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VICI Properties Inc.

EDGAR
VICI Quarterly report (10-Q) · filed 2026-10-28

Annual consolidated revenue for 2025: about USD 4.006B, using the latest reported figures. The previous period, 2024, was about USD 3.849B.

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Watchlist

Latest quarter

Revenue

1.07 billion USD

2026 Q3 · USD

Exact inputs and evidence
  • Revenue: 1065484000 USD Source

Operating cash flow

655 million USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 2015249000 USD Source
  • Operating Cash Flow: 1360042000 USD Source
Cash and cash equivalents
270 million USD Source
Exact value

270321000 USD

Long-term debt including current maturities
16.9 billion USD Source
Exact value

16916934000 USD

Shares outstanding
1.1 billion shares Source
Exact value

1101083124 shares

Reported share-count change

3.02% · 32.3 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 1068808694 shares · 2025-09-30· Source
  • 1101083124 shares · 2026-09-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

4.16 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Revenue: 4006116000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 2993026000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 1018521000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 1058505000 USD · 2026-04-01 – 2026-06-30 Source
  • Revenue: 1065484000 USD · 2026-07-01 – 2026-09-30 Source

Net income

2.35 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Net income: 2775493000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: 2170726000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: 872390000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 526521000 USD · 2026-04-01 – 2026-06-30 Source
  • Net income: 342534000 USD · 2026-07-01 – 2026-09-30 Source

Operating cash flow

2.71 billion USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: 2509991000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 1818047000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 631864000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 1360042000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 631864000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 2015249000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: 1360042000 USD · 2026-01-01 – 2026-06-30 Source

Capital expenditure

2.72 million USD

2019-01-01 – 2019-12-31

Exact inputs and evidence
  • Capital expenditure: 1191000 USD · 2019-01-01 – 2019-03-31 Source
  • Capital expenditure: 1481000 USD · 2019-01-01 – 2019-06-30 Source
  • Capital expenditure: 1191000 USD · 2019-01-01 – 2019-03-31 Source
  • Capital expenditure: 2429000 USD · 2019-01-01 – 2019-09-30 Source
  • Capital expenditure: 1481000 USD · 2019-01-01 – 2019-06-30 Source
  • Capital expenditure: 2724000 USD · 2019-01-01 – 2019-12-31 Source
  • Capital expenditure: 2429000 USD · 2019-01-01 – 2019-09-30 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-28.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 9 of 11 periods available· newest 2025-12-31
  • Operating income: 4 of 11 periods available· newest 2020-12-31
  • Net income: 9 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 8 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 2 of 11 periods available· newest 2019-12-31
  • Total assets: 9 of 11 periods available· newest 2025-12-31
  • Total liabilities: 9 of 11 periods available· newest 2025-12-31
  • current assets: No compatible figures in this window
  • current liabilities: No compatible figures in this window
  • Cash and cash equivalents: 9 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 9 of 11 periods available· newest 2025-12-31
  • Shares outstanding: 9 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +4.1%

    Prior period

    USD 3.85 billion

    –

    Current period

    USD 4.01 billion

    –

    Exact inputs and evidence

    4006116000 − 3849205000 = 156911000 USD

    3849205000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    4006116000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Net income

    +3.6%

    Prior period

    USD 2.68 billion

    –

    Current period

    USD 2.78 billion

    –

    Exact inputs and evidence

    2775493000 − 2678810000 = 96683000 USD

    2678810000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    2775493000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Operating cash flow

    +5.4%

    Prior period

    USD 2.38 billion

    –

    Current period

    USD 2.51 billion

    –

    Exact inputs and evidence

    2509991000 − 2381498000 = 128493000 USD

    2381498000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    2509991000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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Comparable inputs unavailable for: Capital expenditure.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 4.01 billion 100% of revenue
  • Operating costs Derived Unavailable An input is unavailable.
  • Operating income Unavailable An input is unavailable.
  • Tax, interest and other Derived Unavailable An input is unavailable.
  • Net income USD 2.78 billion 69% of revenue

Cash

  • Operating cash flow USD 2.51 billion 63% of revenue
  • Capital expenditure Unavailable An input is unavailable.
  • Free cash flow Derived Unavailable An input is unavailable.

