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VICI logoVICI Properties Inc.(VICI)Earnings, Financials & Key Ratios

VICI•NYSE•REIT / Real Estate
$28.27
$30.22B mkt cap·10.8× P/E·Price updated May 6, 2026
SectorReal EstateIndustryDiversified REITsSub-IndustryNet Lease and Ground Lease REITs
AboutVICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties' national, geographically diverse portfolio consists of 29 gaming facilities comprising over 48 million square feet and features approximately 19,200 hotel rooms and more than 200 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos Inc., Hard Rock International, JACK Entertainment and Penn National Gaming, Inc. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties' strategy is to create the nation's highest quality and most productive experiential real estate portfolio.Show more
  • Revenue$4.01B+4.1%
  • FFO$2.78B+3.6%
  • FFO/Share2.62+2.1%
  • FFO Payout66.69%+2.1%
  • FFO per Share2.62+2.1%
  • NOI Margin99.15%-0.2%
  • FFO Margin69.37%-0.5%
  • ROE10.06%-1.2%
  • ROA6.03%+0.6%
  • Net Debt/EBITDA-0.15-103.2%
  • Book Value/Share26.56+3.2%
Analysis→Technical→

VICI Key Insights

VICI Properties Inc. (VICI) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 25.5%
  • ✓FFO growing 17.9% TTM
  • ✓Sustainable FFO payout ratio of 66.7%
  • ✓High NOI margin of 99.2%
  • ✓Trading at only 1.1x book value

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

VICI Price & Volume

VICI Properties Inc. (VICI) stock price & volume — 10-year historical chart

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VICI Growth Metrics

VICI Properties Inc. (VICI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years71.62%
5 Years26.73%
3 Years15.49%
TTM4.28%

Profit CAGR

10 Years295.02%
5 Years25.5%
3 Years35.42%
TTM17.93%

EPS CAGR

10 Years-
5 Years8.32%
3 Years27.14%
TTM16.8%

Return on Capital

10 Years6.23%
5 Years7.78%
3 Years8.12%
Last Year8%

VICI Recent Earnings

VICI Properties Inc. (VICI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 11/12 qtrs (92%)
Q2 2026Latest
Apr 29, 2026
EPS
$0.82
Est $0.71
+16.0%
Revenue
$1.0B
Est $1.0B
+0.4%
Q1 2026
Feb 25, 2026
EPS
$0.57
Est $0.70
-18.1%
Revenue
$1.0B
Est $1.0B
+0.4%
Q4 2025
Oct 30, 2025
EPS
$0.71
Est $0.59
+20.3%
Revenue
$1.0B
Est $1.0B
+0.3%
Q3 2025
Jul 30, 2025
EPS
$0.82
Est $0.60
+36.7%
Revenue
$1.0B
Est $994M
+0.7%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.82vs $0.71+16.0%
$1.0Bvs $1.0B+0.4%
Q1 2026Feb 25, 2026
$0.57vs $0.70-18.1%
$1.0Bvs $1.0B+0.4%
Q4 2025Oct 30, 2025
$0.71vs $0.59+20.3%
$1.0Bvs $1.0B+0.3%
Q3 2025Jul 30, 2025
$0.82vs $0.60+36.7%
$1.0Bvs $994M+0.7%
Based on last 12 quarters of dataView full earnings history →

