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Side-by-side financial comparison of VORNADO REALTY TRUST (VNO) and WYNDHAM HOTELS & RESORTS, INC. (WH). Click either name above to swap in a different company.
VORNADO REALTY TRUST is the larger business by last-quarter revenue ($453.7M vs $334.0M, roughly 1.4× WYNDHAM HOTELS & RESORTS, INC.). VORNADO REALTY TRUST runs the higher net margin — 1.1% vs -18.0%, a 19.0% gap on every dollar of revenue. On growth, VORNADO REALTY TRUST posted the faster year-over-year revenue change (-0.9% vs -76.3%). Over the past eight quarters, VORNADO REALTY TRUST's revenue compounded faster (2.0% CAGR vs -4.6%).
Vornado Realty Trust is a real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
Wyndham Hotels & Resorts, Inc., is an American hospitality company based in Parsippany, New Jersey, United States. It describes itself as the largest hotel franchisor in the world, with 9,100 locations.
VNO vs WH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $453.7M | $334.0M |
| Net Profit | $4.9M | $-60.0M |
| Gross Margin | — | — |
| Operating Margin | 2.8% | — |
| Net Margin | 1.1% | -18.0% |
| Revenue YoY | -0.9% | -76.3% |
| Net Profit YoY | -14.7% | -170.6% |
| EPS (diluted) | $0.01 | $-0.80 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $334.0M | ||
| Q4 25 | $453.7M | $334.0M | ||
| Q3 25 | $453.7M | $382.0M | ||
| Q2 25 | $441.4M | $397.0M | ||
| Q1 25 | $461.6M | $316.0M | ||
| Q4 24 | $457.8M | $336.0M | ||
| Q3 24 | $443.3M | $396.0M | ||
| Q2 24 | $450.3M | $367.0M |
| Q1 26 | — | $-60.0M | ||
| Q4 25 | $4.9M | $-60.0M | ||
| Q3 25 | $27.1M | $105.0M | ||
| Q2 25 | $759.3M | $87.0M | ||
| Q1 25 | $102.4M | $61.0M | ||
| Q4 24 | $5.8M | $85.0M | ||
| Q3 24 | $-3.6M | $102.0M | ||
| Q2 24 | $50.8M | $86.0M |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | -11.4% | ||
| Q3 25 | 3.0% | 46.6% | ||
| Q2 25 | — | 37.8% | ||
| Q1 25 | 23.2% | 35.4% | ||
| Q4 24 | 2.5% | 38.4% | ||
| Q3 24 | -3.3% | 43.2% | ||
| Q2 24 | 10.1% | 39.5% |
| Q1 26 | — | -18.0% | ||
| Q4 25 | 1.1% | -18.0% | ||
| Q3 25 | 6.0% | 27.5% | ||
| Q2 25 | 172.0% | 21.9% | ||
| Q1 25 | 22.2% | 19.3% | ||
| Q4 24 | 1.3% | 25.3% | ||
| Q3 24 | -0.8% | 25.8% | ||
| Q2 24 | 11.3% | 23.4% |
| Q1 26 | — | $-0.80 | ||
| Q4 25 | $0.01 | $-0.77 | ||
| Q3 25 | $0.06 | $1.36 | ||
| Q2 25 | $3.70 | $1.13 | ||
| Q1 25 | $0.43 | $0.78 | ||
| Q4 24 | $0.01 | $1.06 | ||
| Q3 24 | $-0.10 | $1.29 | ||
| Q2 24 | $0.18 | $1.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $840.9M | $64.0M |
| Total DebtLower is stronger | $2.3B | — |
| Stockholders' EquityBook value | $6.0B | $468.0M |
| Total Assets | $15.5B | $4.2B |
| Debt / EquityLower = less leverage | 0.38× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $64.0M | ||
