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VICI Properties (VICI) Financials

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$24.98 +0.19 (+0.75%)
Closing price 11/13/2026 03:59 PM Eastern
Extended Trading
$24.99 +0.00 (+0.00%)
As of 11/13/2026 07:57 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 0.00 0.00 524 546 892 1,014 1,118 2,514 2,679 2,775
Consolidated Net Income / (Loss)		 0.00 0.00 532 554 896 1,023 1,136 2,555 2,721 2,819
Net Income / (Loss) Continuing Operations		 0.00 0.00 532 554 896 1,023 1,136 2,555 2,721 2,819
Total Pre-Tax Income 		0.00 0.00 534 556 897 1,026 1,139 2,548 2,731 2,821
Total Revenue		 18 19 592 608 885 1,102 2,070 2,822 3,040 3,177
Net Interest Income / (Expense)		 -0.02 -0.01 -201 -228 -302 -392 -530 -794 -810 -829
Total Interest Income		 0.00 0.00 11 20 6.80 0.12 9.53 24 16 14
Investment Securities Interest Income		 - - 0.00 20 6.80 0.12 9.53 24 16 14
Total Interest Expense		 0.02 0.01 213 248 309 392 540 818 826 844
Long-Term Debt Interest Expense		 0.02 - 213 248 309 392 540 818 826 844
Total Non-Interest Income		 18 19 794 837 1,187 1,494 2,601 3,616 3,850 4,006
Other Service Charges		 0.00 2.08 27 29 40 58 95 112 118 117
Other Non-Interest Income		 4.01 17 790 866 1,186 1,451 2,505 3,500 3,731 3,889
Total Non-Interest Expense		 18 19 59 52 321 76 991 275 309 356
Other Operating Expenses		 12 13 42 43 309 62 965 263 300 347
Depreciation Expense		 2.88 3.03 3.69 3.83 3.73 3.09 3.18 4.30 4.13 3.64
Restructuring Charge		 0.00 - 0.39 5.00 8.68 10 23 8.02 4.57 7.73
Other Special Charges		 - - - - - 0.00 0.00 - - -2.66
Nonoperating Income / (Expense), net		 - - - 0.00 333 0.00 60 1.28 0.00 0.00
Income Tax Expense		 0.00 0.00 1.44 1.71 0.83 2.89 2.88 -6.14 9.70 2.44
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 - 8.50 8.32 4.53 9.31 19 41 42 43
Basic Earnings per Share		 $0.00 $0.00 $1.43 $1.25 $1.76 $1.80 $1.27 $2.48 $2.56 $2.61
Weighted Average Basic Shares Outstanding		 0.00 0.00 367.23M 435.07M 506.14M 564.47M 877.51M 1.01B 1.05B 1.06B
Diluted Earnings per Share		 $0.00 $0.00 $1.43 $1.24 $1.75 $1.76 $1.27 $2.47 $2.56 $2.61
Weighted Average Diluted Shares Outstanding		 0.00 0.00 367.32M 439.15M 510.91M 577.07M 879.68M 1.02B 1.05B 1.06B
Weighted Average Basic & Diluted Shares Outstanding		 - 0.00 366.20M 468.49M 536.66M 748.39M 1.00B 1.04B 1.06B 1.07B
Cash Dividends to Common per Share		 - - $1.00 $1.17 $1.26 $1.38 $1.50 $1.61 $1.70 $1.77

