Companies /Real Estate

Vornado Realty Trust

NYSE: VNO Reit - Office
$36.59
▲ $0.05 (+0.14%) today
Markets closed · 6:30pm ET

Q2 2026 Earnings

Reported Aug 3, 2026, 4:37pm ET · SEC source
$0.67
Beat +17.54%
EPS · est. $-0.09
$462.2M
Beat +1.91%
Revenue · est. $453.6M
−10.9%
Trailing market
VNO vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%+4%Aug 3Aug 4report 4:37pm ETearnings+1.8%+2.4%
0+2%+4%Aug 3Aug 4earnings+1.8%+2.4%
VNO +2.4%S&P 500 +1.8%
0+2%+4%Aug 3Aug 4report 4:37pm ETearnings+3.4%+2.4%
0+2%+4%Aug 3Aug 4earnings+3.4%+2.4%
VNO +2.4%NASDAQ +3.4%
−3%0+3%Aug 3Aug 11report 4:37pm ETearnings+1.7%−2.9%
−3%0+3%Aug 3Aug 11earnings+1.7%−2.9%
VNO −2.9%S&P 500 +1.7%
−3%0+3%Aug 3Aug 11report 4:37pm ETearnings+2.6%−2.9%
−3%0+3%Aug 3Aug 11earnings+2.6%−2.9%
VNO −2.9%NASDAQ +2.6%
+2.45%
Day of report
−2.44%
Next session
−5.16%
One week
−10.68%
30 days

S&P 500 over the same 30 days: +0.24%.

Did VNO Beat Earnings? Q2 2026 Results

Vornado Realty Trust delivered a notably strong second quarter, with adjusted FFO per share of $0.67 beating the $0.57 consensus estimate by 17.54% and revenue climbing 4.7% year-over-year to $462.24 million, as improving leasing fundamentals and strategic acquisitions drove outperformance across its Manhattan-centric portfolio. The clearest engine behind the quarter's strength was a combination of rent commencements net of lease expirations contributing $13.30 million to the FFO bridge, alongside a $8.00 million lift from variable businesses, primarily signage, and an $8.90 million contribution from the NYU master lease at 770 Broadway. New York office occupancy jumped to 90.8% from 85.2% a year ago, underscoring the leasing momentum investors had been watching closely heading into the print. The quarter also featured the marquee acquisition of a 49% interest in Park Avenue Plaza at a $1.10 billion gross valuation, while the pending decision on the high-profile 350 Park Avenue project with Ken Griffin's Citadel organization remains a focal point for the company's near-term strategic direction.

Key Takeaways
  • Rent commencements net of lease expirations contributing $13.3M to FFO as adjusted
  • Variable businesses (primarily signage) adding $8.0M to FFO as adjusted
  • NYU master lease at 770 Broadway contributing $8.9M to FFO as adjusted
  • Park Avenue Plaza acquisition contributing $1.8M to FFO as adjusted
  • Same store NOI at share grew 9.8% year-over-year overall, with New York up 11.9%
  • New York Office NOI at share increased to $183.4M from $170.9M year-over-year
  • NOI at share cash basis grew to $263.2M from $231.7M year-over-year
  • New York Office cash basis NOI increased 25.5% to $155.9M from $124.3M year-over-year
  • Strong Q2 leasing with 348,000 office sq ft and 61,000 retail sq ft leased in New York, plus 103,000 sq ft at THE MART and 15,000 sq ft at 555 California Street
  • New York occupancy improved to 90.8% from 85.2% year-over-year
  • THE MART same store NOI at share grew 9.1% year-over-year; cash basis grew 15.1%
  • FAD improved to $77.9M from negative $6.6M year-over-year

VNO YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$300.0M$600.0M$441.4M$462.2MRevenue$66.5M$25.6MOperating Income$760.8M$16.4MNet Income
$0$300.0M$600.0MRevenueOperating IncomeNet Income

VNO Revenue by Segment

New York Office$183.4M−48.8%
New York Retail$52.5M
THE MART$27.3M
555 California Street$14.9M
New York Residential

Figures from SEC filings and company reports. Not investment advice.