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Vornado Realty VNO Q2 2025 earnings

Reported August 4, 2025 · After market close

Revenue$441.4MMiss by $28.0M
EPS$0.56Beat by $0.03
Revenue estimate$469.5M
EPS estimate$0.53

Next report

Nov 2, 2026 (in a month)
Revenue estimate$475.9M
EPS estimate-$0.13

Financials

Q2 2025

Income statement

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Revenue$441.4M-2.0%
Net income$759.3M+1,395%
EPS (diluted)$3.70+1,956%

Balance sheet

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Cash & equivalents$1.4B+22.1%
Total debt$2.8B+281%
Total equity$6.1B+8.3%
Total assets$15.6B-3.7%

Cash flow

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Operating cash flow$1.0B+427%
CapEx$22.8M—
Free cash flow$1.0B+416%

Valuation & ratios

Valuation

as of 06/30/25
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Market cap$7.38B+47.5%
Enterprise value$8.85B+91.0%
P/E8.4×—
P/S4.1×+1.3×

Profitability

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Net margin48.5%—
FCF margin75.8%+47.7pp

Returns & leverage

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Return on equity14.9%—
Debt / equity0.5×+0.3×

Segments

By product

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BMS cleaning fees$37.4M-2.7%
Tenant services$9.1M-5.4%
Parking revenues$5.0M+5.2%
Management and leasing fees$2.9M-56.4%

By segment

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New York$358.2M-2.6%
Other$83.3M+0.7%

FAQ

When did Vornado Realty report Q2 2025 earnings?
Vornado Realty (VNO) reported Q2 2025 earnings on August 4, 2025 after market close.
What were Vornado Realty's Q2 2025 revenue and EPS?
Vornado Realty reported revenue of $441.4M and eps of $0.56 for Q2 2025.
Did Vornado Realty beat estimates in Q2 2025?
Revenue missed the consensus estimate of $469.5M by $28.0M. EPS beat the consensus estimate of $0.53 by $0.03.
How did Vornado Realty's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 2.0% from $450.3M a year earlier and eps declined 1.8% from $0.57.