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VICI

VICI Properties Inc.

VICI

VICI Properties Inc. • NYSE
$28.82 ▼ -0.03% (-0.01)
Market Cap $30.80 B
52w High $34.03
52w Low $27.98
Dividend Yield 1.75%
P/E 10.96
Volume 6.01M
Outstanding Shares 1.07B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.015B ▲ $23.449M ▲ $762.04M ▼ 75.064% ▼ $0.71 ▼ $988.775M ▼
Q2-2025 $1.001B ▲ $-107.163M ▼ $865.079M ▲ 86.393% ▲ $0.82 ▲ $1.098B ▲
Q1-2025 $984.204M ▲ $222.326M ▲ $543.607M ▼ 55.233% ▼ $0.51 ▼ $760.056M ▼
Q4-2024 $976.052M ▲ $135.583M ▲ $614.594M ▼ 62.967% ▼ $0.58 ▼ $835.765M ▼
Q3-2024 $964.669M $5.155M $732.898M 75.974% $0.7 $955.267M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $507.503M ▲ $46.536B ▲ $18.439B ▼ $27.674B ▲
Q2-2025 $232.983M ▼ $46.054B ▲ $18.61B ▲ $27.024B ▲
Q1-2025 $334.317M ▼ $45.526B ▲ $18.503B ▲ $26.609B ▲
Q4-2024 $524.615M ▲ $45.369B ▲ $18.417B ▲ $26.538B ▲
Q3-2024 $355.667M $44.918B $18.395B $26.111B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $773.62M ▼ $586.289M ▼ $-50.117M ▲ $-261.796M ▲ $274.52M ▲ $587.117M ▼
Q2-2025 $878.368M ▲ $639.899M ▲ $-329.762M ▲ $-411.65M ▼ $-101.334M ▲ $639.227M ▲
Q1-2025 $552.265M ▼ $591.859M ▼ $-385.581M ▼ $-396.762M ▼ $-190.298M ▼ $591.703M ▼
Q4-2024 $624.205M ▼ $644.097M ▲ $-260.175M ▼ $-214.894M ▲ $168.948M ▲ $643.013M ▲
Q3-2024 $744.481M $579.052M $-241.572M $-329.291M $8.507M $577.686M

Revenue by Products

Product Q4-2021Q1-2022Q2-2022Q3-2022
Real Property Business Segment
Real Property Business Segment
 $370.00M ▲$410.00M ▲$650.00M ▲$740.00M ▲

Five-Year Company Overview

Income Statement

Income Statement VICI’s income statement shows a business that has scaled up quickly while staying very profitable. Revenue has climbed steadily over the last several years as the company has added more properties and closed large acquisitions. Operating profits and net income have grown along with revenue, indicating that new deals are generally being done on attractive terms and the cost base is well controlled. Profit margins are high for a real estate owner, helped by the triple‑net lease model where tenants pay most property costs. Earnings per share have been more uneven than total profits, reflecting the impact of issuing new shares to fund acquisitions and a step‑change in size around 2022. Overall, the trend is toward higher and more stable earnings, but continued growth depends on finding and integrating new transactions without overpaying.

Balance Sheet

Balance Sheet The balance sheet is sizable and has expanded sharply as VICI acquired major portfolios like MGM Growth Properties. Total assets have more than doubled over the period, dominated by high‑quality real estate. Debt has also grown meaningfully to finance this expansion, but shareholders’ equity has increased as well, so the capital structure is not purely debt‑driven. Leverage is meaningful, which is typical for a REIT, and makes interest rates and credit market conditions important watchpoints. Cash on hand is relatively modest compared with the asset base, again normal for a REIT that tends to pay out much of its earnings, but it means the company relies on ongoing access to debt and equity markets. The main strengths here are scale and asset quality; the main risk is the need to keep borrowing costs under control while managing a large debt load.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has grown steadily as more properties have been added, and it comfortably exceeds the company’s very light spending on property improvements, since tenants cover most of those costs under triple‑net leases. As a result, free cash flow is both strong and closely tracks operating cash flow, creating a relatively predictable pool of cash to support dividends, interest payments, and new investments. This cash‑rich but capital‑light profile is a core part of the business model. The flip side is that growth still depends on doing new deals, which usually require external financing; so while internal cash flow is healthy, expansion is not purely self‑funded.

Competitive Edge

Competitive Edge VICI has carved out a powerful niche as a landlord of experiential properties, especially large casino and resort assets. Its portfolio includes several of the most recognizable properties on the Las Vegas Strip and other destination markets, which are difficult to replicate due to location constraints, regulatory barriers, and high development costs. Long‑term triple‑net leases with built‑in rent increases give VICI visibility into future rental income and reduce day‑to‑day operating risk. The company also benefits from strong relationships with major gaming and entertainment operators, which can lead to repeat business and off‑market opportunities. At the same time, the tenant base is concentrated in a cyclical industry tied to travel and discretionary spending, so downturns in gaming or tourism, or tenant‑specific stress, are key risks to monitor. Competition from other capital providers for deals and the impact of interest rates on property values and returns are also important competitive pressures.

Innovation and R&D

Innovation and R&D While VICI is not a technology company, it has been innovative in how it structures real estate deals and how narrowly it focuses on experiential assets. Its creativity shows up in sale‑leaseback transactions, tailored lease terms, and providing financing solutions that go beyond simple property ownership. The company has also started to diversify into non‑casino experiences—such as family resorts, wellness, and sports or entertainment venues—broadening its opportunity set while staying within its expertise. Any use of technology tends to be in support of asset management, analytics, and tenant operations rather than proprietary products. Future innovation will likely come from new types of partnerships, more flexible lease structures, and selective expansion into new geographies or experiential categories. The main risk is stretching too far from its core competency or taking on complex deals that add risk without clear long‑term reward.

Summary

Overall, VICI presents as a scaled, highly profitable REIT built around a focused strategy: owning iconic experiential properties under long‑term, tenant‑funded lease structures. The income statement shows strong growth and robust profitability, the balance sheet reflects rapid expansion financed with significant but not extreme leverage, and the cash flows are solid and predictable, well suited to a dividend‑oriented model. Its competitive edge lies in the scarcity and quality of its assets, deep relationships with major operators, and the stability provided by long leases. Key areas to watch include interest rate trends, tenant health in the gaming and leisure sectors, the company’s ability to continue sourcing attractive deals, and how it manages risk as it diversifies beyond core casino properties and potentially into new markets.

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