Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
VICI Properties delivered steady FY2025 growth with revenue rising 4.1% to $4.01B and net income up 3.6% to $2.78B, supported by strong operating cash flow of $2.51B and a conservative balance sheet with debt-to-equity of 0.67.
Revenue
$4.01B
+4.08% YoY
EPS (Diluted)
$2.61
+1.95% YoY
Source: SEC XBRL
Vici Properties (VICI) reported FY2025 revenue of $4.01B, up 4.1% year over year. Operating cash flow was $2.51B, up 5.4% year over year.
Last 4 quarters: 1 beat
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 0.48 | 0.72 | Miss -33.8% |
| Mar 2026 | 0.82 | 0.72 | Beat +14.4% |
| Dec 2025This filing | 0.57 | 0.70 | Miss -18.3% |
| Sep 2025 | 0.71 | 0.71 | Miss -0.3% |
Reported EPS of $0.57 versus the $0.70 analyst consensus — a -18.3% miss for Dec 2025.
Compiled by AI from this SEC filing
Total revenue increased 4.1% year-over-year to $4.01B in FY2025 from $3.85B in FY2024, reflecting VICI's triple-net lease structure that provides predictable, contractually escalating rental income from its gaming and experiential real estate portfolio.
Source: 10-K Income Statement (XBRL Financial Data)
VICI sustained a net margin of approximately 69.3% in FY2025, consistent with its REIT business model where the triple-net lease structure minimizes operating costs — cost of revenue was only $26.7M against $4.01B in revenue.
Source: 10-K Income Statement (XBRL Financial Data)
Operating cash flow grew 5.4% to $2.51B in FY2025 from $2.38B in FY2024, demonstrating the cash-generative nature of VICI's lease portfolio and supporting its robust dividend program.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
Dividends paid increased 5.7% to $1.85B in FY2025 from $1.75B in FY2024, underscoring VICI's commitment to returning capital to shareholders as required by its REIT structure and reflecting confidence in sustained cash flow generation.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
Total assets grew 3.0% to $46.7B while long-term debt remained nearly flat at $16.8B, resulting in a debt-to-equity ratio of 0.67 — a relatively conservative leverage profile for a large-cap REIT, with stockholders' equity rising 4.7% to $27.8B.
Source: 10-K Balance Sheet (XBRL Financial Data)
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
VICI's revenue is heavily dependent on a small number of large gaming operators, including Caesars Entertainment and MGM Resorts, as tenants under long-term triple-net leases. Any financial deterioration, bankruptcy, or lease default by a major tenant could materially impair VICI's rental income and cash flow. The concentration of gaming-related tenants also ties VICI's performance closely to the health of the U.S. gaming industry.
Source: 10-K Risk Factors (inferred from business model and financial data)
With $16.8B in long-term debt, VICI is exposed to interest rate fluctuations that could increase borrowing costs upon refinancing or new debt issuance. Rising interest rates also compress REIT valuations by making dividend yields less attractive relative to fixed-income alternatives. VICI's financing cash outflows increased 7.5% in FY2025, partly reflecting higher debt service costs.
Source: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
As a REIT, VICI is required to distribute at least 90% of its taxable income to shareholders, limiting its ability to retain earnings for internal growth or debt reduction. With $1.85B in dividends paid in FY2025, VICI's financial flexibility is constrained, making it reliant on capital markets for growth financing. Any disruption to capital market access could impair VICI's acquisition and growth strategy.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
VICI's $46.7B asset base is predominantly comprised of real estate assets whose valuations are subject to market conditions, gaming regulatory changes, and property-specific factors. A significant decline in gaming real estate values could trigger impairment charges, reducing book equity and potentially affecting debt covenant compliance. The illiquid nature of large-scale gaming properties limits VICI's ability to quickly divest underperforming assets.
Source: 10-K Balance Sheet (XBRL Financial Data)
VICI's properties are subject to extensive gaming regulations across multiple jurisdictions, and changes in gaming laws or the loss of gaming licenses by tenants could adversely affect lease payments and property values. Regulatory approvals are also required for acquisitions and certain lease modifications, potentially delaying or preventing strategic transactions. Evolving regulations around online gaming could also shift demand away from VICI's physical gaming properties.
Source: 10-K Risk Factors (inferred from business model)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 4.01 $B | 3.85 $B | +4.08% |
Cost of Revenue $M | 26.73 $M | 26.90 $M | -0.61% |
Net Income $B | 2.78 $B | 2.68 $B | +3.61% |
EPS (Basic) $ | 2.61 $ | 2.56 $ | +1.95% |
EPS (Diluted) $ | 2.61 $ | 2.56 $ | +1.95% |
Answers draw on this SEC filing and the data on this page
In Q2 FY2026, VICI Properties grew revenue by 5.7% YoY to $1.06B driven by portfolio expansion including the Golden Portfolio acquisition, though net income fell 39.1% YoY to $526.52M due to a $413.1M increase in credit loss provisions.
VICI Properties delivered strong Q1 FY2026 results with revenue rising 3.5% YoY to $1.02B and net income surging 60.5% YoY to $872.4M, driven by stable rental income and a significant improvement in profitability.
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