VICI PROPERTIES INC.

VICI 10-K · Q4 2025

VICI Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Sales Type Lease Interest Income (Q) — — —
Show — breakouts
Sales Type Lease Interest Income 534,650 524,691 +1.9%
Show Legal Entity breakouts
VICI Properties LP 534,650 524,691 +1.9%
Show Rent Type [Axis] breakouts
Contingent Rent 30,382 26,551 +14.4%
Fixed Rent 504,268 498,140 +1.2%
Interest And Dividend Income Operating (Q) — — —
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Interest And Dividend Income Operating 448,768 420,738 +6.7%
Show Legal Entity breakouts
VICI Properties LP 448,768 420,738 +6.7%
Other Income (Q) — — —
Show — breakouts
Other Income 18,883 19,472 -3.0%
Show Legal Entity breakouts
VICI Properties LP 18,883 19,472 -3.0%
Revenue (Q) — — —
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Revenue 1,013,090 976,052 +3.8%
Show Legal Entity breakouts
VICI Properties LP 1,002,301 964,901 +3.9%
General & Administrative (Q) — — —
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General & Administrative 19,317 20,691 -6.6%
Show Legal Entity breakouts
VICI Properties LP 16,806 15,654 +7.4%
Depreciation (Q) — — —
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Depreciation 963 992 -2.9%
Show Legal Entity breakouts
VICI Properties LP 131 129 +1.6%
Other Expenses (Q) — — —
Show — breakouts
Other Expenses 18,883 19,472 -3.0%
Show Legal Entity breakouts
VICI Properties LP 18,883 19,472 -3.0%
Financing Receivable Excluding Accrued Interest Net Investment In Lease And Loans Credit Loss Expense Reversal (Q) — — —
Show — breakouts
Financing Receivable Excluding Accrued Interest Net Investment In Lease And Loans Credit Loss Expense Reversal 153,084 94,428 +62.1%
Show Legal Entity breakouts
VICI Properties LP 153,084 94,428 +62.1%
Transaction And Acquisition Expense (Q) — — —
Show — breakouts
Transaction And Acquisition Expense 241 2,839 -91.5%
Show Legal Entity breakouts
VICI Properties LP 241 2,839 -91.5%
Interest Expense (Q) — — —
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Interest Expense -210,233 -208,121 -1.0%
Show Legal Entity breakouts
VICI Properties LP -210,233 -208,121 -1.0%
Interest Income (Q) — — —
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Interest Income 4,492 4,079 +10.1%
Show Legal Entity breakouts
VICI Properties LP 4,385 3,528 +24.3%
Other Nonoperating Gains Losses (Q) — — —
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Other Nonoperating Gains Losses 1,866 -189 +1087.3%
Show Legal Entity breakouts
VICI Properties LP 1,866 -189 +1087.3%
Income Before Taxes (Q) — — —
Show — breakouts
Income Before Taxes 609,733 626,652 -2.7%
Show Legal Entity breakouts
VICI Properties LP 609,174 627,597 -2.9%
Income Tax Expense (Benefit) (Q) — — —
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Income Tax Expense (Benefit) 4,558 -2,447 +286.3%
Show Legal Entity breakouts
VICI Properties LP 4,891 -2,704 +280.9%
Net Income (Q) — — —
Show — breakouts
Net Income 614,291 624,205 -1.6%
Show Legal Entity breakouts
VICI Properties LP 614,065 624,893 -1.7%
Net Income Loss Attributable To Noncontrolling Interest (Q) — — —
Show — breakouts
Net Income Loss Attributable To Noncontrolling Interest -9,524 -9,611 +0.9%
Show Legal Entity breakouts
VICI Properties LP -2,607 -2,478 -5.2%
Net Income Loss Attributable To Partners (Q) — — —
Show Legal Entity breakouts
VICI Properties LP 611,458 622,415 -1.8%
EPS (Basic) (Q) — — —
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EPS (Basic) 0.56 0.58 -3.4%
Show Legal Entity breakouts
VICI Properties LP 0.57 0.58 -1.7%
EPS (Diluted) (Q) — — —
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EPS (Diluted) 0.56 0.58 -3.4%
Show Legal Entity breakouts
VICI Properties LP 0.57 0.58 -1.7%
Wtd Avg Shares (Basic) (Q) — — —
Show — breakouts
Wtd Avg Shares (Basic) 2,135,640 2,817,877 -24.2%
Show Legal Entity breakouts
VICI Properties LP 2,135,640 2,817,877 -24.2%
Wtd Avg Shares (Diluted) (Q) — — —
Show — breakouts
