VICI PROPERTIES INC.
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VICI Q4 2025 request
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Sales Type Lease Interest Income | 534,650 | 524,691 | +1.9% |
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| VICI Properties LP | 534,650 | 524,691 | +1.9% |
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| Contingent Rent | 30,382 | 26,551 | +14.4% |
| Fixed Rent | 504,268 | 498,140 | +1.2% |
| Interest And Dividend Income Operating | 448,768 | 420,738 | +6.7% |
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| VICI Properties LP | 448,768 | 420,738 | +6.7% |
| Other Income | 18,883 | 19,472 | -3.0% |
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| VICI Properties LP | 18,883 | 19,472 | -3.0% |
| Revenue | 1,013,090 | 976,052 | +3.8% |
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| VICI Properties LP | 1,002,301 | 964,901 | +3.9% |
| General & Administrative | 19,317 | 20,691 | -6.6% |
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| VICI Properties LP | 16,806 | 15,654 | +7.4% |
| Depreciation | 963 | 992 | -2.9% |
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| VICI Properties LP | 131 | 129 | +1.6% |
| Other Expenses | 18,883 | 19,472 | -3.0% |
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| VICI Properties LP | 18,883 | 19,472 | -3.0% |
| Financing Receivable Excluding Accrued Interest Net Investment In Lease And Loans Credit Loss Expense Reversal | 153,084 | 94,428 | +62.1% |
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| VICI Properties LP | 153,084 | 94,428 | +62.1% |
| Transaction And Acquisition Expense | 241 | 2,839 | -91.5% |
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| VICI Properties LP | 241 | 2,839 | -91.5% |
| Interest Expense | -210,233 | -208,121 | -1.0% |
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| VICI Properties LP | -210,233 | -208,121 | -1.0% |
| Interest Income | 4,492 | 4,079 | +10.1% |
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| VICI Properties LP | 4,385 | 3,528 | +24.3% |
| Other Nonoperating Gains Losses | 1,866 | -189 | +1087.3% |
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| VICI Properties LP | 1,866 | -189 | +1087.3% |
| Income Before Taxes | 609,733 | 626,652 | -2.7% |
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| VICI Properties LP | 609,174 | 627,597 | -2.9% |
| Income Tax Expense (Benefit) | 4,558 | -2,447 | +286.3% |
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| VICI Properties LP | 4,891 | -2,704 | +280.9% |
| Net Income | 614,291 | 624,205 | -1.6% |
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| VICI Properties LP | 614,065 | 624,893 | -1.7% |
| Net Income Loss Attributable To Noncontrolling Interest | -9,524 | -9,611 | +0.9% |
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| VICI Properties LP | -2,607 | -2,478 | -5.2% |
| Net Income Loss Attributable To Partners (Q) | — | — | — |
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| VICI Properties LP | 611,458 | 622,415 | -1.8% |
| EPS (Basic) | 0.56 | 0.58 | -3.4% |
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| VICI Properties LP | 0.57 | 0.58 | -1.7% |
| EPS (Diluted) | 0.56 | 0.58 | -3.4% |
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| VICI Properties LP | 0.57 | 0.58 | -1.7% |
| Wtd Avg Shares (Basic) | 2,135,640 | 2,817,877 | -24.2% |
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| VICI Properties LP | 2,135,640 | 2,817,877 | -24.2% |
| Wtd Avg Shares (Diluted) | 1,961,023 | 2,777,643 | -29.4% |
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| 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) | — | — | — |
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| VICI Properties LP | -6,389 | -6,132 | -4.2% |
| Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent (Q) | — | — | — |
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| 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) | — | — | — |
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| VICI Properties LP | 2,175 | -8,203 | +126.5% |
| Comprehensive Income | 600,600 | 617,463 | -2.7% |
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| VICI Properties LP | 607,244 | 625,285 | -2.9% |
| Income From Golf Operations | 10,789 | 11,151 | -3.2% |
| Cost of Revenue | 6,994 | 6,747 | +3.7% |
| Net Income | 604,767 | 614,594 | -1.6% |
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| VICI Properties LP | 611,458 | 622,415 | -1.8% |
| Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax | -6,389 | -6,132 | -4.2% |
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| Forward-starting interest rate swap | -6,389 | -6,132 | -4.2% |
| 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 | 2,175 | -8,203 | +126.5% |
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| Net Investment Hedging | 13.2 | 10.5 | +25.7% |
| 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 | -9,477 | -9,612 | +1.4% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 563,479 | 524,615 | +7.4% |
