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VICI Properties (VICI) Financials

VICI Properties logo
$28.92 +0.08 (+0.28%)
Closing price 03:59 PM Eastern
Extended Trading
$28.79 -0.13 (-0.45%)
As of 05:39 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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 556 748 590 741 733 615 544 865 762 605 872
Consolidated Net Income / (Loss)		 565 760 600 753 744 624 552 878 774 614 886
Net Income / (Loss) Continuing Operations		 565 760 600 753 744 624 552 878 774 614 886
Total Pre-Tax Income 		566 750 601 756 747 627 550 884 778 610 890
Total Revenue		 706 740 752 755 760 772 779 790 801 807 814
Net Interest Income / (Expense)		 -198 -197 -200 -202 -205 -204 -206 -212 -206 -206 -205
Total Interest Income		 7.34 7.78 5.29 3.93 2.80 4.08 3.70 2.29 3.88 4.49 4.49
Investment Securities Interest Income		 7.34 7.78 5.29 3.93 2.80 4.08 3.70 2.29 3.88 4.49 4.49
Total Interest Expense		 205 205 205 206 207 208 209 214 210 210 209
Long-Term Debt Interest Expense		 205 205 205 206 207 208 209 214 210 210 209
Total Non-Interest Income		 903 937 951 957 965 976 984 1,001 1,007 1,013 1,019
Other Service Charges		 18 47 29 31 19 42 20 31 28 30 30
Other Non-Interest Income		 886 884 922 926 945 934 965 971 980 983 989
Provision for Credit Losses		 - - - -43 -32 - 187 -142 -20 - -119
Total Non-Interest Expense		 140 -10 151 42 45 145 42 48 44 36 42
Other Operating Expenses		 135 -22 149 42 43 141 41 41 43 36 41
Depreciation Expense		 1.01 1.59 1.13 0.99 1.01 0.99 1.00 0.74 0.94 0.96 0.97
Restructuring Charge		 3.57 4.63 0.31 0.26 1.16 2.84 0.05 7.43 0.01 0.24 0.17
Other Special Charges		 - - 0.16 -0.99 0.06 - 0.12 -0.99 0.08 - 0.02
Income Tax Expense		 0.64 -9.77 1.56 3.23 2.46 2.45 -2.46 5.56 3.89 -4.56 3.97
Net Income / (Loss) Attributable to Noncontrolling Interest		 9.13 12 9.79 11 12 9.61 8.66 13 12 9.52 14
Basic Earnings per Share		 $0.55 $0.72 $0.57 $0.71 $0.70 $0.58 $0.51 $0.82 $0.71 $0.57 $0.82
Weighted Average Basic Shares Outstanding		 1.01B 1.01B 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B 1.06B 1.07B
Diluted Earnings per Share		 $0.55 $0.71 $0.57 $0.71 $0.70 $0.58 $0.51 $0.82 $0.71 $0.57 $0.82
Weighted Average Diluted Shares Outstanding		 1.01B 1.02B 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B 1.06B 1.07B
Weighted Average Basic & Diluted Shares Outstanding		 1.03B 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B 1.07B 1.07B 1.07B
Cash Dividends to Common per Share		 $0.42 - $0.42 $0.42 - - $0.43 $0.43 - - $0.45