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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 590 741 733 615 544 865 762 605 872 527 343
Consolidated Net Income / (Loss)		 600 753 744 624 552 878 774 614 886 535 347
Net Income / (Loss) Continuing Operations		 600 753 744 624 552 878 774 614 886 535 347
Total Pre-Tax Income 		601 756 747 627 550 884 778 610 890 535 349
Total Revenue		 752 755 760 772 779 790 801 807 814 851 852
Net Interest Income / (Expense)		 -200 -202 -205 -204 -206 -212 -206 -206 -205 -208 -213
Total Interest Income		 5.29 3.93 2.80 4.08 3.70 2.29 3.88 4.49 4.49 2.23 1.56
Investment Securities Interest Income		 5.29 3.93 2.80 4.08 3.70 2.29 3.88 4.49 4.49 2.23 1.56
Total Interest Expense		 205 206 207 208 209 214 210 210 209 210 215
Long-Term Debt Interest Expense		 205 206 207 208 209 214 210 210 209 210 215
Total Non-Interest Income		 951 957 965 976 984 1,001 1,007 1,013 1,019 1,059 1,065
Other Service Charges		 29 31 19 42 20 31 20 30 30 19 19
Other Non-Interest Income		 922 926 945 934 965 971 988 983 989 1,040 1,047
Provision for Credit Losses		 - -43 -32 - 187 -142 -20 - -119 271 458
Total Non-Interest Expense		 151 42 45 145 42 48 44 36 42 45 45
Other Operating Expenses		 149 42 43 141 41 41 43 36 41 42 43
Depreciation Expense		 1.13 0.99 1.01 0.99 1.00 0.74 0.94 0.96 0.97 1.00 0.88
Restructuring Charge		 0.31 0.26 1.16 2.84 0.05 7.43 0.01 0.24 0.17 1.82 0.19
Other Special Charges		 0.16 -0.99 0.06 - 0.12 -0.99 0.08 - 0.02 0.35 0.23
Income Tax Expense		 1.56 3.23 2.46 2.45 -2.46 5.56 3.89 -4.56 3.97 -0.46 2.58
Net Income / (Loss) Attributable to Noncontrolling Interest		 9.79 11 12 9.61 8.66 13 12 9.52 14 8.79 4.32
Basic Earnings per Share		 $0.57 $0.71 $0.70 $0.58 $0.51 $0.82 $0.71 $0.57 $0.82 $0.48 $0.31
Weighted Average Basic Shares Outstanding		 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B 1.06B 1.07B 1.09B 1.10B
Diluted Earnings per Share		 $0.57 $0.71 $0.70 $0.58 $0.51 $0.82 $0.71 $0.57 $0.82 $0.48 $0.31
Weighted Average Diluted Shares Outstanding		 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B 1.06B 1.07B 1.09B 1.10B
Weighted Average Basic & Diluted Shares Outstanding		 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B 1.07B 1.07B 1.07B 1.10B 1.10B

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 0.00 0.00 401 503 -786 424 -531 314 2.04 39
Net Cash From Operating Activities		 2.89 2.72 504 682 884 896 1,943 2,181 2,381 2,510
Net Cash From Continuing Operating Activities		 2.89 2.72 504 682 884 896 1,943 2,181 2,381 2,510
Net Income / (Loss) Continuing Operations		 0.00 0.00 532 554 896 1,023 1,136 2,555 2,721 2,819
Consolidated Net Income / (Loss)		 0.00 0.00 532 554 896 1,023 1,136 2,555 2,721 2,819
Depreciation Expense		 2.88 3.03 3.69 3.83 3.73 3.09 3.18 4.30 4.13 3.64
Amortization Expense		 0.00 0.00 5.98 33 20 71 32 46 47 47
Non-Cash Adjustments to Reconcile Net Income		 -0.14 -0.11 -7.69 64 -329 -115 725 -410 -379 -370
Changes in Operating Assets and Liabilities, net		 0.11 -0.19 -30 27 292 -87 46 -14 -12 11
Net Cash From Investing Activities		 -0.73 -0.87 -1,141 -1,361 -4,549 41 -9,304 -2,899 -923 -905
Net Cash From Continuing Investing Activities		 -0.73 -0.87 -1,141 -1,361 -4,549 41 -9,304 -2,899 -923 -905
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 -1.34
Purchase of Investment Securities		 0.00 0.00 -1,714 -2,253 -4,657 -40 -9,389 -3,599 -1,021 -932
Sale and/or Maturity of Investments		 - - 421 903 111 104 95 706 111 33
Other Investing Activities, net		 - - 152 -8.70 -0.26 -21 -7.70 -1.47 -5.86 -4.69
Net Cash From Financing Activities		 -2.03 -1.28 1,038 1,183 2,879 -514 6,830 1,032 -1,457 -1,567
Net Cash From Continuing Financing Activities		 -2.03 -1.28 1,038 1,183 2,879 -514 6,830 1,032 -1,457 -1,567
Issuance of Debt		 0.00 0.00 0.00 2,250 2,555 0.00 5,600 419 1,853 1,710
Issuance of Common Equity		 0.00 0.00 2,001 1,164 1,540 2,386 3,219 2,480 379 375
Repayment of Debt		 -0.05 -0.05 -691 -1,720 -595 -2,131 -746 -250 -1,900 -1,759
Payment of Dividends		 0.00 0.00 -272 -512 -620 -767 -1,237 -1,612 -1,784 -1,886
Other Financing Activities, Net		 -1.98 -1.23 0.00 0.00 -0.21 -1.73 -6.16 -4.97 -5.34 -7.23
Effect of Exchange Rate Changes		 - - - - - 0.00 0.00 -0.06 0.45 0.16
Cash Interest Paid		 0.02 0.01 - 209 262 323 467 763 781 779
Cash Income Taxes Paid		 0.00 0.00 - 2.59 0.56 1.79 3.02 4.92 3.34 7.34

