Vornado Realty Trust
NYSE: VNO · REAL ESTATE · REIT - OFFICE
Updated 2026-06-05
Vornado Realty Trust (VNO) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2006 | $2.71B | $560.14M | 49.62% | 26.80% | 20.65% |
| 2007 | $2.97B | $635.69M | 45.10% | 41.44% | 21.38% |
| 2008 | $2.70B | $395.04M | 60.32% | 30.18% | 14.65% |
| 2009 | $2.74B | $106.17M | 60.34% | 29.02% | 3.87% |
| 2010 | $2.78B | $647.88M | 60.45% | 28.99% | 23.31% |
| 2011 | $2.92B | $662.30M | 57.56% | 29.36% | 22.72% |
| 2012 | $2.77B | $617.26M | 54.88% | 24.49% | 22.31% |
| 2013 | $2.76B | $475.97M | 60.63% | 31.66% | 17.24% |
| 2014 | $2.64B | $864.85M | 59.61% | 30.94% | 32.81% |
| 2015 | $2.50B | $760.43M | 59.59% | 30.38% | 30.39% |
| 2016 | $2.51B | $960.57M | 59.13% | 21.98% | 38.33% |
| 2017 | $2.08B | $227.42M | 57.46% | 29.14% | 10.91% |
| 2018 | $2.16B | $449.95M | 55.47% | 26.94% | 20.80% |
| 2019 | $1.92B | $3.15B | 52.31% | 21.70% | 163.55% |
| 2020 | $1.53B | $-297.00M | 48.36% | 9.44% | -19.44% |
| 2021 | $1.59B | $176.00M | 49.83% | 15.42% | 11.07% |
| 2022 | $1.80B | $-346.50M | 51.45% | 15.99% | -19.25% |
| 2023 | $1.81B | $105.49M | 50.02% | 16.60% | 5.82% |
| 2024 | $1.79B | $70.39M | 100.00% | 14.76% | 3.94% |
| 2025 | $1.81B | $904.96M | 100.00% | 15.03% | 49.99% |
Frequently asked questions
What is Vornado Realty Trust's revenue?
Vornado Realty Trust's trailing twelve-month revenue is $1.85B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is VNO?
In its most recent fiscal year, VNO ran a gross margin of 100.00%, an operating margin of 15.03%, and a net margin of 49.99%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does VNO generate?
VNO produced $548.84M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is VNO's balance sheet healthy?
VNO holds $840.85M in cash and equivalents against $6.47B in long-term debt, on $5.99B of shareholder equity. That debt is best read against the cash flow the business throws off each year.