Vici Properties Inc. (VICI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.71	$0.48	-32.4%	—	$1.1B	—
Q1 26	$0.71	$0.82	+15.5%	—	$1B	—
Q4 25	$0.7	$0.57	-18.6%	—	$1B	—
Q3 25	$0.69	$0.71	+2.9%	—	$1B	—
Q2 25	$0.7	$0.83	+18.6%	—	$1B	—
Q1 25	$0.69	$0.51	-26.1%	—	$984.2M	—
Q4 24	$0.68	$0.67	-1.5%	—	$976.1M	—
Q3 24	$0.67	$0.67	0.0%	—	$964.7M	—
Q2 24	$0.67	$0.71	+6.0%	—	$957M	—
Q1 24	$0.66	$0.57	-13.6%	—	$951.5M	—
Q4 23	$0.65	$0.73	+12.3%	—	$931.9M	—
Q3 23	$0.63	$0.55	-12.7%	—	$904.3M	—
Q2 23	$0.62	$0.69	+11.3%	—	$898.2M	—
Q1 23	$0.56	$0.52	-7.1%	—	$877.6M	—
Q4 22	$0.58	$0.63	+8.6%	—	$769.9M	—
Q3 22	$0.57	$0.34	-40.4%	—	$751.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.61	—	—	$4B	—
FY24	—	$2.56	—	—	$3.8B	—
FY23	—	$2.48	—	—	$3.6B	—
FY22	—	$1.27	—	—	$2.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$18.8M	$201.4M	$898M	$894.8M	$1.2B	$1.5B	$2.6B	$3.6B	$3.8B	$4B
YoY change	+3.92%	+972.3%	+345.8%	-0.35%	+37%	+23.2%	+72.3%	+38.9%	+6.57%	+4.08%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	18.8M	201.4M	898M	894.8M	1.2B	1.5B	2.6B	3.6B	3.8B	4B
Cost of revenue	13.7M	33.8M	99.2M	18.9M	33.4M	20.8M	22.6M	27.1M	26.9M	26.7M
Gross profit	5M	167.7M	798.8M	875.9M	1.2B	1.5B	2.6B	3.6B	3.8B	4B
Gross margin	26.9%	83.2%	89%	97.9%	97.3%	98.6%	99.1%	99.3%	99.3%	99.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2M	11.3M	24.4M	24.6M	30.7M	33.1M	48.3M	59.6M	69.1M	65.1M
Operating expenses	2M	11.3M	24.4M	24.6M	30.7M	60.9M	108M	132.9M	146.5M	142.6M
Operating income	7K	153.2M	770.7M	847.5M	913.2M	1.4B	1.6B	3.3B	3.5B	3.7B
Operating margin	0.04%	76.1%	85.8%	94.7%	74.5%	95.7%	62.8%	92.6%	92.1%	91.2%
Non-operating income, net	—	—	-35.8M	-63.1M	285.6M	-26M	37.1M	-2.3M	-4M	-5.1M
Pretax income	0	42.6M	533.6M	556M	897M	1B	1.1B	2.5B	2.7B	2.8B
Income tax	0	-1.9M	1.4M	1.7M	831K	2.9M	2.9M	-6.1M	9.7M	2.4M
Net income	0	44.5M	532.1M	554.3M	896.2M	1B	1.1B	2.6B	2.7B	2.8B
Net margin	0%	22.1%	59.3%	61.9%	73.1%	67.8%	43.7%	70.7%	70.7%	70.4%
EBITDA	3M	109.1M	785.7M	871.3M	1.3B	1.4B	1.7B	3.4B	3.6B	3.7B
EPS	0	0.13	1.43	1.25	1.76	1.8	1.27	2.48	2.56	2.61
Diluted EPS	0	0.13	1.43	1.24	1.75	1.76	1.27	2.47	2.56	2.61