VICI Peer Comparison

VICI Properties Inc. (VICI) competitors in Net Lease and Ground Lease REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
GLPI logoGLPIGaming and Leisure Properties, Inc.Direct Competitor13.52B47.7516.244.13%57.31%17.89%6.1%1.56
EPR logoEPREPR PropertiesDirect Competitor4.26B55.9917.0712.07%38.27%11.8%9.87%
O logoORealty Income CorporationProduct Competitor59.37B63.5754.339.07%18.41%2.64%6.73%
NNN logoNNNNNN REIT, Inc.Product Competitor8.45B44.4121.456.55%41.38%8.81%7.9%1.09
WPC logoWPCW. P. Carey Inc.Product Competitor16.05B73.1834.688.89%26.02%6.29%6.8%1.07
ADC logoADCAgree Realty CorporationProduct Competitor9.12B75.9542.9116.42%29.28%3.65%5.53%0.53
MGM logoMGMMGM Resorts InternationalSupply Chain9.7B37.9149.881.72%1.03%5.3%17.19%17.14
CZR logoCZRCaesars Entertainment, Inc.Supply Chain5.72B28.10-11.612.14%-4.19%-12.62%9.09%7.15

Compare VICI vs Peers

VICI Properties Inc. (VICI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GLPI

Most directly comparable listed peer for VICI.

Scale Benchmark

vs AMT

Larger-name benchmark to compare VICI against a more recognizable public peer.

Peer Set

Compare Top 5

vs GLPI, EPR, O, NNN

VICI Income Statement

VICI Properties Inc. (VICI) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue201.44M897.98M894.8M1.23B1.51B2.6B3.61B3.85B4.01B4.05B
Revenue Growth %972.32%345.79%-0.35%36.97%23.17%72.28%38.89%6.57%4.08%4.28%
Property Operating Expenses33.77M99.18M18.9M33.42M20.76M22.6M27.09M26.89M34M31.64M
Net Operating Income (NOI)
167.67M▲ 0%
798.8M▲ 376.4%
875.9M▲ 9.7%
1.19B▲ 36.1%
1.49B▲ 24.9%
2.58B▲ 73.2%
3.58B▲ 39.1%
3.82B▲ 6.6%
3.97B▲ 3.9%
4.02B▲ 0%
NOI Margin %83.24%88.96%97.89%97.27%98.62%99.13%99.25%99.3%99.15%99.22%
Operating Expenses23.47M40.84M33.4M278.91M44.47M945.64M240.05M277.38M324.54M22.15M
G&A Expenses11.28M24.43M24.57M30.66M33.12M48.34M59.6M69.11M65.08M66.2M
EBITDA147.35M761.64M846.33M916.97M1.45B1.64B3.35B3.55B3.65B4B
EBITDA Margin %73.15%84.82%94.58%74.82%95.88%62.89%92.72%92.2%91.14%98.76%
Depreciation & Amortization3.15M3.69M3.83M3.73M3.09M3.18M4.3M4.13M3.64M3.61M
D&A / Revenue %1.57%0.41%0.43%0.3%0.2%0.12%0.12%0.11%0.09%0.09%
Operating Income
144.2M▲ 0%
757.95M▲ 425.6%
842.5M▲ 11.2%
913.24M▲ 8.4%
1.44B▲ 58.2%
1.63B▲ 13.0%
3.34B▲ 104.9%
3.54B▲ 6.0%
3.65B▲ 2.9%
3.99B▲ 0%
Operating Margin %71.58%84.41%94.16%74.52%95.68%62.77%92.6%92.1%91.05%98.67%
Interest Expense63.35M212.66M248.38M308.61M392.39M539.95M818.06M826.1M818.11M4M
Interest Coverage1.67x3.51x3.24x3.91x3.61x3.11x4.12x4.31x4.45x-
Non-Operating Income38.21M11.73M38.13M-292.4M25.9M-46.65M-21.69M-12.11M8.49M2.3M
Pretax Income
42.64M▲ 0%
533.56M▲ 1151.4%
555.99M▲ 4.2%
897.04M▲ 61.3%
1.03B▲ 14.4%
1.14B▲ 11.0%
2.55B▲ 123.7%
2.73B▲ 7.2%
2.82B▲ 3.3%
3.16B▲ 0%
Pretax Margin %21.17%59.42%62.14%73.19%67.97%43.8%70.56%70.95%70.42%78.09%
Income Tax-1.9M1.44M1.71M831K2.89M2.88M-6.14M9.7M2.44M8.87M
Effective Tax Rate %-4.46%0.27%0.31%0.09%0.28%0.25%-0.24%0.36%0.09%0.28%
Net Income
42.66M▲ 0%
523.62M▲ 1127.4%
545.96M▲ 4.3%
891.67M▲ 63.3%
1.01B▲ 13.7%
1.12B▲ 10.2%
2.51B▲ 124.9%
2.68B▲ 6.6%
2.78B▲ 3.6%
3.1B▲ 0%
Net Margin %21.18%58.31%61.02%72.76%67.16%42.97%69.59%69.59%69.28%76.69%
Net Income Growth %1307.99%1127.37%4.27%63.32%13.7%10.24%124.9%6.58%3.61%17.93%
Funds From Operations (FFO)
45.81M▲ 0%
527.3M▲ 1050.9%
549.79M▲ 4.3%
895.4M▲ 62.9%
1.02B▲ 13.6%
1.12B▲ 10.2%
2.52B▲ 124.6%
2.68B▲ 6.6%
2.78B▲ 3.6%
3.11B▲ 0%
FFO Margin %22.74%58.72%61.44%73.06%67.37%43.1%69.71%69.7%69.37%76.77%
FFO Growth %656.02%1050.94%4.27%62.86%13.57%10.21%124.64%6.56%3.59%79.38%
FFO per Share0.141.441.251.751.761.272.482.562.622.91
FFO Payout Ratio %0%49.82%91.66%68.37%74.61%108.77%62.9%65.34%66.69%60.36%
EPS (Diluted)
0.13▲ 0%
1.43▲ 1000.0%
1.24▼ 13.3%
1.75▲ 41.1%
1.76▲ 0.6%
1.27▼ 27.8%
2.47▲ 94.5%
2.56▲ 3.6%
2.61▲ 2.0%
2.91▲ 0%
EPS Growth %-1000%-13.29%41.13%0.57%-27.84%94.49%3.64%1.95%16.8%
EPS (Basic)0.131.431.251.761.801.272.482.562.61-
Diluted Shares Outstanding327.58M367.32M439.15M510.91M577.07M879.68M1.02B1.05B1.06B1.07B

