At a glance
Vornado Realty Trust is worth $6.42B, about 8 times its fiscal 2025 earnings. Revenue grew 1.3% to $1.81B in fiscal 2025, with 50.0% kept as profit; over 5 years it has grown 3.5% a year. It pays a 2.15% dividend yield, and returned $1.30B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −10.6% over the past year with dividends reinvested and −1.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.9% in the 2020 crash (S&P 500: 33.7%) and 53.6% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Vornado Realty Trust is a real estate investment trust (REIT): a company that owns property and must pay out most of its taxable income as dividends. Its heart is Manhattan. As of December 31, 2025, it owned all or part of 51 operating properties there, with 19.2 million square feet of offices, 2.3 million square feet of street-level shops and 1,331 apartments. It also held 32.4% of Alexander's, Inc., whose buildings include Bloomberg's headquarters at 731 Lexington Avenue.
Rent drives the business. Of about $1.81 billion in 2025 revenue, rental income made up 86.1%. Fees from Building Maintenance Services, a subsidiary that provides cleaning and security for Vornado's buildings and outside clients, added 8.7%; tenant services, parking and management fees added smaller amounts. New York produced 81.6% of revenue. The other 18.4% included THE MART in Chicago and a 70% stake in 555 California Street in San Francisco. Offices matter most: about 78% of 2025 net operating income (property revenue minus property operating costs) came from them.
Vornado also redevelops buildings. Its annual report for 2025 described work on PENN 2, a 1.8 million square foot office building in Manhattan's PENN District, and on 623 Fifth Avenue, bought in September 2025 for $218 million and expected to open to tenants in 2027.
Price history
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VNO -10.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Rental revenues | $1.56B | 86.1% |
| BMS cleaning fees | $157.7M | 8.7% |
| Tenant services | $45.2M | 2.5% |
| Parking revenues | $20.3M | 1.1% |
| Management and leasing fees | $11.6M | 0.6% |
By business segment
| New York | $1.48B | 81.6% |
| Other | $333.9M | 18.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $467.7M, up 3.1% from a year earlier, and net income was $-31.6M (-216.6%).
- For fiscal 2025, revenue was $1.81B (+1.3% year over year; +3.5% a year from FY2020 to FY2025) with a 50% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.5% watch |
|---|---|
| Free cash flow margin | 53.1% good |
| Return on equity (FY2025) | 15.1% good |
| Return on assets (FY2025) | 5.8% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.53B | $-297.0M | $423.1M |
| FY2021 | $1.59B | $176.0M | $758.8M |
| FY2022 | $1.80B | $-346.5M | $795.9M |
| FY2023 | $1.81B | $105.5M | $615.0M |
| FY2024 | $1.79B | $70.4M | $537.7M |
| FY2025 | $1.81B | $905.0M | $961.7M |
Valuation snapshot
| Market value | $6.42B |
|---|---|
| P/E ratio | 8.2 |
| Dividend yield | 2.15% |
Rank among 1514 US companies
Market value at each year end
Vornado Realty Trust’s market value went from $15.91B at the end of 2016 to $6.42B on Oct 28, 2026, down 60%; since the end of 2025 it is up 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.42B | +1.2% |
| 2025 | $6.35B | -20.9% |
| 2024 | $8.02B | +49.2% |
| 2023 | $5.38B | +34.7% |
| 2022 | $3.99B | -50.3% |
| 2021 | $8.03B | +12.3% |
| 2020 | $7.15B | -43.7% |
| 2019 | $12.70B | +7.5% |
| 2018 | $11.82B | -20.4% |
| 2017 | $14.84B | -6.7% |
| 2016 | $15.91B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VNO price data to Oct 28, 2026 | +3.2% | -10.6% | +22.6% | -1.8% | -3.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.2% |
| 2025 | -19.1% |
| 2024 | +51.3% |
| 2023 | +39.3% |
| 2022 | -46.7% |
| 2021 | +17.7% |
| 2020 | -40.5% |
| 2019 | +14.9% |
| 2018 | -17.8% |
| 2017 | -4.3% |
| 2016 | +7.3% |
| 2015 | -3.9% |
| 2014 | +36.4% |
| 2013 | +14.7% |
| 2012 | +8.9% |
| 2011 | -4.6% |
| 2010 | +22.9% |
| 2009 | +23.1% |
| 2008 | -28.4% |
| 2007 | -25.4% |
| 2006 | +50.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 72.9% over that stretch · deepest drop along the way 73.5%, back to its old high 58.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.5% over that stretch · deepest drop along the way 53.9%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 49.5% over that stretch · deepest drop along the way 53.6%, back to its old high 24.2 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 9 open-market purchases ($5.7M) and 3 sales ($7.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 17, 2026 | Michael D Fascitelli Director | sell | $4.6M |
| Sep 29, 2026 | Haim Chera EVP - HEAD OF RETAIL | sell | $3.1M |
| Mar 3, 2026 | Daniel R Tisch Director | buy | $1.8M |
| Feb 27, 2026 | Daniel R Tisch Director | buy | $1.2M |
| Mar 2, 2026 | Daniel R Tisch Director | buy | $1.1M |
Who owns it
Large shareholders (13G filings)
| Norges Bank | 7.7146% | Mar 31, 2026 |
| Vanguard Portfolio Management | 7.68% | Mar 31, 2026 |
| Franklin Resources, Inc. | 6.9% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 5.1% | Jun 30, 2026 |
ETFs with the most weight in VNO
| DESK VanEck Office and Commercial REIT ETF | 9.93% |
| PSR Invesco Active U.S. Real Estate Fund | 2.41% |
| NXTE AXS Green Alpha ETF | 1.86% |
| ERTH Invesco MSCI Sustainable Future ETF | 1.34% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 1.26% |
| NIXT Research Affiliates Deletions ETF | 1.03% |
| XMMO Invesco S&P MidCap Momentum ETF | 0.65% |
| TMSL T. Rowe Price Small-Mid Cap ETF | 0.59% |
What could go wrong
- Office demand may keep shrinking. Offices produced about 78% of 2025 net operating income (rent minus property operating costs). Hybrid work and artificial intelligence could shrink space needs, and tenants favor modern buildings near transit over older ones.
