Cash Flow Statement

Operating Cash Flow

+58%

+197%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	259	263	251	233	273	290	302	461	451	526	558	593	710	729	660	540	489	471	560	560	578	581	583	608	891	871	783	411	118	(68)	44	129	205	322	283	708	921	975	925	740	575	502	700	695	703	827	695	565	374	357	394	1 009	1 036	1 086	1 152	859	643	696	561	982	1 147	1 026	915	264	191	148	378	423	635	3 127	3 271	3 334	3 017	203	(92)	(462)	(330)	(36)	(33)	208	234	226	174	(383)	(425)	(431)	(392)	33	15	(7)	(86)	20	126	899	938	937
Depreciation & Amortization	137	151	180	193	199	207	198	211	226	232	240	239	277	303	326	333	360	380	397	389	432	462	503	463	590	588	591	481	557	563	553	487	563	561	565	490	553	550	552	518	589	593	585	504	562	562	558	509	567	561	567	537	561	568	580	566	586	593	592	595	591	586	557	530	499	474	476	473	481	480	461	439	413	392	403	418	421	418	412	433	455	485	520	526	517	505	482	458	459	462	467	469	477	481	482	481
Change in Deffered Taxes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(90)	(90)	(90)	0	0	0	0	0	0	0	35	0	0	0	13	0	0	0	0	0	0	0	0	0	0	0	0	0	6	10	14	0	13	18	17	21	17	13	13	12	12	4	4
Stock-Based Compensation	7	14	21	28	21	14	7	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	29	35	44	52	31	31	32	34	35	38	38	38	37	40	38	36	40	34	35	34	34	61	60	60	33	33	33	33	32	50	53	54	54	48	45	46	49	44	43	42	38	30	30	28	29	28	34	40	43	39	36	33	30	29	27	26	25
Other Non-Cash Items	30	63	81	111	130	106	111	(111)	(84)	(147)	(165)	(186)	(282)	(294)	(226)	(112)	(65)	(73)	(171)	(230)	(233)	(258)	(288)	(252)	(563)	(512)	(443)	(80)	225	364	257	134	78	1	84	(322)	(537)	(560)	(506)	(368)	(184)	(136)	(375)	(288)	4	(161)	72	(26)	25	234	204	(411)	(395)	(521)	(696)	(466)	(335)	(456)	(313)	(721)	(856)	(750)	(586)	51	113	157	(114)	(163)	(419)	(2 943)	(3 123)	(3 202)	(2 858)	(70)	166	484	340	49	109	(96)	(146)	(163)	(165)	369	414	446	407	(7)	(3)	(13)	66	(51)	(148)	(37)	(83)	(97)
Cash Taxes Paid	0	0	0	1	0	0	0	2	0	0	0	2	0	0	0	4	0	0	8	9	10	12	31	37	37	37	17	22	21	22	23	22	22	22	20	24	25	26	29	26	26	27	35	22	21	20	10	9	8	11	11	12	13	12	10	8	8	7	8	10	9	8	7	7	7	8	62	62	69	87	49	60	57	40	27	15	13	13	9	9	7	7	8	8	8	8	10	10	10	10	8	8	8	7	7	5
Cash Interest Paid	177	189	209	247	241	260	255	246	245	235	180	254	275	296	383	349	370	409	429	454	488	527	590	654	666	681	660	658	655	663	657	632	621	582	580	549	536	535	528	531	540	438	510	492	491	564	475	465	449	444	432	444	435	408	383	377	377	380	396	369	365	363	350	339	336	319	327	312	313	321	294	284	252	226	221	210	207	196	183	189	185	203	221	252	291	309	388	381	366	369	312	323	336	338	320	313
Change in Working Capital	(28)	(35)	(38)	28	(12)	(21)	33	(25)	(13)	(40)	(43)	35	(47)	(31)	(54)	2	36	24	(39)	105	(61)	(20)	27	(122)	(15)	(31)	(9)	5	(76)	(58)	(137)	(115)	(48)	(53)	(147)	(105)	(259)	(466)	(228)	(188)	(167)	(252)	(263)	(85)	(336)	(223)	(221)	(7)	22	(56)	(32)	0	(134)	(124)	(149)	(197)	(54)	(26)	(39)	139	143	130	198	(20)	(14)	(29)	(89)	57	(109)	178	90	92	79	112	(21)	(16)	166	198	224	218	166	166	305	272	200	210	161	147	95	41	84	86	91	36	(22)	(66)