Wtd Avg Shares (Diluted) 1,961,023 2,777,643 -29.4%
Show Legal Entity breakouts
VICI Properties LP 1,961,023 2,777,643 -29.4%
Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments And Tax Parent (Q) — — —
Show Legal Entity breakouts
VICI Properties LP -6,389 -6,132 -4.2%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent (Q) — — —
Show Legal Entity breakouts
VICI Properties LP 0 17,205 -100.0%
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent (Q) — — —
Show Legal Entity breakouts
VICI Properties LP 2,175 -8,203 +126.5%
Comprehensive Income (Q) — — —
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Comprehensive Income 600,600 617,463 -2.7%
Show Legal Entity breakouts
VICI Properties LP 607,244 625,285 -2.9%
Income From Golf Operations (Q) — — —
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Income From Golf Operations 10,789 11,151 -3.2%
Cost of Revenue (Q) — — —
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Cost of Revenue 6,994 6,747 +3.7%
Net Income (Q) — — —
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Net Income 604,767 614,594 -1.6%
Show Legal Entity breakouts
VICI Properties LP 611,458 622,415 -1.8%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax (Q) — — —
Show Derivative Risk breakouts
Forward-starting interest rate swap -6,389 -6,132 -4.2%
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Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax -6,389 -6,132 -4.2%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax (Q) — — —
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Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax 0 17,205 -100.0%
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax (Q) — — —
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Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax 2,175 -8,203 +126.5%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Net Investment Hedging 13.2 10.5 +25.7%
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest (Q) — — —
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Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest 610,077 627,075 -2.7%
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest (Q) — — —
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Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest -9,477 -9,612 +1.4%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents (Q) — — —
Show — breakouts
Cash & Cash Equivalents 563,479 524,615 +7.4%
Show Legal Entity breakouts
VICI Properties LP 553,412 456,899 +21.1%
Short-Term Investments (Q) — — —
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 44,484 — —
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Short-Term Investments 44,484 — —
Show Legal Entity breakouts
VICI Properties LP 44,484 — —
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 44,484 — —
Non-Current Assets
Total Assets (Q) — — —
Show — breakouts
Total Assets 46,724,168 45,368,940 +3.0%
Show Legal Entity breakouts
VICI Properties LP 46,636,278 45,285,760 +3.0%
Property, Plant & Equipment (Q) — — —
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Property, Plant & Equipment 68,045 70,347 -3.3%
Deferred Tax Assets (Q) — — —
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Deferred Tax Assets 9,535 5,865 +62.6%
Other Assets
Other Assets (Q) — — —
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Other Assets 1,039,050 1,030,644 +0.8%
Show Legal Entity breakouts
VICI Properties LP 961,227 1,015,180 -5.3%
Non-Current Liabilities
Long-Term Debt (Q) — — —
Show Debt Instrument breakouts
3.750% Notes · Unsecured Debt 748,114 746,438 +0.2%
3.875% Notes · Unsecured Debt 713,898 702,707 +1.6%
4.125% Notes · Unsecured Debt 993,101 991,609 +0.2%
4.250% Notes · Unsecured Debt 1,247,385 1,244,469 +0.2%
4.500% Notes · Unsecured Debt 496,596 491,532 +1.0%
4.500% Notes · Unsecured Debt 344,756 342,214 +0.7%
4.625% Notes · Unsecured Debt 993,732 992,132 +0.2%
4.750% Notes · Unsecured Debt 1,244,632 1,242,110 +0.2%