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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Net Change in Cash & Equivalents		 -37 -138 8.51 169 -190 -101 275 56 -83 -192 -18
Net Cash From Operating Activities		 544 615 579 644 592 640 586 692 632 728 655
Net Cash From Continuing Operating Activities		 544 615 579 644 592 640 586 692 632 728 655
Net Income / (Loss) Continuing Operations		 600 753 744 624 552 878 774 614 886 535 347
Consolidated Net Income / (Loss)		 600 753 744 624 552 878 774 614 886 535 347
Depreciation Expense		 1.13 0.99 1.01 0.99 1.00 0.74 0.94 0.96 0.97 1.00 0.88
Amortization Expense		 10 11 13 12 12 12 11 11 11 11 11
Non-Cash Adjustments to Reconcile Net Income		 -22 -169 -161 -28 -131 -320 -112 6.50 -205 132 349
Changes in Operating Assets and Liabilities, net		 -46 19 -18 34 157 68 -87 59 -61 49 -53
Net Cash From Investing Activities		 -109 -312 -242 -260 -386 -330 -50 -139 -223 -803 -139
Net Cash From Continuing Investing Activities		 -109 -312 -242 -260 -386 -330 -50 -139 -223 -803 -139
Purchase of Property, Leasehold Improvements and Equipment		 -2.41 -2.67 -1.37 -1.08 -0.16 -0.67 -0.21 -0.30 -0.63 -0.17 -2.71
Purchase of Investment Securities		 -107 -420 -238 -255 -385 -339 -62 -145 -734 -808 -221
Sale and/or Maturity of Investments		 1.10 110 0.15 0.01 0.05 9.46 13 11 513 4.37 85
Other Investing Activities, net		 -0.44 0.37 -2.02 -3.77 -0.12 0.05 -0.25 -4.37 -0.94 0.69 -0.57
Net Cash From Financing Activities		 -472 -441 -329 -215 -397 -412 -262 -496 -492 -117 -534
Net Cash From Continuing Financing Activities		 -472 -441 -329 -215 -397 -412 -262 -496 -492 -117 -534
Issuance of Debt		 1,029 - 82 743 248 1,459 2.67 - 0.00 280 1,865
Repayment of Debt		 -1,053 -0.24 -86 -760 -171 -1,406 -175 -7.33 -0.10 -150 -1,895
Payment of Dividends		 -443 -441 -440 -461 -467 -465 -465 -489 -490 -473 -495
Other Financing Activities, Net		 -5.00 -0.34 -0.01 - -7.18 -0.04 -0.01 - -2.30 -17 -8.26
Effect of Exchange Rate Changes		 -0.05 0.26 0.32 -0.08 0.19 0.18 0.14 -0.35 -0.15 -0.21 -0.12
Cash Interest Paid		 218 163 214 186 278 103 239 158 239 158 252
Cash Income Taxes Paid		 0.00 3.34 - - 0.00 3.31 - 4.03 0.00 3.96 1.89

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 2025
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 12/31/2025
Total Assets		 90 9,740 11,333 13,266 17,064 17,597 37,576 44,060 45,369 46,724
Cash and Due from Banks		 0.92 184 578 1,102 316 740 209 523 525 563
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
Premises and Equipment, Net		 89 148 96 95 158 154 154 151 151 148
Other Assets		 0.72 9,394 10,639 12,069 16,589 16,704 35,753 43,387 44,694 46,013
Total Liabilities & Shareholders' Equity		 90 9,740 11,333 13,266 17,064 17,597 37,576 44,060 45,369 46,724
Total Liabilities		 6.33 4,963 4,432 5,217 7,570 5,410 15,286 18,402 18,417 18,502
Long-Term Debt		 0.00 4,786 4,122 4,865 6,766 4,695 13,740 16,724 16,733 16,773
Other Long-Term Liabilities		 5.31 160 183 194 804 716 1,546 1,678 1,684 1,728
Commitments & Contingencies		 0.00 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 28,223
Total Preferred & Common Equity		 84 4,691 6,817 7,965 9,416 12,108 21,934 25,256 26,538 27,798
Preferred Stock		 0.00 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 27,798
Common Stock		 0.00 4,649 6,652 7,822 9,369 11,761 21,655 24,136 24,526 24,910
Retained Earnings		 0.05 43 187 208 139 346 93 966 1,867 2,767
Accumulated Other Comprehensive Income / (Loss)		 0.00 0.00 -22 -65 -93 0.88 185 154 145 121
Noncontrolling Interest		 0.00 85 84 84 78 79 356 402 414 425

