Vornado Realty Trust
Owns and operates Manhattan offices, street retail, and selected other real-estate assets.
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Profile
Generates property income from a New York-centered portfolio of Manhattan offices and street retail, with residential properties, garages, marketplace assets, and selected holdings outside New York. The REIT operates through Vornado Realty L.P. and reports New York and Other segments.
Generates property income chiefly from Manhattan office and street-retail properties. The New York portfolio also includes residential properties, garages, and an interest in Alexander’s; the company operates through Vornado Realty L.P.
The current structure followed the separation of non-core retail assets and the Washington business, concentrating the remaining company in New York. Beyond New York, assets include marketplace properties and selected prime holdings in Chicago and San Francisco. Active ownership and management are central to its stated operating model. Manhattan retail performance depends on consumer spending, tourism, office and residential occupancy, remote-working policies, online retail competition, and other local conditions.
Company facts
Categories
Key statistics
Year to date +14.2% · Average volume (30d) 1.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 5, 2026 | Piper Sandler | Reiterate | Neutral | $42 | $44 | |
| Jul 22, 2026 | Morgan Stanley | Downgrade | Equal-Weight | Underweight | ||
| Jul 22, 2026 | UBS | Downgrade | Underweight | |||
| Jul 21, 2026 | Mizuho Securities | Target | $34 | $42 | ||
| Jul 21, 2026 | Piper Sandler | Reiterate | Neutral | $36 | $42 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | −$0.04 | $0.08 | +322.5% | $454.5M | $462.2M | +1.7% | +2.45% |
| May 4, 2026Q1 FY26 | $0.52 | $0.52 | 0.0% | $431.7M | $459.1M | +6.3% | +1.99% |
| Feb 9, 2026Q4 FY25 | $0.06 | $0.55 | +816.7% | $444.7M | $453.7M | +2.0% | +2.74% |
| Nov 3, 2025Q3 FY25 | $0.55 | $0.57 | +3.6% | $440.2M | $453.7M | +3.1% | −4.93% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $461.6M | $441.4M | $453.7M | $453.7M | $459.1M | $462.2M | |
| Gross profit | $461.6M | $441.4M | $453.7M | $453.7M | −$24.6M | −$103.9M | |
| Operating income | $82.1M | $66.5M | $57.3M | $66.2M | $50.4M | $25.6M | |
| Net income | $102.4M | $759.3M | $27.1M | $16.1M | −$7.3M | $32.0M | |
| Diluted EPS | $0.43 | $3.70 | $0.06 | $0.00 | −$0.12 | $0.09 | |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | -5.4% | -22.5% | |
| Operating margin | 17.8% | 15.1% | 12.6% | 14.6% | 11.0% | 5.5% |
Fiscal years (4-quarter sums)FY21 $1.59B · FY22 $1.80B · FY23 $1.81B · FY24 $1.79B · FY25 $1.81B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $675.4M · Total debt $9.06B · Total assets $15.61B · Shareholders' equity $5.79B
Dividends
Raised for 2 straight years — most recently to $0.74 from $0.30 in Dec 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Dec 18, 2025 | Dec 18 | Dec 29 | $0.74 | |
| Dec 16, 2024 | Dec 16 | Dec 27 | $0.74 | raised from $0.30 |
| Dec 14, 2023 | Dec 15 | Dec 27 | $0.30 | cut from $0.375 |
| Jan 27, 2023 | Jan 30 | Feb 10 | $0.375 | cut from $0.53 |
| Nov 4, 2022 | Nov 7 | Nov 18 | $0.53 | |
| Aug 5, 2022 | Aug 8 | Aug 19 | $0.53 | |
| May 6, 2022 | May 9 | May 20 | $0.53 | |
| Jan 28, 2022 | Jan 31 | Feb 11 | $0.53 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 188.10M · Float 173.04M · 92.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 22.18M | 11.79% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 14.53M | 7.72% | 13F | Aug 13, 2026 |
| Norges Bank | 14.41M | 7.66% | 13F | Aug 12, 2026 |
| Franklin Resources Inc | 13.38M | 7.11% | 13F | Aug 13, 2026 |
| T. Rowe Price Associates, Inc. | 9.55M | 5.10% | 13G | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 17, 2026 | Michael D. Fascitelli | director | −133,350 | $36.62 |
| Jun 8, 2026 | Russell B. Jr Wight | director | +4,000 | $16.94 |
| Mar 12, 2026 | Daniel R. Tisch | director | +30,000 | $25.55 |
| Feb 27, 2026 | Daniel R. Tisch | director | +45,000 | $27.70 |
| Mar 2, 2026 | Daniel R. Tisch | director | +40,000 | $27.09 |
Peers
- SL Green Realty
Manhattan office and prime-retail landlord
- Empire State Realty Trust
Manhattan office and retail owner-operator
- BXP
Gateway-city owner developing premier Manhattan workplaces
- Acadia Realty Trust
Owner of street retail in key New York corridors
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Vornado Realty Trust | $38.20 | 0.00% | $7.19B | 1,154.1 | — | 3.9 | +4.7% |
| SL Green Realty | $57.95 | +0.68% | $4.09B | — | — | 3.9 | −29.0% |
| Empire State Realty Trust | $4.59 | 0.00% | $787.0M | — | — | 1.0 | +3.0% |
| BXP | $68.89 | −0.61% | $11.05B | 37.3 | 33.8 | 3.1 | +3.1% |
| Acadia Realty Trust | $20.72 | −0.05% | $2.85B | 60.1 | 66.4 | 7.0 | −9.4% |
| Median | 48.7 | 50.1 | 3.5 | −3.2% |