648.0M
$834.7M
$638.4M
$436.7M
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,788,450 and 48,789,180 shares
$1182345000.00
$1182364000.00
$1182459000.00
$1182459000.00
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,666,367 and 190,846,580 shares
$7627000.00
$7634000.00
$7594000.00
$7654000.00
Additional capital
$8.3B
$8.1B
$8.3B
$8.4B
Earnings less than distributions
($3.5B)
($4.1B)
($4.0B)
($3.9B)
Accumulated other comprehensive (loss) income
($5.0K)
$57.7M
$65.1M
$175.0M
Total shareholders' / partners' equity
$6.0B
$5.2B
$5.5B
$5.8B
Noncontrolling interests in consolidated subsidiaries
$169.8M
$179.0M
$196.2M
$236.7M
Total equity
$6.2B
$5.3B
$5.7B
$6.1B
Total liabilities, redeemable noncontrolling interests / partnership units and equity
$15.5B
$16.0B
$16.2B
$16.5B
Vornado Realty Trust balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Land
$2.4B
$2.4B
$2.4B
$2.4B
Buildings and improvements
$11.1B
$11.1B
$10.7B
$10.6B
Development costs and construction in progress
$1.0B
$946.8M
$1.0B
$872.5M
Leasehold improvements and equipment
$109.1M
$108.6M
$111.5M
$112.8M
Total
$14.6B
$14.6B
$14.2B
$13.9B
Less accumulated depreciation and amortization
($4.4B)
($4.3B)
($4.1B)
($4.0B)
Real estate, net
$10.2B
$10.3B
$10.1B
$9.9B
Right-of-use assets
$668.2M
$669.7M
$677.6M
$677.2M
Net investment in lease
$166.4M
$166.2M
$165.8M
$165.6M
Cash and cash equivalents
$675.4M
$1.1B
$1.0B
$1.2B
Restricted cash
$113.6M
$130.2M
$142.2M
$158.4M
Tenant and other receivables
$97.6M
$98.0M
$89.3M
$65.2M
Investments in partially owned entities
$2.2B
$2.0B
$2.0B
$2.0B
Receivable arising from the straight-lining of rents
$803.8M
$778.7M
$724.8M
$700.4M
Deferred leasing costs, net of accumulated amortization of $242,589 and $233,448
$379.4M
$382.1M
$350.2M
$326.7M
Identified intangible assets, net of accumulated amortization of $85,206 and $81,962
$106.8M
$108.7M
$112.5M
$114.4M
Other assets
$220.6M
$272.3M
$394.4M
$289.9M
Assets
$15.6B
$15.9B
$15.7B
$15.6B
Mortgages payable, net
$4.8B
$4.9B
$4.9B
$5.0B
Senior unsecured notes, net
$841.9M
$1.2B
$746.9M
$746.6M
Unsecured term loan, net
$840.0M
$839.5M
$797.0M
$796.6M
Unsecured revolving credit facilities
$918.0M
$718.0M
$720.4M
$575.0M
Lease liabilities
$696.2M
$698.1M
$708.5M
$710.3M
Accounts payable and accrued expenses
$354.1M
$367.0M
$382.3M
$336.5M
Deferred compensation plan
$98.7M
$112.8M
$111.6M
$104.8M
Other liabilities
$320.5M
$317.6M
$341.6M
$347.1M
Total liabilities
$8.9B
$9.2B
$8.7B
$8.6B
Class A units - 16,653,539 and 16,650,713 units outstanding
$654.5M
$440.4M
$676.6M
$638.9M
Series D cumulative redeemable preferred units - 141,400 units outstanding
$3.5M
$3.5M
$3.5M
$3.5M
Total redeemable noncontrolling interests
$733.7M
$526.7M
$781.3M
$750.1M
Preferred shares of beneficial interest: issued shares (in shares)
48.8M
—
—
—
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,787,838 and 48,788,450 shares
$1182505000.00
$1182345000.00
$1182364000.00
$1182364000.00
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 186,720,531 and 190,666,367 shares
$7469000.00
$7524000.00
$7682000.00
$7682000.00
Additional capital
$8.2B
$8.4B
$8.2B
$8.2B
Earnings less than distributions
($3.6B)
($3.6B)
($3.3B)
($3.3B)
Accumulated other comprehensive income (loss)
$26.0M
$15.2M
$4.0M
$9.9M
Total shareholders' / partners' equity
$5.8B
$6.0B
$6.1B
$6.1B