VICI Balance Sheet

VICI Properties Inc. (VICI) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets9.74B11.33B13.27B17.06B17.6B37.58B44.06B45.37B46.72B47.09B
Asset Growth %10665.09%16.36%17.05%28.63%3.13%113.53%17.26%2.97%2.99%13.49%
Real Estate & Other Assets1.2B10.11B11.94B13.74B13.34B18.05B23.19B23.76B00
PP&E (Net)74.3M71.51M96.83M364.19M359.3M876.73M952.62M967.27M00
Investment Securities1000K0001000K1000K1000K1000K00
Total Current Assets197.41M1.15B1.23B2.96B3.4B17.19B18.76B18.98B607.96M480.21M
Cash & Equivalents183.65M577.88M1.1B315.99M739.61M208.93M522.57M524.62M563.48M480.21M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K00
Other Current Assets-8.25B-8.87B00000000
Intangible Assets0000000000
Total Liabilities4.96B4.43B5.22B7.57B5.41B15.29B18.4B18.42B18.5B18.47B
Total Debt5.09B4.12B4.82B7.07B4.99B14.57B17.63B17.65B00
Net Debt4.9B3.54B3.72B6.75B4.25B14.36B17.11B17.13B-563.48M-480.21M
Long-Term Debt4.79B4.12B4.79B6.77B4.69B13.74B16.72B16.73B00
Short-Term Borrowings300M000000000
Capital Lease Obligations0026.43M301.88M297.32M829.3M904.4M917.2M01.83B
Total Current Liabilities97.72M206.08M249.21M332.8M339.84M593.57M664.84M679.91M238.72M173.51M
Accounts Payable5.21M1.06M640K734K000000
Deferred Revenue68.12M43.6M70.34M93.66M0000238.72M173.51M
Other Liabilities8.04M57.05M75.71M72.46M74.64M118.83M104.2M83.33M18.26B18.3B
Total Equity
4.78B▲ 0%
6.9B▲ 44.5%
8.05B▲ 16.6%
9.49B▲ 17.9%
12.19B▲ 28.4%
22.29B▲ 82.9%
25.66B▲ 15.1%
26.95B▲ 5.0%
28.22B▲ 4.7%
28.62B▲ 0%
Equity Growth %5576.48%44.48%16.63%17.95%28.37%82.9%15.11%5.04%4.71%21.6%
Shareholders Equity4.69B6.82B7.97B9.42B12.11B21.93B25.26B26.54B27.8B28.19B
Minority Interest84.88M83.57M83.81M77.91M78.91M356.48M401.84M413.85M424.95M430.21M
Common Stock3M4.05M4.61M5.37M6.29M9.63M10.43M10.56M10.69M10.69M
Additional Paid-in Capital4.65B6.65B7.82B9.36B11.76B21.65B24.13B24.52B00
Retained Earnings42.66M187.1M208.07M139.45M346.03M93.15M965.76M1.87B2.77B3.16B
Preferred Stock0000000000
Return on Assets (ROA)0.87%4.97%4.44%5.88%5.85%4.05%6.16%5.99%6.03%6.66%
Return on Equity (ROE)1.76%8.97%7.3%10.17%9.35%6.48%10.48%10.18%10.06%11.05%
Debt / Assets52.22%36.37%36.32%41.42%28.37%38.77%40.01%38.9%-0%
Debt / Equity1.06x0.60x0.60x0.74x0.41x0.65x0.69x0.65x-0.00x
Net Debt / EBITDA33.27x4.65x4.39x7.36x2.94x8.78x5.11x4.83x-0.15x-0.15x
