Vornado Realty Trust (VNO) Stock Analysis
Real Estate · REIT - Office · NYSE
Vornado Realty Trust (VNO) posted $1.81B in revenue for fiscal 2025 (up 1.3% year over year), at a 46.6% net margin, and has compounded revenue about 3.5%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Vornado Realty Trust
Vornado Realty Trust has grown revenue from $2.00B to $1.81B over the last 10 fiscal years, compounding about 3.5% a year. The most recent year was up 1.3%, so growth has cooled from its longer-run pace.
Net margin sits at 46.6%, up 46.1 points year over year. It carries about $2.26B of total debt.
At today's valuation the market is pricing in roughly 2.7% annual free-cash-flow growth — versus the -6.2% it actually delivered over the last five years, so the price already assumes a step-up from the recent record.
Synthesised from Vornado Realty Trust's SEC filings — descriptive, not advice. Ask the analyst your own question →
Vornado Realty Trust revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.00B | $2.08B | $2.16B | $1.92B | $1.53B | $1.59B | $1.80B | $1.81B | $1.79B | $1.81B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $906.92M | $227.42M | $449.95M | $3.15B | $-297.00M | $176.00M | $-408.62M | $43.38M | $8.28M | $842.85M |
| Net margin | 45.3% | 10.9% | 20.8% | 163.6% | -19.4% | 11.1% | -22.7% | 2.4% | 0.5% | 46.6% |
Source: Vornado Realty Trust SEC filings (10-K). 19 years of history available in the interactive view.
Vornado Realty Trust: no obvious red flags in the filings
Our deterministic scan of the filed statements — receivables vs sales, earnings vs cash, dilution, leverage and margins — didn't flag anything. Ask about the risks →
What growth is priced into VNO stock?
At today's market cap of $7.86B, Vornado Realty Trust is priced for free-cash-flow growth of about 2.7% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $568.04M from the FY ending 2018-12-31). For comparison, free cash flow actually grew -6.2%/yr over the last five fiscal years and revenue 3.5%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of Vornado Realty Trust financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Vornado Realty Trust financial history by metric
Compare Vornado Realty Trust with peers
About Vornado Realty Trust
Vornado Realty Trust is a fully integrated real estate investment trust with a 26 million square-foot portfolio of premier New York City office, retail and multifamily assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with 100% of our in-service office buildings LEED certified and over 95% certified LEED Gold or Platinum. Vornado Realty Trust was incorporated in 1946 in Maryland, USA.
Vornado Realty Trust — frequently asked questions
What is Vornado Realty Trust's revenue?
Vornado Realty Trust (VNO) reported revenue of $1.81B for fiscal year 2025, up 1.3% from the prior year, according to its SEC filings.
Is Vornado Realty Trust profitable?
Yes. VNO earned net income of $842.85M in fiscal 2025, a net margin of 46.6%.
What is VNO's P/E ratio?
Vornado Realty Trust trades at a price-to-earnings ratio of about 10.5 based on the latest data in our nightly-refreshed cache.
How fast is Vornado Realty Trust growing?
VNO's revenue grew at roughly 3.5% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Vornado Realty Trust have?
As of fiscal year 2025, VNO carried roughly $2.26B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Vornado Realty Trust's market cap?
Vornado Realty Trust (VNO) has a market capitalization of about $7.86B, based on the latest data in our nightly-refreshed cache.
When does Vornado Realty Trust's fiscal year end?
VNO's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into VNO stock?
At today's market cap of $7.86B, Vornado Realty Trust is priced for free-cash-flow growth of about 2.7% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $568.04M from the FY ending 2018-12-31). For comparison, free cash flow actually grew -6.2%/yr over the last five fiscal years and revenue 3.5%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Vornado Realty Trust's official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.