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VICI Properties VICI · USD
Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
25.16
+1.49%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$4.01bn
FY2016FY2025
Net income
$2.78bn
FY2016FY2025
Free cash flow
$2.51bn
FY2016FY2025
Shareholders' equity
$27.80bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.01bn | $3.85bn | $3.61bn | $2.60bn | $1.51bn | $1.23bn | $894.8m | $898.0m | $201.4m | $18.8m |
| Gross profit | $3.97bn | $3.82bn | $3.58bn | $2.58bn | $1.49bn | $1.19bn | $875.9m | $798.8m | $167.7m | $5.0m |
| Research and development | — | — | $1 | $0 | $1 | $1 | $1 | $1 | $0 | — |
| Operating income | $3.65bn | $3.54bn | $3.34bn | $1.63bn | $1.44bn | $913.2m | $842.5m | $758.0m | $106.0m | $7,000 |
| Net income | $2.78bn | $2.68bn | $2.51bn | $1.12bn | $1.01bn | $891.7m | $546.0m | $523.6m | $42.7m | $3.0m |
| Diluted earnings per share | 2.62 | 2.54 | 2.42 | 1.16 | 1.59 | 1.65 | 1.16 | 1.36 | 0.19 | 0.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $46.72bn | $45.37bn | $44.06bn | $37.58bn | $17.60bn | $17.06bn | $13.27bn | $11.33bn | $9.74bn | $90.5m |
| Cash and short-term investments | $608.0m | $524.6m | $522.6m | $426.3m | $739.6m | $336.0m | $1.16bn | $1.10bn | $183.6m | $920,000 |
| Total liabilities | $18.50bn | $18.42bn | $18.40bn | $15.29bn | $5.41bn | $7.57bn | $5.22bn | $4.43bn | $4.96bn | $6.3m |
| Debt | $16.77bn | $17.60bn | $17.59bn | $14.52bn | $4.97bn | $7.05bn | $4.79bn | $4.12bn | $4.79bn | $14,000 |
| Shareholders' equity | $27.80bn | $26.54bn | $25.26bn | $22.29bn | $12.19bn | $9.49bn | $8.05bn | $6.90bn | $4.78bn | $84.1m |
| Shares outstanding | 1,061m | 1,056m | 1,038m | 965m | 637m | 542m | 473m | 386m | 228m | 361m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $2.51bn | $2.38bn | $2.18bn | $1.94bn | $896.4m | $883.6m | $682.2m | $504.1m | $131.7m | $2.7m |
| Capital spending | −$1.3m | −$7.5m | −$4.0m | −$1.9m | −$2.5m | −$2.8m | −$2.7m | −$899,000 | −$2.0m | −$869,000 |
| Free cash flow | $2.51bn | $2.37bn | $2.18bn | $1.94bn | $893.8m | $880.9m | $679.4m | $503.2m | $129.7m | $1.9m |
| Dividends paid | −$1.85bn | −$1.75bn | −$1.58bn | −$1.22bn | −$758.8m | −$612.2m | −$504.0m | −$262.7m | −$262.7m | −$262.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.06bn | $1.02bn | $1.01bn | $1.02bn | $1.00bn | $984.2m | $976.1m | $964.7m |
| Gross profit | $1.06bn | $1.01bn | $1.00bn | $1.01bn | $994.7m | $977.9m | $969.3m | $957.8m |
| Operating income | $772.0m | $1.09bn | $813.6m | $984.0m | $1.10bn | $755.5m | $833.7m | $952.7m |
| Net income | $525.6m | $872.4m | $604.8m | $762.0m | $865.1m | $543.6m | $614.6m | $732.9m |
| Diluted earnings per share | 0.48 | 0.80 | 0.57 | 0.72 | 0.82 | 0.51 | 0.58 | 0.69 |
| Cash from operations | $728.0m | $631.0m | $691.0m | $586.0m | $639.0m | $591.0m | $644.0m | $579.0m |
| Capital spending | — | — | — | — | — | — | −$1.0m | −$1.0m |
| Free cash flow | — | — | — | — | — | — | $643.0m | $578.0m |
| Total assets | $48.27bn | $47.09bn | $46.72bn | $46.54bn | $46.05bn | $45.53bn | $45.37bn | $44.92bn |
| Cash and short-term investments | $288.1m | $480.2m | $608.0m | $507.5m | $233.0m | $334.3m | $524.6m | $355.7m |
| Debt | $18.72bn | $16.79bn | $16.77bn | $16.78bn | $16.96bn | $18.20bn | $18.10bn | $16.76bn |
| Shareholders' equity | $29.17bn | $28.19bn | $27.80bn | $27.67bn | $27.02bn | $26.61bn | $26.54bn | $26.11bn |
Financial ratios
Data as of 22 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 99.3% | 99.3% | 99.3% | 99.1% | 98.6% | 97.3% | — | — |
| Operating margin | 91.2% | 92.1% | 92.6% | 62.8% | 95.7% | 74.5% | — | — |
| Net margin | 69.3% | 69.6% | 69.6% | 43.0% | 67.2% | 72.8% | — | — |
| Return on equity | 10.0% | 10.1% | 10.0% | 5.0% | 8.3% | 9.4% | — | — |
| Return on assets | 5.9% | 5.9% | 5.7% | 3.0% | 5.8% | 5.2% | — | — |
| Free cash flow yield | 9.8% | 9.4% | 8.8% | 8.4% | 5.9% | 6.8% | — | — |
| Revenue growth | 4.1% | 6.6% | 38.9% | 72.3% | 23.2% | 37.0% | — | — |
| Earnings growth | 3.6% | 6.6% | 124.9% | 10.2% | 13.7% | 63.3% | — | — |
| Current ratio | 26.68x | 27.92x | 28.22x | 30.08x | 11.42x | 11.01x | — | — |
| Debt to equity | 0.60x | 0.68x | 0.71x | 0.62x | 0.39x | 1.43x | — | — |
| Equity ratio | 59.5% | 58.5% | 57.3% | 59.3% | 69.3% | 55.6% | — | — |
| Interest coverage | 4.33x | 4.29x | 4.09x | 3.02x | 3.68x | 2.96x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -0.5% | -1.7% | -7.5% | -51.4% | -17.6% | -14.7% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.5% | 26.7% | 71.6% |
| Operating income | 30.7% | 31.9% | 239.4% |
| Net income | 35.4% | 25.5% | 295.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 99.2% | 99.2% | 99.0% | 98.2% |
| Operating margin | 91.6% | 86.5% | 86.5% | 86.2% |
| Net margin | 69.4% | 64.6% | 65.4% | 64.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.8 | 11.5 | 13.2 | 28.0 | 18.9 | 15.5 | 22.1 | 13.8 | 109.5 |
| Price to sales | 7.5 | 8.0 | 9.2 | 12.0 | 12.7 | 11.3 | 13.5 | 8.1 | 23.2 |
Market value over time
31 Oct 2017 to 21 Sept 2026, in USD
$6.35bn$26.22bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Return | -3% | -9% | -4% | 20% | 7% | 1% | 33% | -4% | 8% |
Dividends and splits
Per share, in the currency the company pays
Paid for 8 years. Last went ex-dividend on 17 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.36 | 1.765 | 1.695 | 1.61 | 1.50 | 1.38 | 1.255 | 1.17 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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