Book Value per Share14.5818.7918.3318.5821.1225.3425.2625.7326.5626.78

VICI Cash Flow Statement

VICI Properties Inc. (VICI) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations131.68M504.08M682.16M883.64M896.35M1.94B2.18B2.38B2.51B2.51B
Operating CF Growth %4739.54%282.8%35.33%29.54%1.44%116.81%12.23%9.19%5.4%19.55%
Operating CF / Revenue %65.37%56.14%76.24%72.1%59.38%74.73%60.38%61.87%62.65%62%
Net Income44.54M532.12M554.28M896.21M1.02B1.14B2.55B2.72B2.82B3.1B
Depreciation & Amortization3.15M3.69M3.83M3.73M3.09M3.18M4.3M4.13M3.64M3.61M
Stock-Based Compensation02.34M5.22M7.39M9.37M12.99M15.54M17.51M16.2M17.42M
Other Non-Cash Items-8.8M-4.05M91.42M-71.67M-52.45M744.51M-369M-355.3M-337.64M-641.65M
Working Capital Changes92.8M-29.66M27.41M47.98M-86.82M46.45M-14.02M-11.52M11M27.61M
Cash from Investing-1.14B-1.14B-1.36B-4.55B41.45M-9.3B-2.9B-922.78M-904.77M-742.09M
Acquisitions (Net)00000-4.57B-1.27B000
Purchase of Investments0-1.71B-440.35M-19.97M0-4.32B-241.14M-441.38M-931.73M-1.28B
Sale of Investments0421.43M901.76M59.47M19.97M89.19M217.34M29.58M32.99M55.22M
Other Investing-1.14B152.41M-1.82B-4.59B23.98M-492.41M-1.6B-503.45M-4.69M484.32M
Cash from Financing1.15B1.04B1.18B2.88B-514.18M6.83B1.03B-1.46B-1.57B-1.66B
Dividends Paid0-262.68M-503.96M-612.21M-758.79M-1.22B-1.58B-1.75B-1.85B-1.88B
Common Dividends0-262.68M-503.96M-612.21M-758.79M-1.22B-1.58B-1.75B-1.85B-1.88B
Debt Issuance (Net)1000K-1000K1000K1000K-1000K1000K1000K-1000K-1000K-1000K
Share Repurchases000-207K-1.73M-6.16M-4.97M-5.34M0-2.34M
Other Financing40.94M-10.92M-64.14M-65.98M-39.43M-163.89M-28.66M-36.54M-39.44M-32.9M
Net Change in Cash
196.49M▲ 0%
401.04M▲ 104.1%
503.45M▲ 25.5%
-785.9M▼ 256.1%
423.62M▲ 153.9%
-530.68M▼ 225.3%
313.64M▲ 159.1%
2.04M▼ 99.3%
38.86M▲ 1804.2%
145.89M▲ 0%
Exchange Rate Effect55.69M00000-63K445K160K-176K
Cash at Beginning920K197.41M598.45M1.1B315.99M739.61M208.93M522.57M524.62M563.48M
Cash at End197.41M598.45M1.1B315.99M739.61M208.93M522.57M524.62M563.48M480.21M
Free Cash Flow
129.72M▲ 0%
503.18M▲ 287.9%
679.43M▲ 35.0%
880.87M▲ 29.6%
893.85M▲ 1.5%
1.94B▲ 117.2%
2.18B▲ 12.1%
2.37B▲ 9.0%
2.51B▲ 5.7%
2.55B▲ 0%
FCF Growth %6904.05%287.91%35.03%29.65%1.47%117.21%12.13%9.05%5.67%5.18%
FCF / Revenue %64.4%56.04%75.93%71.87%59.21%74.65%60.27%61.67%62.62%62.99%