Cash from Operating Activities	398 N/A	442 +11%	474 +7%	565 +19%	590 +4%	582 -1%	643 +10%	536 -17%	573 +7%	566 -1%	589 +4%	681 +16%	658 -3%	707 +8%	706 0%	763 +8%	819 +7%	801 -2%	747 -7%	825 +10%	716 -13%	765 +7%	825 +8%	697 -15%	838 +20%	851 +2%	858 +1%	818 -5%	766 -6%	744 -3%	660 -11%	634 -4%	752 +19%	787 +5%	739 -6%	771 +4%	679 -12%	499 -27%	743 +49%	703 -5%	814 +16%	706 -13%	646 -8%	825 +28%	933 +13%	1 006 +8%	1 104 +10%	1 041 -6%	935 -10%	1 044 +12%	1 080 +3%	1 135 +5%	1 021 -10%	872 -15%	750 -14%	672 -10%	749 +11%	806 +8%	801 -1%	995 +24%	1 025 +3%	993 -3%	1 084 +9%	860 -21%	824 -4%	785 -5%	687 -13%	803 +17%	601 -25%	854 +42%	713 -17%	663 -7%	650 -2%	637 -2%	456 -28%	424 -7%	597 +41%	629 +5%	711 +13%	762 +7%	709 -7%	720 +2%	844 +17%	799 -5%	720 -10%	743 +3%	676 -9%	648 -4%	588 -9%	500 -15%	543 +9%	538 -1%	558 +4%	1 391 +149%	1 318 -5%	1 258 -5%
Investing Cash Flow
Capital Expenditures	(68)	(90)	(97)	(211)	(122)	(132)	(136)	(460)	(403)	(389)	(503)	(544)	(330)	(523)	(835)	(1 134)	(1 138)	(1 049)	(969)	(1 831)	(2 325)	(3 924)	(3 765)	(3 375)	(2 155)	(484)	(326)	(849)	(234)	(205)	(202)	(682)	(208)	(201)	(170)	(475)	(318)	(336)	(329)	(350)	(291)	(285)	(464)	(1 036)	(1 064)	(1 173)	(1 113)	(923)	(974)	(999)	(1 165)	(1 035)	(1 083)	(1 426)	(1 335)	(1 336)	(1 349)	(1 155)	(1 179)	(1 085)	(1 047)	(889)	(800)	(658)	(676)	(670)	(1 101)	(1 228)	(1 242)	(1 286)	(931)	(952)	(972)	(944)	(873)	(759)	(567)	(714)	(882)	(862)	(1 076)	(993)	(857)	(901)	(854)	(834)	(841)	(798)	(731)	(625)	(538)	(466)	(422)	(472)	(678)	(710)
Other Items	(27)	(6)	55	122	73	121	(74)	323	351	266	159	177	(109)	(222)	(745)	(617)	(772)	(854)	(68)	(86)	(733)	(646)	(447)	307	390	618	185	396	(396)	(503)	(191)	440	152	385	56	(45)	(149)	(368)	(244)	185	238	268	335	394	777	1 431	1 457	1 645	1 251	584	669	460	576	443	477	603	231	456	241	192	232	186	538	452	436	460	297	350	958	2 776	2 934	3 416	2 933	1 170	1 232	671	522	567	278	330	(195)	(72)	(132)	(6)	867	795	850	669	348	37	(143)	(132)	229	707	777	825
Cash from Investing Activities	(95) N/A	(96) -1%	(42) +56%	(89) -114%	(49) +45%	(11) +78%	(210) -1 805%	(137) +35%	(51) +62%	(124) -140%	(345) -179%	(368) -7%	(439) -19%	(745) -70%	(1 579) -112%	(1 751) -11%	(1 910) -9%	(1 903) +0%	(1 037) +46%	(1 917) -85%	(3 057) -60%	(4 570) -49%	(4 213) +8%	(3 068) +27%	(1 764) +42%	134 N/A	(141) N/A	(453) -222%	(629) -39%	(708) -12%	(392) +45%	(242) +38%	(57) +77%	185 N/A	(113) N/A	(520) -359%	(467) +10%	(705) -51%	(573) +19%	(165) +71%	(53) +68%	(17) +68%	(129) -651%	(642) -398%	(287) +55%	258 N/A	344 +34%	722 +110%	277 -62%	(415) N/A	(495) -19%	(575) -16%	(507) +12%	(983) -94%	(858) +13%	(732) +15%	(1 117) -53%	(699) +37%	(938) -34%	(893) +5%	(815) +9%	(704) +14%	(261) +63%	(206) +21%	(240) -16%	(210) +13%	(804) -284%	(878) -9%	(284) +68%	1 491 N/A	2 003 +34%	2 463 +23%	1 961 -20%	226 -88%	358 +59%	(88) N/A	(45) +49%	(147) -227%	(604) -310%	(532) +12%	(1 270) -139%	(1 065) +16%	(989) +7%	(907) +8%	13 N/A	(39) N/A	9 N/A	(129) N/A	(383) -197%	(588) -54%	(682) -16%	(597) +12%	(193) +68%	235 N/A	98 -58%	116 +18%