4.750% Notes · Unsecured Debt 397,012 — —
4.950% Notes · Unsecured Debt 992,815 991,080 +0.2%
5.125% Notes · Unsecured Debt 741,828 740,527 +0.2%
5.125% Notes · Unsecured Debt 1,486,918 1,484,876 +0.1%
5.625% Notes · Unsecured Debt 736,842 736,348 +0.1%
5.625% Notes · Unsecured Debt 885,409 — —
5.750% Notes · Unsecured Debt 752,382 754,588 -0.3%
5.750% Notes · Unsecured Debt 541,956 540,986 +0.2%
6.125% Notes · Unsecured Debt 485,897 485,405 +0.1%
MGM Grand/Mandalay Bay CMBS Debt · Unsecured Debt 2,827,515 2,800,544 +1.0%
Show — breakouts
Long-Term Debt 16,773,241 16,732,889 +0.2%
Show Legal Entity breakouts
VICI Properties LP 16,773,241 16,732,889 +0.2%
Show Currency breakouts
CAD · Revolving Credit Facility 120,219 130,698 -8.0%
GBP · Revolving Credit Facility 22,234 18,148 +22.5%
Accrued Liabilities Current And Noncurrent (Q) — — —
Show — breakouts
Accrued Liabilities Current And Noncurrent 238,715 217,956 +9.5%
Show Legal Entity breakouts
VICI Properties LP 236,424 215,452 +9.7%
Dividends Payable Current And Noncurrent (Q) — — —
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Dividends Payable Current And Noncurrent 486,259 461,954 +5.3%
Show Legal Entity breakouts
VICI Properties LP 486,259 461,954 +5.3%
Total Liabilities (Q) — — —
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Total Liabilities 18,501,581 18,417,139 +0.5%
Show Legal Entity breakouts
VICI Properties LP 18,486,100 18,400,872 +0.5%
Deferred Tax Liabilities (Q) — — —
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Deferred Tax Liabilities 6,619 3,812 +73.6%
Other Liabilities
Net Investment In Lease Excluding Accrued Interest After Allowance For Credit Loss (Q) — — —
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Net Investment In Lease Excluding Accrued Interest After Allowance For Credit Loss 23,706,563 23,581,101 +0.5%
Show Legal Entity breakouts
VICI Properties LP 23,706,563 23,581,101 +0.5%
Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss (Q) — — —
Show Legal Entity breakouts
VICI Properties LP · Finance Receivables 18,697,133 18,430,320 +1.4%
VICI Properties LP · Investments in loans and securities, net 2,525,457 1,651,533 +52.9%
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Finance Receivables 18,697,133 18,430,320 +1.4%
Investments in loans and securities, net 2,525,457 1,651,533 +52.9%
Investments in loans and securities, net · Mezzanine Loans and Preferred Equity 1,396,839 895,476 +56.0%
Investments in loans and securities, net · Senior Loans 1,047,585 674,200 +55.4%
Other Liabilities (Q) — — —
Show — breakouts
Other Liabilities 1,003,366 1,004,340 -0.1%
Show Legal Entity breakouts
VICI Properties LP 990,176 990,577 -0.0%
Stockholders' Equity
Common Stock (Q) — — —
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Common Stock 10,688 10,564 +1.2%
Additional Paid-In Capital (Q) — — —
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Additional Paid-In Capital 24,898,868 24,515,417 +1.6%
Retained Earnings (Q) — — —
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Retained Earnings 2,767,053 1,867,400 +48.2%
Total Stockholders' Equity (Q) — — —
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Total Stockholders' Equity 27,797,640 26,537,955 +4.7%
Minority Interest (Q) — — —
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Minority Interest 424,947 413,846 +2.7%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest (Q) — — —
Show Equity Components breakouts
Accumulated Other Comprehensive Income 121,031 144,574 -16.3%
Additional Paid In Capital 24,898,868 24,515,417 +1.6%
Common Stock 10,688 10,564 +1.2%
Noncontrolling Interest 424,947 413,846 +2.7%
Parent 27,797,640 26,537,955 +4.7%
Retained Earnings 2,767,053 1,867,400 +48.2%
Show — breakouts
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 28,222,587 26,951,801 +4.7%
Limited Partners Capital Account (Q) — — —
Show Legal Entity breakouts
VICI Properties LP 27,923,645 26,634,873 +4.8%
