The earnings call highlighted strong stock performance, significant leasing activity, improved occupancy, and a better financial position. However, challenges in the retail segment and the San Francisco market were noted. The positive aspects, particularly the leasing and financial improvements, significantly outweigh the challenges.

Company Guidance -

Q3 2025

During Vornado Realty Trust's Second Quarter 2025 Earnings Call, management provided robust guidance, highlighting several key metrics. The company's stock performance outpaced the office sector with a 42% increase over the past 12 months, nearly doubling the S&P 500. Leasing activities were strong, with 2.7 million square feet leased in the first half of 2025, including a significant 1.1 million square foot lease with NYU at 770 Broadway. In Q2, they executed 27 deals totaling 1.5 million square feet in Manhattan, achieving an average starting rent of $101 per square foot and mark-to-market increases of 11.8% GAAP and 8.7% cash. Occupancy at PENN 1 reached 91%, while PENN 2 stood at 62% following a new lease with Verizon Communications. The company's liquidity was bolstered to $2.9 billion, with a net debt-to-EBITDA improvement from 8.6x to 7.2x. They maintained a conservative outlook for 2025 comparable FFO, projecting it to be flat compared to $2.26 per share in 2024, but anticipated significant earnings growth by 2027 as leasing activities mature.

Strong Stock Performance

Vornado's stock performance leads the office sector with an increase of 42% over the trailing 12 months, almost double the S&P 500.

Record Leasing Activity

During the first half of 2025, Vornado leased 2.7 million square feet overall, with 2.2 million square feet in Manhattan offices. This includes a 1.1 million square foot master lease with NYU, the largest New York office lease since 2019.

Occupancy and Leasing Progress

New York office occupancy increased to 86.7% from 84.4%. Significant leasing activity at PENN 1 and PENN 2, with notable deals such as a 203,000 square foot lease with Verizon Communications.

Improved Financial Position

Net debt-to-EBITDA improved by 1.4 turns to 7.2x from 8.6x. Cash balances increased to $1.36 billion, with immediate liquidity of $2.9 billion.

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

Daily Earnings Calendar >

VNO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 03, 2025	2025 (Q3)	0.01 / -	-0.1	―	―	―
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)	―
Jul 31, 2023	2023 (Q2)	0.10 / 0.14	0.19	-26.32% (-0.05)	―

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
Aug 04, 2025	$38.65	$37.08	-4.06%
May 05, 2025	$37.00	$38.36	+3.68%
Feb 10, 2025	$42.37	$42.69	+0.76%
Nov 04, 2024	$41.22	$42.04	+1.99%

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 Nov 03, 2025, After Close (Confirmed).

What is Vornado Realty (VNO) earnings time?

Vornado Realty (VNO) earnings time is at Nov 03, 2025, 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 (Q3) is 0.01.

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