Revenue growth has remained resilient, climbing from $931.9M in 2023Q4 to $1.0B in 2026Q1, while the triple-net lease structure sustains NOI margins consistently above 99%.
| Revenue | 4.05B | 4.01B | 3.85B | 3.61B | 2.6B | 1.51B | 1.23B | 894.8M | 897.98M | 201.44M | 18.79M | 18.08M |
| Revenue Growth % | 4.28% | 4.08% | 6.57% | 38.89% | 72.28% | 23.17% | 36.97% | -0.35% | 345.79% | 972.32% | 3.92% | - |
| Property Operating Expenses | 31.64M | 34M | 26.89M | 27.09M | 22.6M | 20.76M | 33.42M | 18.9M | 99.18M | 33.77M | 13.74M | 13.42M |
| Net Operating Income (NOI) | 4.02B | 3.97B | 3.82B | 3.58B | 2.58B | 1.49B | 1.19B | 875.9M | 798.8M | 167.67M | 5.05M | 4.66M |
| NOI Margin % | 99.22% | 99.15% | 99.3% | 99.25% | 99.13% | 98.62% | 97.27% | 97.89% | 88.96% | 83.24% | 26.86% | 25.78% |
| Operating Expenses | 22.15M | 324.54M | 277.38M | 240.05M | 945.64M | 44.47M | 278.91M | 33.4M | 40.84M | 23.47M | 5.04M | 4.64M |
| G&A Expenses | 66.2M | 65.08M | 69.11M | 59.6M | 48.34M | 33.12M | 30.66M | 24.57M | 24.43M | 11.28M | 2.01M | 1.76M |
| EBITDA | 4B | 3.65B | 3.55B | 3.35B | 1.64B | 1.45B | 916.97M | 846.33M | 761.64M | 147.35M | 3.04M | 2.9M |
| EBITDA Margin % | 98.76% | 91.14% | 92.2% | 92.72% | 62.89% | 95.88% | 74.82% | 94.58% | 84.82% | 73.15% | 16.17% | 16.04% |
| Depreciation & Amortization | 3.61M | 3.64M | 4.13M | 4.3M | 3.18M | 3.09M | 3.73M | 3.83M | 3.69M | 3.15M | 3.03M | 2.88M |
| D&A / Revenue % | 0.09% | 0.09% | 0.11% | 0.12% | 0.12% | 0.2% | 0.3% | 0.43% | 0.41% | 1.57% | 16.13% | 15.94% |
| Operating Income | 3.99B | 3.65B | 3.54B | 3.34B | 1.63B | 1.44B | 913.24M | 842.5M | 757.95M | 144.2M | 7K | 18K |
| Operating Margin % | 98.67% | 91.05% | 92.1% | 92.6% | 62.77% | 95.68% | 74.52% | 94.16% | 84.41% | 71.58% | 0.04% | 0.1% |
| Interest Expense | 4M | 818.11M | 826.1M | 818.06M | 539.95M | 392.39M | 308.61M | 248.38M | 212.66M | 63.35M | 7K | 18K |
| Interest Coverage | - | 4.45x | 4.31x | 4.12x | 3.11x | 3.61x | 3.91x | 3.24x | 3.51x | 1.67x | 1.00x | 1.00x |
| Non-Operating Income | 2.3M | 8.49M | -12.11M | -21.69M | -46.65M | 25.9M | -292.4M | 38.13M | 11.73M | 38.21M | 0 | 0 |
| Pretax Income | 3.16B | 2.82B | 2.73B | 2.55B | 1.14B | 1.03B | 897.04M | 555.99M | 533.56M | 42.64M | 0 | 0 |
| Pretax Margin % | 78.09% | 70.42% | 70.95% | 70.56% | 43.8% | 67.97% | 73.19% | 62.14% | 59.42% | 21.17% | 0% | 0% |
| Income Tax | 8.87M | 2.44M | 9.7M | -6.14M | 2.88M | 2.89M | 831K | 1.71M | 1.44M | -1.9M | 7K | -3K |
| Effective Tax Rate % | 0.28% | 0.09% | 0.36% | -0.24% | 0.25% | 0.28% | 0.09% | 0.31% | 0.27% | -4.46% | - | - |
| Net Income | 3.1B | 2.78B | 2.68B | 2.51B | 1.12B | 1.01B | 891.67M | 545.96M | 523.62M | 42.66M | 3.03M | 3K |
| Net Margin % | 76.69% | 69.28% | 69.59% | 69.59% | 42.97% | 67.16% | 72.76% | 61.02% | 58.31% | 21.18% | 16.13% | 0.02% |
| Net Income Growth % | 17.93% | 3.61% | 6.58% | 124.9% | 10.24% | 13.7% | 63.32% | 4.27% | 1127.37% | 1307.99% | 100900% | - |
| Funds From Operations (FFO) | 3.11B | 2.78B | 2.68B | 2.52B | 1.12B | 1.02B | 895.4M | 549.79M | 527.3M | 45.81M | 6.06M | 2.88M |
| FFO Margin % | 76.77% | 69.37% | 69.7% | 69.71% | 43.1% | 67.37% | 73.06% | 61.44% | 58.72% | 22.74% | 32.26% | 15.96% |
| FFO Growth % | 79.38% | 3.59% | 6.56% | 124.64% | 10.21% | 13.57% | 62.86% | 4.27% | 1050.94% | 656.02% | 110.05% | - |
| FFO per Share | 2.91 | 2.62 | 2.56 | 2.48 | 1.27 | 1.76 | 1.75 | 1.25 | 1.44 | 0.14 | 0.02 | 0.01 |
| FFO Payout Ratio % | 60.36% | 66.69% | 65.34% | 62.9% | 108.77% | 74.61% | 68.37% | 91.66% | 49.82% | 0% | 0% | 0% |
| EPS (Diluted) | 2.91 | 2.61 | 2.56 | 2.47 | 1.27 | 1.76 | 1.75 | 1.24 | 1.43 | 0.13 | 0.01 | 0.00 |
| EPS Growth % | 16.8% | 1.95% | 3.64% | 94.49% | -27.84% | 0.57% | 41.13% | -13.29% | 1000% | - | - | - |