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026 9/30/2026
Total Assets		 44,060 44,158 44,511 44,918 45,369 45,526 46,054 46,536 47,090 48,271 48,064
Cash and Due from Banks		 523 485 347 356 525 334 233 508 480 288 270
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		 151 151 151 151 151 151 150 150 148 171 174
Other Assets		 43,387 43,522 44,013 44,412 44,694 45,041 45,671 45,879 46,461 47,812 47,620
Total Liabilities & Shareholders' Equity		 44,060 44,158 44,511 44,918 45,369 45,526 46,054 46,536 47,090 48,271 48,064
Total Liabilities		 18,402 18,339 18,385 18,395 18,417 18,503 18,610 18,439 18,471 18,669 18,625
Long-Term Debt		 16,724 16,712 16,727 16,744 16,733 16,847 16,922 16,763 16,787 16,931 16,917
Other Long-Term Liabilities		 1,678 1,628 1,658 1,651 1,684 1,656 1,688 1,676 1,684 1,737 1,708
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		 25,658 25,819 26,126 26,523 26,952 27,023 27,444 28,097 28,619 29,603 29,440
Total Preferred & Common Equity		 25,256 25,415 25,719 26,111 26,538 26,609 27,024 27,674 28,189 29,171 29,012
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		 25,256 25,415 25,719 26,111 26,538 26,609 27,024 27,674 28,189 29,171 29,012
Common Stock		 24,136 24,135 24,139 24,258 24,526 24,523 24,526 24,905 24,911 25,866 25,871
Retained Earnings		 966 1,123 1,431 1,711 1,867 1,954 2,362 2,643 3,158 3,189 3,025
Accumulated Other Comprehensive Income / (Loss)		 154 157 148 142 145 132 136 125 119 115 115
Noncontrolling Interest		 402 404 407 412 414 413 420 424 430 432 428

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 2025
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 12/31/2025
Growth Metrics		 - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - -
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 $2.61
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 367.23M 435.07M 506.14M 564.47M 877.51M 1.01B 1.05B 1.06B
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $1.43 $1.24 $1.75 $1.76 $1.27 $2.47 $2.56 $2.61
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 367.32M 439.15M 510.91M 577.07M 879.68M 1.02B 1.05B 1.06B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $1.43 $1.25 $0.00 $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 1.07B
Debt Service Ratios		 - - - - - - - - - -
Payout Ratios		 - - - - - - - - - -

