VNO Vornado Realty Trust margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 36

Gross margin

48.5%

Operating margin

9.5%

EBITDA margin

53%

Net margin

0.5%

Using the latest TTM figures, Vornado Realty Trust shows a gross margin of 48.5%, an operating margin of 9.5%, an EBITDA margin of 53%, and a net margin of 0.5%. Net margin had the largest decline, decreasing by 49.4 percentage points, while the other available margins also declined.

VNO margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Vornado Realty Trust recorded average margins of 48.88% gross, 14.65% operating, 67.23% EBITDA, and 18.8% net. The current gross, operating, EBITDA, and net margins are all below their three-year averages.

VNO margin expansion

Year-over-year margin changes in percentage points

All available margins contracted year over year, led by net margin with a decline of 49.4 percentage points.

Gross margin expansion

-0.7pp

Operating margin expansion

-6.3pp

EBITDA margin expansion

-44.4pp

Net margin expansion

-49.4pp

VNO Gross margin

Vornado Realty Trust recorded an average gross margin of 48.88% across the last 3 years. Vornado Realty Trust currently reports a gross margin of 48.5%, 0.4 percentage points below its three-year average. Over the last 3 years, Vornado Realty Trust's gross margin peaked at 50% in Dec 2023 and reached a low of 47.9% in Mar 2026.

VNO Operating margin

The average operating margin for Vornado Realty Trust was 14.65% over the last 3 years. Currently, the current operating margin for Vornado Realty Trust is 9.5%, 5.2 percentage points below its three-year average. The operating margin for Vornado Realty Trust moved between 9.5% in Sep 2026 and 17.5% in Dec 2023.

VNO EBITDA margin

Vornado Realty Trust's EBITDA margin averaged 67.23% over the last 3 years. Against its three-year average, Vornado Realty Trust's EBITDA margin is currently 53%, 14.2 percentage points below its three-year average. Over the last 3 years, Vornado Realty Trust's EBITDA margin peaked at 97.7% in Jun 2025 and reached a low of 49.5% in Sep 2024.

VNO Net margin

Over the last 3 years, Vornado Realty Trust had an average net margin of 18.8%. Vornado Realty Trust's current net margin is 0.5% and is 18.3 percentage points below its three-year average. Looking back over the last 3 years, Vornado Realty Trust's net margin reached 50% at its highest point in Dec 2025 and 0.5% at its lowest in Sep 2024.

VNO margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 48.5%, VNO ranks higher than its peers average but lower than the Real Estate sector and the industry average. In comparison with the Real Estate sector average of 60.8%, Vornado Realty Trust's gross margin is 20% lower.

VNO margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Vornado Realty Trust's gross margin?

As of Sep 30, 2026, VNO has a gross margin of 48.5%.

What is Vornado Realty Trust's operating margin?

As of Sep 30, 2026, VNO has an operating margin of 9.5%.

What is Vornado Realty Trust's EBITDA margin?

For the period ending Sep 30, 2026, VNO recorded an EBITDA margin of 53%.

What is Vornado Realty Trust's net margin?

As of Sep 30, 2026, VNO has a net margin of 0.5%.

What are the average margins of VNO?

Looking back over 3 years, VNO recorded average margins of 48.9% gross, 14.7% operating, 67.2% EBITDA, and 18.8% net.

What are the highest historical margins of VNO?

Looking back across 5 years, VNO reached 51.4% gross in Jun 2023, 22.3% operating in Sep 2023, 97.7% EBITDA in Jun 2025, and 50% net in Dec 2025.

What are the lowest historical margins of VNO?

Over this 5-year history, Vornado Realty Trust's margins fell as low as 47.9% gross in Mar 2026, 9.5% operating in Sep 2026, 26.7% EBITDA in Dec 2022, and -20.4% net in Mar 2023.