VICI Key Ratios

VICI Properties Inc. (VICI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share0.141.441.251.751.761.272.482.562.622.91
FFO Payout Ratio0%49.82%91.66%68.37%74.61%108.77%62.9%65.34%66.69%60.36%
NOI Margin83.24%88.96%97.89%97.27%98.62%99.13%99.25%99.3%99.15%99.22%
Net Debt / EBITDA33.27x4.65x4.39x7.36x2.94x8.78x5.11x4.83x-0.15x-0.15x
Debt / Assets52.22%36.37%36.32%41.42%28.37%38.77%40.01%38.9%-0%
Interest Coverage1.67x3.51x3.24x3.91x3.61x3.11x4.12x4.31x4.45x-
Book Value / Share14.5818.7918.3318.5821.1225.3425.2625.7326.5626.78
Revenue Growth972.32%345.79%-0.35%36.97%23.17%72.28%38.89%6.57%4.08%4.28%

VICI SEC Filings & Documents

VICI Properties Inc. (VICI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Apr 28, 2026·SEC

Material company update

Feb 25, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 20, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 30, 2025·SEC

VICI Frequently Asked Questions

VICI Properties Inc. (VICI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

VICI Properties Inc. (VICI) reported $4.05B in revenue for fiscal year 2025. This represents a 22294% increase from $18.1M in 2015.

VICI Properties Inc. (VICI) grew revenue by 4.1% over the past year. Growth has been modest.

Yes, VICI Properties Inc. (VICI) is profitable, generating $3.10B in net income for fiscal year 2025 (69.3% net margin).

Dividend & Returns

Yes, VICI Properties Inc. (VICI) pays a dividend with a yield of 6.17%. This makes it attractive for income-focused investors.

VICI Properties Inc. (VICI) has a return on equity (ROE) of 10.1%. This is reasonable for most industries.

Industry Metrics

VICI Properties Inc. (VICI) generated Funds From Operations (FFO) of $3.11B in the trailing twelve months. FFO is the primary profitability metric for REITs.

VICI Properties Inc. (VICI) offers a 6.17% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More VICI

VICI Properties Inc. (VICI) financial analysis — history, returns, DCA and operating performance tools

Full VICI Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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