Companies /Real Estate
Vornado Realty Trust
NYSE: VNO Reit - Office
$32.93
▼ $0.30 (−0.90%) today
Markets closed · 12:21am ET

Vornado Realty (VNO) 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

How Did VNO Stock React to Q3 2025 Earnings?

% 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

Yes. Vornado Realty reported Q3 2025 earnings of $0.57 a share on Nov 3, 2025, beating the $-0.02 consensus estimate by 3,900.0%. Revenue was $453.7M against a $435.2M estimate.

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

What Was Vornado Realty's Outlook in Q3 2025?

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.