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Vornado Realty VNO Construction in progress

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Other financials

Income statement

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Revenue$459.1M-0.5%
Net income-$7.3M-107%
EPS (diluted)-$0.12-128%

Balance sheet

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Cash & equivalents$1.2B+50.1%
Total debt$3.5B+376%
Total equity$6.0B+13.2%
Total assets$15.9B+2.1%

Cash flow

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Operating cash flow$47.7M-8.2%
CapEx$171.8M
Free cash flow-$124.1M-338%

Valuation

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Market cap$7.38B+7.0%
Enterprise value$9.66B+15.5%
P/E9.3×+1.4×
P/S4.1×+0.3×

Profitability

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Operating margin26.9%
Net margin44%+34.8pp
FCF margin75.8%+47.7pp

Returns & leverage

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Return on equity14%+11.0pp
Debt / equity0.6×+0.4×

Where this comes from

Reported directly by Vornado Realty in its filing.

Tagged under the XBRL concept us-gaap:DevelopmentInProcess.

The source filing: Vornado Realty’s 10-Q, filed May 4, 2026.

Filed
May 4, 2026, 4:24 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0000899689-26-000026
(Amounts in thousands, except unit, share, and per share amounts)As of / March 31, 2026As of / December 31, 2025
Real estate, at cost:
Land$2,425,240$2,408,914
Buildings and improvements11,076,74410,942,418
Development costs and construction in progress946,797890,143
Leasehold improvements and equipment108,582105,080
Total14,557,36314,346,555
Less accumulated depreciation and amortization(4,276,342)(4,191,075)
Real estate, net10,281,02110,155,480

Item 1. Financial Statements of Vornado Realty Trust:

FAQ

What is Vornado Realty's construction in progress?
Vornado Realty (VNO) reported construction in progress of $946.8M in Q1 2026.
How has Vornado Realty's construction in progress changed year-over-year?
Vornado Realty's construction in progress increased by 7.6% year-over-year, from $879.6M to $946.8M.
What is the long-term trend for Vornado Realty's construction in progress?
Over 5 years (2020 to 2025), Vornado Realty's construction in progress has grown at a -11.1% compound annual growth rate (CAGR), from $1.6B to $890.14M.
What does construction in progress mean?
Costs accumulated for facilities, equipment, or infrastructure projects under construction — not yet placed in service or generating revenue.

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