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| VICI Properties LP | 553,412 | 456,899 | +21.1% |
| Short-Term Investments | 44,484 | — | — |
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| Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure | 44,484 | — | — |
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| VICI Properties LP | 44,484 | — | — |
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| Carrying Reported Amount Fair Value Disclosure | 44,484 | — | — |
| Non-Current Assets | |||
| Total Assets | 46,724,168 | 45,368,940 | +3.0% |
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| VICI Properties LP | 46,636,278 | 45,285,760 | +3.0% |
| Property, Plant & Equipment | 68,045 | 70,347 | -3.3% |
| Deferred Tax Assets | 9,535 | 5,865 | +62.6% |
| Other Assets | |||
| Other Assets | 1,039,050 | 1,030,644 | +0.8% |
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| VICI Properties LP | 961,227 | 1,015,180 | -5.3% |
| Non-Current Liabilities | |||
| Long-Term Debt | 16,773,241 | 16,732,889 | +0.2% |
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| 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% |
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| VICI Properties LP | 16,773,241 | 16,732,889 | +0.2% |
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| 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 | 238,715 | 217,956 | +9.5% |
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| VICI Properties LP | 236,424 | 215,452 | +9.7% |
| Dividends Payable Current And Noncurrent | 486,259 | 461,954 | +5.3% |
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| VICI Properties LP | 486,259 | 461,954 | +5.3% |
| Total Liabilities | 18,501,581 | 18,417,139 | +0.5% |
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| VICI Properties LP | 18,486,100 | 18,400,872 | +0.5% |
| Deferred Tax Liabilities | 6,619 | 3,812 | +73.6% |
| Other Liabilities | |||
| Net Investment In Lease Excluding Accrued Interest After Allowance For Credit Loss | 23,706,563 | 23,581,101 | +0.5% |
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| VICI Properties LP | 23,706,563 | 23,581,101 | +0.5% |
| Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss (Q) | — | — | — |
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| 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% |
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| 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 | 1,003,366 | 1,004,340 | -0.1% |
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| VICI Properties LP | 990,176 | 990,577 | -0.0% |
| Stockholders' Equity | |||
| Common Stock | 10,688 | 10,564 | +1.2% |
| Additional Paid-In Capital | 24,898,868 | 24,515,417 | +1.6% |
| Retained Earnings | 2,767,053 | 1,867,400 | +48.2% |
| Total Stockholders' Equity | 27,797,640 | 26,537,955 | +4.7% |
| Minority Interest | 424,947 | 413,846 | +2.7% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 28,222,587 | 26,951,801 | +4.7% |
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| 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% |
| Limited Partners Capital Account (Q) | — | — | — |
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| VICI Properties LP | 27,923,645 | 26,634,873 | +4.8% |
| Accumulated Other Comprehensive Income | 121,031 | 144,574 | -16.3% |
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| VICI Properties LP | 120,090 | 143,899 | -16.5% |
| Partners Capital (Q) | — | — | — |
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| VICI Properties LP | 28,043,735 | 26,778,772 | +4.7% |
| Partners Capital Attributable To Noncontrolling Interest (Q) | — | — | — |
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| VICI Properties LP | 106,443 | 106,116 | +0.3% |
| Partners Capital Including Portion Attributable To Noncontrolling Interest (Q) | — | — | — |
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| 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 | 46,724,168 | 45,368,940 | +3.0% |
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| VICI Properties LP | 46,636,278 | 45,285,760 | +3.0% |
| Land Available For Development | 148,002 | 150,727 | -1.8% |
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| VICI Properties LP | 148,002 | 150,727 | -1.8% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Non Cash Leasing And Financing Adjustments | -130,844 | -134,869 | +3.0% |
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| VICI Properties LP | -130,844 | -134,869 | +3.0% |
| Stock-Based Compensation | 4,437 | 4,538 | -2.2% |
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| VICI Properties LP | 4,437 | 4,538 | -2.2% |
| Amortization Of Financing Costs And Discounts | 11,040 | 12,493 | -11.6% |
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| VICI Properties LP | 11,040 | 12,493 | -11.6% |
| Deferred Income Taxes And Tax Credits | -4,591 | 1,205 | -481.0% |
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| VICI Properties LP | -4,032 | 1,970 | -304.7% |