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 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
Net Change in Cash & Equivalents		 -228 12 -37 -138 8.51 169 -190 -101 275 56 -83
Net Cash From Operating Activities		 552 576 544 615 579 644 592 640 586 692 632
Net Cash From Continuing Operating Activities		 552 576 544 615 579 644 592 640 586 692 632
Net Income / (Loss) Continuing Operations		 565 760 600 753 744 624 552 878 774 614 886
Consolidated Net Income / (Loss)		 565 760 600 753 744 624 552 878 774 614 886
Depreciation Expense		 1.01 1.59 1.13 0.99 1.01 0.99 1.00 0.74 0.94 0.96 0.97
Amortization Expense		 11 11 10 11 13 12 12 12 11 11 11
Non-Cash Adjustments to Reconcile Net Income		 -196 -36 -22 -169 -161 -28 -131 -320 -112 6.50 -205
Changes in Operating Assets and Liabilities, net		 171 -160 -46 19 -18 34 157 68 -87 59 -61
Net Cash From Investing Activities		 -734 -954 -109 -312 -242 -260 -386 -330 -50 -139 -223
Net Cash From Continuing Investing Activities		 -734 -954 -109 -312 -242 -260 -386 -330 -50 -139 -223
Purchase of Property, Leasehold Improvements and Equipment		 -0.58 -2.14 -2.41 -2.67 -1.37 -1.08 -0.16 -0.67 -0.21 -0.30 -0.63
Purchase of Investment Securities		 -733 -1,033 -107 -420 -238 -255 -385 -339 -62 -145 -734
Sale and/or Maturity of Investments		 0.10 82 1.10 110 0.15 0.01 0.05 9.46 13 11 513
Other Investing Activities, net		 -0.22 -0.71 -0.44 0.37 -2.02 -3.77 -0.12 0.05 -0.25 -4.37 -0.94
Net Cash From Financing Activities		 -46 389 -472 -441 -329 -215 -397 -412 -262 -496 -492
Net Cash From Continuing Financing Activities		 -46 389 -472 -441 -329 -215 -397 -412 -262 -496 -492
Issuance of Debt		 56 11 1,029 - 82 743 248 1,459 2.67 - 0.00
Repayment of Debt		 - -0.11 -1,053 -0.24 -86 -760 -171 -1,406 -175 -7.33 -0.10
Payment of Dividends		 -400 -429 -443 -441 -440 -461 -467 -465 -465 -489 -490
Other Financing Activities, Net		 -0.01 - -5.00 -0.34 -0.01 - -7.18 -0.04 -0.01 - -2.30
Effect of Exchange Rate Changes		 -0.31 0.06 -0.05 0.26 0.32 -0.08 0.19 0.18 0.14 -0.35 -0.15
Cash Interest Paid		 187 199 218 163 214 186 278 103 239 158 239
Cash Income Taxes Paid		 1.15 0.02 0.00 3.34 - - 0.00 3.31 - 4.03 0.00

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 42,251 42,832 44,060 44,158 44,511 44,918 45,369 45,526 46,054 46,536 47,090
Cash and Due from Banks		 739 511 523 485 347 356 525 334 233 508 480
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		 151 151 151 151 151 151 151 151 150 150 148
Other Assets		 41,361 42,171 43,387 43,522 44,013 44,412 44,694 45,041 45,671 45,879 46,461
Total Liabilities & Shareholders' Equity		 42,251 42,832 44,060 44,158 44,511 44,918 45,369 45,526 46,054 46,536 47,090
Total Liabilities		 18,166 18,296 18,402 18,339 18,385 18,395 18,417 18,503 18,610 18,439 18,471
Long-Term Debt		 16,624 16,693 16,724 16,712 16,727 16,744 16,733 16,847 16,922 16,763 16,787
Other Long-Term Liabilities		 1,542 1,604 1,678 1,628 1,658 1,651 1,684 1,656 1,688 1,676 1,684
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		 24,085 24,536 25,658 25,819 26,126 26,523 26,952 27,023 27,444 28,097 28,619
Total Preferred & Common Equity		 23,717 24,165 25,256 25,415 25,719 26,111 26,538 26,609 27,024 27,674 28,189
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		 23,717 24,165 25,256 25,415 25,719 26,111 26,538 26,609 27,024 27,674 28,189
Common Stock		 23,025 23,326 24,136 24,135 24,139 24,258 24,526 24,523 24,526 24,905 24,911
Retained Earnings		 518 652 966 1,123 1,431 1,711 1,867 1,954 2,362 2,643 3,158
Accumulated Other Comprehensive Income / (Loss)		 174 186 154 157 148 142 145 132 136 125 119
Noncontrolling Interest		 368 371 402 404 407 412 414 413 420 424 430

