EarningsQ2 2026 Earnings Report
MX:VNO Q2 2026 EPS Results
Actual EPS$1.45
Consensus EPS-$0.65
Beat/MissBeat by +$2.10
One Year Ago EPS$66.95
MX:VNO Q2 2026 Revenue Results
Actual Revenue$8.36B
Expected Revenue$8.22B
Beat/MissBeat by +$140.80M
YoY Revenue Growth+4.71%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeAfter Close
Conference CallMonday, August 3, 2026
MX:VNO Upcoming Earnings
Vornado Realty's next earnings date is estimated for November 2, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:VNO Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a majority of positive operational and financial developments: a clear beat to FFO, strong same-store NOI growth, accelerating Manhattan leasing with rising starting rents, a large leasing pipeline (including a 1 million sq ft Citadel commitment), accretive acquisitions (Park Avenue Plaza, 623 Fifth Avenue), and robust liquidity and buybacks. Offsetting concerns include higher net interest expense, lag between signed leases and GAAP earnings recognition, capital intensity and timing risk for major development (350 Park Avenue), and a material stock NAV discount. Overall, the positives (strong leasing momentum, NOI gains, pipeline, liquidity and accretive deals) materially outweigh the near-term lowlights and execution/timing risks.Company Guidance
Comparable FFO Beat and YoY Improvement
Comparable FFO of $0.67 for Q2 2026, beating analyst consensus by $0.10 (17.5%). This is an increase of $0.11 versus Q2 2025's $0.56 (≈19.6% YoY increase in reported FFO per share).
Strong Same-Store NOI Performance in New York
New York office same-store NOI up 13.7% (GAAP) and 11.9% (cash). New York retail same-store NOI up 7.3% (GAAP) and 5.7% (cash). New York business overall up 11.9% (GAAP) and 6.2% (cash).
Leasing Momentum and Rising Starting Rents
Year-to-date leased 978,000 sq ft overall; Manhattan office leased 659,000 sq ft at $105 average starting rent. Q2 Manhattan executed 29 office deals totaling 348,000 sq ft at $107 average starting rent with mark-to-markets of +7.7% (GAAP) and +5.0% (cash). Company projecting Q3 mark-to-markets >20%.
PENN District Lease-Up Driving Near-Term Growth
PENN 1 and PENN 2 contributing meaningfully: PENN 1 invested ~$200/sq ft to drive a $50/sq ft rent increase (cited as ~25% return). PENN 1 has 246,000 sq ft out for signature (avg mark-to-market ~44%); PENN 2 has 67,000 sq ft out for signature. Signed-but-not-commenced rents ~ $180 million (implying roughly $150M+ of FFO when recognized).
Robust Leasing Pipeline Including Major Citadel Commitment
Over 2.2 million sq ft of leases in negotiation/proposal, including a 1 million sq ft Citadel lease at 350 Park Avenue and 500,000+ sq ft in the PENN District; management expects occupancy to rise to north of 93% by year-end from 92.2% this quarter (up 60 bps QoQ and well above prior trough of 84.4%).
Accretive Acquisitions and High Upside Assets
Recent acquisitions 623 Fifth Avenue and Park Avenue Plaza performing well: Park Avenue Plaza valued at ~$950/sq ft with in-place mortgage at 2.9% and cited as generating ~8% cash-on-cash on in-place basis, with in-place rents ~half of current market, indicating substantial upside potential.
Strong Liquidity and Share Repurchase Activity
Liquidity of ~$2.0 billion (cash $789M + undrawn credit lines $1.2B). Repurchased 1.8M shares this quarter at $29.92; total repurchases since 2023 of 8M shares at $26.61 average.
Signage Business and Asset Differentiation
Signage business described as capital light and growing ~5% per year; company controls prime Times Square and PENN District real estate for signage, aiding margin and recurring revenue growth.
MX:VNO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed