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VICI Properties (VICI) Financials

VICI Properties logo
$33.87 +0.36 (+1.08%)
Closing price 03:59 PM Eastern
Extended Trading
$33.90 +0.03 (+0.08%)
As of 06:46 PM Eastern
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Annual Income Statements for VICI Properties

Annual Income Statements for VICI Properties

This table shows VICI Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 0.00 0.00 524 546 892 1,014 1,118 2,514 2,679
Consolidated Net Income / (Loss)		 0.00 0.00 532 554 896 1,023 1,136 2,555 2,721
Net Income / (Loss) Continuing Operations		 0.00 0.00 532 554 896 1,023 1,136 2,555 2,721
Total Pre-Tax Income 		0.00 0.00 534 556 897 1,026 1,139 2,548 2,731
Total Revenue		 18 19 592 608 885 1,102 2,070 2,822 3,039
Net Interest Income / (Expense)		 -0.02 -0.01 -201 -228 -302 -392 -530 -794 -810
Total Interest Income		 0.00 0.00 11 20 6.80 0.12 9.53 24 16
Investment Securities Interest Income		 - - 0.00 20 6.80 0.12 9.53 24 16
Total Interest Expense		 0.02 0.01 213 248 309 392 540 818 826
Long-Term Debt Interest Expense		 0.02 - 213 248 309 392 540 818 826
Total Non-Interest Income		 18 19 794 837 1,187 1,494 2,601 3,616 3,849
Other Service Charges		 0.00 2.08 27 29 40 58 95 112 118
Other Non-Interest Income		 4.01 17 790 866 1,186 1,451 2,505 3,500 3,731
Total Non-Interest Expense		 18 19 59 52 321 76 991 275 308
Other Operating Expenses		 12 13 42 43 309 62 965 263 300
Depreciation Expense		 2.88 3.03 3.69 3.83 3.73 3.09 3.18 4.30 4.13
Restructuring Charge		 0.00 - 0.39 5.00 8.68 10 23 8.02 4.57
Other Special Charges		 - - - - - 0.00 0.00 - -0.58
Nonoperating Income / (Expense), net		 - - - 0.00 333 0.00 60 1.28 0.00
Income Tax Expense		 0.00 0.00 1.44 1.71 0.83 2.89 2.88 -6.14 9.70
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 - 8.50 8.32 4.53 9.31 19 41 42
Basic Earnings per Share		 $0.00 $0.00 $1.43 $1.25 $1.76 $1.80 $1.27 $2.48 $2.56
Weighted Average Basic Shares Outstanding		 0.00 0.00 367.23M 435.07M 506.14M 564.47M 877.51M 1.01B 1.05B
Diluted Earnings per Share		 $0.00 $0.00 $1.43 $1.24 $1.75 $1.76 $1.27 $2.47 $2.56
Weighted Average Diluted Shares Outstanding		 0.00 0.00 367.32M 439.15M 510.91M 577.07M 879.68M 1.02B 1.05B
Weighted Average Basic & Diluted Shares Outstanding		 - 0.00 366.20M 468.49M 536.66M 748.39M 1.00B 1.04B 1.06B
Cash Dividends to Common per Share		 - - $1.00 $1.17 $1.26 $1.38 $1.50 $1.61 $1.70

Quarterly Income Statements for VICI Properties

This table shows VICI Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 604 519 691 556 748 590 741 733 615 544 865
Consolidated Net Income / (Loss)		 615 528 702 565 760 600 753 744 624 552 878
Net Income / (Loss) Continuing Operations		 615 528 702 565 760 600 753 744 624 552 878
Total Pre-Tax Income 		616 529 703 566 750 601 756 747 627 550 884
Total Revenue		 606 676 700 706 740 752 755 760 772 779 790
Net Interest Income / (Expense)		 -164 -201 -198 -198 -197 -200 -202 -205 -204 -206 -212
Total Interest Income		 5.63 3.05 5.81 7.34 7.78 5.29 3.93 2.80 4.08 3.70 2.29
Investment Securities Interest Income		 5.63 3.05 5.81 7.34 7.78 5.29 3.93 2.80 4.08 3.70 2.29
Total Interest Expense		 169 204 204 205 205 205 206 207 208 209 214
Long-Term Debt Interest Expense		 169 204 204 205 205 205 206 207 208 209 214
Total Non-Interest Income		 770 878 898 903 937 951 957 965 976 984 1,001
Other Service Charges		 38 28 19 18 47 29 31 27 42 29 31
Other Non-Interest Income		 732 849 880 886 884 922 926 938 934 955 971
Provision for Credit Losses		 - - - - - - -43 - - - -142
Total Non-Interest Expense		 12 149 -2.77 140 -10 151 42 13 145 229 48
Other Operating Expenses		 8.15 151 -1.32 135 -22 149 42 11 141 228 41
Depreciation Expense		 0.81 0.81 0.89 1.01 1.59 1.13 0.99 1.01 0.99 1.00 0.74
Restructuring Charge		 3.29 -0.96 0.78 3.57 4.63 0.31 0.26 1.16 2.84 0.05 7.43
Other Special Charges		 - -1.96 -3.11 - - 0.16 -0.99 0.06 - - -0.99
Income Tax Expense		 1.03 1.09 1.90 0.64 -9.77 1.56 3.23 2.46 2.45 -2.46 5.56
Net Income / (Loss) Attributable to Noncontrolling Interest		 11 9.12 11 9.13 12 9.79 11 12 9.61 8.66 13
Basic Earnings per Share		 $0.64 $0.52 $0.69 $0.55 $0.72 $0.57 $0.71 $0.70 $0.58 $0.51 $0.82
Weighted Average Basic Shares Outstanding		 877.51M 1.00B 1.01B 1.01B 1.01B 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B
Diluted Earnings per Share		 $0.64 $0.52 $0.69 $0.55 $0.71 $0.57 $0.71 $0.70 $0.58 $0.51 $0.82
Weighted Average Diluted Shares Outstanding		 879.68M 1.00B 1.01B 1.01B 1.02B 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B
Weighted Average Basic & Diluted Shares Outstanding		 1.00B 1.00B 1.01B 1.03B 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B
Cash Dividends to Common per Share		 - $0.39 $0.39 $0.42 - $0.42 $0.42 $0.43 - $0.43 $0.43

Annual Cash Flow Statements for VICI Properties

This table details how cash moves in and out of VICI Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 0.00 0.00 401 503 -786 424 -531 314 2.04
Net Cash From Operating Activities		 2.89 2.72 504 682 884 896 1,943 2,181 2,381
Net Cash From Continuing Operating Activities		 2.89 2.72 504 682 884 896 1,943 2,181 2,381
Net Income / (Loss) Continuing Operations		 0.00 0.00 532 554 896 1,023 1,136 2,555 2,721
Consolidated Net Income / (Loss)		 0.00 0.00 532 554 896 1,023 1,136 2,555 2,721
Depreciation Expense		 2.88 3.03 3.69 3.83 3.73 3.09 3.18 4.30 4.13
Amortization Expense		 0.00 0.00 5.98 33 20 71 32 46 47
Non-Cash Adjustments to Reconcile Net Income		 -0.14 -0.11 -7.69 64 -329 -115 725 -410 -379
Changes in Operating Assets and Liabilities, net		 0.11 -0.19 -30 27 292 -87 46 -14 -12
Net Cash From Investing Activities		 -0.73 -0.87 -1,141 -1,361 -4,549 41 -9,304 -2,899 -923
Net Cash From Continuing Investing Activities		 -0.73 -0.87 -1,141 -1,361 -4,549 41 -9,304 -2,899 -923
Purchase of Property, Leasehold Improvements and Equipment		 -0.80 -0.87 -0.90 -2.72 -2.77 -2.51 -1.88 -4.04 -7.53
Purchase of Investment Securities		 0.00 0.00 -1,714 -2,253 -4,657 -40 -9,389 -3,599 -1,021
Sale and/or Maturity of Investments		 - - 421 903 111 104 95 706 111
Other Investing Activities, net		 - - 152 -8.70 -0.26 -21 -7.70 -1.47 -5.86
Net Cash From Financing Activities		 -2.03 -1.28 1,038 1,183 2,879 -514 6,830 1,032 -1,457
Net Cash From Continuing Financing Activities		 -2.03 -1.28 1,038 1,183 2,879 -514 6,830 1,032 -1,457
Issuance of Debt		 0.00 0.00 0.00 2,250 2,555 0.00 5,600 419 1,853
Issuance of Common Equity		 0.00 0.00 2,001 1,164 1,540 2,386 3,219 2,480 379
Repayment of Debt		 -0.05 -0.05 -691 -1,720 -595 -2,131 -746 -250 -1,900
Payment of Dividends		 0.00 0.00 -272 -512 -620 -767 -1,237 -1,612 -1,784
Other Financing Activities, Net		 -1.98 -1.23 0.00 0.00 -0.21 -1.73 -6.16 -4.97 -5.34
Effect of Exchange Rate Changes		 - - - - - 0.00 0.00 -0.06 0.45
Cash Interest Paid		 0.02 0.01 - 209 262 323 467 763 781
Cash Income Taxes Paid		 0.00 0.00 - 2.59 0.56 1.79 3.02 4.92 3.34

Quarterly Cash Flow Statements for VICI Properties

This table details how cash moves in and out of VICI Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -309 39 491 -228 12 -37 -138 8.51 169 -190 -101
Net Cash From Operating Activities		 488 522 530 552 576 544 615 579 644 592 640
Net Cash From Continuing Operating Activities		 488 522 530 552 576 544 615 579 644 592 640
Net Income / (Loss) Continuing Operations		 615 528 702 565 760 600 753 744 624 552 878
Consolidated Net Income / (Loss)		 615 528 702 565 760 600 753 744 624 552 878
Depreciation Expense		 0.81 0.81 0.89 1.01 1.59 1.13 0.99 1.01 0.99 1.00 0.74
Amortization Expense		 4.26 14 11 11 11 10 11 13 12 12 12
Non-Cash Adjustments to Reconcile Net Income		 -132 -7.86 -170 -196 -36 -22 -169 -161 -28 56 -320
Changes in Operating Assets and Liabilities, net		 -0.01 -12 -12 171 -160 -46 19 -18 34 -29 68
Net Cash From Investing Activities		 -415 -1,469 258 -734 -954 -109 -312 -242 -260 -386 -330
Net Cash From Continuing Investing Activities		 -415 -1,469 258 -734 -954 -109 -312 -242 -260 -386 -330
Purchase of Property, Leasehold Improvements and Equipment		 -0.72 -0.99 -0.33 -0.58 -2.14 -2.41 -2.67 -1.37 -1.08 -0.16 -0.67
Purchase of Investment Securities		 -507 -1,685 -148 -733 -1,033 -107 -420 -238 -255 -385 -339
Sale and/or Maturity of Investments		 94 217 406 0.10 82 1.10 110 0.15 0.01 0.05 9.46
Other Investing Activities, net		 -0.90 -0.22 -0.32 -0.22 -0.71 -0.44 0.37 -2.02 -3.77 -0.12 0.05
Net Cash From Financing Activities		 -382 985 -297 -46 389 -472 -441 -329 -215 -397 -412
Net Cash From Continuing Financing Activities		 -382 985 -297 -46 389 -472 -441 -329 -215 -397 -412
Issuance of Debt		 - 353 - 56 11 1,029 - 82 743 248 1,459
Repayment of Debt		 -0.01 -250 - - -0.11 -1,053 -0.24 -86 -760 -171 -1,406
Payment of Dividends		 -382 -385 -399 -400 -429 -443 -441 -440 -461 -467 -465
Other Financing Activities, Net		 -0.04 -4.60 -0.36 -0.01 - -5.00 -0.34 -0.01 - -7.18 -0.04
Effect of Exchange Rate Changes		 - 0.07 0.12 -0.31 0.06 -0.05 0.26 0.32 -0.08 0.19 0.18
Cash Interest Paid		 177 178 199 187 199 218 163 214 186 278 103
Cash Income Taxes Paid		 0.72 0.00 3.75 1.15 0.02 0.00 3.34 - - 0.00 3.31

Annual Balance Sheets for VICI Properties

This table presents VICI Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 90 9,740 11,333 13,266 17,064 17,597 37,576 44,060 45,369
Cash and Due from Banks		 0.92 184 578 1,102 316 740 209 523 525
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 89 148 96 95 158 154 154 151 151
Other Assets		 0.72 9,394 10,639 12,069 16,589 16,704 35,753 43,387 44,694
Total Liabilities & Shareholders' Equity		 90 9,740 11,333 13,266 17,064 17,597 37,576 44,060 45,369
Total Liabilities		 6.33 4,963 4,432 5,217 7,570 5,410 15,286 18,402 18,417
Long-Term Debt		 0.00 4,786 4,122 4,865 6,766 4,695 13,740 16,724 16,733
Other Long-Term Liabilities		 5.31 160 183 194 804 716 1,546 1,678 1,684
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 84 4,776 6,901 8,049 9,494 12,187 22,290 25,658 26,952
Total Preferred & Common Equity		 84 4,691 6,817 7,965 9,416 12,108 21,934 25,256 26,538
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 84 4,691 6,817 7,965 9,416 12,108 21,934 25,256 26,538
Common Stock		 0.00 4,649 6,652 7,822 9,369 11,761 21,655 24,136 24,526
Retained Earnings		 0.05 43 187 208 139 346 93 966 1,867
Accumulated Other Comprehensive Income / (Loss)		 0.00 0.00 -22 -65 -93 0.88 185 154 145
Noncontrolling Interest		 0.00 85 84 84 78 79 356 402 414

Quarterly Balance Sheets for VICI Properties

This table presents VICI Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 37,576 41,853 42,251 42,832 44,060 44,158 44,511 44,918 45,369 45,526 46,054
Cash and Due from Banks		 209 248 739 511 523 485 347 356 525 334 233
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 154 154 151 151 151 151 151 151 151 151 150
Other Assets		 35,753 41,452 41,361 42,171 43,387 43,522 44,013 44,412 44,694 45,041 45,671
Total Liabilities & Shareholders' Equity		 37,576 41,853 42,251 42,832 44,060 44,158 44,511 44,918 45,369 45,526 46,054
Total Liabilities		 15,286 18,178 18,166 18,296 18,402 18,339 18,385 18,395 18,417 18,503 18,610
Long-Term Debt		 13,740 16,606 16,624 16,693 16,724 16,712 16,727 16,744 16,733 16,847 16,922
Other Long-Term Liabilities		 1,546 1,572 1,542 1,604 1,678 1,628 1,658 1,651 1,684 1,656 1,688
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 22,290 23,675 24,085 24,536 25,658 25,819 26,126 26,523 26,952 27,023 27,444
Total Preferred & Common Equity		 21,934 23,311 23,717 24,165 25,256 25,415 25,719 26,111 26,538 26,609 27,024
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 21,934 23,311 23,717 24,165 25,256 25,415 25,719 26,111 26,538 26,609 27,024
Common Stock		 21,655 22,921 23,025 23,326 24,136 24,135 24,139 24,258 24,526 24,523 24,526
Retained Earnings		 93 220 518 652 966 1,123 1,431 1,711 1,867 1,954 2,362
Accumulated Other Comprehensive Income / (Loss)		 185 170 174 186 154 157 148 142 145 132 136
Noncontrolling Interest		 356 363 368 371 402 404 407 412 414 413 420

Annual Metrics And Ratios for VICI Properties

This table displays calculated financial ratios and metrics derived from VICI Properties' official financial filings.

