NYSE : VICI
VICI Properties Inc. — Financial statements
Real Estate · REIT - Diversified · United States
Last price 24.46 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 26.93B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Other Revenue | 116.52M | 117.25M | 117.87M | 113.57M | 154.99M | 58.35M |
| Total Revenue | 4.16B | 4.01B | 3.85B | 3.61B | 2.66B | 1.51B |
| Property Expenses | 30.13M | 34.46M | 31.46M | 35.11M | 45.26M | 31.16M |
| Selling, General & Administrative | 74.95M | 71.83M | 75.86M | 66.19M | 53.68M | 33.12M |
| Depreciation & Amortization | 3.80M | 3.64M | 4.12M | 4.30M | 3.18M | 3.09M |
| Other Operating Expenses | 68.91M | 70.73M | 70.67M | 66.74M | 54.29M | 27.81M |
| Total Operating Expenses | 941.20M | 358.54M | 308.84M | 275.16M | 990.90M | 75.63M |
| Operating Income | 3.21B | 3.65B | 3.54B | 3.34B | 1.67B | 1.43B |
| Interest Expense | -844.50M | -843.61M | -826.10M | -818.06M | -539.95M | -392.39M |
| Interest & Investment Income | 12.78M | 14.36M | 16.09M | 23.97M | 9.53M | 120.00K |
| Other Non-Operating Income | 1.27M | 2.66M | 581.00K | 4.46M | ||
| EBT Excluding Unusual Items | 2.38B | 2.82B | 2.73B | 2.55B | 1.14B | 1.04B |
| Other Unusual Items | -15.62M | |||||
| Pretax Income | 2.38B | 2.82B | 2.73B | 2.55B | 1.14B | 1.03B |
| Income Tax Expense | 1.53M | 2.44M | 9.70M | -6.14M | 2.88M | 2.89M |
| Earnings From Continuing Operations | 2.38B | 2.82B | 2.72B | 2.55B | 1.14B | 1.02B |
| Minority Interest in Earnings | -36.20M | -43.05M | -42.43M | -41.08M | -18.63M | -9.31M |
| Net Income | 2.35B | 2.78B | 2.68B | 2.51B | 1.12B | 1.01B |
| Net Income to Common | 2.35B | 2.78B | 2.68B | 2.51B | 1.12B | 1.01B |
| Basic Shares Outstanding | 1.08B | 1.06B | 1.05B | 1.01B | 877.51M | 564.47M |
| Diluted Shares Outstanding | 1.08B | 1.06B | 1.05B | 1.02B | 879.68M | 577.07M |
| EPS (Basic) | 2.17 | 2.61 | 2.56 | 2.48 | 1.27 | 1.80 |
| EPS (Diluted) | 2.16 | 2.61 | 2.56 | 2.47 | 1.27 | 1.76 |
| Dividend Per Share | 1.81 | 1.76 | 1.70 | 1.61 | 1.50 | 1.38 |
| Operating Margin | 77.35% | 91.05% | 91.98% | 92.38% | 62.76% | 94.99% |
| Profit Margin | 56.46% | 69.28% | 69.59% | 69.56% | 42.01% | 67.16% |
| EBITDA | 3.22B | 3.65B | 3.54B | 3.34B | 1.67B | 1.44B |
| EBITDA Margin | 77.44% | 91.14% | 92.08% | 92.50% | 62.87% | 95.19% |
| D&A For Ebitda | 3.80M | 3.64M | 4.12M | 4.30M | 3.18M | 3.09M |
| EBIT | 3.21B | 3.65B | 3.54B | 3.34B | 1.67B | 1.43B |
| EBIT Margin | 77.35% | 91.05% | 91.98% | 92.38% | 62.76% | 94.99% |
| Funds From Operations (FFO) | 2.35B | 2.78B | 2.68B | 2.51B | 1.14B | 1.01B |