| Net Proceeds From Derivative Instrument Operating Activities | 0 | 6,775 | -100.0% |
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| VICI Properties LP | 0 | 6,775 | -100.0% |
| Increase Decrease In Other Current Assets | 8,160 | 9,338 | -12.6% |
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| VICI Properties LP | 8,448 | 9,250 | -8.7% |
| Increase Decrease In Accrued Liabilities | 52,247 | 26,130 | +100.0% |
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| VICI Properties LP | 52,351 | 26,441 | +98.0% |
| Increase Decrease In Other Deferred Liability | -1,261 | -1,327 | +5.0% |
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| VICI Properties LP | -1,174 | -1,257 | +6.6% |
| Net Cash from Operations | 691,944 | 644,097 | +7.4% |
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| VICI Properties LP | 691,924 | 644,980 | +7.3% |
| Investing Activities | |||
| Payments To Acquire Loans Receivable | -100,886 | -105,330 | +4.2% |
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| VICI Properties LP | -100,886 | -105,330 | +4.2% |
| Proceeds From Sale And Collection Of Mortgage Notes Receivable | 7,193 | 0 | — |
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| VICI Properties LP | 7,193 | 0 | — |
| Payments Of Capitalized Transaction Costs | -4,367 | -3,772 | -15.8% |
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| VICI Properties LP | -4,367 | -3,772 | -15.8% |
| Proceeds From Sale Of Real Estate Heldforinvestment | 3,540 | 11 | +32081.8% |
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| VICI Properties LP | 3,540 | 11 | +32081.8% |
| Payments To Acquire Other Property Plant And Equipment | -302 | -1,084 | +72.1% |
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| VICI Properties LP | -2 | -23 | +91.3% |
| Net Cash from Investing | -139,306 | -260,175 | +46.5% |
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| VICI Properties LP | -139,006 | -259,114 | +46.4% |
| Non Cash Distributions Declared Not Paid (Q) | — | — | — |
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| VICI Properties LP | 1 | 3,978 | -100.0% |
| Share Based Payment Arrangement Awards Issued Subject To Repurchase For Tax Withholding | 86 | 0 | — |
| Accrued Capitalized Transaction Costs | 1,632 | -4,848 | +133.7% |
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| VICI Properties LP | 1,632 | -4,848 | +133.7% |
| Noncash Change In Investment Leases Investing Activities | 71,086 | 71,006 | +0.1% |
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| VICI Properties LP | 71,086 | 71,006 | +0.1% |
| Non Cash Dividends Declared Not Paid | 1 | 3,978 | -100.0% |
| Financing Activities | |||
| Proceeds From Contributions From Parent (Q) | — | — | — |
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| VICI Properties LP | 0 | 200,926 | -100.0% |
| Payments Of Capital Distribution (Q) | — | — | — |
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| VICI Properties LP | -486,258 | -457,961 | -6.2% |
| Proceeds From Lines Of Credit | 0 | 0 | — |
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| VICI Properties LP | 0 | 0 | — |
| Repayments Of Lines Of Credit | -7,253 | -8,425 | +13.9% |
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| VICI Properties LP | -7,253 | -8,425 | +13.9% |
| Proceeds From Issuance Of Unsecured Debt | 0 | 742,635 | -100.0% |
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| VICI Properties LP | 0 | 742,635 | -100.0% |
| Repayments Of Unsecured Debt | 0 | -750,000 | +100.0% |
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| VICI Properties LP | 0 | -750,000 | +100.0% |
| Debt Issuance Costs | -80 | -2,015 | +96.0% |
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| VICI Properties LP | -80 | -2,015 | +96.0% |
| Tax Withholding for Share Compensation | 0 | 0 | — |
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| VICI Properties LP | 0 | 0 | — |
| Distributions To Non Controlling Interests | -8,239 | -7,990 | -3.1% |
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| VICI Properties LP | -2,738 | -2,698 | -1.5% |
| Net Cash from Financing | -496,313 | -214,894 | -131.0% |
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| VICI Properties LP | -496,329 | -277,538 | -78.8% |
| Proceeds From Issuance Of Common Stock | -1 | 263,575 | -100.0% |
| Payments Of Dividends | -480,740 | -452,674 | -6.2% |
| Supplemental | |||
| Interest Paid | 158,015 | 186,010 | -15.1% |
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| 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 | -349 | -80 | -336.2% |
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| VICI Properties LP | -349 | -80 | -336.2% |
| Net Change in Cash | 55,976 | 168,948 | -66.9% |
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| VICI Properties LP | 56,240 | 108,248 | -48.0% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 563,479 | 524,615 | +7.4% |
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| VICI Properties LP | 553,412 | 456,899 | +21.1% |
Values in thousands USD. Source: SEC EDGAR 10-K filing.