Metric 2015 2016 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - -
Revenue Growth		 0.00% 3.98% 0.00% 2.69% 45.44% 24.52% 87.92% 36.33% 7.68%
EBITDA Growth		 0.00% 5.14% 0.00% 9.14% -0.94% 87.40% 1.30% 132.99% 7.09%
EBIT Growth		 0.00% 0.00% 0.00% 4.20% 1.39% 82.02% 5.20% 135.99% 7.21%
NOPAT Growth		 0.00% 0.00% 0.00% 4.17% 1.60% 81.68% 5.23% 137.16% 6.58%
Net Income Growth		 0.00% 0.00% 0.00% 4.17% 61.69% 14.17% 11.05% 124.83% 6.52%
EPS Growth		 0.00% 0.00% 0.00% -13.29% 41.13% 0.57% -27.84% 94.49% 3.64%
Operating Cash Flow Growth		 0.00% -5.78% 0.00% 35.33% 29.54% 1.44% 116.81% 12.23% 9.19%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% -108.14% 114.40% -4,609.54% 78.98% 137.34%
Invested Capital Growth		 0.00% 0.00% 0.00% 17.15% 25.90% 3.83% 113.43% 17.63% 3.07%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 3.35% 24.87% 1.58% 16.52% 4.98% 1.22%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -4.90% 43.81% 0.93% 35.64% 6.72% -4.21%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -7.31% 50.65% -0.61% 40.18% 6.54% -4.33%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -7.34% -20.29% -0.64% 33.71% 6.99% -4.74%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -7.34% 26.85% -0.64% 41.11% 6.01% -4.74%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -12.68% 29.63% -7.85% 18.69% 2.92% -4.83%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 11.32% 12.64% -6.15% 11.63% 4.23% 2.92%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 15.67% -97.59% 47.44% -24.59% 73.30%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 5.86% 0.34% 2,686.16% 0.66% 2.80% 0.97%
Profitability Metrics		 - - - - - - - - -
EBITDA Margin		 15.96% 16.14% 91.71% 97.46% 66.38% 99.90% 53.85% 92.04% 91.53%
EBIT Margin		 0.00% 0.00% 90.08% 91.40% 63.71% 93.13% 52.14% 90.25% 89.86%
Profit (Net Income) Margin		 0.00% 0.00% 89.83% 91.12% 101.30% 92.87% 54.88% 90.51% 89.54%
Tax Burden Percent		 0.00% 0.00% 99.73% 99.69% 99.91% 99.72% 99.75% 100.24% 99.64%
Interest Burden Percent		 0.00% 0.00% 100.00% 100.00% 159.14% 100.00% 105.54% 100.05% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.27% 0.31% 0.09% 0.28% 0.25% -0.24% 0.36%
Return on Invested Capital (ROIC)		 0.00% 0.00% 4.83% 4.63% 3.86% 6.17% 4.07% 6.51% 6.32%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 4.83% 4.63% 9.59% 6.17% 4.72% 6.52% 6.32%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 2.88% 2.78% 6.36% 3.26% 2.52% 4.14% 4.02%
Return on Equity (ROE)		 0.00% 0.00% 7.71% 7.42% 10.22% 9.44% 6.59% 10.66% 10.35%
Cash Return on Invested Capital (CROIC)		 0.00% -200.00% 0.00% -11.17% -19.07% 2.42% -68.31% -9.69% 3.30%
Operating Return on Assets (OROA)		 0.00% 0.00% 5.06% 4.52% 3.72% 5.92% 3.91% 6.24% 6.11%
Return on Assets (ROA)		 0.00% 0.00% 5.05% 4.51% 5.91% 5.90% 4.12% 6.26% 6.09%
Return on Common Equity (ROCE)		 0.00% 0.00% 7.60% 7.33% 10.12% 9.37% 6.51% 10.49% 10.18%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 7.81% 6.96% 9.52% 8.45% 5.18% 10.11% 10.25%
Net Operating Profit after Tax (NOPAT)		 0.00 0.00 532 554 563 1,023 1,077 2,553 2,721
NOPAT Margin		 0.00% 0.00% 89.83% 91.12% 63.66% 92.87% 52.01% 90.47% 89.54%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% -5.73% 0.00% -0.65% -0.01% 0.00%
SG&A Expenses to Revenue		 17.35% 16.71% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 100.00% 100.00% 9.92% 8.60% 36.29% 6.87% 47.86% 9.75% 10.14%
Earnings before Interest and Taxes (EBIT)		 0.00 0.00 534 556 564 1,026 1,079 2,547 2,731
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2.88 3.03 543 593 587 1,101 1,115 2,598 2,782
Valuation Ratios		 - - - - - - - - -
Price to Book Value (P/BV)		 0.00 1.49 0.76 1.17 1.22 1.37 1.28 1.23 1.16
Price to Tangible Book Value (P/TBV)		 0.00 1.49 0.76 1.17 1.22 1.37 1.28 1.23 1.16
Price to Revenue (P/Rev)		 6.92 6.66 8.80 15.28 12.96 15.10 13.53 11.05 10.13
Price to Earnings (P/E)		 0.00 0.00 9.95 17.02 12.86 16.41 25.07 12.40 11.49
Dividend Yield		 0.00% 0.00% 7.09% 5.80% 5.87% 5.22% 5.16% 5.34% 5.80%
Earnings Yield		 0.00% 0.00% 10.05% 5.87% 7.78% 6.09% 3.99% 8.06% 8.70%
Enterprise Value to Invested Capital (EV/IC)		 0.00 1.47 0.80 1.02 1.11 1.22 1.16 1.13 1.09
Enterprise Value to Revenue (EV/Rev)		 0.00 6.62 14.89 21.60 20.34 18.76 20.24 16.93 15.60
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 41.06 16.23 22.17 30.64 18.78 37.59 18.39 17.04
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 16.53 23.63 31.93 20.14 38.83 18.76 17.36
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 16.57 23.71 31.95 20.20 38.92 18.71 17.42
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 45.72 17.49 19.26 20.37 23.06 21.56 21.91 19.91
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 51.58 0.00 0.00 33.43
