VICI PROPERTIES INC. VICI
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
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 2.61 | 2.56 | 2.48 | 1.27 | 1.80 | 1.76 | 1.25 | 1.43 | — | — |
| EPS, diluted | 2.61 | 2.56 | 2.47 | 1.27 | 1.76 | 1.75 | 1.24 | 1.43 | — | — |
| Shares, diluted (wtd. avg.) | $1.06B | $1.05B | $1.02B | $879.7M | $577.1M | $510.9M | $439.2M | $367.3M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6798
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| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
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| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
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