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 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
DEI Shares Outstanding		 - - - - - - - - - - 1,068,737,299.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 1,068,737,299.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.83
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 20.57% 22.08% 11.15% 7.82% 7.73% 4.34% 3.54% 4.59% 5.38% - 4.50%
EBITDA Growth		 80.90% 27.30% 13.06% 7.47% 31.51% -16.04% -8.12% 16.78% 3.80% - 60.13%
EBIT Growth		 79.96% 26.32% 13.97% 7.49% 31.94% -16.46% -8.57% 16.92% 4.09% - 61.86%
NOPAT Growth		 79.98% 28.12% 13.90% 7.29% 31.66% -17.84% -7.93% 16.69% 3.91% - 60.42%
Net Income Growth		 67.85% 23.56% 13.63% 7.29% 31.66% -17.84% -7.93% 16.69% 3.91% - 60.42%
EPS Growth		 61.76% 10.94% 9.62% 2.90% 27.27% -18.31% -10.53% 15.49% 1.43% - 60.78%
Operating Cash Flow Growth		 9.47% 18.15% 4.16% 15.88% 4.88% 11.73% 8.85% 4.11% 1.25% - 6.76%
Free Cash Flow Firm Growth		 86.03% 69.86% 91.31% 66.62% 73.43% 87.87% 52.29% 54.43% 36.65% - 17.38%
Invested Capital Growth		 15.19% 17.63% 5.58% 5.27% 4.94% 3.07% 3.15% 3.53% 3.68% - 3.50%
Revenue Q/Q Growth		 0.75% 4.88% 2.20% 0.45% 0.66% 1.58% 0.82% 1.45% 1.42% - 0.77%
EBITDA Q/Q Growth		 -19.07% 31.87% -19.63% 25.31% -0.98% -15.81% -12.05% 59.30% -12.00% - 15.04%
EBIT Q/Q Growth		 -19.49% 32.54% -19.85% 25.69% -1.18% -16.08% -12.28% 60.77% -12.04% - 15.29%
NOPAT Q/Q Growth		 -19.40% 34.35% -21.05% 25.50% -1.10% -16.16% -11.53% 59.05% -11.93% - 44.22%
Net Income Q/Q Growth		 -19.40% 34.35% -21.05% 25.50% -1.10% -16.16% -11.53% 59.05% -11.93% - 44.22%
EPS Q/Q Growth		 -20.29% 29.09% -19.72% 24.56% -1.41% -17.14% -12.07% 60.78% -13.41% - 43.86%
Operating Cash Flow Q/Q Growth		 4.10% 4.42% -5.68% 13.03% -5.79% 11.23% -8.11% 8.12% -8.38% - -8.68%
Free Cash Flow Firm Q/Q Growth		 -16.77% -14.83% 70.50% 15.61% 7.07% 47.55% -15.99% 19.41% -29.21% - 6.67%
Invested Capital Q/Q Growth		 1.28% 2.80% 0.35% 0.76% 0.96% 0.97% 0.42% 1.13% 1.11% - 0.91%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 81.96% 103.05% 81.53% 101.70% 100.05% 82.92% 72.34% 113.58% 98.55% - 110.83%
EBIT Margin		 80.23% 101.39% 80.00% 100.09% 98.26% 81.18% 70.62% 111.91% 97.06% - 109.37%
Profit (Net Income) Margin		 80.14% 102.66% 79.79% 99.68% 97.94% 80.84% 70.94% 111.21% 96.58% - 108.89%
Tax Burden Percent		 99.89% 101.30% 99.74% 99.57% 99.67% 99.61% 100.45% 99.37% 99.50% - 99.55%
Interest Burden Percent		 100.00% 99.95% 100.00% 100.02% 100.00% 99.98% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 0.11% -1.30% 0.26% 0.43% 0.33% 0.39% -0.45% 0.63% 0.50% - 0.45%
Return on Invested Capital (ROIC)		 5.59% 7.39% 5.58% 7.03% 6.96% 5.71% 5.03% 7.91% 6.89% - 7.83%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.59% 7.39% 5.58% 7.03% 6.96% 5.71% 5.03% 7.91% 6.89% - 7.83%
Return on Net Nonoperating Assets (RNNOA)		 3.65% 4.70% 3.75% 4.67% 4.56% 3.63% 3.20% 4.97% 4.22% - 4.74%
Return on Equity (ROE)		 9.25% 12.09% 9.33% 11.71% 11.52% 9.34% 8.23% 12.87% 11.11% - 12.57%
Cash Return on Invested Capital (CROIC)		 -7.92% -9.69% 0.91% 1.28% 1.94% 3.30% 3.09% 2.95% 2.80% - 3.62%
Operating Return on Assets (OROA)		 5.38% 7.01% 5.38% 6.80% 6.72% 5.52% 4.83% 7.66% 6.67% - 7.59%
Return on Assets (ROA)		 5.38% 7.10% 5.37% 6.77% 6.70% 5.49% 4.85% 7.61% 6.63% - 7.55%
Return on Common Equity (ROCE)		 9.10% 11.89% 9.18% 11.52% 11.34% 9.20% 8.10% 12.67% 10.94% - 12.38%