| FFO Per Share | 2.17 | 2.61 | 2.56 | 2.48 | 1.30 | 1.76 |
| Adjusted Funds From Operations (AFFO) | 2.66B | 2.53B | 2.37B | 2.19B | 1.69B | 1.05B |
| AFFO Per Share | 2.45 | 2.38 | 2.26 | 2.15 | 1.93 | 1.82 |
| FFO Payout Ratio | 82.61% | 66.78% | 65.44% | 62.98% | 106.49% | 74.84% |
| Effective Tax Rate | 0.06% | 0.09% | 0.36% | 0.25% | 0.28% | |
| Revenue as Reported | 4.16B | 4.01B | 3.85B | 3.61B | 2.60B | 1.51B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 290.69M | 269.99M | 275.22M | 256.02M | 265.78M | 238.90M |
| Cash & Equivalents | 270.32M | 563.48M | 524.62M | 522.57M | 208.93M | 739.61M |
| Accounts Receivable | 44.44B | 43.24B | 42.86B | 42.08B | 34.68B | 16.06B |
| Other Receivables | 34.00M | 27.78M | 16.35M | 19.01M | 13.38M | 3.12M |
| Investment In Debt and Equity Securities | 2.98B | 2.57B | 1.65B | 1.14B | 903.13M | 498.00M |
| Other Current Assets | 2.93M | 4.77M | 4.53M | 4.73M | 7.35M | 3.66M |
| Trading Asset Securities | 7.72M | 1.56M | 884.00K | |||
| Deferred Long-Term Tax Assets | 9.57M | 9.54M | 5.87M | 9.42M | ||
| Deferred Long-Term Charges | 27.74M | 31.70M | 21.99M | 21.42M | 31.48M | 49.62M |
| Other Long-Term Assets | 2.00M | 1.99M | 1.86M | 329.00K | 1.46B | 3.08M |
| Total Assets | 48.06B | 46.72B | 45.37B | 44.06B | 37.58B | 17.60B |
| Current Portion of Long-Term Debt | 1.50B | 1.74B | 1.30B | 1.05B | ||
| Current Portion of Leases | 18.29M | 75.04M | ||||
| Long-Term Debt | 15.42B | 15.03B | 15.44B | 15.68B | 13.74B | 4.69B |
| Long-Term Leases | 890.52M | 841.46M | 917.20M | 904.40M | 829.30M | 297.32M |
| Accrued Expenses | 178.25M | 238.72M | 217.96M | 227.24M | 213.39M | 113.53M |
| Other Current Liabilities | 511.88M | 486.26M | 461.95M | 437.60M | 380.18M | 226.31M |
| Long-Term Deferred Tax Liabilities | 7.25M | 6.62M | 3.81M | 4.51M | 4.34M | 3.88M |
| Other Long-Term Liabilities | 101.52M | 80.25M | 83.33M | 92.98M | 118.83M | 74.64M |
| Total Liabilities | 18.62B | 18.50B | 18.42B | 18.40B | 15.29B | 5.41B |
| Common Stock | 11.01M | 10.69M | 10.56M | 10.43M | 9.63M | 6.29M |
| Additional Paid-In Capital | 25.86B | 24.90B | 24.52B | 24.13B | 21.65B | 11.76B |
| Retained Earnings | 3.03B | 2.77B | 1.87B | 965.76M | 93.15M | 346.03M |
| Comprehensive Income & Other | 115.45M | 121.03M | 144.57M | 153.87M | 185.35M | 884.00K |
| Total Common Equity | 29.01B | 27.80B | 26.54B | 25.26B | 21.93B | 12.11B |
| Minority Interest | 427.94M | 424.95M | 413.85M | 401.84M | 356.48M | 78.91M |
| Shareholders' Equity | 29.44B | 28.22B | 26.95B | 25.66B | 22.29B | 12.19B |
| Total Liabilities & Equity | 48.06B | 46.72B | 45.37B | 44.06B | 37.58B | 17.60B |