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	904.3M	931.9M	951.5M	957M	964.7M	976.1M	984.2M	1B	1B	1B	1B	1.1B
Cost of revenue	6.3M	8.2M	6.5M	6.8M	6.8M	6.7M	6.4M	6.6M	6.8M	7M	6.5M	7.4M
Gross profit	898M	923.6M	945M	950.2M	957.8M	969.3M	977.9M	994.7M	1B	1B	1B	1.1B
Gross margin	99.3%	99.1%	99.3%	99.3%	99.3%	99.3%	99.4%	99.3%	99.3%	99.3%	99.4%	99.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	14.4M	15.3M	16.2M	15.8M	16.5M	20.7M	14.9M	14.6M	16.3M	19.3M	16M	15.4M
Operating expenses	32.6M	33.5M	35.5M	35.1M	35.8M	40.2M	34.4M	34.1M	35.9M	38.2M	34.9M	34.3M
Operating income	768.4M	951.8M	801.4M	957.1M	952.7M	833.7M	755.5M	1.1B	984M	813.8M	1.1B	744.7M
Operating margin	85%	102.1%	84.2%	100%	98.8%	85.4%	76.8%	110%	97.7%	80.3%	107.5%	70.4%
Non-operating income, net	-4.7M	-4.5M	-461K	731K	-1.2M	-3M	-163K	-6.4M	-91K	1.6M	-188K	-2.2M
Pretax income	566.1M	750M	601.4M	756M	746.9M	626.7M	549.8M	883.9M	777.5M	609.7M	889.9M	534.9M
Income tax	644K	-9.8M	1.6M	3.2M	2.5M	2.4M	-2.5M	5.6M	3.9M	-4.6M	4M	-461K
Net income	565.5M	759.7M	599.8M	752.8M	744.5M	624.2M	552.3M	878.4M	773.6M	614.3M	886M	535.3M
Net margin	62.5%	81.5%	63%	78.7%	77.2%	64%	56.1%	87.7%	76.8%	60.6%	87%	50.6%
EBITDA	775.6M	961.3M	807.7M	963M	956.4M	838.6M	760.1M	1.1B	988.8M	821.2M	1.1B	747.6M
EPS	0.55	0.72	0.57	0.71	0.7	0.58	0.51	0.82	0.71	0.57	0.82	0.48
Diluted EPS	0.55	0.72	0.57	0.71	0.7	0.58	0.51	0.82	0.71	0.57	0.82	0.48

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	—	—	30.6B	29.9B	25.5B
Enterprise value	—	—	—	—	—	—	—	—	47.7B	46.9B	43.9B
Shares outstanding	360.8M	327.5M	367.2M	435.1M	506.1M	564.5M	877.5M	1B	1B	1.1B	1.1B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	11.2	10.6	9.11
P/S	—	—	—	—	—	—	—	—	7.94	7.45	6.32
P/B	—	—	—	—	—	—	—	—	1.13	1.06	0.89
EV/EBITDA	—	—	—	—	—	—	—	—	13.4	12.8	12.1
EV/Sales	—	—	—	—	—	—	—	—	12.4	11.7	10.7
Earnings yield	—	—	—	—	—	—	—	—	8.9%	9.44%	11%
FCF yield	—	—	—	—	—	—	—	—	7.76%	8.4%	1.05%
PEG	—	—	—	—	—	—	—	—	—	—	-0.22

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	26.9%	83.2%	89%	97.9%	97.3%	98.6%	99.1%	99.3%	99.3%	99.3%	99.3%
Operating margin	0.04%	76.1%	85.8%	94.7%	74.5%	95.7%	62.8%	92.6%	92.1%	91.2%	70.2%
Net margin	0%	22.1%	59.3%	61.9%	73.1%	67.8%	43.7%	70.7%	70.7%	70.4%	67.5%
ROE	0%	0.93%	7.71%	6.89%	9.44%	8.4%	5.1%	9.96%	10.1%	9.99%	9.85%
ROA	0%	0.46%	4.7%	4.18%	5.25%	5.81%	3.02%	5.8%	6%	6.03%	4.82%
ROIC	0.01%	1.58%	7.74%	7.22%	5.62%	8.76%	4.47%	7.82%	8.01%	8.06%	7.71%
Return on tangible assets	0%	0.46%	4.7%	4.18%	5.25%	5.81%	3.02%	5.8%	6%	6.03%	5.82%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.61	2.02	5.57	4.92	8.91	9.99	29	28.2	27.9	26.7	11.2
Quick ratio	1.24	2.02	5.57	4.92	8.91	9.99	29	28.2	27.9	26.7	31.1
Debt / equity	0	1.06	0.6	0.6	0.74	0.41	0.65	0.69	0.65	0.63	0.6
Debt / assets	0	0.52	0.36	0.36	0.41	0.28	0.39	0.4	0.39	0.38	0.37
Net debt / EBITDA	-0.3	44.9	3.85	4.2	5.35	2.94	8.3	5.06	4.8	4.65	4.8
Interest coverage	1	1.67	3.51	3.24	3.91	3.61	3.11	4.12	4.31	4.34	4.35
Effective tax rate	0%	0%	0.27%	0.31%	0.09%	0.28%	0.25%	0%	0.36%	0.09%	0.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.05	0.61	2.45	2.06	2.42	2.67	2.96	3.56	3.68	3.77	3.82
EPS (basic)	0	0.13	1.43	1.25	1.76	1.8	1.27	2.48	2.56	2.61	2.61
EPS (diluted)	0	0.13	1.43	1.24	1.75	1.76	1.27	2.47	2.56	2.61	2.58
Book value per share	0.23	14.6	18.8	18.5	18.8	21.6	25.4	25.3	25.7	26.6	26.5
FCF per share	0.01	0.4	1.37	1.56	1.74	1.58	2.21	2.15	2.27	2.36	2.42
Cash per share	0	0.56	2.99	2.67	0.66	1.31	0.49	0.52	0.5	0.57	0.27
Capex per share	0	0.01	0	0.01	0.01	0	0	0	0.01	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.63%	0.98%	0.1%	0.3%	0.23%	0.17%	0.07%	0.11%	0.2%	—	—
Capex / operating cash flow	28.2%	3.39%	0.19%	0.44%	0.48%	0.25%	0.18%	0.19%	0.33%	—	—
Payout ratio	—	—	49.4%	90.9%	68.3%	74.2%	107.3%	62%	64.4%	65.8%	69.8%
Dividend yield	—	—	—	—	—	—	—	—	5.73%	6.21%	7.94%

