Vornado Realty Trust
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $905.0M | $70.4M | $105.5M | $-346.5M | $176.0M | $-297.0M | $3.15B | $450.0M |
| Depreciation & Amortization | $481.5M | $469.4M | $457.6M | $526.3M | $432.6M | $417.9M | $438.9M | $472.8M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $25.5M | $30.2M | $43.2M | $29.2M | $38.3M | $48.7M | $53.9M | $31.7M |
| Net Cash from Operating Activities | $1.26B | $537.7M | $648.2M | $798.9M | $761.8M | $424.2M | $662.5M | $802.6M |
| Investing Activities | ||||||||
| Capital Expenditures | $296.7M | $0 | $33.1M | $3.0M | $3.0M | $1.2M | $69.7M | $574.8M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $115.5M | $-597.4M | $-128.8M | $-906.9M | $-532.3M | $-87.8M | $2.46B | $-877.7M |
| Financing Activities | ||||||||
| Dividends Paid | $141.3M | $141.1M | $129.1M | $406.6M | $406.1M | $827.3M | $503.8M | $479.3M |
| Stock Repurchases | $51.0M | $0 | $29.2M | $0 | $0 | — | — | — |
| Net Cash from Financing Activities | $-1.35B | $-252.3M | $-278.9M | $-801.3M | $-29.5M | $-213.2M | $-2.24B | $-1.12B |
| Net Change in Cash | $27.9M | $-312.0M | $240.4M | $-909.2M | $200.0M | $123.2M | $890.2M | $-1.20B |
| Free Cash Flow | $961.7M | $537.7M | $615.0M | $795.9M | $758.8M | $423.1M | $592.8M | $227.8M |