Leverage & Solvency		 - - - - - - - - -
Debt to Equity		 0.00 0.00 0.60 0.60 0.71 0.39 0.62 0.65 0.62
Long-Term Debt to Equity		 0.00 0.00 0.60 0.60 0.71 0.39 0.62 0.65 0.62
Financial Leverage		 0.00 0.00 0.60 0.60 0.66 0.53 0.53 0.64 0.64
Leverage Ratio		 0.00 1.08 1.80 1.65 1.73 1.60 1.60 1.70 1.70
Compound Leverage Factor		 0.00 0.00 1.80 1.65 2.75 1.60 1.69 1.70 1.70
Debt to Total Capital		 0.00% 0.38% 37.40% 37.67% 41.61% 27.81% 38.13% 39.46% 38.30%
Short-Term Debt to Total Capital		 0.00% 0.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 37.40% 37.67% 41.61% 27.81% 38.13% 39.46% 38.30%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.76% 0.65% 0.48% 0.47% 0.99% 0.95% 0.95%
Common Equity to Total Capital		 0.00% 99.62% 61.85% 61.68% 57.91% 71.72% 60.88% 59.59% 60.75%
Debt to EBITDA		 0.00 0.11 7.59 8.21 11.52 4.27 12.32 6.44 6.02
Net Debt to EBITDA		 0.00 -0.20 6.49 6.35 10.98 3.59 12.14 6.24 5.83
Long-Term Debt to EBITDA		 0.00 0.00 7.59 8.21 11.52 4.27 12.32 6.44 6.02
Debt to NOPAT		 0.00 0.00 7.75 8.78 12.01 4.59 12.76 6.55 6.15
Net Debt to NOPAT		 0.00 0.00 6.62 6.79 11.45 3.87 12.57 6.35 5.96
Long-Term Debt to NOPAT		 0.00 0.00 7.75 8.78 12.01 4.59 12.76 6.55 6.15
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 1.44% 1.12% 0.92% 0.72% 1.26% 1.58% 1.55%
Liquidity Ratios		 - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -84 0.00 -1,337 -2,782 401 -18,071 -3,799 1,418
Operating Cash Flow to CapEx		 394.54% 313.12% 70,698.74% 25,042.55% 31,923.41% 35,782.44% 103,592.54% 54,052.27% 31,643.61%
Free Cash Flow to Firm to Interest Expense		 0.00 -12,066.00 0.00 -5.38 -9.01 1.02 -33.47 -4.64 1.72
Operating Cash Flow to Interest Expense		 160.44 388.71 2.37 2.75 2.86 2.28 3.60 2.67 2.88
Operating Cash Flow Less CapEx to Interest Expense		 119.78 264.57 2.37 2.74 2.85 2.28 3.60 2.66 2.87
Efficiency Ratios		 - - - - - - - - -
Asset Turnover		 0.00 0.21 0.06 0.05 0.06 0.06 0.08 0.07 0.07
Fixed Asset Turnover		 0.00 0.21 4.86 6.39 7.00 7.07 13.48 18.55 20.16
Capital & Investment Metrics		 - - - - - - - - -
Invested Capital		 0.00 84 11,023 12,914 16,259 16,882 36,030 42,382 43,685
Invested Capital Turnover		 0.00 0.44 0.05 0.05 0.06 0.07 0.08 0.07 0.07
Increase / (Decrease) in Invested Capital		 0.00 84 0.00 1,891 3,345 622 19,148 6,352 1,303
Enterprise Value (EV)		 0.00 124 8,818 13,141 17,996 20,669 41,908 47,780 47,415
Market Capitalization		 125 125 5,211 9,293 11,468 16,635 28,021 31,177 30,792
Book Value per Share		 $0.00 $13.46 $18.41 $17.28 $17.54 $19.25 $22.77 $24.41 $25.17
Tangible Book Value per Share		 $0.00 $13.46 $18.41 $17.28 $17.54 $19.25 $22.77 $24.41 $25.17
Total Capital		 0.00 84 11,023 12,914 16,259 16,882 36,030 42,382 43,685
Total Debt		 0.00 0.32 4,122 4,865 6,766 4,695 13,740 16,724 16,733
Total Long-Term Debt		 0.00 0.00 4,122 4,865 6,766 4,695 13,740 16,724 16,733
Net Debt		 0.00 -0.60 3,524 3,763 6,450 3,955 13,531 16,202 16,208
Capital Expenditures (CapEx)		 0.73 0.87 0.71 2.72 2.77 2.51 1.88 4.04 7.53
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 -333 0.00 -60 -1.28 0.00
Net Nonoperating Obligations (NNO)		 0.00 0.32 4,122 4,865 6,766 4,695 13,740 16,724 16,733
Total Depreciation and Amortization (D&A)		 2.88 3.03 9.66 37 24 75 36 50 51
Earnings Adjustments		 - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $1.43 $1.25 $1.76 $1.80 $1.27 $2.48 $2.56
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 367.23M 435.07M 506.14M 564.47M 877.51M 1.01B 1.05B
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $1.43 $1.24 $1.75 $1.76 $1.27 $2.47 $2.56
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 367.32M 439.15M 510.91M 577.07M 879.68M 1.02B 1.05B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $1.43 $1.25 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 404.73M 468.49M 536.66M 748.39M 1.00B 1.04B 1.06B
Normalized Net Operating Profit after Tax (NOPAT)		 0.00 0.00 545 559 572 1,034 1,099 1,789 2,725
Normalized NOPAT Margin		 0.00% 0.00% 91.98% 91.94% 64.64% 93.81% 53.10% 63.37% 89.67%
Pre Tax Income Margin		 0.00% 0.00% 90.08% 91.40% 101.39% 93.13% 55.02% 90.30% 89.86%
Debt Service Ratios		 - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 2.51 2.24 1.83 2.61 2.00 3.11 3.31
NOPAT to Interest Expense		 0.00 0.00 2.50 2.23 1.82 2.61 1.99 3.12 3.29
EBIT Less CapEx to Interest Expense		 -40.67 -124.14 2.51 2.23 1.82 2.61 2.00 3.11 3.30
NOPAT Less CapEx to Interest Expense		 -40.67 -124.14 2.50 2.22 1.82 2.60 1.99 3.12 3.29
Payout Ratios		 - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 51.21% 92.38% 69.22% 74.97% 108.85% 63.12% 65.57%
Augmented Payout Ratio		 0.00% 0.00% 51.21% 92.38% 69.22% 74.97% 108.85% 63.12% 65.57%