Noncontrolling interests in consolidated subsidiaries
$175.7M
$164.7M
$170.2M
$171.9M
Total equity
$6.0B
$6.2B
$6.2B
$6.3B
Total liabilities, redeemable noncontrolling interests / partnership units and equity
$15.6B
$15.9B
$15.7B
$15.6B
Cash flow statement
Vornado Realty Trust cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$937.2M
$20.1M
$32.9M
($382.6M)
Prepaid lease payment (net of initial direct costs)
$901.4M
—
—
—
Gain on sales-type lease
($803.2M)
—
—
—
Depreciation and amortization (including amortization of deferred financing costs)
$481.5M
$469.4M
$457.6M
$526.3M
Equity in net income of partially owned entities
($141.3M)
($112.5M)
($38.7M)
$461.4M
Distributions of income from partially owned entities
$114.8M
$142.9M
$172.9M
$184.5M
Straight-lining of rents
($72.0M)
($5.1M)
($8.8M)
($46.2M)
Net gains on disposition of wholly owned and partially owned assets
($35.3M)
($16.0M)
($71.2M)
($100.6M)
Stock-based compensation expense
$25.5M
$30.2M
$43.2M
$29.2M
Amortization of interest rate cap premiums
$23.5M
$41.7M
$11.0M
—
Change in deferred tax liability
$3.5M
$13.0M
$17.0M
$14.0M
Amortization of below-market leases, net
($383.0K)
($3.0M)
($5.3M)
($5.2M)
Real estate impairment losses
$0
$0
$45.0M
$19.1M
Credit losses on investments
$0
$0
$8.3M
$0
Net realized and unrealized gain on real estate fund investments
$0
$0
($1.9M)
$2.6M
Return of capital from real estate fund investments
$0
$0
$1.9M
$5.1M
Other non-cash adjustments
$4.5M
$14.0M
$8.9M
$3.1M
Tenant and other receivables
($18.8M)
$4.7M
$9.4M
($4.4M)
Prepaid assets
$8.6M
($8.3M)
($12.9M)
$104.2M
Other assets
($133.1M)
($74.4M)
($79.1M)
($34.6M)
Lease liabilities
($43.4M)
$16.9M
$17.6M
—
Accounts payable and accrued expenses
$6.3M
($6.8M)
$10.7M
$5.7M
Other liabilities
($955.0K)
$11.0M
$28.7M
$16.5M
Net cash provided by operating activities
$1.3B
$537.7M
$648.2M
$798.9M
Proceeds from partial redemption of Fifth Avenue and Times Square JV preferred equity
$749.0M
—
—
—
Acquisitions of real estate and other
($296.7M)
$0
($33.1M)
($3.0M)
Additions to real estate
($268.3M)
($222.7M)
($211.9M)
($159.8M)
Development costs and construction in progress
($144.6M)
($242.9M)
($552.7M)
($738.0M)
Proceeds from sales of real estate and other
$58.3M
$2.0M
$123.5M
$373.3M
Distributions of capital from partially owned entities
$50.9M
$0
$18.9M
$34.4M
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South
$37.4M
$31.6M
$24.5M
$88.0M
Investments in partially owned entities
($35.6M)
($115.4M)
($57.3M)
($33.2M)
Investment in loan receivable
($35.0M)
($50.0M)
—
—
Proceeds from maturities of U.S. Treasury bills
$0
$0
$468.6M
$597.5M
Proceeds from repayment of participation in 150 West 34th Street mortgage loan
$0
$0
$105.0M
$0
Deconsolidation of cash and restricted cash held by a previously consolidated entity
$0
$0
($14.2M)
—
Net cash provided by (used in) investing activities
$115.5M
($597.4M)
($128.8M)
($906.9M)
Repayments of borrowings
($1.9B)
($97.4M)
($148.0M)
($1.3B)
Proceeds from borrowings
$835.8M
$75.0M
$0
$1.0B
Dividends paid on common shares
-141.3M
-141.1M
-129.1M
-406.6M
Dividends paid on preferred shares
-62.1M
-62.1M
-62.1M
-62.1M
Repurchase of common shares
-51.0M
0
29.2M
—
Distributions to noncontrolling interests
($23.1M)
($18.2M)
($39.0M)
($84.7M)
Deferred financing costs
($7.5M)
($13.9M)
($4.4M)
—
Contributions from noncontrolling interests in consolidated subsidiaries