| Q4 25 | $840.9M | $64.0M | ||
| Q3 25 | $1.0B | $70.0M | ||
| Q2 25 | $1.2B | $50.0M | ||
| Q1 25 | $568.9M | $48.0M | ||
| Q4 24 | $733.9M | $103.0M | ||
| Q3 24 | $783.6M | $72.0M | ||
| Q2 24 | $872.6M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $2.5B | ||
| Q3 25 | $2.3B | $2.6B | ||
| Q2 25 | $2.1B | $2.5B | ||
| Q1 25 | $2.1B | $2.5B | ||
| Q4 24 | $2.6B | $2.4B | ||
| Q3 24 | $2.6B | $2.4B | ||
| Q2 24 | $2.6B | $2.4B |
| Q1 26 | — | $468.0M | ||
| Q4 25 | $6.0B | $468.0M | ||
| Q3 25 | $6.1B | $583.0M | ||
| Q2 25 | $6.1B | $570.0M | ||
| Q1 25 | $5.3B | $579.0M | ||
| Q4 24 | $5.2B | $650.0M | ||
| Q3 24 | $5.3B | $583.0M | ||
| Q2 24 | $5.6B | $623.0M |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $15.5B | $4.2B | ||
| Q3 25 | $15.7B | $4.3B | ||
| Q2 25 | $15.6B | $4.3B | ||
| Q1 25 | $15.6B | $4.2B | ||
| Q4 24 | $16.0B | $4.2B | ||
| Q3 24 | $16.1B | $4.2B | ||
| Q2 24 | $16.2B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | 0.38× | 5.37× | ||
| Q3 25 | 0.37× | 4.43× | ||
| Q2 25 | 0.35× | 4.44× | ||
| Q1 25 | 0.40× | 4.29× | ||
| Q4 24 | 0.50× | 3.72× | ||
| Q3 24 | 0.49× | 4.19× | ||
| Q2 24 | 0.46× | 3.83× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.3B | $367.0M |
| Free Cash FlowOCF − Capex | — | $168.0M |
| FCF MarginFCF / Revenue | — | 50.3% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 256.08× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $437.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $367.0M | ||
| Q4 25 | $1.3B | $152.0M | ||
| Q3 25 | $33.2M | $86.0M | ||
| Q2 25 | $1.0B | $70.0M | ||
| Q1 25 | $52.0M | $59.0M | ||
| Q4 24 | $537.7M | $134.0M | ||
| Q3 24 | $105.4M | $79.0M | ||
| Q2 24 | $194.7M | $1.0M |
| Q1 26 | — | $168.0M | ||
| Q4 25 | — | $136.0M | ||
| Q3 25 | — | $75.0M | ||
| Q2 25 | — | $58.0M | ||
| Q1 25 | — | $52.0M | ||
| Q4 24 | — | $109.0M | ||
| Q3 24 | — | $71.0M | ||
| Q2 24 | — | $-6.0M |
| Q1 26 | — | 50.3% | ||
| Q4 25 | — | 40.7% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 14.6% | ||
| Q1 25 | — | 16.5% | ||
| Q4 24 | — | 32.4% | ||
| Q3 24 | — | 17.9% | ||
| Q2 24 | — | -1.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | 2.9% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 256.08× | — | ||
| Q3 25 | 1.22× | 0.82× | ||
| Q2 25 | 1.35× | 0.80× | ||
| Q1 25 | 0.51× | 0.97× | ||
| Q4 24 | 93.39× | 1.58× | ||
| Q3 24 | — | 0.77× | ||
| Q2 24 | 3.83× | 0.01× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
VNO
| New York Segment | $374.8M | 83% |
| Building Maintenance Service | $41.2M | 9% |
| Other | $27.7M | 6% |
| Tenant Services | $11.1M | 2% |
| Management And Leasing Fees | $2.6M | 1% |
WH
| Fee-related and other revenues | $334.0M | 100% |
| Management and other fees | $2.0M | 1% |