Accumulated Other Comprehensive Income (Q) — — —
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Accumulated Other Comprehensive Income 121,031 144,574 -16.3%
Show Legal Entity breakouts
VICI Properties LP 120,090 143,899 -16.5%
Partners Capital (Q) — — —
Show Legal Entity breakouts
VICI Properties LP 28,043,735 26,778,772 +4.7%
Partners Capital Attributable To Noncontrolling Interest (Q) — — —
Show Legal Entity breakouts
VICI Properties LP 106,443 106,116 +0.3%
Partners Capital Including Portion Attributable To Noncontrolling Interest (Q) — — —
Show Legal Entity breakouts
VICI Properties LP 28,150,178 26,884,888 +4.7%
VICI Properties LP · Accumulated Other Comprehensive Income 120,090 143,899 -16.5%
VICI Properties LP · Limited Partner 27,923,645 26,634,873 +4.8%
VICI Properties LP · Noncontrolling Interest 106,443 106,116 +0.3%
Total Liabilities & Equity (Q) — — —
Show — breakouts
Total Liabilities & Equity 46,724,168 45,368,940 +3.0%
Show Legal Entity breakouts
VICI Properties LP 46,636,278 45,285,760 +3.0%
Land Available For Development (Q) — — —
Show — breakouts
Land Available For Development 148,002 150,727 -1.8%
Show Legal Entity breakouts
VICI Properties LP 148,002 150,727 -1.8%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Non Cash Leasing And Financing Adjustments (Q) — — —
Show — breakouts
Non Cash Leasing And Financing Adjustments -130,844 -134,869 +3.0%
Show Legal Entity breakouts
VICI Properties LP -130,844 -134,869 +3.0%
Stock-Based Compensation (Q) — — —
Show — breakouts
Stock-Based Compensation 4,437 4,538 -2.2%
Show Legal Entity breakouts
VICI Properties LP 4,437 4,538 -2.2%
Amortization Of Financing Costs And Discounts (Q) — — —
Show — breakouts
Amortization Of Financing Costs And Discounts 11,040 12,493 -11.6%
Show Legal Entity breakouts
VICI Properties LP 11,040 12,493 -11.6%
Deferred Income Taxes And Tax Credits (Q) — — —
Show — breakouts
Deferred Income Taxes And Tax Credits -4,591 1,205 -481.0%
Show Legal Entity breakouts
VICI Properties LP -4,032 1,970 -304.7%
Net Proceeds From Derivative Instrument Operating Activities (Q) — — —
Show — breakouts
Net Proceeds From Derivative Instrument Operating Activities 0 6,775 -100.0%
Show Legal Entity breakouts
VICI Properties LP 0 6,775 -100.0%
Increase Decrease In Other Current Assets (Q) — — —
Show — breakouts
Increase Decrease In Other Current Assets 8,160 9,338 -12.6%
Show Legal Entity breakouts
VICI Properties LP 8,448 9,250 -8.7%
Increase Decrease In Accrued Liabilities (Q) — — —
Show — breakouts
Increase Decrease In Accrued Liabilities 52,247 26,130 +100.0%
Show Legal Entity breakouts
VICI Properties LP 52,351 26,441 +98.0%
Increase Decrease In Other Deferred Liability (Q) — — —
Show — breakouts
Increase Decrease In Other Deferred Liability -1,261 -1,327 +5.0%
Show Legal Entity breakouts
VICI Properties LP -1,174 -1,257 +6.6%
Net Cash from Operations (Q) — — —
Show — breakouts
Net Cash from Operations 691,944 644,097 +7.4%
Show Legal Entity breakouts
VICI Properties LP 691,924 644,980 +7.3%
Investing Activities
Payments To Acquire Loans Receivable (Q) — — —
Show — breakouts
Payments To Acquire Loans Receivable -100,886 -105,330 +4.2%
Show Legal Entity breakouts
VICI Properties LP -100,886 -105,330 +4.2%
Proceeds From Sale And Collection Of Mortgage Notes Receivable (Q) — — —
Show — breakouts
Proceeds From Sale And Collection Of Mortgage Notes Receivable 7,193 0 —
Show Legal Entity breakouts
VICI Properties LP 7,193 0 —
Payments Of Capitalized Transaction Costs (Q) — — —
Show — breakouts
Payments Of Capitalized Transaction Costs -4,367 -3,772 -15.8%
Show Legal Entity breakouts
VICI Properties LP -4,367 -3,772 -15.8%
Proceeds From Sale Of Real Estate Heldforinvestment (Q) — — —
Show — breakouts
Proceeds From Sale Of Real Estate Heldforinvestment 3,540 11 +32081.8%
Show Legal Entity breakouts
VICI Properties LP 3,540 11 +32081.8%
Payments To Acquire Other Property Plant And Equipment (Q) — — —
Show — breakouts
