VICI Properties Inc.
Financial Performance
VICI Properties Revenue & Financials
Revenue
$4B (FY2025)
Market Cap
$25.5B
Net Income
$2.8B
Employees
28
What is VICI Properties's revenue?
VICI Properties had $4B in revenue for fiscal year 2025, up 4.1% from 2024. Net income was $2.8B.
- Latest revenue
- $4B (FY2025)
- Year-over-year
- +4.1%
- Growth rate (CAGR)
- 46.6% over 8 years
- Peak revenue
- $4B (FY2025)
- Years of data
- 9
- Employees
- 28
- What is VICI Properties's operating income?
- VICI Properties reported operating income of $321M for fiscal year 2020. sec.gov
- How much profit does VICI Properties make?
- VICI Properties reported net income of $2.8B for fiscal year 2025. sec.gov
- How many employees does VICI Properties have?
- VICI Properties has about 28 employees.
Financial Analysis
For fiscal 2025 VICI reported total revenues of $4.0 billion (up 4.1%), net income attributable to common stockholders of $2.8 billion ($2.61 per share) and AFFO of about $2.5 billion, or $2.38 per share. In the second quarter of 2026 revenue rose 5.7% to $1.1 billion and AFFO rose 7.8% to $679.6 million ($0.62 per share). Net income fell 39.1% to $526.5 million because of a $413.1 million swing in the CECL credit-loss allowance, a non-cash item. Full-year 2026 AFFO guidance is $2,675 million to $2,695 million, or $2.45 to $2.47 per diluted share.
Revenue Trend Analysis
YoY Change
+4.1%
8-Year CAGR
+46.6%
Peak Year
2025
Trend
Consistent Growth
VICI Properties Inc. has 9 full fiscal year figures on this page, compounding at +46.6% annually over 8 years. The most recent year saw a 4.1% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $4B. Of 8 comparable year-over-year steps, 7 showed growth and 1 showed a decline.
Annual revenue history
Click any row to see year details.
VICI Properties Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $2.5B | — | $46.7B | $18.5B | $27.8B | — | Form 10-K |
| FY2024ended Dec 31, 2024 | $2.4B | — | $45.4B | $18.4B | $26.5B | — | Form 10-K |
| FY2023ended Dec 31, 2023 | $2.2B | — | $44.1B | $18.4B | $25.3B | — | Form 10-K |
| FY2022ended Dec 31, 2022 | $1.9B | — | $37.6B | $15.3B | $21.9B | — | Form 10-K |
| FY2021ended Dec 31, 2021 | $896.4M | — | $17.6B | $5.4B | $12.1B | — | Form 10-K |
| FY2020ended Dec 31, 2020 | $883.6M | — | $17.1B | $7.6B | $9.4B | — | Form 10-K |
| FY2019ended Dec 31, 2019 | $682.2M | $2.7M | $13.3B | $5.2B | $8B | $679.4M | Form 10-K |
| FY2018ended Dec 31, 2018 | $504.1M | $899,000 | $11.3B | $4.4B | $6.8B | $503.2M | Form 10-K |
| FY2017ended Dec 31, 2017 | — | — | $9.7B | $5B | $4.7B | — | Form 10-K |
Keep researching VICI Properties
VICI Properties Revenue and Financial FAQ
What were VICI Properties' total revenue and net income for 2025?
In 2025, VICI reported total consolidated revenues of $4.0 billion (up 5.3% year-over-year) and net income attributable to common stockholders of $2.8 billion, generating industry-leading margins.
What is VICI's Adjusted Funds From Operations (AFFO) performance?
VICI generated over $2.4 billion in annual AFFO (or ~$2.32 per diluted share in 2025), consistently growing AFFO per share at a compound annual rate exceeding 6% since its 2018 IPO.
What is VICI's dividend payout and dividend growth history?
VICI pays a quarterly cash dividend of $0.4325 per share ($1.73 annualized), delivering a dividend yield typically between 5.0% and 5.5%, and has increased its dividend every single year for 7 consecutive years.
What is VICI's target dividend AFFO payout ratio?
VICI targets a conservative AFFO dividend payout ratio of approximately 75%, retaining over $500 million in free cash flow annually to self-fund growth investments without taking on debt.
What is VICI's balance sheet debt leverage profile?
VICI maintains an investment-grade balance sheet with net debt to adjusted EBITDA between 5.5x and 5.8x, holding investment-grade credit ratings of "BBB-" from S&P Global and Fitch, and "Baa3" from Moody's.
How is VICI's long-term debt structured across interest rate cycles?
Over 99% of VICI's approximately $17 billion in total debt is fixed-rate senior unsecured notes, with a weighted average interest rate below 4.5% and no massive debt maturities clustered in any single year.
What is VICI's rent collection track record during economic crises?
VICI has maintained a 100% cash rent collection rate every quarter since its 2017 inception, including throughout the global 2020 pandemic when casino floors were completely dark.
How do CPI rent escalators flow into financial results?
Contractual CPI-linked rent adjustments in master leases with Caesars and MGM automatically bump annual rental revenue by 2% to 3% each year, creating pure organic cash flow growth.
What is VICI's adjusted EBITDA margin?
Because tenants pay all real estate taxes, property insurance, and structural repairs under triple-net terms, VICI boasts an astonishing adjusted EBITDA margin exceeding 99%.
How much capital does VICI deploy into partner property development annually?
VICI invests between $300 million and $600 million annually into tenant capital projects, earning accretive initial yields of 7.5% to 8.5%.
What is VICI's market capitalization and liquidity profile?
VICI commands a market capitalization around $25 billion to $27 billion, backed by an undrawn $3.0 billion revolving credit facility and substantial free cash flow.
What is management's forward multi-year financial guidance?
Management guides for sustained 4% to 6% annual AFFO per share growth, supported by contractual escalators, loan conversions, and opportunistic experiential sale-leasebacks.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "VICI Properties Revenue & Financials." CorpDigest, https://corpdigest.com/company/vici/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>VICI Properties reported $4B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/vici/financials" target="_blank" rel="noopener">CorpDigest — VICI Properties financials</a></div>Related Financial Audits
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