Vornado Realty Trust Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	904.96	70.39	105.49	-346.5	176
Depreciation & Amortization	461.82	444.47	429.01	499.32	403.1
Other Amortization	920.67	21.92	23.3	21.8	20.25
Gain (Loss) on Sale of Assets	-35.29	-16.05	-71.2	-100.63	-50.77
Gain (Loss) on Sale of Investments	23.47	41.75	9.13	3.02	-4.61
Asset Writedown	-	-	45.01	19.1	7.88
Stock-Based Compensation	25.48	30.17	43.2	29.25	38.33
Income (Loss) on Equity Investments	-26.56	30.42	134.18	645.85	84
Change in Accounts Receivable	-18.79	4.7	9.38	-4.44	-0.19
Change in Accounts Payable	6.28	-6.8	10.72	5.72	35.86
Change in Other Net Operating Assets	-168.72	-54.89	-45.68	86.05	-32.12
Other Operating Activities	-834.92	-28.35	-44.39	-59.61	76.39
Operating Cash Flow	1,258	537.72	648.15	798.94	761.81
Operating Cash Flow Growth	134.02%	-17.04%	-18.87%	4.88%	79.57%
Acquisition of Real Estate Assets	-709.55	-465.61	-797.75	-900.8	-738.4
Sale of Real Estate Assets	95.71	33.61	148	461.28	237.43
Net Sale / Acq. of Real Estate Assets	-613.84	-432.01	-649.74	-439.51	-500.97
Cash Acquisition	-	-	-	-	-123.94
Investment in Marketable & Equity Securities	764.34	-115.36	430.17	-467.35	91.01
Investing Cash Flow	115.51	-597.37	-128.79	-906.86	-532.35
Long-Term Debt Issued	835.79	75	-	1,030	3,248
Long-Term Debt Repaid	-1,904	-97.44	-148	-1,251	-1,584
Net Debt Issued (Repaid)	-1,068	-22.44	-148	-221.6	1,664
Issuance of Common Stock	-	-	-	-	0.9
Repurchase of Common Stock	-50.99	-	-29.18	-	-1.57
Preferred Stock Issued	-	-	-	-	291.15
Preferred Share Repurchases	-	-	-	-	-300
Common Dividends Paid	-141.28	-141.1	-129.07	-406.56	-406.11
Preferred Dividends Paid	-62.1	-62.11	-62.12	-62.12	-65.88
Total Dividends Paid	-203.38	-203.22	-191.18	-468.68	-471.99
Other Financing Activities	-23.87	-26.67	89.43	-111	-1,212
Net Cash Flow	27.93	-311.97	240.43	-909.19	199.98
Cash Interest Paid	313.09	322.77	381.41	252.37	188.59
Cash Income Tax Paid	5.2	7.61	10.37	7.95	9.16
Levered Free Cash Flow	1,269	515.88	366.66	550.55	686.54
Unlevered Free Cash Flow	1,456	711.78	554.75	703.33	795.9
Change in Working Capital	-181.23	-56.98	-25.58	87.33	3.55

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.