Vornado Realty Trust (VNO)
NYSE:VNO
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Earnings Data
Report Date
Aug 03, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
<0.01Last Year’s EPS
3.7Same Quarter Last Year
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call portrays a constructive, opportunity-driven outlook: strong leasing momentum, attractive opportunistic acquisitions (Park Avenue Plaza, 623 Fifth) and robust liquidity/ buybacks point to accelerating earnings potential into 2027. Near-term headwinds — a Q1 comparable FFO decline (~17%), temporary earnings drag from the 350 Park master lease modification, elevated TI, and modestly wider financing costs — create short-term pressure on cash flow and 2026 results. On balance, management presents multiple durable positives (tightening prime availability, solid pipelines, accretive acquisitions, strong liquidity and capital discipline) that outweigh the temporary challenges.Company Guidance
Strong Leasing Momentum in Manhattan and Nationwide
Manhattan leasing volume reached nearly 12 million square feet in Q1 (highest first quarter since 2014). Vornado leased 3.7 million square feet in 2025 (company's second-best year) with 960,000 square feet in Q4. In Q1 2026 Vornado released 426,000 square feet of office space overall, including 311,000 square feet in New York. Over 1.0 million square feet of leases are in negotiation across Vornado's New York pipeline.
Significant Rent Upside and Mark-to-Market Gains
Average starting rents in Manhattan were $103 per square foot in Q1 with GAAP mark-to-market gains of +11.7% and cash mark-to-market gains of +9.7%. Management reports continued positive mark-to-markets and expects reductions in free rent and TI over time.
Accretive Park Avenue Plaza Acquisition
Acquired 49% interest in Park Avenue Plaza (1.2 million sq ft). Building is ~99% occupied with an 11-year weighted average lease term. Purchase price ~$950 per sq ft, described as 65%–70% below replacement cost; inheriting sub-3% loan through 2031. Management expects roughly $0.10 per share full-year accretion (GAAP run rate).
Strong Liquidity and Capital Position
Total liquidity of $2.6 billion composed of $1.2 billion cash and $1.4 billion undrawn credit lines. Management reports no significant financings required for the next ~18 months and a history of prefunding major projects.
Active Share Repurchase Program
Under the $200 million buyback program Vornado repurchased 7 million common shares at an average of $25.80 totaling $180 million (~90% of the program). Board approved an additional $300 million buyback authorization.
PENN District Leasing and Development Progress
Management expects to complete heavy lifting of leasing at PENN 1 and PENN 2 in 2026 with GAAP rents ramping through 2026 and meaningful earnings growth anticipated in 2027 as those lease-ups take effect. The $200M (approx.) of signed but not commenced leases is expected to flow through at roughly $0.40 per share over time, with pacing ~10%–12% per quarter.
High-Quality, Disciplined Acquisitions and Redevelopments
Recently acquired/repositioned assets include Park Avenue Plaza and 623 Fifth Avenue (383,000 sq ft boutique redevelopment). Management highlights selective acquisitions in prime heartland locations and preference for non‑recourse, project-level financing.
San Francisco Market Strength
San Francisco demand improving: rents at 555 California (the Tower) have moved north of $160 per square foot for substantial leases; broader activity includes technology/AI and financial services tenancy gains.
VNO Earnings History
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 |
|---|---|---|---|
May 04, 2026 | $29.67 | $30.26 | +1.99% |
Feb 09, 2026 | $30.99 | $31.84 | +2.74% |
Nov 03, 2025 | $36.90 | $35.08 | -4.93% |
Aug 04, 2025 | $37.81 | $36.28 | -4.06% |
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 Trust (VNO) report earnings?
Vornado Realty Trust (VNO) is schdueled to report earning on Aug 03, 2026, After Close (Confirmed).
What is Vornado Realty Trust (VNO) earnings time?
Vornado Realty Trust (VNO) earnings time is at Aug 03, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is VNO EPS forecast?
VNO EPS forecast for the fiscal quarter 2026 (Q2) is <0.01.