Quarterly Metrics And Ratios for VICI Properties

This table displays calculated financial ratios and metrics derived from VICI Properties' official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 93.82% 94.03% 32.08% 20.57% 22.08% 11.15% 7.82% 7.73% 4.34% 3.54% 4.59%
EBITDA Growth		 95.73% 108.64% 1,222.95% 80.90% 27.30% 13.06% 7.47% 31.51% -16.04% -8.12% 16.78%
EBIT Growth		 108.73% 117.07% 1,073.23% 79.96% 26.32% 13.97% 7.49% 31.94% -16.46% -8.57% 16.92%
NOPAT Growth		 108.94% 116.98% 1,487.25% 79.98% 28.12% 13.90% 7.29% 31.66% -17.84% -7.93% 16.69%
Net Income Growth		 116.65% 117.51% 1,306.69% 67.85% 23.56% 13.63% 7.29% 31.66% -17.84% -7.93% 16.69%
EPS Growth		 45.45% 48.57% 1,250.00% 61.76% 10.94% 9.62% 2.90% 27.27% -18.31% -10.53% 15.49%
Operating Cash Flow Growth		 70.94% 75.08% -18.77% 9.47% 18.15% 4.16% 15.88% 4.88% 11.73% 8.85% 4.11%
Free Cash Flow Firm Growth		 -5,379.60% -363.26% 78.40% 86.03% 69.86% 91.31% 66.62% 73.43% 87.87% 52.29% 54.43%
Invested Capital Growth		 113.43% 93.84% 13.60% 15.19% 17.63% 5.58% 5.27% 4.94% 3.07% 3.15% 3.53%
Revenue Q/Q Growth		 3.59% 11.57% 3.55% 0.75% 4.88% 2.20% 0.45% 0.66% 1.58% 0.82% 1.45%
EBITDA Q/Q Growth		 87.38% -9.50% 31.82% -19.07% 31.87% -19.63% 25.31% -0.98% -15.81% -12.05% 59.30%
EBIT Q/Q Growth		 88.81% -11.16% 33.25% -19.49% 32.54% -19.85% 25.69% -1.18% -16.08% -12.28% 60.77%
NOPAT Q/Q Growth		 88.73% -11.19% 33.23% -19.40% 34.35% -21.05% 25.50% -1.10% -16.16% -11.53% 59.05%
Net Income Q/Q Growth		 82.51% -14.15% 32.91% -19.40% 34.35% -21.05% 25.50% -1.10% -16.16% -11.53% 59.05%
EPS Q/Q Growth		 88.24% -18.75% 32.69% -20.29% 29.09% -19.72% 24.56% -1.41% -17.14% -12.07% 60.78%
Operating Cash Flow Q/Q Growth		 -3.26% 6.99% 1.60% 4.10% 4.42% -5.68% 13.03% -5.79% 11.23% -8.11% 8.12%
Free Cash Flow Firm Q/Q Growth		 46.79% -2.25% 78.02% -16.77% -14.83% 70.50% 15.61% 7.07% 47.55% -15.99% 19.41%
Invested Capital Q/Q Growth		 0.66% 11.80% 1.06% 1.28% 2.80% 0.35% 0.76% 0.96% 0.97% 0.42% 1.13%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 98.82% 80.16% 102.03% 81.96% 103.05% 81.53% 101.70% 100.05% 82.92% 72.34% 113.58%
EBIT Margin		 97.98% 78.02% 100.39% 80.23% 101.39% 80.00% 100.09% 98.26% 81.18% 70.62% 111.91%
Profit (Net Income) Margin		 101.42% 78.05% 100.17% 80.14% 102.66% 79.79% 99.68% 97.94% 80.84% 70.94% 111.21%
Tax Burden Percent		 99.83% 99.79% 99.73% 99.89% 101.30% 99.74% 99.57% 99.67% 99.61% 100.45% 99.37%
Interest Burden Percent		 103.69% 100.24% 100.05% 100.00% 99.95% 100.00% 100.02% 100.00% 99.98% 100.00% 100.00%
Effective Tax Rate		 0.17% 0.21% 0.27% 0.11% -1.30% 0.26% 0.43% 0.33% 0.39% -0.45% 0.63%
Return on Invested Capital (ROIC)		 7.65% 6.12% 6.72% 5.59% 7.39% 5.58% 7.03% 6.96% 5.71% 5.03% 7.91%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.89% 6.13% 6.72% 5.59% 7.39% 5.58% 7.03% 6.96% 5.71% 5.03% 7.91%
Return on Net Nonoperating Assets (RNNOA)		 4.22% 3.43% 4.42% 3.65% 4.70% 3.75% 4.67% 4.56% 3.63% 3.20% 4.97%
Return on Equity (ROE)		 11.87% 9.54% 11.14% 9.25% 12.09% 9.33% 11.71% 11.52% 9.34% 8.23% 12.87%
Cash Return on Invested Capital (CROIC)		 -68.31% -59.41% -7.15% -7.92% -9.69% 0.91% 1.28% 1.94% 3.30% 3.09% 2.95%
Operating Return on Assets (OROA)		 7.35% 5.88% 6.48% 5.38% 7.01% 5.38% 6.80% 6.72% 5.52% 4.83% 7.66%
Return on Assets (ROA)		 7.61% 5.89% 6.47% 5.38% 7.10% 5.37% 6.77% 6.70% 5.49% 4.85% 7.61%
Return on Common Equity (ROCE)		 11.72% 9.43% 10.96% 9.10% 11.89% 9.18% 11.52% 11.34% 9.20% 8.10% 12.67%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 6.10% 9.20% 9.97% 0.00% 10.33% 10.41% 10.94% 0.00% 10.05% 10.36%
Net Operating Profit after Tax (NOPAT)		 593 527 702 565 760 600 753 744 624 552 878
NOPAT Margin		 97.81% 77.86% 100.17% 80.14% 102.66% 79.79% 99.68% 97.94% 80.84% 70.94% 111.21%
Net Nonoperating Expense Percent (NNEP)		 -0.24% -0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 2.02% 21.98% -0.39% 19.77% -1.39% 20.00% -0.09% 1.74% 18.82% 29.38% 6.06%
Earnings before Interest and Taxes (EBIT)		 594 528 703 566 750 601 756 747 627 550 884
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 599 542 715 578 763 613 768 761 640 563 897
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.28 1.31 1.26 1.15 1.23 1.19 1.16 1.34 1.16 1.30 1.27
Price to Tangible Book Value (P/TBV)		 1.28 1.31 1.26 1.15 1.23 1.19 1.16 1.34 1.16 1.30 1.27
Price to Revenue (P/Rev)		 13.53 12.75 11.62 10.38 11.05 10.50 10.13 11.62 10.13 11.24 11.11
Price to Earnings (P/E)		 25.07 21.91 13.92 11.77 12.40 11.75 11.34 12.40 11.49 13.09 12.50
Dividend Yield		 5.16% 5.02% 5.25% 5.76% 5.34% 5.57% 5.80% 5.04% 5.80% 5.25% 5.31%
Earnings Yield		 3.99% 4.56% 7.18% 8.49% 8.06% 8.51% 8.82% 8.06% 8.70% 7.64% 8.00%
Enterprise Value to Invested Capital (EV/IC)		 1.16 1.17 1.13 1.08 1.13 1.11 1.09 1.19 1.09 1.17 1.16
Enterprise Value to Revenue (EV/Rev)		 20.24 19.73 17.95 16.54 16.93 16.24 15.83 17.21 15.60 16.76 16.63
Enterprise Value to EBITDA (EV/EBITDA)		 37.59 33.86 21.19 18.26 18.39 17.61 17.14 17.80 17.04 18.81 18.67
Enterprise Value to EBIT (EV/EBIT)		 38.83 34.68 21.55 18.59 18.76 17.93 17.45 18.11 17.36 19.18 19.04
Enterprise Value to NOPAT (EV/NOPAT)		 38.92 34.77 21.59 18.63 18.71 17.89 17.43 18.09 17.42 19.22 18.42
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.56 21.83 22.55 21.25 21.91 21.34 20.40 22.34 19.91 21.15 21.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 124.64 87.58 63.14 33.43 38.51 40.07
