Jun 2026 (Q2 FY26) — Aug 4, 2026
Vornado Q2 FY26 — Strong Manhattan Office Market and PENN District Performance
Read the full callVornado earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 462 | +4.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 32.0 | −95.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
10 of 11 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 comparable FFO vs FY25 ($2.32/share) | flattish compared to 2025 | Sep 2025 | We now clearly expect full year 2026 comparable FFO to be higher than 2025 with second quarter comparable FFO being a decent average run rate for the rest of the year. | Revised Up |
| 350 Park Avenue joint venture closing | closing in September 2026 | Jun 2026 | We expect the joint venture closing will take place in September. | New |
| 350 Park Avenue demolition/construction start date | commence demolition in March 2026 | Sep 2025 | Demolition began literally days ago, and we at Vornado are ready to go. | Achieved* |
1 of VORNADO REALTY TRUST's 23 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 20 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: $39.22 on 17 Oct 2025 → $32.19. High $40.91 (4 Aug 2026), low $24.71 (27 Mar 2026).
Overview
Guidance
10 of 11 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 comparable FFO vs FY25 ($2.32/share) | flattish compared to 2025 | Sep 2025 | We now clearly expect full year 2026 comparable FFO to be higher than 2025 with second quarter comparable FFO being a decent average run rate for the rest of the year. | Revised Up |
| 350 Park Avenue joint venture closing | closing in September 2026 | Jun 2026 | We expect the joint venture closing will take place in September. | New |
| 350 Park Avenue demolition/construction start date | commence demolition in March 2026 | Sep 2025 | Demolition began literally days ago, and we at Vornado are ready to go. | Achieved* |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 23 tracked commitments, with each call’s wording and source.
Call summaries
Vornado Q2 FY26 — Strong Manhattan Office Market and PENN District Performance
Read the full callEvery analysed call
Financials
Net profit, year on year: −96% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 443 | 458 | 462 | 441 | 454 | 454 | 459 | 462 |
| Interest | — | — | — | 88 | — | — | — | 90 |
| Profit before tax | -15 | 12 | 107 | 817 | 14 | 13 | -16 | 43 |
| Tax rate | −33.5% | 50.3% | 6.7% | 0.5% | −41.0% | 61.3% | −36.6% | 8.3% |
| Net profit | -4 | 17 | 102 | 759 | 27 | 16 | -7 | 32 |
| EPS ($ per share) | -0.10 | — | 0.45 | 3.87 | 0.06 | — | -0.12 | 0.09 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | -4,167 | -1,954 | -2,774 | -3,079 | -3,895 | -4,009 | -4,142 | -3,492 |
| Total liabilities | 11,289 | 10,087 | 8,667 | 10,063 | 9,980 | 9,844 | 9,827 | 8,717 |
| Investments | — | — | — | 0 | 472 | 0 | — | — |
| Total assets | 17,181 | 18,287 | 16,222 | 17,267 | 16,493 | 16,188 | 15,999 | 15,521 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 803 | 663 | 424 | 762 | 799 | 648 | 538 | 1,258 |
| Cash from investing | -878 | 2,463 | -88 | -532 | -907 | -129 | -597 | 116 |
| Cash from financing | -1,123 | -2,236 | -213 | -29 | -801 | -279 | -252 | -1,346 |
| Net cash flow | -1,198 | 890 | 123 | 200 | -909 | 240 | -312 | 28 |
| Capital expenditure | -1,044 | -303 | -157 | -152 | -163 | -245 | -223 | -565 |
| Free cash flow | -241 | 359 | 267 | 609 | 636 | 403 | 315 | 693 |
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| New York | 82% | 84% | 82% | 81% | 81% | 83% | 82% | 82% | +6.2% |
| Other | 18% | 16% | 19% | 19% | 19% | 17% | 18% | 18% | -1.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
15 filings between Feb 23, 2026 and Sep 29, 2026.
Purchases
$5.70M
9 purchases by 2 insiders
Sales
$7.94M
3 sales by 2 insiders
Also filed: 2 conversions, 1 gift.
| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| TISCH DANIEL R | $5.63M | — | Mar 12, 2026 |
| Fascitelli Michael D | — | $4.88M | Jun 17, 2026 |
| Chera Haim | — | $3.06M | Sep 29, 2026 |
| WIGHT RUSSELL B JR | $67.8K | — | Jun 8, 2026 |
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 29, 2026 | Chera Haim EVP - HEAD OF RETAIL | Sale | 90,000 | $3.06M |
| Jun 17, 2026 | Fascitelli Michael D Director | Sale | 8,000 | $298.7K |
| Jun 17, 2026 | Fascitelli Michael D Director | Sale | 125,350 | $4.58M |
| Jun 8, 2026 | WIGHT RUSSELL B JR Director | Purchase | 1,000 | $17.6K |
| Jun 8, 2026 | WIGHT RUSSELL B JR Director | Purchase | 1,000 | $17.4K |
| Jun 8, 2026 | WIGHT RUSSELL B JR Director | Purchase | 1,000 | $15.0K |
| Jun 8, 2026 | WIGHT RUSSELL B JR Director | Purchase | 1,000 | $17.7K |
| May 18, 2026 | ROTH STEVEN CHAIRMAN AND CEO | Gift | 26,428 | $0 |
| May 6, 2026 | Chera Haim EVP - HEAD OF RETAIL | Conversion | 100,000 | $0 |
| Mar 12, 2026 | TISCH DANIEL R Director | Purchase | 30,000 | $766.5K |
| Mar 3, 2026 | TISCH DANIEL R Director | Purchase | 70,000 | $1.84M |
| Mar 2, 2026 | TISCH DANIEL R Director | Purchase | 40,000 | $1.08M |
| Feb 27, 2026 | TISCH DANIEL R Director | Purchase | 45,000 | $1.25M |
| Feb 24, 2026 | TISCH DANIEL R Director | Purchase | 25,000 | $696.3K |
| Feb 23, 2026 | Chera Haim EVP - HEAD OF RETAIL | Conversion | 100,000 | $0 |
| Sep 4, 2025 | Chera Haim EVP- HEAD OF RETAIL | Sale | 30,000 | $1.19M |
| May 30, 2025 | Chera Haim EVP- HEAD OF RETAIL | Sale | 20,000 | $759.6K |
| May 16, 2025 | ROTH STEVEN CHAIRMAN AND CEO | Gift | 283,727 | $0 |
| May 7, 2025 | Chera Haim EVP- HEAD OF RETAIL | Conversion | 50,000 | $0 |
| May 7, 2025 | Beinecke Candace K Director | Option exercise | 3,472 | — |
| Dec 10, 2024 | WIGHT RUSSELL B JR Director | Sale | 2,000 | $89.7K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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