- Heavy dependence on the New York area. About 88% of 2025 net operating income came from the New York area. Layoffs in finance or media, business relocations, tourism swings and city or state fiscal troubles could all hurt results.
- Manhattan shops depend on shoppers and tourists. Manhattan retail produced about 16% of 2025 net operating income. Weaker consumer spending, fewer tourists, online competition or tenant bankruptcies could leave storefronts empty or reduce demand for space.
- Big redevelopment projects can run over. Its 10-K, filed February 9, 2026, listed redevelopments at PENN 2 and 623 Fifth Avenue and a possible tower at 350 Park Avenue, and warned projects may not finish on time or on budget.
- Large debt load and refinancing risk. Total debt was about $7.45 billion as of September 30, 2026, against $580 million of cash and investments. Higher rates, tighter lending or a credit downgrade could make refinancing costlier or harder.
- Concentrated influence and conflicts of interest. Steven Roth and Interstate Properties may exercise substantial influence, and some trustees and officers hold positions in entities that may compete with Vornado. Its 32.4% stake in Alexander's also creates possible conflicts.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released
For income and retirement investors
Vornado pays a dividend, but it is far smaller than in 2020, and there is no streak of increases. Dividends per share fell from $2.38 in 2020 to $0.675 in 2023 and were $0.74 in 2024 and 2025. Dividends paid in 2025 equaled about 15.6% of earnings and 14.7% of free cash flow (cash left after capital spending), though earnings per share swung from $0.04 in 2024 to $4.20 in 2025. The yield was 2.15% as of October 28, 2026. Buybacks were small, about $80 million from 2021 through 2025.
Past downturns hit the share price hard. It fell 73.5% in the 2008 financial crisis and needed about 58 months from the low to recover. It fell 53.9% in the 2020 COVID crash and had not fully recovered as of October 28, 2026. It fell 53.6% in the 2022 bear market before recovering in October 2024. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Vornado Realty Trust make money?
Mostly by renting out office and retail space, mainly in Manhattan. In 2025, rental revenue was 86.1% of about $1.81 billion in total revenue. Fees from Building Maintenance Services, its cleaning and security subsidiary, added 8.7%, and tenant services, parking and management fees added smaller amounts. The New York segment brought in 81.6% of revenue. Outside New York, its holdings at the end of 2025 included THE MART in Chicago and a 70% stake in 555 California Street in San Francisco.
Has Vornado cut its dividend?
Yes. Vornado paid $2.38 per share in regular dividends in 2020, $2.12 in 2021 and 2022, $0.675 in 2023 and $0.74 in both 2024 and 2025. That works out to an average decline of about 20.8% a year from 2020 to 2025, and there is no streak of increases. The dividend yield was 2.15% as of October 28, 2026. As a REIT, Vornado must pay out most of its taxable income, but the amount can still change.
Is Vornado an office REIT?
Largely, yes. About 78% of its 2025 net operating income, or property revenue minus property operating costs, came from offices. Its Manhattan holdings alone included 19.2 million square feet of office space as of December 31, 2025. Manhattan street retail supplied about 16%. That leaves Vornado exposed to hybrid work and artificial intelligence, which its annual report says could change how much space tenants need. About 88% of 2025 net operating income came from the New York area.
How much debt does Vornado have?
Vornado had about $7.45 billion of total debt as of September 30, 2026, against about $580 million of cash and investments. Total assets were about $15.64 billion and equity about $5.85 billion. In 2025 it repaid $450 million of senior unsecured notes and a $700 million mortgage on 770 Broadway, and refinanced several other loans. Its annual report warns that refinancing may not be available on acceptable terms and that a credit rating downgrade could hurt the business.
How has Vornado stock performed?
Unevenly. As of October 28, 2026, the share price was down 10.6% over one year, up 22.6% a year over three years (84% in total), down 1.8% a year over five years and down 3.7% a year over ten years. Calendar years swung widely: down 46.7% in 2022, up 39.3% in 2023, up 51.3% in 2024 and down 19.1% in 2025. These are price returns, which leave out dividends.