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VICI Properties Inc.

VICI Real Estate Reit Diversified

VICI Properties Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.0 billion, up 4.08% from fiscal 2024.

Revenue
+5.71%
EPS
−41.5%
Free cash flow
+13.5%
Total debt
+0.05%

Quarter to June 2026, against a year earlier

24.46 0.06 −0.24%
Market cap
$27.0B
P/E
9.5×
Fwd P/E
8.9×
Dividend yield
7.41%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

VICI Properties Inc. (VICI) Earnings & Analysis

Updated · Covers results through Q2 FY2026 · Earnings call · How this is made

Latest quarter

VICI reported Q2 FY2026 revenue of $1.1 billion, above the consensus estimate of $1.0 billion. Adjusted EPS, as counted by the consensus, was $0.48, below the $0.62 estimate.

Revenue rose from $1.0 billion a year earlier, while diluted EPS fell to $0.48 from $0.82. VICI’s second-quarter GAAP EPS included a $271.1 million non-cash credit-loss charge that adjusted funds from operations (AFFO) excluded. AFFO per share rose 4.6% to $0.62.

VICI’s operating margin was 70.2%, compared with 109.3% a year earlier. Free cash flow rose to $728.0 million from $641.2 million. The company ended the quarter with $17.2 billion in debt.

The company’s filing says the Gamehost portfolio was added to the PURE Master Lease upon the acquisition’s closing, increasing annual rent by C$16.1 million.

Q2 FY2026 Q2 FY2025 Change
Revenue $1.1 billion $1.0 billion 5.71%
Diluted EPS $0.48 $0.82 −41.5%
Gross margin 100.0% 100.0% 0.0 percentage points
Operating margin 70.2% 109.3% −39.1 percentage points
Free cash flow $728.0 million $641.2 million 13.5%
Against the consensus Reported Consensus Result
Adjusted EPS $0.48 $0.62 Missed by 22.6%
Revenue $1.1 billion $1.0 billion Beat by 1.57%

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

VICI’s filing says changing consumer spending, competition and operating expenses can affect tenants’ performance and, over time, their ability to meet lease obligations.

Guidance

In its October 28 release, VICI estimated FY2026 AFFO attributable to common stockholders of $2.695 billion to $2.705 billion, or $2.47 to $2.48 per diluted share. In its July 29 release, the company had forecast $2.675 billion to $2.695 billion, or $2.45 to $2.47 per diluted share.

Metric For Guide Previous guide Change
EPS, non-GAAP FY2026 $2.47–$2.48 $2.45–$2.47 Raised
Net income, non-GAAP FY2026 $2.7 billion–$2.7 billion — New
Free cash flow, non-GAAP FY2026 $2.7 billion–$2.7 billion — New

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.