Vornado Realty Trust (VNO) Earnings
Vornado Realty Trust is expected to report next earnings on August 3, 2026 (in NaN days), with a consensus EPS estimate of $-0.01. VNO has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +3.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.52 | $0.52 | +0.0% | $459M | +6.3% |
| May 1, 2023 | $0.62 | $0.60 | -3.2% | $446M | -1.4% |
| Feb 13, 2023 | $0.67 | $0.72 | +7.5% | $447M | -1.9% |
| Oct 31, 2022 | $0.74 | $0.81 | +9.5% | $457M | +1.3% |
| Aug 1, 2022 | $0.79 | $0.83 | +5.1% | $453M | +5.1% |
| May 2, 2022 | $0.76 | $0.79 | +3.9% | $442M | +3.3% |
| Feb 14, 2022 | $0.74 | $0.81 | +9.5% | $421M | +1.0% |
| May 3, 2021 | $0.63 | $0.65 | +3.2% | $380M | -63.0% |
| Feb 16, 2021 | $0.64 | $0.66 | +3.1% | $376M | +30.5% |
| May 4, 2020 | $0.76 | $0.72 | -5.3% | $445M | -80.0% |
| Feb 18, 2020 | $0.87 | $1.01 | +16.1% | $461M | +16.1% |
| Apr 29, 2019 | $0.91 | $0.79 | -13.2% | $535M | -28.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Business at Vornado continues excellent, riding strengthening landlord's market in New York. Stephen Roth stands with Ken Griffin regarding 350 Park Avenue development, emphasizes New York being strong real estate market, pays significant taxes, is union shop. Announced acquisition of 49% interest in Park Avenue Plaza, redeveloping 623 Fifth Avenue, robust demand for retail assets, share buybacks. Michael Franco discusses first quarter comparable FFO, Manhattan office market strong with high leasing volume, supply-demand imbalance, financing markets strong for Class A New York office assets, liquidity strong at $2.6 billion.
Guidance
Full-year 2026 comparable FFO expected to be slightly higher than 2025, ramping up each quarter due to gap rents, lower interest expense after June 2026 bonds repaid, seasonality. Significant earnings growth in 2027 with PEN1 and PEN2 lease-up and acquisition impact. $0.10 accretion from Park Avenue Plaza on full year basis in first year.
Segment performance
First quarter comparable FFO was $0.52 per share, compared to $0.63 per share for last year's first quarter. Reversed previously accrued PEN1 ground rent expense in prior year's first quarter and higher net interest expense partially offset by higher FFO from NYU MAS release at 770 and strong income growth at PEN1 and PEN2. Park Avenue Plaza acquisition is $950 per square foot, 65%-70% discount to replacement costs, expected to be approximately $0.10 accretive on a full year basis in first year. 623 Fifth Avenue redeveloping to premier boutique office building with active tenant interest. Demand for retail assets robust. $200 million share buyback program with repurchased 7 million common shares at average $25.80 per share, totaling $180 million, and board authorized additional $300 million buyback program.
Risks & headwinds
Geopolitical volatility, Middle East conflict impact on economy, AI fear-mongering overblown but still a risk, litigation related to PEN1, certain buildings being left out of occupancy statistics which could impact perception.
Analyst Q&A
Q: Steve Sakwa asks about pipeline, renewal vs new expansion, New York vs other city demand trends.
A: Pipeline 50% new expansion, 50% renewal, tenants coming early on renewals due to lack of quality space, San Francisco and Chicago showing improvement.
Q: John Kim asks about all in at 350 Park and put option.
A: Expect to be all in with Citadel as anchor tenant, have until summer to decide participant or seller.
Q: Floris Van Dykem asks about S&O pipeline, Park Avenue Plaza acquisition.
A: S&O pipeline mostly office, two-thirds in Penn District, Park Avenue Plaza acquisition attractive with cash yield ~8%, gap yield double digits.
Q: Alexander Goldfarb asks about Park Avenue Plaza accretion and 350 Park earnings impact.
A: Park Avenue Plaza $0.10 accretion full-year run rate, 350 Park earnings ding due to master lease modification but will be made up by capitalizing interest.
Q: Dylan Brzezinski asks about financing markets and asset sales.
A: Financing markets widened due to volatility but still functioning for high quality assets, working on asset sales with active discussions.
Q: Yana Gallen asks about 2026 FFO and San Francisco leasing.
A: 2026 FFO due to latter reasons, San Francisco rents rising, activity from various industries.
Q: Anthony Pallone asks about leverage and disposition program.
A: Capital earmarked for opportunities, asset sales in works, project financing with non-recourse debt.
Q: Victor Malhotra asks about Hotel Penn, Manhattan Mall, and 2027 FFO.
A: No update on Hotel Penn, Manhattan Mall, FAD elevated in 2027.
Q: Nick Ulico asks about 350 Park rent and earnings guidance.
A: 350 Park rent started in second quarter, no formal earnings guidance.
Q: Seth Berge asks about no sacred cows and acquisitions vs share buyback.
A: No sacred cows, can do acquisitions, share buyback, and manage leverage.
Q: Caitlin Burrows asks about mark-to-market and leasing volume.
A: Expect mark-to-market positive, leasing volume lumpy due to landlord's market.
Q: Ronald Camden asks about occupancy and litigation.
A: Occupancy expected to get back to mid-90s, no comment on PEN1 litigation.
Q: Brendan Lynch asks about Sunset Pure Studio and Verizon space.
A: Interest in long-term leases for Sunset Pure Studio, Verizon space in good lease position.