Quarterly Metrics And Ratios for VICI Properties

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

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
DEI Shares Outstanding		 - - - - - - - - 1,068,737,299.00 1,069,030,187.00 1,101,077,562.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 1,068,737,299.00 1,069,030,187.00 1,101,077,562.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 0.83 0.50 0.32
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 11.15% 7.82% 7.73% 4.34% 3.54% 4.59% 5.38% - 4.50% 7.72% 6.37%
EBITDA Growth		 13.06% 7.47% 31.51% -16.04% -8.12% 16.78% 3.80% - 60.13% -39.04% -54.18%
EBIT Growth		 13.97% 7.49% 31.94% -16.46% -8.57% 16.92% 4.09% - 61.86% -39.49% -55.06%
NOPAT Growth		 13.90% 7.29% 31.66% -17.84% -7.93% 16.69% 3.91% - 60.42% -39.06% -55.17%
Net Income Growth		 13.63% 7.29% 31.66% -17.84% -7.93% 16.69% 3.91% - 60.42% -39.06% -55.17%
EPS Growth		 9.62% 2.90% 27.27% -18.31% -10.53% 15.49% 1.43% - 60.78% -41.46% -56.34%
Operating Cash Flow Growth		 4.16% 15.88% 4.88% 11.73% 8.85% 4.11% 1.25% - 6.76% 13.80% 11.76%
Free Cash Flow Firm Growth		 91.31% 66.62% 73.43% 87.87% 52.29% 54.43% 36.65% - 17.38% -157.30% -40.28%
Invested Capital Growth		 5.58% 5.27% 4.94% 3.07% 3.15% 3.53% 3.68% - 3.50% 4.89% 3.34%
Revenue Q/Q Growth		 2.20% 0.45% 0.66% 1.58% 0.82% 1.45% 1.42% - 0.77% 4.57% 0.15%
EBITDA Q/Q Growth		 -19.63% 25.31% -0.98% -15.81% -12.05% 59.30% -12.00% - 15.04% -39.36% -33.85%
EBIT Q/Q Growth		 -19.85% 25.69% -1.18% -16.08% -12.28% 60.77% -12.04% - 15.29% -39.90% -34.67%
NOPAT Q/Q Growth		 -21.05% 25.50% -1.10% -16.16% -11.53% 59.05% -11.93% - 44.22% -39.58% -35.21%
Net Income Q/Q Growth		 -21.05% 25.50% -1.10% -16.16% -11.53% 59.05% -11.93% - 44.22% -39.58% -35.21%
EPS Q/Q Growth		 -19.72% 24.56% -1.41% -17.14% -12.07% 60.78% -13.41% - 43.86% -41.46% -35.42%
Operating Cash Flow Q/Q Growth		 -5.68% 13.03% -5.79% 11.23% -8.11% 8.12% -8.38% - -8.68% 15.24% -10.02%
Free Cash Flow Firm Q/Q Growth		 70.50% 15.61% 7.07% 47.55% -15.99% 19.41% -29.21% - 6.67% -150.97% 29.55%
Invested Capital Q/Q Growth		 0.35% 0.76% 0.96% 0.97% 0.42% 1.13% 1.11% - 0.91% 2.48% -0.38%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 81.53% 101.70% 100.05% 82.92% 72.34% 113.58% 98.55% - 110.83% 64.28% 42.45%
EBIT Margin		 80.00% 100.09% 98.26% 81.18% 70.62% 111.91% 97.06% - 109.37% 62.86% 41.01%
Profit (Net Income) Margin		 79.79% 99.68% 97.94% 80.84% 70.94% 111.21% 96.58% - 108.89% 62.92% 40.71%
Tax Burden Percent		 99.74% 99.57% 99.67% 99.61% 100.45% 99.37% 99.50% - 99.55% 100.09% 99.26%
Interest Burden Percent		 100.00% 100.02% 100.00% 99.98% 100.00% 100.00% 100.00% - 100.00% 100.00% 100.00%
Effective Tax Rate		 0.26% 0.43% 0.33% 0.39% -0.45% 0.63% 0.50% - 0.45% -0.09% 0.74%
Return on Invested Capital (ROIC)		 5.58% 7.03% 6.96% 5.71% 5.03% 7.91% 6.89% - 7.83% 4.53% 2.97%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.58% 7.03% 6.96% 5.71% 5.03% 7.91% 6.89% - 7.83% 4.53% 2.97%
Return on Net Nonoperating Assets (RNNOA)		 3.75% 4.67% 4.56% 3.63% 3.20% 4.97% 4.22% - 4.74% 2.69% 1.74%
Return on Equity (ROE)		 9.33% 11.71% 11.52% 9.34% 8.23% 12.87% 11.11% - 12.57% 7.22% 4.70%
Cash Return on Invested Capital (CROIC)		 0.91% 1.28% 1.94% 3.30% 3.09% 2.95% 2.80% - 3.62% 1.41% 1.94%
Operating Return on Assets (OROA)		 5.38% 6.80% 6.72% 5.52% 4.83% 7.66% 6.67% - 7.59% 4.36% 2.88%
Return on Assets (ROA)		 5.37% 6.77% 6.70% 5.49% 4.85% 7.61% 6.63% - 7.55% 4.37% 2.86%
Return on Common Equity (ROCE)		 9.18% 11.52% 11.34% 9.20% 8.10% 12.67% 10.94% - 12.38% 7.11% 4.63%