| Total Debt | 17.83B | 17.69B | 17.65B | 17.64B | 14.57B | 4.99B |
| Net Cash (Debt) | -17.56B | -17.13B | -17.12B | -17.12B | -14.36B | -4.25B |
| Net Cash Per Share | -16.22 | -16.12 | -16.34 | -16.85 | -16.32 | -7.37 |
| Filing Date Shares Outstanding | 1.10B | 1.07B | 1.06B | 1.04B | 1.00B | 748.39M |
| Total Common Shares Outstanding | 1.10B | 1.07B | 1.06B | 1.04B | 963.10M | 628.94M |
| Book Value Per Share | 26.35 | 26.01 | 25.12 | 24.22 | 22.77 | 19.25 |
| Tangible Book Value | 29.01B | 27.80B | 26.54B | 25.26B | 21.93B | 12.11B |
| Tangible Book Value Per Share | 26.35 | 26.01 | 25.12 | 24.22 | 22.77 | 19.25 |
| Land | 209.95M | 212.19M | 211.19M | 213.89M | 212.83M | |
| Buildings | 16.69M | 16.22M | 15.73M | 15.12M | 14.88M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.35B | 2.78B | 2.68B | 2.51B | 1.12B | 1.01B |
| Depreciation & Amortization | 3.80M | 3.64M | 4.12M | 4.30M | 3.18M | 3.09M |
| Other Amortization | 44.38M | 46.83M | 46.67M | 46.12M | 32.36M | 71.45M |
| Gain (Loss) on Sale of Assets | 1.39M | |||||
| Stock-Based Compensation | 18.07M | 16.20M | 17.51M | 15.54M | 12.99M | 9.37M |
| Income (Loss) on Equity Investments | 1.99M | 5.04M | ||||
| Change in Other Net Operating Assets | -6.50M | 11.00M | -11.52M | -14.02M | 46.45M | -86.82M |
| Other Operating Activities | -463.56M | -521.05M | -480.82M | -489.29M | -108.75M | -95.04M |
| Operating Cash Flow | 2.71B | 2.51B | 2.38B | 2.18B | 1.94B | 896.35M |
| Acquisition of Real Estate Assets | -34.49M | -6.03M | -13.39M | -5.50M | -9.58M | -23.20M |
| Sale of Real Estate Assets | 3.54M | 5.50M | 963.00K | 6.24M | 13.30M | |
| Net Sale / Acq. of Real Estate Assets | -30.95M | -525.00K | -12.43M | 732.00K | -9.58M | -9.90M |
| Investment in Marketable & Equity Securities | -44.48M | -1.05B | -217.34M | 19.97M | ||
| Other Investing Activities | -4.57B | |||||
| Investing Cash Flow | -1.30B | -904.77M | -922.78M | -2.90B | -9.30B | 41.45M |
| Long-Term Debt Issued | 1.71B | 1.85B | 419.15M | 5.60B | ||
| Total Debt Issued | 2.15B | 1.71B | 1.85B | 419.15M | 5.60B | |
| Long-Term Debt Repaid | -1.74B | -1.89B | -250.00M | -600.00M | -2.10B | |
| Total Debt Repaid | -2.05B | -1.74B | -1.89B | -250.00M | -600.00M | -2.10B |
| Net Debt Issued (Repaid) | 97.89M | -29.48M | -40.94M | 169.15M | 5.00B | -2.10B |
| Issuance of Common Stock | 241.78M | 375.35M | 378.69M | 2.48B | 3.22B | 2.39B |
| Repurchase of Common Stock | -2.30M | -7.23M | -5.34M | -4.97M | -6.16M | -1.73M |
| Common Dividends Paid | -1.94B | -1.85B | -1.75B | -1.58B | -1.22B | -758.79M |