Financing Cash Flow
Net Issuance of Common Stock	506	516	461	58	(7)	2	30	162	69	93	156	460	366	459	928	492	682	581	(16)	1 081	1 080	1 043	1 077	35	44	42	52	29	19	727	718	688	0	(13)	(12)	(52)	43	257	280	236	0	24	58	60	89	355	297	(1)	(28)	(287)	(284)	19	25	20	17	9	3	2	(241)	(238)	(232)	(233)	26	339	(136)	(137)	(151)	(476)	(17)	(17)	(17)	(3)	10	10	10	297	292	292	583	(10)	(9)	(9)	(301)	1	1	(23)	(29)	(29)	0	(6)	0	0	0	0	0	(51)
Net Issuance of Debt	(344)	131	(310)	(107)	(70)	(598)	(178)	59	63	48	238	37	628	740	697	896	746	917	1 229	3 571	5 328	4 788	4 393	2 086	308	713	678	728	593	183	560	(1 648)	(1 729)	(1 821)	(1 720)	477	82	421	(146)	(327)	(327)	(257)	(142)	845	75	(90)	(109)	(1 318)	79	984	1 303	1 116	642	170	83	1 517	1 603	1 672	1 590	509	527	429	152	421	466	248	417	(85)	(231)	(1 403)	(1 307)	(1 172)	(416)	833	322	384	(274)	382	784	1 664	1 667	728	728	(222)	(327)	(127)	(125)	(148)	(38)	(53)	(49)	(22)	(477)	(1 160)	(1 067)	(1 068)
Cash Paid for Dividends	(288)	(310)	(326)	(338)	(312)	(317)	(322)	(349)	(379)	(391)	(402)	(401)	(400)	(416)	(431)	(583)	(602)	(621)	(641)	(595)	(611)	(626)	(642)	(582)	(591)	(600)	(610)	(619)	(540)	(469)	(398)	(320)	(378)	(430)	(480)	(530)	(538)	(546)	(558)	(570)	(576)	(581)	(584)	(773)	(787)	(797)	(807)	(629)	(627)	(628)	(629)	(629)	(610)	(592)	(574)	(555)	(557)	(557)	(560)	(556)	(567)	(579)	(566)	(561)	(547)	(530)	(532)	(535)	(537)	(542)	(548)	(554)	(927)	(939)	(915)	(892)	(499)	(465)	(469)	(472)	(471)	(470)	(470)	(469)	(439)	(337)	(236)	(191)	(119)	(119)	(119)	(203)	(203)	(203)	(203)	(203)
Other	(118)	(119)	(131)	(146)	(146)	(169)	(154)	(158)	(160)	(140)	(148)	(131)	(130)	(129)	(139)	(122)	(130)	(124)	(290)	(1 026)	(1 151)	(1 151)	(993)	(248)	(177)	(171)	(143)	(131)	(124)	(120)	(116)	(103)	(137)	(124)	(128)	9	31	14	(7)	39	(85)	4	31	39	(52)	(421)	(423)	(192)	(66)	(108)	(164)	(452)	(659)	(343)	(313)	(352)	(152)	(189)	(162)	(161)	(137)	(87)	(513)	(537)	(531)	(503)	(81)	(28)	(42)	(518)	(518)	(507)	(521)	20	14	(2)	17	(237)	(227)	(1 212)	(1 239)	(1 105)	(1 103)	(112)	(76)	(22)	(10)	89	96	71	74	(27)	(27)	(16)	(23)	(24)
Cash from Financing Activities	(244) N/A	218 N/A	(306) N/A	(533) -74%	(536) 0%	(1 082) -102%	(624) +42%	(286) +54%	(408) -42%	(390) +4%	(156) +60%	(35) +77%	464 N/A	654 +41%	1 056 +61%	684 -35%	696 +2%	754 +8%	282 -63%	3 031 +974%	4 647 +53%	4 054 -13%	3 835 -5%	1 292 -66%	(417) N/A	(17) +96%	(22) -33%	8 N/A	(52) N/A	320 N/A	764 +138%	(1 383) N/A	(1 532) -11%	(2 387) -56%	(2 339) +2%	(95) +96%	(383) -301%	145 N/A	(431) N/A	(622) -44%	(764) -23%	(809) -6%	(637) +21%	171 N/A	(675) N/A	(953) -41%	(1 042) -9%	