Vornado Realty Reports Strong 2025 Profitability Rebound

The latest update is out from Vornado Realty ( (VNO) ).

On April 7, 2026, Vornado Realty Trust reported its 2025 results to U.S. regulators, highlighting a sharp rebound in profitability, with net income attributable to common shares rising to $842.9 million, or $4.20 per diluted share, from $8.3 million, or $0.04 per diluted share, a year earlier. Funds from Operations (FFO), as Adjusted, increased to $465.6 million, or $2.32 per diluted share, from $447.1 million, or $2.26 per diluted share, while total net operating income reached $1.11 billion and same-store NOI grew 5.4%, signaling improving performance in its core office-led New York portfolio and key assets THE MART and 555 California Street, though gains were partly offset by tenant-related pressures and asset sales.

The company detailed that New York operations accounted for 87.3% of 2025 net operating income, with office contributing 65.6% and retail 16.2%, and THE MART and 555 California Street together providing around 13% of NOI, underscoring continued geographic and asset concentration. Management attributed the $18.5 million increase in FFO, as Adjusted, to factors including improved variable businesses, favorable real estate tax expense at THE MART, reduced net interest expense, and the PENN 1 ground rent reset, while acknowledging offsetting impacts from tenant-related items and dispositions, and noted that total shareholder return since current leadership took over has averaged 11.7% annually, with dividends comprising 2.7 percentage points of that return.

The most recent analyst rating on (VNO) stock is a Hold with a $28.00 price target. To see the full list of analyst forecasts on Vornado Realty stock, see the VNO Stock Forecast page.

Spark’s Take on VNO Stock

According to Spark, TipRanks’ AI Analyst, VNO is a Neutral.

The score is held back mainly by pressured financial quality (revenue decline and leverage) and weak technical momentum (below major moving averages with negative MACD). Offsetting these are attractive valuation (low P/E) and a generally positive earnings-call backdrop on leasing/occupancy and balance-sheet actions, though 2026 guidance remains flat with near-term interest and cash NOI headwinds.

To see Spark’s full report on VNO stock, click here.

More about Vornado Realty

Vornado Realty Trust is a real estate investment trust focused primarily on high-quality office, retail, and residential properties, with a heavy concentration in New York City and key assets such as THE MART in Chicago and 555 California Street in San Francisco. The company generates the bulk of its net operating income from its New York office and retail portfolio, underscoring its positioning as a major urban commercial landlord.

Average Trading Volume: 2,171,380

Technical Sentiment Signal: Sell

Current Market Cap: $5.29B

For detailed information about VNO stock, go to TipRanks’ Stock Analysis page.