Q3 2026 Revenue up 3% year over year to $468M · 10¢ of every $1 of revenue lost · operating margin -9.0%
Vornado Realty LP made $468M in Q3 2026 (+3% Y/Y): Rental revenues $410M, BMS cleaning fees $35.4M, Tenant services $16.1M. Operating margin -9.0%, net loss $46.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.
Revenue$468M
Year over year+3%
Operating margin-9.0%
Net earnings−$46.0M
Operating cash flow$51.5M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $467.7M in Q3 2026, up 3% year over year. Rental revenues was the largest line at 88% of revenue. Rental revenues added $20.5M year over year (up 5%), 147% of the total change. BMS cleaning fees declined 17%.
Operating costs exceeded revenue by $42.3M, an operating margin of -9.0%. Total costs grew 16% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+18%). The quarter ended with a net loss of $46.0M. Minority interests bore $14.4M of it: to shareholders the quarter was a loss of $31.6M.
Operating cash flow was $51.5M (up 55% year over year). Non-cash charges added back $174.1M of depreciation and amortization and $4.5M of share-based compensation. Working capital and other items used $81.2M. Capital expenditures of $25.5M left free cash flow of $26.0M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 2, 2026
$468M
+3%
-9.0%
−$46.0M
$51.5M
Q2 2026
10-Q
Aug 3, 2026
$462M
+5%
9.3%
$32.0M
$164M
Q1 2026
10-Q
May 4, 2026
$459M
-0.5%
-3.5%
−$22.0M
$47.7M
Q4 2025
10-K
Feb 9, 2026
$454M
-0.9%
2.8%
$16.1M
$146M
Q3 2025
10-Q
Nov 3, 2025
$454M
+2%
3.0%
$27.1M
$33.2M
Q2 2025
10-Q
Aug 4, 2025
$441M
-2%
185.2%
$759M
$1.0B
Q1 2025
10-Q
May 5, 2025
$462M
+6%
23.2%
$102M
$52.0M
Charts
Latest (Q3 2026): Y/Y +3%, Q/Q +1%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income −$46.0M, Operating cash flow —.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Vornado is a fully‑integrated REIT and conducts its business through, and substantially all of its interests in properties are held by, the Operating Partnership, a Delaware limited partnership. Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership as of December 31, 2025.
In its own words, from its 10-K, filed Feb 9, 2026.
Vornado Realty LP against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +11%. Operating margin: -9.0% against the peers' median 15.9%.