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Dec 31, 2025
Vornado Q4 2025 Earnings Report
Vornado reported a decrease in net income and FFO per diluted share for Q4 2025 compared to the prior year's quarter, with mixed results across its segments.
Key Takeaways
Vornado Realty Trust experienced a decline in net income and FFO per diluted share in the fourth quarter of 2025 compared to the same period in the prior year. While total revenues remained relatively stable, specific adjustments and non-GAAP items impacted overall profitability. The company also reported various acquisition, disposition, and financing activities during the period.
Net income attributable to common shareholders decreased to $601,000 in Q4 2025 from $1,203,000 in Q4 2024.
FFO attributable to common shareholders plus assumed conversions (non-GAAP) decreased to $112,927,000 in Q4 2025 from $117,085,000 in Q4 2024.
Total revenues for Q4 2025 were $453,709,000, a slight decrease from $457,790,000 in Q4 2024.
The company completed several acquisitions and dispositions, including the sale of 512 West 22nd Street and the acquisition of 623 Fifth Avenue office condominium.
Revenue by Geographic Location
Forward Guidance
Vornado anticipates continued common share dividend payments in 2026 and expects to requalify for interest rate reductions. However, ongoing litigation regarding PENN 1 ground rent and the uncertainty of completing the 888 Seventh Avenue forbearance agreement pose potential risks.
Positive Outlook
- Anticipates continuing common share dividend policy in 2026.
- Expects to requalify for sustainability margin adjustment, reducing interest rates on credit facilities.
- Has $91,140,000 remaining available for repurchases under a $200,000,000 share repurchase plan.
- Completed several refinancings, extending maturities and securing new terms for various properties.
- Acquired and is redeveloping 623 Fifth Avenue into a premier boutique office building, expected for delivery in 2027.
Challenges Ahead
- Ongoing litigation regarding PENN 1 ground rent reset determination, which could impact annual rent payments.
- Uncertainty regarding the completion of the forbearance agreement for 888 Seventh Avenue, which is currently in default.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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