Companies /Real Estate

Vornado Realty Trust

NYSE: VNO Reit - Office
$36.59
▲ $0.05 (+0.14%) today
Markets closed · 7:17pm ET

Q3 2025 Earnings

Reported Nov 3, 2025, 4:42pm ET · SEC source
$0.57
Beat +3,900.00%
EPS · est. $-0.02
$453.7M
Beat +4.25%
Revenue · est. $435.2M
−6.2%
Trailing market
VNO vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−4%−2%0Nov 3Nov 4report 4:42pm ETearnings−1.2%−4.9%
−6%−4%−2%0Nov 3Nov 4earnings−1.2%−4.9%
VNO −4.9%S&P 500 −1.2%
−6%−4%−2%0Nov 3Nov 4report 4:42pm ETearnings−2.1%−4.9%
−6%−4%−2%0Nov 3Nov 4earnings−2.1%−4.9%
VNO −4.9%NASDAQ −2.1%
−9%−6%−3%0Nov 3Nov 11report 4:42pm ETearnings−0.0%−3.7%
−9%−6%−3%0Nov 3Nov 11earnings−0.0%−3.7%
VNO −3.7%S&P 500 −0.0%
−9%−6%−3%0Nov 3Nov 11report 4:42pm ETearnings−1.6%−3.7%
−9%−6%−3%0Nov 3Nov 11earnings−1.6%−3.7%
VNO −3.7%NASDAQ −1.6%
−0.58%
Day of report
−4.93%
Next session
−3.87%
One week
−6.02%
30 days

S&P 500 over the same 30 days: +0.15%.

Did VNO Beat Earnings? Q3 2025 Results

Vornado Realty Trust delivered a solid third quarter, reporting adjusted funds from operations of $0.57 per diluted share on revenue of $453.70 million, as the New York-focused REIT continued to benefit from a string of strategic transactions reshaping its portfolio. The most material driver behind the year-over-year FFO improvement was the NYU master lease at 770 Broadway, which contributed $6.10 million to the quarter's results, complemented by stronger performance in variable businesses, primarily signage, which added $7.30 million. On a GAAP basis, the company posted net income of $0.06 per diluted share, compared to a net loss of $0.10 per diluted share in the prior-year period. Vornado also closed on the $218.00 million acquisition of the 623 Fifth Avenue office condominium above Saks Fifth Avenue, a boutique redevelopment targeted for completion in 2027, while PENN 2 and Sunset Pier 94 Studios remain on track for 2026 stabilization, signaling continued confidence in the company's long-term redevelopment pipeline.

Key Takeaways
  • Variable businesses (primarily signage) contributed $7.3M increase in FFO as adjusted YoY
  • Impact of NYU master lease at 770 Broadway added $6.1M to FFO as adjusted
  • Rent commencements net of lease expirations contributed $2.6M
  • Revenue recognition on new leases drove New York office NOI growth
  • Same store NOI at share increased 7.5% YoY for Q3 on GAAP basis
  • New York same store NOI at share increased 9.1% YoY for Q3
  • 555 California Street occupancy at 96.3% with weighted average escalated rent of $102.33 PSF

Forward Guidance & Outlook

Vornado anticipates continuing its recent common share dividend policy of paying one common share dividend in December 2025, subject to approval by its Board of Trustees. PENN 2 and Sunset Pier 94 Studios are both targeting 2026 stabilization. The 623 Fifth Avenue redevelopment is planned for completion in 2027.

VNO YoY Financials

Revenue$453.7M
Net Income$11.6M

VNO Revenue by Segment

New York Office$171.1M
New York Retail$42.2M
THE MART$13.3M
555 California Street
New York Residential$6.5M

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