| EPS (Basic) | - | 2.61 | 2.56 | 2.48 | 1.27 | 1.80 | 1.76 | 1.25 | 1.43 | 0.13 | 0.01 | 0.00 |
| Diluted Shares Outstanding | 1.07B | 1.06B | 1.05B | 1.02B | 879.68M | 577.07M | 510.91M | 439.15M | 367.32M | 327.58M | 360.78M | 360.78M |
Tenant Concentration and Diversification
As reported in recent financial statements, VICI has maintained a consistent revenue growth trajectory, with quarterly figures rising from $931.9M in 2023Q4 to $1.0B by 2026Q1, suggesting that contractual rent escalators are effectively offsetting the cooling pace of large-scale portfolio acquisitions observed in prior periods.
The steady climb in top-line revenue appears to be driven by the inherent inflation-linked nature of the company's master leases. While the growth rate has moderated from the double-digit levels seen in 2023, the stability suggests that the portfolio's core assets continue to provide reliable, predictable cash inflows.
Based on the provided income statement data, VICI consistently maintains NOI margins exceeding 99%, a performance level that underscores the efficiency of its triple-net lease structure where tenants bear the burden of property-level operating expenses, taxes, and maintenance costs throughout the duration of their long-term contracts.
These exceptionally high margins imply that the company is largely insulated from inflationary pressures on property operating costs. Investors should monitor whether this margin profile remains intact as the company expands into non-gaming experiential assets, which may carry different reimbursement structures than the core casino portfolio.
According to the quarterly data, FFO per share has exhibited significant volatility, fluctuating between $0.52 and $0.82, which warrants further investigation into the timing of capital market activities and non-recurring items that may be distorting the reported earnings per share on a quarter-over-quarter basis.
While FFO is the standard metric for REIT performance, the observed fluctuations suggest that investors should focus on the underlying AFFO to gauge true dividend safety. The alignment between FFO and AFFO figures suggests that the company's earnings quality is high, with minimal non-cash adjustments impacting the bottom line.
Financial data indicates that while VICI's core gaming assets provide a robust foundation, the strategic pivot into non-gaming experiential properties may introduce new operational risks, as these assets lack the regulatory scarcity and high replacement costs that characterize the company's dominant Las Vegas Strip portfolio.
The market may be overestimating the resilience of these newer, non-gaming assets compared to the mission-critical casino properties. Analysts should remain cautious about whether these acquisitions represent a dilution of the company's competitive moat or a necessary evolution to sustain growth in a maturing gaming real estate market.
Quick answers to the most common questions about buying VICI stock.
For fiscal year 2025, VICI Properties Inc. (VICI) reported total revenue of $4.01B. This represents a 22061.4% increase compared to $18.1M in 2015.
VICI Properties Inc. (VICI) is profitable, generating $2.78B in net income for the fiscal year ending 2025 with a net profit margin of 69.3%.
VICI Properties Inc. (VICI) reported an operating income of $3.65B, resulting in an operating profit margin of 91.1%. This margin reflects the operational efficiency of the business before interest and taxes.
VICI Properties Inc. (VICI) generated $3.97B in gross profit for the year, representing a gross profit margin of 99.2%. This demonstrates the company's core pricing power and production efficiency.