Return on Equity Simple (ROE_SIMPLE)		 9.97% 0.00% 10.33% 10.41% 10.94% 0.00% 10.05% 10.36% 10.22% - 11.18%
Net Operating Profit after Tax (NOPAT)		 565 760 600 753 744 624 552 878 774 - 886
NOPAT Margin		 80.14% 102.66% 79.79% 99.68% 97.94% 80.84% 70.94% 111.21% 96.58% - 108.89%
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		 19.77% -1.39% 20.00% -0.09% 1.74% 18.82% 29.38% 6.06% 5.45% - 5.22%
Earnings before Interest and Taxes (EBIT)		 566 750 601 756 747 627 550 884 778 - 890
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 578 763 613 768 761 640 563 897 789 - 902
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.15 1.23 1.19 1.16 1.34 1.16 1.30 1.27 1.26 - 1.04
Price to Tangible Book Value (P/TBV)		 1.15 1.23 1.19 1.16 1.34 1.16 1.30 1.27 1.26 - 1.04
Price to Revenue (P/Rev)		 10.38 11.05 10.50 10.13 11.62 10.13 11.24 11.11 11.07 - 9.09
Price to Earnings (P/E)		 11.77 12.40 11.75 11.34 12.40 11.49 13.09 12.50 12.48 - 9.41
Dividend Yield		 5.76% 5.34% 5.57% 5.80% 5.04% 5.80% 5.25% 5.31% 5.36% - 6.52%
Earnings Yield		 8.49% 8.06% 8.51% 8.82% 8.06% 8.70% 7.64% 8.00% 8.01% - 10.63%
Enterprise Value to Invested Capital (EV/IC)		 1.08 1.13 1.11 1.09 1.19 1.09 1.17 1.16 1.15 - 1.01
Enterprise Value to Revenue (EV/Rev)		 16.54 16.93 16.24 15.83 17.21 15.60 16.76 16.63 16.38 - 14.30
Enterprise Value to EBITDA (EV/EBITDA)		 18.26 18.39 17.61 17.14 17.80 17.04 18.81 18.67 18.36 - 15.82
Enterprise Value to EBIT (EV/EBIT)		 18.59 18.76 17.93 17.45 18.11 17.36 19.18 19.04 18.71 - 16.09
Enterprise Value to NOPAT (EV/NOPAT)		 18.63 18.71 17.89 17.43 18.09 17.42 19.22 18.42 18.19 - 14.57
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.25 21.91 21.34 20.40 22.34 19.91 21.15 21.00 20.90 - 18.01
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 124.64 87.58 63.14 33.43 38.51 40.07 41.66 - 28.43
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.68 0.65 0.65 0.64 0.63 0.62 0.62 0.62 0.60 - 0.59
Long-Term Debt to Equity		 0.68 0.65 0.65 0.64 0.63 0.62 0.62 0.62 0.60 - 0.59
Financial Leverage		 0.65 0.64 0.67 0.66 0.65 0.64 0.64 0.63 0.61 - 0.60
Leverage Ratio		 1.72 1.70 1.74 1.73 1.72 1.70 1.70 1.69 1.67 - 1.66
Compound Leverage Factor		 1.72 1.70 1.74 1.73 1.72 1.70 1.70 1.69 1.67 - 1.66
Debt to Total Capital		 40.49% 39.46% 39.29% 39.03% 38.70% 38.30% 38.40% 38.14% 37.37% - 36.97%
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		 40.49% 39.46% 39.29% 39.03% 38.70% 38.30% 38.40% 38.14% 37.37% - 36.97%
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		 0.90% 0.95% 0.95% 0.95% 0.95% 0.95% 0.94% 0.95% 0.94% - 0.95%
Common Equity to Total Capital		 58.61% 59.59% 59.76% 60.02% 60.35% 60.75% 60.66% 60.91% 61.69% - 62.08%
Debt to EBITDA		 6.86 6.44 6.26 6.15 5.77 6.02 6.17 6.13 5.98 - 5.78
Net Debt to EBITDA		 6.65 6.24 6.08 6.02 5.64 5.83 6.04 6.04 5.80 - 5.61
Long-Term Debt to EBITDA		 6.86 6.44 6.26 6.15 5.77 6.02 6.17 6.13 5.98 - 5.78
Debt to NOPAT		 6.99 6.55 6.36 6.25 5.86 6.15 6.30 6.05 5.93 - 5.33
Net Debt to NOPAT		 6.78 6.35 6.18 6.12 5.74 5.96 6.18 5.96 5.75 - 5.17
Long-Term Debt to NOPAT		 6.99 6.55 6.36 6.25 5.86 6.15 6.30 6.05 5.93 - 5.33
Noncontrolling Interest Sharing Ratio		 1.55% 1.58% 1.55% 1.54% 1.53% 1.55% 1.55% 1.54% 1.53% - 1.52%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -4,870 -5,592 -1,650 -1,392 -1,294 -679 -787 -634 -820 - -650
