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Vornado Realty Trust cash flow statement

In fiscal 2025, Vornado Realty Trust's operations generated $1.26bn of cash; it spent $297m on capital projects, leaving free cash flow of $962m. It returned $141m in dividends and $51.0m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations9958608036634247627996485381,258409
Depreciation and amortisation595530473439418433526458469481582
Stock-based pay3433325449382943302524
Capital spending3883157570133330297271
Free cash flow608830228593423759796615538962139
Free cash flow after stock pay574797196539374720767572508936114
Dividends paid476496479504827406407129141141—
Share buybacks—————0029051184

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Vornado Realty Trust's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Vornado Realty Trust.