Pulling SEC filings + quote and writing the call…
Pulling SEC filings + quote and writing the call…

VORNADO REALTY TRUST
Next earnings Aug 3, 2026 · consensus $-0.04 EPS, $449M rev
Last earnings -1.8% on 2026-05-04
NYC office REIT with cheap-looking 9.0x earnings, but profit is gain-inflated and 78% of NOI sits in structurally pressured offices.
Sources: SEC EDGAR (CIK 0000899689, latest 10-Q filed 2026-05-04) · EODHD · analysis by claude-code · as of 6/21/2026, 8:51:58 PM.
Research and education only — not financial advice. Calls are generated from SEC filings and a delayed/third-party price feed, may be wrong or out of date, and are not a recommendation to buy or sell any security. Do your own research.
Middling fundamentals offset by an attractive price (~326% below fair value) — worth a look on the value angle.
Vornado is a concentrated New York City landlord — approximately 78% of 2025 NOI from office properties and 88% from the New York metro area, per the 10-K. FY2025 looks dramatically improved on the surface: net income jumped to $905M (+1,185.7%) and diluted EPS to $4.20, against revenue that was essentially flat at $1.81B (+1.3%). That disconnect is the tell — the earnings surge is driven by gains/non-recurring items, not operating growth (operating margin held around 32%). The cleaner signal is operating cash flow of $1.26B (+134.0%) and meaningful deleveraging, with total liabilities down 11.3% and long-term debt down 11.8% to $2.26B.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.59B | $1.80B | $1.81B | $1.79B | $1.81B |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $176M | -$346M | $105M | $70.4M | $905M |
| Diluted EPS | $0.53 | -$2.13 | $0.23 | $0.04 | $4.20 |
| Net margin | 11.1% | -19.2% | 5.8% | 3.9% | 50.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
1482 tracked peers · median
Disclosed under the STOCK Act
Self-reported periodic transaction reports (STOCK Act). Amounts are disclosed ranges; a trade may be a spouse's. Disclosures lag the trade by up to ~45 days. Source: House Clerk + Senate eFD.
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.
Last 90 days: 4 open-market buys · 2 sales
| 2026-06-17 | Fascitelli Michael D Director | Sell | 125K @ $36.57 | $4.58M |
| 2026-06-17 | Fascitelli Michael D Director | Sell | 8.00K @ $37.34 | $299K |
| 2026-06-08 | WIGHT RUSSELL B JR Director | Buy | 1.00K @ $17.69 | $17.7K |
| 2026-06-08 | WIGHT RUSSELL B JR Director | Buy | 1.00K @ $17.63 | $17.6K |
| 2026-06-08 | WIGHT RUSSELL B JR Director | Buy | 1.00K @ $17.44 | $17.4K |
| 2026-06-08 | WIGHT RUSSELL B JR Director | Buy | 1.00K @ $15.00 | $15.0K |
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.