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REITs · Real Estate · Fiscal year ends Dec 31
Vornado Realty Trust reported revenue of $1.8B in the fiscal year ended Dec 2025, up 1.3% from the year before. Operating income was $1.3B, an operating margin of 72.1%, and net income was $905M. Operating cash flow of $1.3B less capital expenditure of $145M left free cash flow of $1.1B. Net debt was $1.4B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,589 | 1,800 | 1,811 | 1,788 | 1,810 |
| Operating incomederived: pre-tax income + interest | 428 | −81.2 | 411 | 433 | 1,305 |
| Interest expense | 231 | 280 | 349 | 390 | 354 |
| Pre-tax income | 197 | −361 | 62.1 | 42.8 | 951 |
| Income tax | −10.5 | 21.7 | 29.2 | 22.7 | 13.5 |
| Net income | 176 | −346 | 105 | 70.4 | 905 |
| Diluted EPS | 0.53 | −2.13 | 0.23 | 0.04 | 4.20 |
| Diluted shares | 192 | 192 | 192 | 197 | 201 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,760 | 890 | 997 | 734 | 841 |
| Total assets | 17,267 | 16,493 | 16,188 | 15,999 | 15,521 |
| Deferred revenue | 48.1 | 39.9 | 32.2 | 28.4 | – |
| Long-term debt | 2,563 | 2,560 | 2,563 | 2,567 | 2,265 |
| Total liabilities | 10,063 | 9,980 | 9,844 | 9,827 | 8,717 |
| Shareholders' equity | 6,236 | 5,840 | 5,509 | 5,158 | 5,987 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 762 | 799 | 648 | 538 | 1,258 |
| Capital expenditure | 586 | 738 | 553 | 243 | 145 |
| Free cash flow | 176 | 60.9 | 95.5 | 295 | 1,114 |
| Depreciation & amortisation | 433 | 526 | 458 | 469 | 481 |
| Stock-based compensation | 38.3 | 29.2 | 43.2 | 30.2 | 25.5 |
| Share buybacks | 0.0 | 0.0 | 29.2 | 0.0 | 51.0 |
| Dividends paid | 406 | 407 | 129 | 141 | 141 |
| Dividend per share | 2.12 | 2.12 | 0.68 | 0.74 | 0.74 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.3% | 0.6% | −1.3% | 1.3% |
| Operating income growth (YoY) | – | −119.0% | – | 5.3% | 201.2% |
| EPS growth (YoY) | – | −501.9% | – | −82.6% | 10400.0% |
| Operating margin | 26.9% | −4.5% | 22.7% | 24.2% | 72.1% |
| Net margin | 11.1% | −19.2% | 5.8% | 3.9% | 50.0% |
| Return on equityBlank when equity is negative | 2.8% | −5.9% | 1.9% | 1.4% | 15.1% |
| Free cash flow margin | 11.1% | 3.4% | 5.3% | 16.5% | 61.5% |
| Cash conversion (CFO ÷ net income) | 4.33x | −2.31x | 6.14x | 7.64x | 1.39x |
| Interest cover | 1.85x | −0.29x | 1.18x | 1.11x | 3.69x |
| Debt ÷ equity | 0.41x | 0.44x | 0.47x | 0.50x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 802 | 1,670 | 1,566 | 1,833 | 1,424 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.