10-Q · August 3, 2026
Vornado delivered modest Q2 revenue growth to $462.242 million and stronger recurring FFO of $0.74 per share, supported by New York and THE MART same-store NOI growth and improving office leasing economics. However,…
VNO earnings analysis
10-Q · Filed November 2, 2026 · Our reading of the company's report
The latest report
Vornado delivered modest revenue growth and strong same-store operating performance, with third-quarter FFO per diluted share rising to $0.62 from $0.58 and total same-store NOI at share increasing 9.0%. However, GAAP…
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Vornado delivered modest revenue growth and strong same-store operating performance, with third-quarter FFO per diluted share rising to $0.62 from $0.58 and total same-store NOI at share increasing 9.0%. However, GAAP EPS declined to a $0.25 loss from $0.06 of income year over year, operating margin compressed to approximately 4.8%, and cash declined by $253.711 million year to date. Liquidity of $1.9 billion supports near-term needs, but maturity defaults at 825 Seventh Avenue and 888 Seventh Avenue, weakness at 555 California, and sizable future 350 Park funding requirements temper the positive operating trends.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.25
What stood out
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Revenue grew modestly year over year
Third-quarter revenue was $467.657 million, up $5.415 million, or 1.2%, from $462.242 million in Q2 2026 and up $13.957 million, or 3.1%, year over year. Rental revenue increased to $409.621 million from $389.097 million year over year.
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Same-store NOI accelerated
Same-store NOI at share increased 9.0% year over year to $266.871 million, led by New York growth of 10.2% to $237.235 million and THE MART growth of 4.0% to $13.805 million.
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New York drove segment growth
New York NOI at share rose $32.478 million, or 14.2%, to $260.620 million, while Other NOI at share increased $0.900 million, or 2.3%, to $39.434 million.
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FFO per share improved
FFO attributable to common shareholders plus assumed conversions increased to $122.646 million, or $0.62 per diluted share, from $117.372 million, or $0.58 per diluted share, year over year.
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Liquidity remains substantial
Management reported $1.9 billion of liquidity, consisting of $724.0 million of cash and restricted cash and $1.2 billion of undrawn revolving-credit capacity, and said expected operating cash flow and cash balances should fund the next 12 months of requirements.
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350 Park transaction creates catalyst
The company formed the 350 Park JV after quarter-end and expects to recognize an estimated net gain of approximately $485.0 million in Q4 2026; the project has a $6.25 billion estimated development cost and a $3.30 billion construction loan.
What to watch
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GAAP profitability deteriorated
GAAP net loss attributable to common shareholders was $47.138 million, or $0.25 per diluted share, versus net income of $11.589 million, or $0.06 per diluted share, in the prior-year quarter. Operating margin declined to approximately 4.8% from approximately 10.4% year over year as total expenses rose $38.631 million.
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New joint-venture loan default
The $48.0 million non-recourse mortgage on 825 Seventh Avenue matured on October 26, 2026 and was not repaid, creating a maturity default; the loan bears SOFR plus 2.75% and 5.00% additional default interest.
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888 Seventh Avenue remains in default
The $244.543 million non-recourse mortgage on 888 Seventh Avenue remains in default after its December 10, 2025 maturity. Although lenders agreed to forbear through March 2027, scheduled interest and monthly amortization continue to accrue and are deferred until the forbearance ends.
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Cash declined amid heavy investment
Cash and restricted cash declined $253.711 million to $723.835 million during the first nine months, while operating cash flow was $262.997 million and investing cash usage was $600.539 million. Investments in partially owned entities used $297.123 million.
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555 California remains a headwind
555 California Street same-store NOI at share fell 3.4% year over year, while same-store NOI at share on a cash basis fell 26.4%; nine-month cash-basis NOI declined 42.5%.
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Large future development funding need
The 350 Park development is estimated to cost $6.25 billion, including $2.95 billion of equity, and management expects Vornado to fund approximately $290.0 million of cash contributions beginning in mid-2028 through completion.
Management's outlook
No numeric revenue, EPS or FFO guidance was provided. Management said it anticipates that cash flow from continuing operations over the next 12 months plus cash on hand will fund operations, distributions, debt amortization and recurring capital expenditures; liquidity was $1.9 billion as of September 30, 2026.
Earlier filings 4
10-Q · May 4, 2026
Vornado Realty Trust reported Q1 2026 results showing a slight decline in revenues and a significant drop in net income year-over-year, reflecting ongoing challenges in the real estate market. While revenues slightly…
10-K · February 9, 2026
Vornado's 2025 10-K shows stable top-line (total revenues of $1.810B in 2025 vs $1.788B in 2024) and a large swing to reported net income attributable to common shareholders of $842.9M in 2025 driven principally by a…
10-Q · November 3, 2025
Vornado reported total revenues of $453,700 (thousands) for Q3 2025, up from $443,255 in Q3 2024, while diluted net income per common share was $0.06 for the quarter (diluted), reversing a $(0.10) loss a year ago.…
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