Operating Cash Flow to CapEx		 95,685.62% 26,926.30% 22,561.78% 23,053.64% 42,390.34% 59,418.54% 379,396.79% 95,223.07% 285,994.63% - 100,615.29%
Free Cash Flow to Firm to Interest Expense		 -23.77 -27.26 -8.05 -6.77 -6.24 -3.26 -3.76 -2.97 -3.90 - -3.11
Operating Cash Flow to Interest Expense		 2.69 2.81 2.65 2.99 2.79 3.09 2.83 2.99 2.79 - 3.02
Operating Cash Flow Less CapEx to Interest Expense		 2.69 2.80 2.64 2.97 2.79 3.09 2.83 2.99 2.79 - 3.02
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		 17.67 18.55 19.02 19.56 19.92 20.16 20.34 20.63 20.91 - 21.50
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 41,228 42,382 42,530 42,854 43,267 43,685 43,870 44,366 44,860 - 45,406
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		 5,436 6,352 2,250 2,145 2,038 1,303 1,339 1,513 1,593 - 1,536
Enterprise Value (EV)		 44,457 47,780 46,995 46,664 51,681 47,415 51,384 51,558 51,453 - 45,935
Market Capitalization		 27,904 31,177 30,365 29,877 34,881 30,792 34,458 34,449 34,774 - 29,198
Book Value per Share		 $23.84 $24.41 $24.38 $24.65 $24.94 $25.17 $25.19 $25.57 $25.95 - $26.38
Tangible Book Value per Share		 $23.84 $24.41 $24.38 $24.65 $24.94 $25.17 $25.19 $25.57 $25.95 - $26.38
Total Capital		 41,228 42,382 42,530 42,854 43,267 43,685 43,870 44,366 44,860 - 45,406
Total Debt		 16,693 16,724 16,712 16,727 16,744 16,733 16,847 16,922 16,763 - 16,787
Total Long-Term Debt		 16,693 16,724 16,712 16,727 16,744 16,733 16,847 16,922 16,763 - 16,787
Net Debt		 16,182 16,202 16,226 16,380 16,388 16,208 16,513 16,689 16,255 - 16,307
Capital Expenditures (CapEx)		 0.58 2.14 2.41 2.67 1.37 1.08 0.16 0.67 0.21 - 0.63
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)		 16,693 16,724 16,712 16,727 16,744 16,733 16,847 16,922 16,763 - 16,787
Total Depreciation and Amortization (D&A)		 12 12 12 12 14 13 13 13 12 - 12
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.55 $0.72 $0.57 $0.71 $0.70 $0.58 $0.51 $0.82 $0.71 $0.57 $0.82
Adjusted Weighted Average Basic Shares Outstanding		 1.01B 1.01B 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B 1.06B 1.07B
Adjusted Diluted Earnings per Share		 $0.55 $0.71 $0.57 $0.71 $0.70 $0.58 $0.51 $0.82 $0.71 $0.57 $0.82
Adjusted Weighted Average Diluted Shares Outstanding		 1.01B 1.02B 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B 1.06B 1.07B
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		 1.03B 1.04B 1.04B 1.05B 1.05B 1.06B 1.06B 1.07B 1.07B 1.07B 1.07B
Normalized Net Operating Profit after Tax (NOPAT)		 569 528 600 752 746 627 385 885 774 - 886
Normalized NOPAT Margin		 80.64% 71.38% 79.83% 99.61% 98.10% 81.20% 49.44% 112.02% 96.59% - 108.91%
Pre Tax Income Margin		 80.23% 101.34% 80.00% 100.11% 98.26% 81.16% 70.62% 111.91% 97.06% - 109.37%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.76 3.66 2.94 3.67 3.60 3.01 2.63 4.13 3.70 - 4.25
NOPAT to Interest Expense		 2.76 3.70 2.93 3.66 3.59 3.00 2.64 4.11 3.68 - 4.23
EBIT Less CapEx to Interest Expense		 2.76 3.65 2.92 3.66 3.60 3.01 2.63 4.13 3.70 - 4.25
NOPAT Less CapEx to Interest Expense		 2.76 3.69 2.92 3.65 3.58 2.99 2.64 4.11 3.68 - 4.23
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 64.97% 63.12% 63.58% 63.94% 61.35% 65.57% 67.65% 65.48% 65.67% - 60.54%
Augmented Payout Ratio		 64.97% 63.12% 63.58% 63.94% 61.35% 65.57% 67.65% 65.48% 65.67% - 60.54%