Payments To Acquire Other Property Plant And Equipment -302 -1,084 +72.1%
Show Legal Entity breakouts
VICI Properties LP -2 -23 +91.3%
Net Cash from Investing (Q) — — —
Show — breakouts
Net Cash from Investing -139,306 -260,175 +46.5%
Show Legal Entity breakouts
VICI Properties LP -139,006 -259,114 +46.4%
Non Cash Distributions Declared Not Paid (Q) — — —
Show Legal Entity breakouts
VICI Properties LP 1 3,978 -100.0%
Share Based Payment Arrangement Awards Issued Subject To Repurchase For Tax Withholding (Q) — — —
Show — breakouts
Share Based Payment Arrangement Awards Issued Subject To Repurchase For Tax Withholding 86 0 —
Accrued Capitalized Transaction Costs (Q) — — —
Show — breakouts
Accrued Capitalized Transaction Costs 1,632 -4,848 +133.7%
Show Legal Entity breakouts
VICI Properties LP 1,632 -4,848 +133.7%
Noncash Change In Investment Leases Investing Activities (Q) — — —
Show — breakouts
Noncash Change In Investment Leases Investing Activities 71,086 71,006 +0.1%
Show Legal Entity breakouts
VICI Properties LP 71,086 71,006 +0.1%
Non Cash Dividends Declared Not Paid (Q) — — —
Show — breakouts
Non Cash Dividends Declared Not Paid 1 3,978 -100.0%
Financing Activities
Proceeds From Contributions From Parent (Q) — — —
Show Legal Entity breakouts
VICI Properties LP 0 200,926 -100.0%
Payments Of Capital Distribution (Q) — — —
Show Legal Entity breakouts
VICI Properties LP -486,258 -457,961 -6.2%
Proceeds From Lines Of Credit (Q) — — —
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Proceeds From Lines Of Credit 0 0 —
Show Legal Entity breakouts
VICI Properties LP 0 0 —
Repayments Of Lines Of Credit (Q) — — —
Show — breakouts
Repayments Of Lines Of Credit -7,253 -8,425 +13.9%
Show Legal Entity breakouts
VICI Properties LP -7,253 -8,425 +13.9%
Proceeds From Issuance Of Unsecured Debt (Q) — — —
Show — breakouts
Proceeds From Issuance Of Unsecured Debt 0 742,635 -100.0%
Show Legal Entity breakouts
VICI Properties LP 0 742,635 -100.0%
Repayments Of Unsecured Debt (Q) — — —
Show — breakouts
Repayments Of Unsecured Debt 0 -750,000 +100.0%
Show Legal Entity breakouts
VICI Properties LP 0 -750,000 +100.0%
Debt Issuance Costs (Q) — — —
Show — breakouts
Debt Issuance Costs -80 -2,015 +96.0%
Show Legal Entity breakouts
VICI Properties LP -80 -2,015 +96.0%
Tax Withholding for Share Compensation (Q) — — —
Show — breakouts
Tax Withholding for Share Compensation 0 0 —
Show Legal Entity breakouts
VICI Properties LP 0 0 —
Distributions To Non Controlling Interests (Q) — — —
Show — breakouts
Distributions To Non Controlling Interests -8,239 -7,990 -3.1%
Show Legal Entity breakouts
VICI Properties LP -2,738 -2,698 -1.5%
Net Cash from Financing (Q) — — —
Show — breakouts
Net Cash from Financing -496,313 -214,894 -131.0%
Show Legal Entity breakouts
VICI Properties LP -496,329 -277,538 -78.8%
Proceeds From Issuance Of Common Stock (Q) — — —
Show — breakouts
Proceeds From Issuance Of Common Stock -1 263,575 -100.0%
Payments Of Dividends (Q) — — —
Show — breakouts
Payments Of Dividends -480,740 -452,674 -6.2%
Supplemental
Interest Paid (Q) — — —
Show — breakouts
Interest Paid 158,015 186,010 -15.1%
Show Legal Entity breakouts
VICI Properties LP 158,015 186,010 -15.1%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (Q) — — —
Show — breakouts
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -349 -80 -336.2%
Show Legal Entity breakouts
VICI Properties LP -349 -80 -336.2%
Net Change in Cash (Q) — — —
Show — breakouts
Net Change in Cash 55,976 168,948 -66.9%
Show Legal Entity breakouts
VICI Properties LP 56,240 108,248 -48.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (Q) — — —
Show — breakouts
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 563,479 524,615 +7.4%
Show Legal Entity breakouts
VICI Properties LP 553,412 456,899 +21.1%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

This table is rendered from the same JSON returned by /api/financials.

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