VNO NYSE Russell 1000 Earnings call
Vornado Realty Trust (VNO) · Q2 2026 results and valuation
Share price: $35.20 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 4 Aug 2026 and 5 May 2026
Net income turned to a profit from a loss last quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned profit
Net income vs Q1 2026
Outlook given
Net income 32.0M vs -7.3M
Revenue +0.7%
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Figure
Vornado Realty Trust has a $3.3 billion construction loan ready to go.
Valuation
Is Vornado Realty Trust undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 0.2% growth a year (3-year revenue growth), the model's fair value is $59.23 a share — the stock trades 41% below it. Today's price assumes −7.2% growth a year.
Current price
$35.20
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-7.2% for 10 yrs
Fair value / share
$59.23
Buy below
$44.42
Price vs fair value
Undervalued 41%
Price vs buy-below price
Undervalued 21%
Read between the lines
-
Guidance
About 10% of PENN 1 space rolls annually, driving expected continued strong growth there.
Source quote
“We continue to be delighted with our 2 most recent acquisitions, 623 Fifth Avenue and Park Avenue Plaza. Importantly, given that roughly 10% of the space in PENN 1 rolls each year, we expect continued strong growth from PENN 1 as we keep marching old rents up to market. Thanks to Harrison for giving us a shout out for these 2 deals on his call.”
-
Key theme
Locations in Manhattan, Times Square, and the PENN District continue to grow at a healthy rate.
Source quote
“locations in Manhattan, Times Square and the PENN District continues to grow at a healthy rate. We love this business.”
-
Guidance
The company expects substantial capital appreciation to accompany current earnings that are above-market.
Source quote
“So we expect very substantial capital appreciation here to go hand-in-hand with above-market current earnings.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“And notwithstanding the fact that vacancies grew to very high numbers in San Francisco and rents plummeted, that building, 555 California, the rents went up and occupancy stayed by and...”
“At Vornado, our singular focus is on executing our plan to deliver the highest growth in our sector based on our lineup of high-quality assets and in-process projects.”
“Based on our strong leasing pipeline, we anticipate that our occupancy will grow to north of 93% by year-end with further gains thereafter.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 462.2M | 459.1M | +0.7% | 441.4M | +4.7% |
| Operating income | 42.8M | -16.1M | Turned profit | 817.4M | −94.8% |
| Net income | 32.0M | -7.3M | Turned profit | 759.3M | −95.8% |
| P/E today 1107.0 | 1310.0 | 7.1 | +1302.9 | 9.4 | +1300.6 |
Topics
Most discussed now
- New Ronald, the quick reading your report, it sounds like Vornado Realty Trust has a fairly wide disparity on NAV viewpoints.
- Vacancies in the 180 million square foot Class A better building market in which Vornado Realty Trust competes is now down to...
- Remember, new supply takes as long as 5 years to deliver and requires upwards of $300 rents to pencil.
- New York is clearly the best, strongest and most important real estate market in the country and the most resilient.
- There is limited new supply on the horizon.
Faded since Q1 2026
- Fading Vornado Realty Trust is certain that it can buy selectively important assets that come up in the bulls-eye location of its heartland.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K