• Reported GAAP EPS of $0.01 • Reported revenue of $453.71M down -0.89% YoY • Vornado anticipates $925,000,000 and $2,400,420,000 in consolidated debt maturities for 2026 and 2027, and expects $440,000,000 in capital expenditures for consolidated properties in 2026.
Bullish
Vornado demonstrated strong profitability growth in 2025, driven by strategic portfolio management with key acquisitions and dispositions, alongside positive leasing momentum and sustainability achievements.
Bearish
Vornado faces headwinds from evolving office real estate trends, significant geographic concentration risk in New York, and substantial debt maturities, including one loan already in default.