Companies /Real Estate

Vornado Realty Trust

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

Q1 2026 Earnings

Reported May 4, 2026, 4:39pm ET · SEC source
$-0.12
Miss −9.09%
EPS · est. $-0.11
$459.1M
Beat +7.35%
Revenue · est. $427.7M
+14.5%
Beating market
VNO vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0+2%May 4May 5report 4:39pm ETearnings+0.9%+2.0%
−2%0+2%May 4May 5earnings+0.9%+2.0%
VNO +2.0%S&P 500 +0.9%
−2%0+2%May 4May 5report 4:39pm ETearnings+1.4%+2.0%
−2%0+2%May 4May 5earnings+1.4%+2.0%
VNO +2.0%NASDAQ +1.4%
0+4%+8%May 4May 12report 4:39pm ETearnings+2.8%+5.3%
0+4%+8%May 4May 12earnings+2.8%+5.3%
VNO +5.3%S&P 500 +2.8%
0+4%+8%May 4May 12report 4:39pm ETearnings+5.1%+5.3%
0+4%+8%May 4May 12earnings+5.1%+5.3%
VNO +5.3%NASDAQ +5.1%
+1.99%
Day of report
+4.30%
Next session
+3.21%
One week
+16.36%
30 days

S&P 500 over the same 30 days: +1.90%.

Did VNO Beat Earnings? Q1 2026 Results

Vornado Realty Trust delivered a mixed first quarter for 2026, beating on revenue while falling short on the bottom line amid the absence of significant one-time gains that had flattered year-ago results. The New York-focused office REIT posted revenue of $459.11 million, ahead of the $427.65 million consensus by 7.35%, though that figure still represented a modest 0.5% decline from Q1 2025. On the earnings side, Vornado reported a loss of $0.12 per diluted share, narrowly missing the $0.11 consensus estimate by 9.09%, with the shortfall driven largely by the $77.01 million in real estate sale gains that boosted Q1 2025 but did not recur. Against that backdrop, <a href="https://247wallst.com/investing/2026/03/31/wall-street-downgrades-vornado-realty-trust-as-office-reits-lead-sector-losses/">analyst sentiment had already softened</a> heading into the print. Operationally, the picture was more encouraging, with New York occupancy climbing to 90.3% from 83.5% a year ago and same-store NOI rising 6.1% year-over-year, even as the company unveiled plans to acquire a 49% stake in Park Avenue Plaza at a $1.10 billion gross valuation.

Key Takeaways
  • New York occupancy improved to 90.3% from 83.5% a year ago
  • Same store NOI at share increased 6.1% YoY, led by New York at 8.9%
  • New York office leasing at initial cash rent of $102.50 PSF with 9.7% cash basis mark-to-market increase
  • 555 California Street same store NOI declined 21.5% YoY
  • Absence of prior-year real estate gains of $77 million from partially owned entities drove net income decline
  • Higher net interest expense of $15.9 million reduced FFO as adjusted
  • Reversal of $17.2 million of previously accrued PENN 1 ground rent in Q1 2025 created a tough YoY comparison
  • Same store NOI at share on a cash basis declined 2.9% YoY overall, with 555 California Street down 51.2%
  • THE MART same store NOI at share grew 0.3% YoY; 1.0% on a cash basis

VNO YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$200.0M$400.0M$461.6M$459.1MRevenue$82.1M$50.4MOperating Income
$0$200.0M$400.0MRevenueOperating Income

VNO Revenue by Segment

New York Office
New York Retail
THE MART
555 California Street
New York Residential

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