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2017 24%53%23%
  • 2018 Net income was higher than operating income, so the split is not drawn.
  • 2019 Net income was higher than operating income, so the split is not drawn.
  • 2020 Net income was higher than operating income, so the split is not drawn.
  • 2021 Not shown: operating income or net income is not reported.
  • 2022 Not shown: operating income or net income is not reported.
  • 2023 Not shown: operating income or net income is not reported.
  • 2024 Not shown: operating income or net income is not reported.
  • 2025 Not shown: operating income or net income is not reported.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2017 2017-01-01 – 2017-12-31187609000 43413000 Derived 144196000 99659000 Derived 44537000 Unavailable
Source
2018 2018-01-01 – 2018-12-31897977000 757954000 Derived 140023000 -383596000 Derived 523619000 503183000 Derived
Source
2019 2019-01-01 – 2019-12-31894798000 842499000 Derived 52299000 -493665000 Derived 545964000 679435000 Derived
Source
2020 2020-01-01 – 2020-12-311225574000 904556000 Derived 321018000 -570656000 Derived 891674000 Unavailable
Source
2021 2021-01-01 – 2021-12-311509568000 UnavailableUnavailableUnavailable1013851000 Unavailable
Source
2022 2022-01-01 – 2022-12-312600697000 UnavailableUnavailableUnavailable1117635000 Unavailable
Source
2023 2023-01-01 – 2023-12-313611988000 UnavailableUnavailableUnavailable2513540000 Unavailable
Source
2024 2024-01-01 – 2024-12-313849205000 UnavailableUnavailableUnavailable2678810000 Unavailable
Source
2025 2025-01-01 – 2025-12-314006116000 UnavailableUnavailableUnavailable2775493000 Unavailable
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 4B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.4.3B3.2B2.2B1.1B0.0201720212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2017Revenue187609000
2018Revenue897977000
2019Revenue894798000
2020Revenue1225574000
2021Revenue1509568000
2022Revenue2600697000
2023Revenue3611988000
2024Revenue3849205000
2025Revenue4006116000

Revenue growth

Change in revenue from the same financial period one year earlier.

4.1% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.409%299%189%79%-31%201720212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2017Year over yearNo prior comparable period
2018Year over year378.6%
2019Year over year-0.4%
2020Year over year37%
2021Year over year23.2%
2022Year over year72.3%
2023Year over year38.9%
2024Year over year6.6%
2025Year over year4.1%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 26.2% 2020
Net margin 69.3% 2025
Free cash flow margin 75.9% 2019
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.83%62%42%21%0%20172021-12-312025-12-31
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2017Operating margin76.9%
2018Operating margin15.6%
2019Operating margin5.8%
2020Operating margin26.2%
2021-12-31Operating marginNot reported
2022-12-31Operating marginNot reported
2023-12-31Operating marginNot reported
2024-12-31Operating marginNot reported
2025-12-31Operating marginNot reported
2017Net margin23.7%
2018Net margin58.3%
2019Net margin61%
2020Net margin72.8%
2021Net margin67.2%
2022Net margin43%
2023Net margin69.6%
2024Net margin69.6%
2025Net margin69.3%
2017Free cash flow marginNot reported
2018Free cash flow margin56%
2019Free cash flow margin75.9%
2020Free cash flow marginNot reported
2021Free cash flow marginNot reported
2022Free cash flow marginNot reported
2023Free cash flow marginNot reported
2024Free cash flow marginNot reported
2025Free cash flow marginNot reported

Operating cash flow

Cash generated by the company’s normal business operations.

USD 2.5B 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.2.7B2.0B1.4B677.7M0.0201720212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2017Operating cash flowNot reportedNo source recorded
2018Operating cash flow504082000
2019Operating cash flow682159000
2020Operating cash flow883640000
2021Operating cash flow896350000
2022Operating cash flow1943396000
2023Operating cash flow2181009000
2024Operating cash flow2381498000
2025Operating cash flow2509991000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 679.4M 2019
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.733.8M550.3M366.9M183.4M0.0201720212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2017Free cash flowUnavailableNo source recorded
2018Free cash flow503183000
2019Free cash flow679435000
2020Free cash flowUnavailable
2021Free cash flowUnavailable
2022Free cash flowUnavailable
2023Free cash flowUnavailable
2024Free cash flowUnavailable
2025Free cash flowUnavailable

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

39.6% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.55%41%28%14%0%201720212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2017Liabilities / assets51%
2018Liabilities / assets39.1%
2019Liabilities / assets39.3%
2020Liabilities / assets44.4%
2021Liabilities / assets30.7%
2022Liabilities / assets40.7%
2023Liabilities / assets41.8%
2024Liabilities / assets40.6%
2025Liabilities / assets39.6%

Current assets to current liabilities

Current assets divided by current liabilities.