Financials Breakdown Chart

Key Financial Trends

Here is MarketBeat's quick trend analysis of VICI Properties (NYSE: VICI) using the four most recent years of quarterly statements provided. The highlights below focus on revenue, cash flow, profitability, and balance-sheet trend that are relevant for retail investors.

  • Total Revenue rose each quarter in 2025, increasing from about $778.5 million in Q1 2025 to about $807.5 million in Q4 2025.
  • Net income attributable to common shareholders remained robust across 2025, ranging from about $590 million in Q1 2025 to around $865 million in Q2 2025, signaling solid quarterly profitability.
  • Net cash from continuing operating activities stayed strong in 2025, finishing Q4 2025 at about $691.9 million (vs. $644.1 million in Q4 2024), indicating healthy ongoing operating cash flow.
  • Free cash flow was positive in all 2025 quarters (roughly $206 million to $552 million per quarter when subtracting investing outlays from operating cash flow), supported by solid operating cash flow and moderate capex.
  • Cash dividends per share rose to 0.4325 in 2025 (paid in Q2 and Q3 2025), up from 0.415 in Q1 2025, reflecting ongoing income to shareholders.
  • Balance-sheet equity remained robust, with Total Common Equity around $27.7B and Total Equity including noncontrolling interests near $28.1B by mid-2025, providing a strong equity cushion.
  • Total assets rose through 2025, with the balance near $46.5B by Q3 2025, up from lower year-ago levels, indicating portfolio growth and scale.
  • Debt levels are high but relatively stable across 2025, with long-term debt in the $16.7B–$16.9B range, suggesting continued leverage typical for a large REIT portfolio owner.
  • Cash and cash equivalents fluctuated across 2025, generally ranging from roughly $230M to $510M, reflecting liquidity management rather than a clear cash buildup trend.
  • Weighted-average shares outstanding hovered around 1.05–1.07B, resulting in per-share metrics that varied with quarterly earnings and share count changes.
  • Q4 2025 shows a drop in earnings per share to about $0.57 (basic/diluted) from $0.71 in Q3 2025, highlighting quarterly earnings volatility and a potential concern for near-term earnings visibility.
  • Investing activities remained a cash outflow in 2025, with sizable purchases of investments and property-related outlays (e.g., investing outflows around $139M in Q4 2025 and larger amounts earlier in the year), which can temper short-term cash accumulation despite strong operating cash flow.
05/11/26 05:14 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 9 years, VICI Properties' total revenue changed from $18.06 million in 2015 to $3.18 billion in 2025, a change of 17,491.6%.

VICI Properties' total liabilities were at $18.50 billion at the end of 2025, a 0.5% increase from 2024, and a 292,091.7% increase since 2016.

In the past 9 years, VICI Properties' cash and equivalents has ranged from $920 thousand in 2016 to $1.10 billion in 2019, and is currently $563.48 million as of their latest financial filing in 2025.


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Financial statements for NYSE:VICI last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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