(2 140) -105%	(641) +70%	(39) +94%	227 N/A	54 -76%	(603) N/A	(745) -24%	(788) -6%	619 N/A	897 +45%	928 +4%	627 -32%	(446) N/A	(410) +8%	(470) -15%	(902) -92%	(338) +62%	(749) -121%	(921) -23%	(348) +62%	(1 123) -223%	(826) +26%	(2 480) -200%	(2 390) +4%	(2 236) +6%	(1 853) +17%	(77) +96%	(569) -643%	(213) +63%	(464) -117%	(28) +94%	671 N/A	(29) N/A	(53) -78%	(856) -1 529%	(1 145) -34%	(801) +30%	(841) -5%	(509) +39%	(399) +22%	(279) +30%	(90) +68%	(107) -19%	(95) +11%	(252) -167%	(707) -180%	(1 379) -95%	(1 294) +6%	(1 346) -4%
Change in Cash
Net Change in Cash	59 N/A	564 +853%	127 -78%	(57) N/A	6 N/A	(511) N/A	(191) +63%	112 N/A	114 +1%	52 -54%	88 +69%	279 +216%	683 +145%	617 -10%	182 -70%	(305) N/A	(395) -29%	(348) +12%	(8) +98%	1 939 N/A	2 305 +19%	249 -89%	447 +80%	(1 079) N/A	(1 344) -25%	969 N/A	695 -28%	372 -46%	84 -77%	356 +322%	1 031 +189%	(991) N/A	(837) +16%	(1 416) -69%	(1 714) -21%	155 N/A	(171) N/A	(61) +64%	(261) -330%	(84) +68%	(4) +95%	(120) -2 903%	(119) +1%	354 N/A	(29) N/A	310 N/A	406 +31%	(377) N/A	571 N/A	590 +3%	811 +38%	615 -24%	(89) N/A	(855) -859%	(895) -5%	559 N/A	529 -5%	1 036 +96%	490 -53%	(344) N/A	(200) +42%	(181) +9%	(79) +56%	316 N/A	(165) N/A	(346) -110%	(466) -35%	(1 198) -157%	(509) +58%	(135) +73%	326 N/A	890 +173%	758 -15%	786 +4%	245 -69%	123 -50%	88 -28%	454 +414%	778 +71%	200 -74%	(614) N/A	(1 201) -95%	(1 291) -8%	(909) +30%	(107) +88%	196 N/A	285 +46%	240 -16%	115 -52%	(195) N/A	(233) -20%	(312) -34%	(342) -10%	246 N/A	123 -50%	28 -77%
Free Cash Flow
Free Cash Flow	330 N/A	352 +7%	377 +7%	354 -6%	469 +32%	450 -4%	508 +13%	75 -85%	170 +126%	176 +4%	85 -52%	138 +61%	328 +138%	184 -44%	(129) N/A	(372) -188%	(319) +14%	(248) +22%	(222) +10%	(1 006) -353%	(1 609) -60%	(3 159) -96%	(2 940) +7%	(2 678) +9%	(1 317) +51%	367 N/A	532 +45%	(31) N/A	532 N/A	539 +1%	458 -15%	(48) N/A	544 N/A	586 +8%	569 -3%	296 -48%	361 +22%	163 -55%	414 +155%	353 -15%	522 +48%	421 -19%	182 -57%	(211) N/A	(131) +38%	(167) -28%	(9) +95%	118 N/A	(39) N/A	44 N/A	(85) N/A	101 N/A	(63) N/A	(553) -784%	(585) -6%	(664) -13%	(600) +10%	(349) +42%	(378) -9%	(90) +76%	(22) +76%	103 N/A	285 +175%	202 -29%	148 -27%	115 -22%	(415) N/A	(425) -2%	(640) -51%	(432) +33%	(218) +49%	(290) -33%	(323) -11%	(307) +5%	(418) -36%	(335) +20%	30 N/A	(85) N/A	(171) -102%	(101) +41%	(367) -265%	(273) +26%	(14) +95%	(102) -635%	(134) -32%	(91) +32%	(165) -82%	(150) +10%	(143) +4%	(126) +12%	4 N/A	72 +1 556%	136 +89%	918 +574%	640 -30%	549 -14%

Income Statement Balance Sheet Cash Flow Statement

Vornado Realty Trust
NYSE:VNO

Cash Flow Statement

Cash Flow Statement
Vornado Realty Trust

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Vornado Realty Trust NYSE:VNO

Cash Flow Statement

Cash Flow Statement Vornado Realty Trust

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Vornado Realty Trust
NYSE:VNO

Cash Flow Statement
Vornado Realty Trust