Return on Equity Simple (ROE_SIMPLE)		 10.33% 10.41% 10.94% 0.00% 10.05% 10.36% 10.22% - 11.18% 9.63% 8.21%
Net Operating Profit after Tax (NOPAT)		 600 753 744 624 552 878 774 - 886 535 347
NOPAT Margin		 79.79% 99.68% 97.94% 80.84% 70.94% 111.21% 96.58% - 108.89% 62.92% 40.71%
Net Nonoperating Expense Percent (NNEP)		 0.00% 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%
Operating Expenses to Revenue		 20.00% -0.09% 1.74% 18.82% 29.38% 6.06% 5.45% - 5.22% 5.28% 5.23%
Earnings before Interest and Taxes (EBIT)		 601 756 747 627 550 884 778 - 890 535 349
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 613 768 761 640 563 897 789 - 902 547 362
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.19 1.16 1.34 1.16 1.30 1.27 1.26 - 1.04 0.97 0.87
Price to Tangible Book Value (P/TBV)		 1.19 1.16 1.34 1.16 1.30 1.27 1.26 - 1.04 0.97 0.87
Price to Revenue (P/Rev)		 10.50 10.13 11.62 10.13 11.24 11.11 11.07 - 9.09 8.67 7.61
Price to Earnings (P/E)		 11.75 11.34 12.40 11.49 13.09 12.50 12.48 - 9.41 10.26 10.78
Dividend Yield		 5.57% 5.80% 5.04% 5.80% 5.25% 5.31% 5.36% - 6.52% 6.78% 7.88%
Earnings Yield		 8.51% 8.82% 8.06% 8.70% 7.64% 8.00% 8.01% - 10.63% 9.74% 9.28%
Enterprise Value to Invested Capital (EV/IC)		 1.11 1.09 1.19 1.09 1.17 1.16 1.15 - 1.01 0.98 0.91
Enterprise Value to Revenue (EV/Rev)		 16.24 15.83 17.21 15.60 16.76 16.63 16.38 - 14.30 13.89 12.75
Enterprise Value to EBITDA (EV/EBITDA)		 17.61 17.14 17.80 17.04 18.81 18.67 18.36 - 15.82 15.32 14.04
Enterprise Value to EBIT (EV/EBIT)		 17.93 17.45 18.11 17.36 19.18 19.04 18.71 - 16.09 15.57 14.27
Enterprise Value to NOPAT (EV/NOPAT)		 17.89 17.43 18.09 17.42 19.22 18.42 18.19 - 14.57 16.18 17.78
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.34 20.40 22.34 19.91 21.15 21.00 20.90 - 18.01 17.23 15.65
Enterprise Value to Free Cash Flow (EV/FCFF)		 124.64 87.58 63.14 33.43 38.51 40.07 41.66 - 28.43 70.84 47.83
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.65 0.64 0.63 0.62 0.62 0.62 0.60 - 0.59 0.57 0.57
Long-Term Debt to Equity		 0.65 0.64 0.63 0.62 0.62 0.62 0.60 - 0.59 0.57 0.57
Financial Leverage		 0.67 0.66 0.65 0.64 0.64 0.63 0.61 - 0.60 0.59 0.59
Leverage Ratio		 1.74 1.73 1.72 1.70 1.70 1.69 1.67 - 1.66 1.65 1.64
Compound Leverage Factor		 1.74 1.73 1.72 1.70 1.70 1.69 1.67 - 1.66 1.65 1.64
Debt to Total Capital		 39.29% 39.03% 38.70% 38.30% 38.40% 38.14% 37.37% - 36.97% 36.38% 36.49%
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%
Long-Term Debt to Total Capital		 39.29% 39.03% 38.70% 38.30% 38.40% 38.14% 37.37% - 36.97% 36.38% 36.49%
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%
Noncontrolling Interests to Total Capital		 0.95% 0.95% 0.95% 0.95% 0.94% 0.95% 0.94% - 0.95% 0.93% 0.92%
Common Equity to Total Capital		 59.76% 60.02% 60.35% 60.75% 60.66% 60.91% 61.69% - 62.08% 62.69% 62.58%
Debt to EBITDA		 6.26 6.15 5.77 6.02 6.17 6.13 5.98 - 5.78 5.71 5.61
Net Debt to EBITDA		 6.08 6.02 5.64 5.83 6.04 6.04 5.80 - 5.61 5.61 5.52
Long-Term Debt to EBITDA		 6.26 6.15 5.77 6.02 6.17 6.13 5.98 - 5.78 5.71 5.61
Debt to NOPAT		 6.36 6.25 5.86 6.15 6.30 6.05 5.93 - 5.33 6.03 7.10
Net Debt to NOPAT		 6.18 6.12 5.74 5.96 6.18 5.96 5.75 - 5.17 5.92 6.99
Long-Term Debt to NOPAT		 6.36 6.25 5.86 6.15 6.30 6.05 5.93 - 5.33 6.03 7.10
Noncontrolling Interest Sharing Ratio		 1.55% 1.54% 1.53% 1.55% 1.55% 1.54% 1.53% - 1.52% 1.49% 1.48%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,650 -1,392 -1,294 -679 -787 -634 -820 - -650 -1,632 -1,150