Yield

7.94%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.46

ex-dividend Sep 17, 2026

Payout ratio

70%

of earnings

Dividend growth

7 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 17, 2026	$0.46
Jun 18, 2026	$0.45
Mar 19, 2026	$0.45
Dec 17, 2025	$0.45
Sep 18, 2025	$0.45
Jun 18, 2025	$0.433
Mar 20, 2025	$0.4325
Dec 17, 2024	$0.4325

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$904.3M	$931.9M	$951.5M	$957M	$964.7M	$976.1M	$984.2M	$1B	$1B	$1B	$1B	$1.1B
YoY change	+20.3%	+21%	+8.41%	+6.55%	+6.67%	+4.74%	+3.44%	+4.63%	+4.44%	+3.79%	+3.49%	+5.71%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	920K	183.6M	1.1B	1.2B	336M	739.6M	426.3M	522.6M	524.6M	608M
Receivables	77K	—	—	—	—	—	—	—	5.1M	2.4M
Inventory	371K	—	—	—	—	—	—	—	—	—
Total current assets	1.6M	197.4M	1.1B	1.2B	3B	3.4B	17.2B	18.8B	19B	19.3B
Property, plant & equipment	53.7M	9.4B	10.1B	82M	349.5M	344.4M	861.6M	936.9M	951M	944.2M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	90.5M	9.7B	11.3B	13.3B	17.1B	17.6B	37.6B	44.1B	45.4B	46.7B
Accounts payable	305K	5.2M	1.1M	640K	734K	—	—	—	—	—
Short-term debt	14K	300M	—	—	—	—	—	—	—	—
Total current liabilities	1M	97.7M	206.1M	249.2M	332.8M	339.8M	593.6M	664.8M	679.9M	725M
Long-term debt	—	4.8B	4.1B	4.8B	7.1B	5B	14.6B	17.6B	17.7B	17.7B
Total liabilities	6.3M	5B	4.4B	5.2B	7.6B	5.4B	15.3B	18.4B	18.4B	18.5B
Shareholders' equity	84.1M	4.8B	6.9B	8B	9.5B	12.2B	22.3B	25.7B	27B	28.2B
Total debt	14K	5.1B	4.1B	4.8B	7.1B	5B	14.6B	17.6B	17.7B	17.7B
Net debt	-906K	4.9B	3.5B	3.7B	6.8B	4.3B	14.4B	17.1B	17.1B	17.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	510.9M	522.6M	514.9M	347.2M	355.7M	524.6M	334.3M	233M	507.5M	608M	480.2M	288.1M
Receivables	10.7M	—	7.9M	6.3M	8.2M	5.1M	5.9M	6.9M	8M	2.4M	3.4M	4.6M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	17.9B	18.8B	18.8B	18.7B	18.8B	19B	20.8B	21.1B	21.5B	19.3B	22B	22.4B
Property, plant & equipment	877.6M	936.9M	949.8M	956.6M	955.3M	951M	962.4M	964.3M	966.1M	944.2M	962.2M	952.6M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	42.8B	44.1B	44.2B	44.5B	44.9B	45.4B	45.5B	46.1B	46.5B	46.7B	47.1B	48.3B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	649.3M	664.8M	624.3M	653.5M	652.2M	679.9M	653.6M	681.9M	668.9M	725M	659.8M	721.2M
Long-term debt	17.5B	17.6B	17.6B	17.6B	17.6B	17.7B	17.8B	17.8B	17.7B	17.7B	17.7B	17.8B
Total liabilities	18.3B	18.4B	18.3B	18.4B	18.4B	18.4B	18.5B	18.6B	18.4B	18.5B	18.5B	18.7B
