Companies /Real Estate
Vornado Realty Trust
NYSE: VNO Reit - Office
$32.93
▼ $0.30 (−0.90%) today
Markets closed · 12:03pm ET

Vornado Realty (VNO) 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

How Did VNO Stock React to Q4 2025 Earnings?

% change · around the report
−6%−3%0Feb 9Feb 10report 4:49pm ETearnings−0.3%+1.5%
−6%−3%0Feb 9Feb 10earnings−0.3%+1.5%
VNO +1.5%S&P 500 −0.3%
−6%−3%0Feb 9Feb 10report 4:49pm ETearnings−0.5%+1.5%
−6%−3%0Feb 9Feb 10earnings−0.5%+1.5%
VNO +1.5%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

Yes. Vornado Realty reported Q4 2025 earnings of $0.56 a share on Feb 9, 2026, beating the $0.05 consensus estimate by 1,020.0%. Revenue was $453.7M against a $440.2M estimate.

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

What Was Vornado Realty's Outlook in Q4 2025?

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.