| Other Financing Activities | -38.35M | -51.69M | -36.54M | -28.66M | -163.89M | -39.43M |
| Foreign Exchange Rate Adjustments | -829.00K | 160.00K | 445.00K | -63.00K | ||
| Net Cash Flow | -237.18M | 38.86M | 2.04M | 313.64M | -530.68M | 423.62M |
| Levered Free Cash Flow | 375.75M | 1.47B | 1.00B | -5.69B | -17.63B | 607.98M |
| Unlevered Free Cash Flow | 859.18M | 1.95B | 1.47B | -5.22B | -17.32B | 781.77M |
| Cash Interest Paid | 807.04M | 778.79M | 781.40M | 762.61M | 466.81M | 323.22M |
| Cash Income Tax Paid | 9.88M | 7.34M | 3.34M | 4.92M | 3.02M | 1.40M |
| Change in Working Capital | -6.50M | 11.00M | -11.52M | -14.02M | 46.45M | -86.82M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 27.51B | 30.05B | 30.79B | 32.98B | 31.20B | 18.94B |
| Enterprise Value | 45.07B | 47.65B | 48.50B | 50.36B | 45.60B | 23.34B |
| Last Close Price | 24.46 | 26.70 | 26.20 | 27.04 | 26.10 | 23.10 |
| Price/FFO Ratio | 10.59 | 10.23 | 10.24 | 10.90 | 20.08 | 13.12 |
| Price/AFFO Ratio | 9.37 | 11.22 | 11.60 | 12.57 | 13.52 | 12.69 |
| PE Ratio | 11.57 | 10.83 | 11.49 | 13.12 | 27.92 | 18.68 |
| PS Ratio | 6.51 | 7.50 | 8.00 | 9.13 | 11.73 | 12.54 |
| PB Ratio | 0.93 | 1.06 | 1.14 | 1.28 | 1.40 | 1.55 |
| P/OCF Ratio | 10.00 | 11.97 | 12.93 | 15.12 | 16.06 | 21.13 |
| EV/Sales Ratio | 10.74 | 11.89 | 12.60 | 13.94 | 17.14 | 15.46 |
| EV/EBITDA Ratio | 13.86 | 13.05 | 13.68 | 15.07 | 27.26 | 16.24 |
| EV/EBIT Ratio | 13.88 | 13.06 | 13.70 | 15.09 | 27.31 | 16.27 |
| Debt / Equity Ratio | 0.61 | 0.63 | 0.66 | 0.69 | 0.65 | 0.41 |
| Debt / EBITDA Ratio | 5.51 | 4.83 | 4.96 | 5.26 | 8.66 | 3.46 |
| Net Debt / Equity Ratio | 0.60 | 0.61 | 0.64 | 0.67 | 0.64 | 0.35 |
| Net Debt / EBITDA Ratio | 5.46 | 4.69 | 4.83 | 5.12 | 8.59 | 2.96 |
| Asset Turnover | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.09 |
| Quick Ratio | 20.26 | 17.23 | 21.96 | 24.84 | 58.81 | 49.45 |
| Current Ratio | 20.26 | 17.23 | 21.97 | 24.84 | 58.82 | 49.46 |
| Return on Equity (ROE) | 8.28% | 10.22% | 10.35% | 10.66% | 6.59% | 9.44% |
| Return on Assets (ROA) | 4.25% | 4.95% | 4.95% | 5.11% | 3.78% | 5.17% |
| Return on Invested Capital (ROIC) | 6.78% | 8.05% | 8.03% | 8.33% | 6.16% | 8.45% |
| Earnings Yield | 8.65% | 9.23% | 8.70% | 7.62% | 3.58% | 5.35% |
| Dividend Yield | 7.36% | 6.28% | 5.82% | 5.09% | 4.63% | 4.58% |
| Payout Ratio | 85.17% | 66.78% | 65.44% | 63.01% | 109.08% | 74.84% |
| Buyback Yield / Dilution | -2.13% | -1.43% | -3.14% | -15.47% | -52.44% | -12.95% |
| Total Shareholder Return | 5.35% | 4.84% | 2.67% | -10.38% | -47.81% | -8.37% |