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.62 0.70 0.69 0.68 0.65 0.65 0.64 0.63 0.62 0.62 0.62
Long-Term Debt to Equity		 0.62 0.70 0.69 0.68 0.65 0.65 0.64 0.63 0.62 0.62 0.62
Financial Leverage		 0.53 0.56 0.66 0.65 0.64 0.67 0.66 0.65 0.64 0.64 0.63
Leverage Ratio		 1.60 1.62 1.72 1.72 1.70 1.74 1.73 1.72 1.70 1.70 1.69
Compound Leverage Factor		 1.66 1.63 1.72 1.72 1.70 1.74 1.73 1.72 1.70 1.70 1.69
Debt to Total Capital		 38.13% 41.23% 40.84% 40.49% 39.46% 39.29% 39.03% 38.70% 38.30% 38.40% 38.14%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 38.13% 41.23% 40.84% 40.49% 39.46% 39.29% 39.03% 38.70% 38.30% 38.40% 38.14%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.99% 0.90% 0.90% 0.90% 0.95% 0.95% 0.95% 0.95% 0.95% 0.94% 0.95%
Common Equity to Total Capital		 60.88% 57.87% 58.26% 58.61% 59.59% 59.76% 60.02% 60.35% 60.75% 60.66% 60.91%
Debt to EBITDA		 12.32 11.89 7.64 6.86 6.44 6.26 6.15 5.77 6.02 6.17 6.13
Net Debt to EBITDA		 12.14 11.71 7.30 6.65 6.24 6.08 6.02 5.64 5.83 6.04 6.04
Long-Term Debt to EBITDA		 12.32 11.89 7.64 6.86 6.44 6.26 6.15 5.77 6.02 6.17 6.13
Debt to NOPAT		 12.76 12.21 7.79 6.99 6.55 6.36 6.25 5.86 6.15 6.30 6.05
Net Debt to NOPAT		 12.57 12.02 7.44 6.78 6.35 6.18 6.12 5.74 5.96 6.18 5.96
Long-Term Debt to NOPAT		 12.76 12.21 7.79 6.99 6.55 6.36 6.25 5.86 6.15 6.30 6.05
Noncontrolling Interest Sharing Ratio		 1.26% 1.13% 1.56% 1.55% 1.58% 1.55% 1.54% 1.53% 1.55% 1.55% 1.54%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -18,555 -18,973 -4,171 -4,870 -5,592 -1,650 -1,392 -1,294 -679 -787 -634
Operating Cash Flow to CapEx		 67,955.29% 52,837.35% 161,209.12% 95,685.62% 26,926.30% 22,561.78% 23,053.64% 42,390.34% 59,418.54% 379,396.79% 95,223.07%
Free Cash Flow to Firm to Interest Expense		 -109.58 -92.84 -20.49 -23.77 -27.26 -8.05 -6.77 -6.24 -3.26 -3.76 -2.97
Operating Cash Flow to Interest Expense		 2.88 2.55 2.61 2.69 2.81 2.65 2.99 2.79 3.09 2.83 2.99
Operating Cash Flow Less CapEx to Interest Expense		 2.88 2.55 2.60 2.69 2.80 2.64 2.97 2.79 3.09 2.83 2.99
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.08 0.08 0.06 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07
Fixed Asset Turnover		 13.48 15.62 16.88 17.67 18.55 19.02 19.56 19.92 20.16 20.34 20.63
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 36,030 40,281 40,709 41,228 42,382 42,530 42,854 43,267 43,685 43,870 44,366
Invested Capital Turnover		 0.08 0.08 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07
Increase / (Decrease) in Invested Capital		 19,148 19,500 4,872 5,436 6,352 2,250 2,145 2,038 1,303 1,339 1,513
Enterprise Value (EV)		 41,908 47,304 46,101 44,457 47,780 46,995 46,664 51,681 47,415 51,384 51,558
Market Capitalization		 28,021 30,582 29,848 27,904 31,177 30,365 29,877 34,881 30,792 34,458 34,449
Book Value per Share		 $22.77 $23.23 $23.62 $23.84 $24.41 $24.38 $24.65 $24.94 $25.17 $25.19 $25.57
Tangible Book Value per Share		 $22.77 $23.23 $23.62 $23.84 $24.41 $24.38 $24.65 $24.94 $25.17 $25.19 $25.57
Total Capital		 36,030 40,281 40,709 41,228 42,382 42,530 42,854 43,267 43,685 43,870 44,366
Total Debt		 13,740 16,606 16,624 16,693 16,724 16,712 16,727 16,744 16,733 16,847 16,922
Total Long-Term Debt		 13,740 16,606 16,624 16,693 16,724 16,712 16,727 16,744 16,733 16,847 16,922
Net Debt		 13,531 16,359 15,885 16,182 16,202 16,226 16,380 16,388 16,208 16,513 16,689
Capital Expenditures (CapEx)		 0.72 0.99 0.33 0.58 2.14 2.41 2.67 1.37 1.08 0.16 0.67
Net Nonoperating Expense (NNE)		 -22 -1.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 13,740 16,606 16,624 16,693 16,724 16,712 16,727 16,744 16,733 16,847 16,922
Total Depreciation and Amortization (D&A)		 5.08 14 11 12 12 12 12 14 13 13 13
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.64 $0.52 $0.69 $0.55 $0.72 $0.57 $0.71 $0.70 $0.58 $0.51 $0.82
Adjusted Weighted Average Basic Shares Outstanding		 877.51M 1.00B 1.01B 1.01B 1.01B 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B
Adjusted Diluted Earnings per Share		 $0.64 $0.52 $0.69 $0.55 $0.71 $0.57 $0.71 $0.70 $0.58 $0.51 $0.82
Adjusted Weighted Average Diluted Shares Outstanding		 879.68M 1.00B 1.01B 1.01B 1.02B 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 1.00B 1.00B 1.01B 1.03B 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B
Normalized Net Operating Profit after Tax (NOPAT)		 596 524 699 569 528 600 752 746 627 385 885
Normalized NOPAT Margin		 98.36% 77.43% 99.84% 80.64% 71.38% 79.83% 99.61% 98.10% 81.20% 49.44% 112.02%
Pre Tax Income Margin		 101.59% 78.21% 100.44% 80.23% 101.34% 80.00% 100.11% 98.26% 81.16% 70.62% 111.91%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.51 2.58 3.45 2.76 3.66 2.94 3.67 3.60 3.01 2.63 4.13
NOPAT to Interest Expense		 3.50 2.58 3.45 2.76 3.70 2.93 3.66 3.59 3.00 2.64 4.11
EBIT Less CapEx to Interest Expense		 3.50 2.58 3.45 2.76 3.65 2.92 3.66 3.60 3.01 2.63 4.13
NOPAT Less CapEx to Interest Expense		 3.50 2.57 3.44 2.76 3.69 2.92 3.65 3.58 2.99 2.64 4.11
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 108.85% 97.91% 69.64% 64.97% 63.12% 63.58% 63.94% 61.35% 65.57% 67.65% 65.48%
Augmented Payout Ratio		 108.85% 97.91% 69.64% 64.97% 63.12% 63.58% 63.94% 61.35% 65.57% 67.65% 65.48%

Key Financial Trends

VICI Properties Financial Summary and Trends (2022 to Q2 2025)

VICI Properties has demonstrated consistent operational and financial performance over the last several years, highlighted by steady net income growth, solid cash flow from operations, and robust asset base expansion. Below are the key observations and trends from the analysis of their income statements, cash flow statements, and balance sheets:

  • Strong and Growing Net Income: Net income from continuing operations increased from about $336.9 million in Q3 2022 to $878.4 million in Q2 2025, reflecting solid earnings growth and operational stability.
  • Increasing Earnings Per Share (EPS): Basic and diluted EPS have risen from $0.34 (Q3 2022) to $0.82 (Q2 2025), showing improved profitability on a per-share basis.
  • Robust Cash Flow from Operations: Operating cash flow strengthened significantly, rising from approximately $504 million in Q3 2022 to $640 million in Q2 2025, indicating strong operational cash generation capacity.
  • Large and Stable Asset Base: Total assets have grown from around $37.3 billion at Q3 2022 to $46.1 billion at Q2 2025. This growth supports the company's expansion and reflects investment in properties and other assets.
  • Maintained Equity Growth: Total common equity increased from about $21.7 billion in Q3 2022 to $27.0 billion in Q2 2025, supporting a strong capital structure and shareholder value creation.
  • Consistent Dividend Payouts: Dividends per common share have grown steadily from $0.39 in 2022 quarters to $0.4325 in 2025, maintaining an attractive yield for income investors.
  • Moderate Long-Term Debt Level: Long-term debt grew from approximately $13.7 billion in late 2022 to around $16.9 billion in Q2 2025, reflecting some increase but consistent with asset growth and business expansion.
  • Interest Expense Increase: Interest expenses rose in line with increased debt, now reaching about $214 million per quarter in 2025, which slightly pressures net interest income.
  • Non-Cash Adjustments Fluctuate: Non-cash adjustments to reconcile net income show swings reflecting accounting treatments; Q2 2025 shows a significant negative adjustment (-$320 million), potentially due to mark-to-market or other valuations.
  • Increasing Operating Expenses Fluctuate: Other operating expenses show variability quarter-to-quarter, with occasional spikes (e.g., $227 million in Q1 2025), which may impact margins if persistent.

Summary: VICI Properties displays a strong and stable financial position with increasing net income, growing equity, steady dividend increases, and solid cash flow from operations. The company has expanded its asset base consistently while managing its debt levels prudently. Interest expense remains elevated due to higher debt but is balanced by earnings growth. Investors should monitor operating expense volatility and non-cash adjustment impacts going forward.

08/29/25 04:45 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About VICI Properties' Financials

When does VICI Properties' financial year end?

According to the most recent income statement we have on file, VICI Properties' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has VICI Properties' net income changed over the last 8 years?

VICI Properties' net income appears to be on an upward trend, with a most recent value of $2.72 billion in 2024, rising from $0.00 in 2015. The previous period was $2.55 billion in 2023. Find out what analysts predict for VICI Properties in the coming months.

How has VICI Properties' revenue changed over the last 8 years?

Over the last 8 years, VICI Properties' total revenue changed from $18.06 million in 2015 to $3.04 billion in 2024, a change of 16,729.3%.

How much debt does VICI Properties have?

VICI Properties' total liabilities were at $18.42 billion at the end of 2024, a 0.1% increase from 2023, and a 290,758.2% increase since 2016.

How much cash does VICI Properties have?

In the past 8 years, VICI Properties' cash and equivalents has ranged from $920 thousand in 2016 to $1.10 billion in 2019, and is currently $524.62 million as of their latest financial filing in 2024.

How has VICI Properties' book value per share changed over the last 8 years?

Over the last 8 years, VICI Properties' book value per share changed from 0.00 in 2015 to 25.17 in 2024, a change of 2,517.4%.


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This page (NYSE:VICI) was last updated on 8/29/2025 by MarketBeat.com Staff
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