A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
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.
Revenue
$1.06B
+5.71% YoY
EPS (Diluted)
$0.48
-41.46% YoY
Vici Properties (VICI) reported Q2 FY2026 revenue of $1.06B, up 5.7% year over year. The company posted net income of $526.52M, down 39.1% from a year earlier, with diluted EPS of $0.48. VICI's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
VICI generated $1.06B in Q2 FY2026 revenue (+5.7% YoY) and $526.52M in net income (-39.1% YoY), impacted by a $271.06M CECL credit loss provision.
Last 4 quarters: 1 beat, 3 misses
Adjusted (non-GAAP) EPS of $0.62 versus the $0.72 analyst consensus — a -14.5% miss for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $0.48.
On April 30, 2026, VICI acquired 100% of the real property of the Golden Portfolio consisting of seven casino properties for $1.15B, entering into a 30-year master lease with initial annual rent of $87.0M.
Source: 10-Q Item 2 MD&A, p.48
On March 23, 2026, VICI provided a $1.5B mezzanine loan commitment ($1.05B incremental commitment) as part of construction financing for One Beverly Hills, deploying an initial $650.0M at closing.
Source: 10-Q Item 2 MD&A, p.49
Operating expenses were impacted by a $413.1M YoY increase in the change in allowance for credit losses, posting a $271.1M expense in Q2 2026 compared to a $142.0M benefit in Q2 2025 due to initial acquisition CECL allowances and updated tenant default probability models.
Source: 10-Q Item 2 MD&A, p.52
On June 24, 2026, VICI acquired the Gamehost Portfolio in Alberta, Canada, for C$200.6M (~US$141.0M), adding the real estate assets to the PURE Master Lease and increasing annual rent by C$16.1M.
Source: 10-Q Item 2 MD&A, p.48
VICI recognized a $271.06M credit loss provision expense in Q2 FY2026 compared to a $142.00M benefit in Q2 FY2025, driven by macroeconomic forecast revisions and initial provisions on new investments. Subsequent adverse macroeconomic changes or tenant credit downgrades could require further non-cash provisions.
Source: 10-Q Income Statement (XBRL)
The company maintains $16.93B in long-term debt, with $1.75B maturing in late 2026 and $1.50B maturing in early 2027. Refinancing this debt in a higher interest rate environment could elevate interest expenses.
Source: 10-Q Balance Sheet (XBRL)
While revenue expanded 5.7% YoY to $1.06B, net income attributable to common stockholders declined 39.1% YoY to $526.52M. This divergence highlights sensitivity to non-operating adjustments and non-cash provisions.
Source: 10-Q Income Statement (XBRL)
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Vici Properties (VICI) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the VICI earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $1.06B | $1B | +5.71% |
Cost of Revenue | $7.39M | $6.62M | +11.72% |
Net Income | $526.52M | $865.08M | -39.14% |
EPS (Basic) | $0.48 | $0.82 | -41.46% |
EPS (Diluted) | $0.48 | $0.82 | -41.46% |
VICI reported Q2 FY2026 total revenue of $1.06B, up 5.7% YoY, driven by acquisitions like the Golden Portfolio. Net income attributable to common stockholders fell 39.1% YoY to $526.52M ($0.48 per diluted share), primarily impacted by a $271.06M credit loss provision expense.
The decline in net income was caused by a $413.1M YoY variance in allowance for credit losses, shifting from a $142.0M credit benefit in Q2 FY2025 to a $271.1M expense in Q2 FY2026. This was driven by CECL requirements on new property acquisitions and loan originations as well as macroeconomic forecast updates.
VICI closed the $1.15B Golden Portfolio acquisition on April 30, 2026, adding seven casino properties and $87.0M in initial annual rent under a 30-year master lease. Additionally, VICI acquired the Gamehost Portfolio in Canada for C$200.6M (~US$141.0M) on June 24, 2026, adding C$16.1M in annual rent.
VICI ended Q2 FY2026 with total available liquidity of $2.52B, consisting of $288.06M in cash and cash equivalents and $2.23B in undrawn revolving credit facility capacity. Year-to-date operating cash flow rose 10.4% YoY to $1.36B.
Vici Properties (VICI) is next expected to report earnings on Oct 28, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
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.
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.
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