VICI PROPERTIES INC. VICI

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

We are a Maryland corporation that is primarily engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple net leases. As of December 31, 2025, we own 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas (the "Venetian Resort"), three of the most iconic entertainment facilities on the Las Vegas Strip. Our gaming and entertainment facilities are leased to leading brands that seek to drive consumer loyalty and value with guests through superior services, experiences, products and continuous innovation. Across approximately 127 million square feet, our well-maintained properties

Last close 23.76 2026-10-23
Market cap $26.16B 2026-06-30 share count
52-week range 22.43 - 31.18

Valuation FY2025 figures against the last close

P/S6.5x
P/E9.1x
P/FCF10.4x
EV/EBITDA—
Dividend yield7.1%
Diluted EPS2.61

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $4.01B$3.85B$3.61B$2.60B$1.51B$1.23B$894.8M$898.0M$187.6M—
Cost of revenue $26.7M$26.9M$27.1M$22.6M$20.8M$17.6M$18.9M$17.4M——
Gross profit $3.98B$3.82B$3.58B$2.58B$1.49B$1.21B$875.9M$880.6M——
SG&A $65.1M$69.1M$59.6M$48.3M$33.1M$30.7M$24.6M$24.4M——
Total operating expenses ———————$140.0M——
Operating income —————$321.0M$52.3M$140.0M$144.2M—
Interest expense $843.6M$826.1M$818.1M$540.0M$392.4M$308.6M$248.4M$212.7M$63.4M—
Pre-tax income $2.82B$2.73B$2.55B$1.14B$1.03B$897.0M$556.0M$533.6M$42.6M—
Income tax $2.4M$9.7M$6.1M$2.9M$2.9M$831.0K$1.7M$1.4M$1.9M—
Net income $2.78B$2.68B$2.51B$1.12B$1.01B$891.7M$546.0M$523.6M$44.5M—
EPS, basic 2.612.562.481.271.801.761.251.43——
EPS, diluted 2.612.562.471.271.761.751.241.43——
Shares, diluted (wtd. avg.) 1.06B1.05B1.02B879.7M577.1M510.9M439.2M367.3M——

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $563.5M$524.6M$522.6M$208.9M$739.6M$316.0M$1.10B$598.4M$197.4M—
Short-term investments $44.5M$0$0$217.3M$0$20.0M$59.5M$520.9M$0—
Property, plant and equipment $68.0M$70.3M$66.9M$67.2M$68.5M$69.2M$70.4M$71.5M$75.0M$4.86B
Total assets $46.72B$45.37B$44.06B$37.58B$17.60B$17.06B$13.27B$11.33B$9.74B$4.86B
Long-term debt $16.77B$16.73B$16.72B$13.74B$4.69B$6.77B$4.79B$4.12B$4.12B—
Total liabilities $18.50B$18.42B$18.40B$15.29B$5.41B$7.57B$5.22B$4.43B$4.96B—
Retained earnings $2.77B$1.87B$965.8M$93.2M$346.0M$139.5M$208.1M$187.1M$42.7M—
Total equity $27.80B$26.54B$25.66B$22.29B$12.19B$9.49B$8.05B$6.90B$4.78B—

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $2.51B$2.38B$2.18B$1.94B$896.4M$883.6M$682.2M$504.1M——
Depreciation and amortisation $3.6M$4.1M$4.3M$3.2M$3.1M$3.7M$3.8M$3.7M$751.0K—
Stock-based compensation $16.2M$17.5M$15.5M$13.0M$9.4M$7.4M$5.2M$2.3M——
Capital expenditure ——————$2.7M$899.0K——
Investing cash flow -$904.8M-$922.8M-$2.90B-$9.30B$41.4M-$4.55B-$1.36B-$1.14B——
Financing cash flow -$1.57B-$1.46B$1.03B$6.83B-$514.2M$2.88B$1.18B$1.04B——
Dividends paid $1.85B$1.75B$1.58B$1.22B$758.8M$612.2M$504.0M$262.7M——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001705696-26-000034.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B Revenue, FY2017: 187.6M Net income, FY2017: 44.5M Revenue, FY2018: 898M Gross profit, FY2018: 880.6M Net income, FY2018: 523.6M Revenue, FY2019: 894.8M Gross profit, FY2019: 875.9M Net income, FY2019: 546M Revenue, FY2020: 1.2B Gross profit, FY2020: 1.2B Net income, FY2020: 891.7M Revenue, FY2021: 1.5B Gross profit, FY2021: 1.5B Net income, FY2021: 1B Revenue, FY2022: 2.6B Gross profit, FY2022: 2.6B Net income, FY2022: 1.1B Revenue, FY2023: 3.6B Gross profit, FY2023: 3.6B Net income, FY2023: 2.5B Revenue, FY2024: 3.8B Gross profit, FY2024: 3.8B Net income, FY2024: 2.7B Revenue, FY2025: 4B Gross profit, FY2025: 4B Net income, FY2025: 2.8B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $187.6M $898.0M $894.8M $1.23B $1.51B $2.60B $3.61B $3.85B $4.01B
Gross profit — — $880.6M $875.9M $1.21B $1.49B $2.58B $3.58B $3.82B $3.98B
Net income — $44.5M $523.6M $546.0M $891.7M $1.01B $1.12B $2.51B $2.68B $2.78B

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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