Companies /Real Estate

Vornado Realty Trust

NYSE: VNO Reit - Office
$36.59
▲ $0.05 (+0.14%) today
Markets closed · 7:18pm ET

Q4 2025 Earnings

Reported Feb 9, 2026, 4:49pm ET · SEC source
$0.56
Beat +1,020.00%
EPS · est. $0.05
$453.7M
Beat +3.06%
Revenue · est. $440.2M
−12.0%
Trailing market
VNO vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%+4%Feb 9Feb 10report 4:49pm ETearnings−0.3%+2.7%
0+2%+4%Feb 9Feb 10earnings−0.3%+2.7%
VNO +2.7%S&P 500 −0.3%
0+2%+4%Feb 9Feb 10report 4:49pm ETearnings−0.5%+2.7%
0+2%+4%Feb 9Feb 10earnings−0.5%+2.7%
VNO +2.7%NASDAQ −0.5%
−10%−5%0+5%Feb 9Feb 17report 4:49pm ETearnings−1.6%−8.2%
−10%−5%0+5%Feb 9Feb 17earnings−1.6%−8.2%
VNO −8.2%S&P 500 −1.6%
−10%−5%0+5%Feb 9Feb 17report 4:49pm ETearnings−2.3%−8.2%
−10%−5%0+5%Feb 9Feb 17earnings−2.3%−8.2%
VNO −8.2%NASDAQ −2.3%
−0.90%
Day of report
+2.74%
Next session
−6.36%
One week
−15.97%
30 days

S&P 500 over the same 30 days: −4.02%.

Did VNO Beat Earnings? Q4 2025 Results

Vornado Realty Trust closed out the fourth quarter of 2025 with a mixed but strategically eventful report, posting funds from operations of $0.56 per diluted share on revenue of $453.71 million, as a year-over-year decline from $0.58 in FFO reflected the absence of $19.20 million in one-time WeWork-related termination and recapture fees that had boosted the prior-year quarter, along with $9.20 million in higher net interest expense. New York occupancy climbed to 90.0% from 87.6% a year ago, and same-store NOI on a GAAP basis rose 5.0% in the quarter, underscoring improving leasing momentum even as cash-basis NOI declined 8.3%, partly shaped by the NYU master lease structure at 770 Broadway. Net debt to EBITDAre improved to 7.7x from 8.6x, reflecting balance sheet progress. Looking ahead, PENN 2 is projected to reach leasing stabilization in 2026 at an 11.6% incremental cash yield, while Citadel's option to acquire at least 60% of the 350 Park Avenue development joint venture signals a significant capital deployment inflection point for Vornado.

Key Takeaways
  • New York occupancy improved to 90.0% from 87.6% a year ago
  • Same-store NOI at share increased 5.0% YoY in Q4 (GAAP basis)
  • THE MART same-store NOI surged 141.1% YoY in Q4
  • 770 Broadway master lease with NYU generated $803.2M gain
  • PENN 1 ground rent reversal of $17.2M previously accrued rent
  • New York office leasing spreads of 8.1% GAAP and 7.2% cash in Q4
  • Full-year same-store NOI at share up 5.4%
  • 555 California Street same-store NOI declined 7.1% YoY in Q4 (GAAP basis) and 42.3% on cash basis
  • Q4 sequential same-store NOI at share increased 4.2% vs Q3 2025
  • FAD payout ratio of 97.4% for full year 2025 vs 42.3% in 2024

Forward Guidance & Outlook

Vornado anticipates continuing its common share dividend policy of paying one annual common share dividend in the fourth quarter of 2026. PENN 2 redevelopment (1.825M sq ft, $750M budget) is projected to reach leasing stabilization in 2026 with an 11.6% incremental cash yield. Sunset Pier 94 Studios targets 2027 stabilization at 9.0% yield, and 623 Fifth Avenue targets 2028 delivery at 10.1% yield. The Vornado/Rudin JV has until July 2026 to decide on the 350 Park Avenue JV with Citadel or exercise a put option for $900M to Vornado. The PENN 1 ground rent determination remains subject to ongoing litigation appeal.

VNO YoY Financials

Revenue$453.7M
Net Income$601,000

VNO Revenue by Segment

New York Office$178.0M
New York Retail$44.6M
THE MART$14.8M
555 California Street
New York Residential$6.4M

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