Operating Cash Flow to CapEx		 22,561.78% 23,053.64% 42,390.34% 59,418.54% 379,396.79% 95,223.07% 285,994.63% - 100,615.29% 438,661.45% 24,204.17%
Free Cash Flow to Firm to Interest Expense		 -8.05 -6.77 -6.24 -3.26 -3.76 -2.97 -3.90 - -3.11 -7.77 -5.35
Operating Cash Flow to Interest Expense		 2.65 2.99 2.79 3.09 2.83 2.99 2.79 - 3.02 3.47 3.05
Operating Cash Flow Less CapEx to Interest Expense		 2.64 2.97 2.79 3.09 2.83 2.99 2.79 - 3.02 3.47 3.04
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.07 0.07 0.07 0.07 0.07 0.07 0.07 - 0.07 0.07 0.07
Fixed Asset Turnover		 19.02 19.56 19.92 20.16 20.34 20.63 20.91 - 21.50 20.39 20.57
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 42,530 42,854 43,267 43,685 43,870 44,366 44,860 - 45,406 46,534 46,357
Invested Capital Turnover		 0.07 0.07 0.07 0.07 0.07 0.07 0.07 - 0.07 0.07 0.07
Increase / (Decrease) in Invested Capital		 2,250 2,145 2,038 1,303 1,339 1,513 1,593 - 1,536 2,167 1,497
Enterprise Value (EV)		 46,995 46,664 51,681 47,415 51,384 51,558 51,453 - 45,935 45,458 42,366
Market Capitalization		 30,365 29,877 34,881 30,792 34,458 34,449 34,774 - 29,198 28,383 25,292
Book Value per Share		 $24.38 $24.65 $24.94 $25.17 $25.19 $25.57 $25.95 - $26.38 $27.29 $26.35
Tangible Book Value per Share		 $24.38 $24.65 $24.94 $25.17 $25.19 $25.57 $25.95 - $26.38 $27.29 $26.35
Total Capital		 42,530 42,854 43,267 43,685 43,870 44,366 44,860 - 45,406 46,534 46,357
Total Debt		 16,712 16,727 16,744 16,733 16,847 16,922 16,763 - 16,787 16,931 16,917
Total Long-Term Debt		 16,712 16,727 16,744 16,733 16,847 16,922 16,763 - 16,787 16,931 16,917
Net Debt		 16,226 16,380 16,388 16,208 16,513 16,689 16,255 - 16,307 16,643 16,647
Capital Expenditures (CapEx)		 2.41 2.67 1.37 1.08 0.16 0.67 0.21 - 0.63 0.17 2.71
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 16,712 16,727 16,744 16,733 16,847 16,922 16,763 - 16,787 16,931 16,917
Total Depreciation and Amortization (D&A)		 12 12 14 13 13 13 12 - 12 12 12
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.57 $0.71 $0.70 $0.58 $0.51 $0.82 $0.71 $0.57 $0.82 $0.48 $0.31
Adjusted Weighted Average Basic Shares Outstanding		 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B 1.06B 1.07B 1.09B 1.10B
Adjusted Diluted Earnings per Share		 $0.57 $0.71 $0.70 $0.58 $0.51 $0.82 $0.71 $0.57 $0.82 $0.48 $0.31
Adjusted Weighted Average Diluted Shares Outstanding		 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B 1.06B 1.07B 1.09B 1.10B
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		 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B 1.07B 1.07B 1.07B 1.10B 1.10B
Normalized Net Operating Profit after Tax (NOPAT)		 600 752 746 627 385 885 774 - 886 376 347
Normalized NOPAT Margin		 79.83% 99.61% 98.10% 81.20% 49.44% 112.02% 96.59% - 108.91% 44.18% 40.76%
Pre Tax Income Margin		 80.00% 100.11% 98.26% 81.16% 70.62% 111.91% 97.06% - 109.37% 62.86% 41.01%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.94 3.67 3.60 3.01 2.63 4.13 3.70 - 4.25 2.55 1.63
NOPAT to Interest Expense		 2.93 3.66 3.59 3.00 2.64 4.11 3.68 - 4.23 2.55 1.61
EBIT Less CapEx to Interest Expense		 2.92 3.66 3.60 3.01 2.63 4.13 3.70 - 4.25 2.55 1.61
NOPAT Less CapEx to Interest Expense		 2.92 3.65 3.58 2.99 2.64 4.11 3.68 - 4.23 2.55 1.60
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 63.58% 63.94% 61.35% 65.57% 67.65% 65.48% 65.67% - 60.54% 68.78% 82.71%
Augmented Payout Ratio		 63.58% 63.94% 61.35% 65.57% 67.65% 65.48% 65.67% - 60.54% 68.78% 82.71%