Not enough comparable data to show this history.
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2017-12-31Current assets / current liabilitiesNot reportedNo source recorded
2018-12-31Current assets / current liabilitiesNot reportedNo source recorded
2019-12-31Current assets / current liabilitiesNot reportedNo source recorded
2020-12-31Current assets / current liabilitiesNot reportedNo source recorded
2021-12-31Current assets / current liabilitiesNot reportedNo source recorded
2022-12-31Current assets / current liabilitiesNot reportedNo source recorded
2023-12-31Current assets / current liabilitiesNot reportedNo source recorded
2024-12-31Current assets / current liabilitiesNot reportedNo source recorded
2025-12-31Current assets / current liabilitiesNot reportedNo source recorded

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2017 2017-01-01 – 2017-12-31
USD 44.54 million
Exact value

Exact value: 44537000 USD

2017-01-01 – 2017-12-31: 44537000 USD Inspect Net Income Open source
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Unavailable Not reported for this period.
Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Operating cash flow + Capital expenditure is unavailable for this period.

2018 2018-01-01 – 2018-12-31
USD 523.62 million
Exact value

Exact value: 523619000 USD

2018-01-01 – 2018-12-31: 523619000 USD Inspect Net Income Open source
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USD 504.08 million
Exact value

Exact value: 504082000 USD

2018-01-01 – 2018-12-31: 504082000 USD Inspect Operating Cash Flow Open source
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USD 899,000
Exact value

Exact value: 899000 USD

2018-01-01 – 2018-12-31: 899000 USD Inspect Capital Expenditure Open source
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USD 503.18 million
Calculation and evidence

504082000 − 899000 USD

Exact free cash flow: 503183000 USD

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2019 2019-01-01 – 2019-12-31
USD 545.96 million
Exact value

Exact value: 545964000 USD

2019-01-01 – 2019-12-31: 545964000 USD Inspect Net Income Open source
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USD 682.16 million
Exact value

Exact value: 682159000 USD

2019-01-01 – 2019-12-31: 682159000 USD Inspect Operating Cash Flow Open source
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USD 2.72 million
Exact value

Exact value: 2724000 USD

2019-01-01 – 2019-12-31: 2724000 USD Inspect Capital Expenditure Open source
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USD 679.44 million
Calculation and evidence

682159000 − 2724000 USD

Exact free cash flow: 679435000 USD

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2020 2020-01-01 – 2020-12-31
USD 891.67 million
Exact value

Exact value: 891674000 USD

2020-01-01 – 2020-12-31: 891674000 USD Inspect Net Income Open source
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USD 883.64 million
Exact value

Exact value: 883640000 USD

2020-01-01 – 2020-12-31: 883640000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2021 2021-01-01 – 2021-12-31
USD 1.01 billion
Exact value

Exact value: 1013851000 USD

2021-01-01 – 2021-12-31: 1013851000 USD Inspect Net Income Open source
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USD 896.35 million
Exact value

Exact value: 896350000 USD

2021-01-01 – 2021-12-31: 896350000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2022 2022-01-01 – 2022-12-31
USD 1.12 billion
Exact value

Exact value: 1117635000 USD

2022-01-01 – 2022-12-31: 1117635000 USD Inspect Net Income Open source
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USD 1.94 billion
Exact value

Exact value: 1943396000 USD

2022-01-01 – 2022-12-31: 1943396000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2023 2023-01-01 – 2023-12-31
USD 2.51 billion
Exact value

Exact value: 2513540000 USD

2023-01-01 – 2023-12-31: 2513540000 USD Inspect Net Income Open source
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USD 2.18 billion
Exact value

Exact value: 2181009000 USD

2023-01-01 – 2023-12-31: 2181009000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2024 2024-01-01 – 2024-12-31
USD 2.68 billion
Exact value

Exact value: 2678810000 USD

2024-01-01 – 2024-12-31: 2678810000 USD Inspect Net Income Open source
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USD 2.38 billion
Exact value

Exact value: 2381498000 USD

2024-01-01 – 2024-12-31: 2381498000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2025 2025-01-01 – 2025-12-31
USD 2.78 billion
Exact value

Exact value: 2775493000 USD

2025-01-01 – 2025-12-31: 2775493000 USD Inspect Net Income Open source
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USD 2.51 billion
Exact value

Exact value: 2509991000 USD

2025-01-01 – 2025-12-31: 2509991000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

56 filings · 2,804 latest values · 2,804 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001705696, 1705696, VICI, edgar:1705696

Also known as VICI PROPERTIES INC., VICI Properties Inc.