Shareholders' equity	24.5B	25.7B	25.8B	26.1B	26.5B	27B	27B	27.4B	28.1B	28.2B	28.6B	29.6B
Total debt	17.5B	17.6B	17.6B	17.6B	17.6B	17.7B	17.8B	17.8B	17.7B	17.7B	17.7B	17.8B
Net debt	17B	17.1B	17.1B	17.3B	17.3B	17.1B	17.4B	17.6B	17.2B	17.1B	17.2B	17.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	0	44.5M	532.1M	554.3M	896.2M	1B	1.1B	2.6B	2.7B	2.8B
Depreciation & amortization	3M	3.2M	3.7M	3.8M	3.7M	3.1M	3.2M	4.3M	4.1M	3.6M
Stock-based compensation	—	—	2.3M	5.2M	7.4M	9.4M	13M	15.5M	17.5M	16.2M
Change in working capital	160K	10.3M	-22.3M	21.4M	21.7M	1.3M	-5.8M	-2.4M	1.9M	-2M
Operating cash flow	3.1M	58M	476.1M	618M	573.8M	988.4M	1.1B	2.1B	2.3B	2.5B
Capital expenditure	-869K	-2M	-899K	-2.7M	-2.8M	-2.5M	-1.9M	-4M	-7.5M	—
Investing cash flow	-869K	-2M	-1.1B	450M	-3.2B	28.1M	-9.3B	-2.9B	-923.7M	-908.9M
Dividends paid	—	—	-262.7M	-504M	-612.2M	-758.8M	-1.2B	-1.6B	-1.8B	-1.9B
Share repurchases	—	—	—	0	-207K	-1.7M	-6.2M	-5M	-5.3M	-7.2M
Financing cash flow	-1.3M	-2.3B	1B	1.2B	2.9B	-514.2M	12.4B	1B	-1.5B	-1.6B
Net change in cash	927K	-2.3B	372.9M	2.3B	261.5M	502.4M	4.2B	214.3M	-112.6M	34.5M
Free cash flow	1.9M	129.7M	503.2M	679.4M	880.9M	893.8M	1.9B	2.2B	2.4B	2.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	565.5M	759.7M	599.8M	752.8M	744.5M	624.2M	552.3M	878.4M	773.6M	614.3M	886M	535.3M
Depreciation & amortization	1M	1.6M	1.1M	992K	1M	992K	996K	741K	937K	963K	967K	998K
Stock-based compensation	4M	4M	3.8M	4.6M	4.6M	4.5M	2.9M	4.4M	4.4M	4.4M	4.1M	4.6M
Change in working capital	-5.4M	3.6M	-6.5M	-10.3M	10.8M	8M	-6.6M	-2M	-335K	6.9M	-276K	1.5M
Operating cash flow	446.1M	647.6M	476.3M	628.8M	639.6M	523.5M	427.8M	756.4M	586.3M	691.9M	631.9M	728.2M
Capital expenditure	-577K	-2.1M	-2.4M	-2.7M	-1.4M	-1.1M	-156K	-672K	—	—	—	—
Investing cash flow	-734.1M	-954.2M	-109.2M	-312.8M	-241.6M	-260.2M	-385.6M	-331.8M	-49.9M	-142.5M	-222.3M	-780.5M
Dividends paid	-382.9M	-422.1M	-434.8M	-432.8M	-432.7M	-452.7M	-459M	-456.9M	-456.8M	-480.7M	-481.4M	-480.9M
Share repurchases	-9K	0	-5M	-336K	-9K	0	-7.2M	-44K	-11K	0	-2.3M	0
Financing cash flow	-45.6M	389.3M	-471.8M	-1.5B	-329.3M	-214.9M	-396.8M	-835M	164.2M	-496.3M	-492.1M	-639.1M
Net change in cash	-333.6M	82.8M	-104.6M	-1.2B	68.7M	48.5M	-354.5M	-410.4M	700.6M	53.1M	-82.5M	-691.4M
Free cash flow	551.5M	574.4M	541.3M	611.9M	577.7M	643M	591.7M	639.2M	586.1M	691.6M	631.2M	728M

Vici Properties Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement