The earnings call emphasized strong leasing activity, especially in Manhattan, and significant progress in the PENN District, which are seen as major positive developments. However, challenges in retail and flat FFO growth expectations for 2026, along with litigation uncertainties, present notable concerns.

Company Guidance

During the Vornado Realty Trust Third Quarter 2025 Earnings Call, management provided detailed guidance and metrics highlighting the company's strong performance and optimistic outlook. The company's net debt-to-EBITDA ratio improved to 7.3x, and immediate liquidity was reported at $2.6 billion. Vornado's Manhattan office leasing volume is expected to be the highest in over a decade, with 3.7 million square feet leased in the first nine months of 2025. The average starting rents in Manhattan office were $99 per square foot, excluding a significant lease with NYU. The company reported a robust third-quarter performance, with comparable FFO at $0.57 per share, up from $0.52 per share the previous year. Office occupancy increased to 88.4%, primarily due to leasing at PENN 2, which is on track to exceed 80% occupancy by year-end. The company also highlighted its strategic acquisition of 623 Fifth Avenue and anticipates a 9% yield on cost for the project. Management projected that 2027 would be an inflection year with significant earnings growth due to the lease-up of PENN 1 and PENN 2 and the impact of ongoing development projects.

Strong Leasing Activity in Manhattan

Vornado leased 3.7 million square feet in the first 9 months of 2025, with 2.8 million square feet in Manhattan office, achieving the highest average starting rents in the city at $103 per square foot. Mark-to-markets were up 15.7% GAAP and 10.4% cash.

PENN District Progress

PENN 2 is at 78% occupancy with expectations to exceed 80% by year-end. Over 1.3 million square feet have been leased since project inception. The projected incremental cash yield is set to increase from 10.2% at year-end.

Improved Balance Sheet

Net debt-to-EBITDA ratio improved to 7.3x from 8.6x at the start of the year, and immediate liquidity stands at $2.6 billion. Cash balances increased by $500 million, and $900 million in debt was paid down.

Record Signage Revenue

Signage revenue for 2025 is projected to be the highest ever, driven by ownership of all signs in the PENN District and strategic advantages in Times Square.

Vornado Realty (VNO) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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VNO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 16, 2026	2025 (Q4)	0.02 / -	0.01	―	―	―
Nov 03, 2025	2025 (Q3)	0.02 / 0.06	-0.1	160.00% (+0.16)	―
Aug 04, 2025	2025 (Q2)	0.12 / 3.70	0.18	1955.56% (+3.52)	―
May 05, 2025	2025 (Q1)	0.09 / 0.43	-0.05	960.00% (+0.48)	―
Feb 10, 2025	2024 (Q4)	-0.02 / 0.01	0.04	-75.00% (-0.03)	―
Nov 04, 2024	2024 (Q3)	-0.05 / -0.10	0.28	-135.71% (-0.38)	―
Aug 05, 2024	2024 (Q2)	-0.06 / 0.18	0.14	28.57% (+0.04)	―
May 06, 2024	2024 (Q1)	-0.02 / -0.05	0.01	-600.00% (-0.06)	―
Feb 12, 2024	2023 (Q4)	<0.01 / 0.04	0.1	-60.00% (-0.06)	―
Oct 30, 2023	2023 (Q3)	0.07 / 0.28	0.19	47.37% (+0.09)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

VNO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 03, 2025	$36.90	$35.08	-4.93%
Aug 04, 2025	$37.81	$36.28	-4.05%
May 05, 2025	$36.20	$37.53	+3.67%
Feb 10, 2025	$41.45	$41.77	+0.77%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Vornado Realty (VNO) report earnings?

Vornado Realty (VNO) is schdueled to report earning on Feb 16, 2026, After Close (Confirmed).

What is Vornado Realty (VNO) earnings time?

Vornado Realty (VNO) earnings time is at Feb 16, 2026, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is VNO EPS forecast?

VNO EPS forecast for the fiscal quarter 2025 (Q4) is 0.02.