Financials Breakdown Chart

Key Financial Trends

VICI Properties’ financial statements show continued asset growth and strong operating cash generation, but rising financing needs and a sharp increase in credit-loss expense weighed on second-quarter 2026 earnings. The company’s results also include several restated historical periods, so investors should focus on the reported trends rather than treating every quarter as directly comparable.

  • Revenue has increased steadily. Q2 revenue rose from $700.4 million in 2023 to $755.2 million in 2024, $789.8 million in 2025 and $850.8 million in 2026. That represents approximately 21.5% cumulative growth over the period.
  • Operating cash flow remains robust. Net cash from operating activities reached $728.2 million in Q2 2026, up from $639.9 million in Q2 2025, $614.6 million in Q2 2024 and $530.4 million in Q2 2023. Cash generation has generally remained well above the company’s quarterly dividend payments.
  • VICI continues to expand its asset base. Total assets increased from $37.6 billion at the end of 2022 to $48.3 billion at June 30, 2026. The increase reflects ongoing investment activity and growth in the company’s real estate portfolio and related assets.
  • Shareholder distributions have grown. The quarterly common dividend increased from $0.39 per share in 2023 to $0.415 in 2024, $0.4325 in early 2025 and $0.45 in Q1 2026. Cash dividends paid remained substantial at $472.6 million in Q2 2026.
  • Equity has expanded alongside the balance sheet. Total equity and noncontrolling interests rose from $22.3 billion at the end of 2022 to $29.6 billion at the end of Q2 2026. This provides a larger capital base to support acquisitions and property investments.
  • Investment activity has become a major use of cash. VICI purchased $807.8 million of investment securities in Q2 2026 and $734.5 million in Q1 2026, compared with $338.6 million in Q2 2025. These purchases may support future income and growth, but the available data does not identify the specific assets or expected returns.
  • Cash balances fluctuate considerably. Cash and equivalents declined to $288.1 million at June 30, 2026, from $480.2 million at March 31, 2026 and $524.6 million at the end of 2024. The decline reflects heavy investment spending, dividend payments and other financing uses, although operating cash flow remains strong.
  • Second-quarter earnings weakened sharply. Net income attributable to common shareholders fell to $526.5 million, or $0.48 per diluted share, in Q2 2026 from $865.1 million, or $0.82 per share, in Q2 2025. Earnings also declined from $872.4 million, or $0.82 per share, in Q1 2026.
  • Credit-loss expense was a significant headwind. VICI reported a $271.1 million provision for credit losses in Q2 2026, compared with a reported benefit of $142.0 million in Q2 2025. This change substantially reduced pretax income despite continued revenue growth.
  • Debt and interest costs remain elevated. Long-term debt increased from $13.7 billion at the end of 2022 to $16.9 billion at June 30, 2026. Long-term debt interest expense was approximately $209.9 million in Q2 2026, while cash interest paid totaled $158.3 million. Higher borrowing costs could limit earnings growth if acquisition returns do not exceed financing costs.

Overall, VICI’s long-term profile remains supported by expanding assets, recurring operating cash flow and a rising dividend. However, the latest quarter highlights the risks of a highly leveraged real estate strategy: credit-loss provisions, large investment outlays and interest costs can create significant volatility in reported earnings even when revenue and operating cash flow continue to grow.

11/14/26 06:50 PM ETAI Generated. May Contain Errors.

VICI Properties Financials - Frequently Asked Questions

According to the most recent income statement we have on file, VICI Properties' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

VICI Properties' net income appears to be on an upward trend, with a most recent value of $2.82 billion in 2025, rising from $0.00 in 2015. The previous period was $2.72 billion in 2024. See VICI Properties' forecast for analyst expectations on what's next for the company.

Over the last 10 years, VICI Properties' total revenue changed from $18.06 million in 2015 to $3.18 billion in 2025, a change of 17,491.6%.

In the past 11 quarters, VICI Properties' cash and equivalents has ranged from $232.98 million in Q2 2025 to $524.62 million in Q4 2024, and is currently $270.32 million as of their latest financial filing in Q3 2026.


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Financial statements for NYSE:VICI last updated on 10/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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