VNO VORNADO REALTY TRUST

Overview and Growth

VORNADO REALTY TRUST generated $1.81B of revenue in fiscal 2025, with net income of $904.96M and an operating cash inflow of $1.26B. The $1.81B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $1.79B in fiscal 2024, revenue recorded a 1.3% year-over-year increase. The company reported diluted EPS of $4.20, adding a shareholder-level measure to the absolute income figures considered below. A diluted share base of 201.05M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Diluted shares moved 2.2% from 196.63M in fiscal 2024, leaving the current share base higher year over year. Total assets stood at $15.52B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.12x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After all reported below-operating-line items, the company recorded net income of $904.96M for the fiscal year. The final earnings result represented 50.0% of revenue, connecting the absolute net income figure with the company’s top-line scale. Before income taxes, the company reported $950.71M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 52.5%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $13.51M, providing the reported tax component that separates pretax and after-tax earnings. The effective relationship between income tax and positive pretax income was 1.4%, without assuming a statutory-rate comparison. The relationship between net income and period-end equity was 14.7%, indicating the profitability achieved on book capital. The net-income-to-assets relationship measured 5.8%, showing earnings relative to the full balance sheet. Against $70.39M in fiscal 2024, the current $904.96M bottom line finished above the prior-year result in absolute terms.

Liquidity and Capital Structure

At period end, the $15.52B asset base was financed through $8.72B of liabilities and $6.16B of equity. Reported cash and equivalents were $840.85M, separating immediately recognizable cash resources from the rest of the current-asset base. The company carried $2.26B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 0.37x, showing how much debt the company carried for each unit of book equity. Debt represented 14.6% of total assets, placing borrowing in the context of the company’s full resource base. Book equity represented 39.7% of total assets, quantifying the balance-sheet share supported by shareholder capital. Relative to total assets, liabilities measured 56.2%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 5.4%, comparing reported cash and equivalents with the full positive asset balance. Compared with $16.00B in fiscal 2024, the current asset base moved 3.0% and finished lower. Reported equity changed 15.4% from $5.34B in fiscal 2024, placing the current capital base higher year over year. Compared with $733.95M in fiscal 2024, the current cash balance moved 14.6% and finished higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $1.26B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 1.39x, comparing cash generated by operations with the bottom-line earnings result. The operating cash outcome moved from $537.72M in fiscal 2024 to $1.26B, ending above the prior-year level.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.