VICI PROPERTIES INC.

VICI 10-Q · Q1 2026

VICI Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Sales Type Lease Interest Income 536,717 528,604 +1.5%
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VICI Properties LP 536,717 528,604 +1.5%
Show Rent Type [Axis] breakouts
Contingent Rent 28,511 28,017 +1.8%
Fixed Rent 508,206 500,587 +1.5%
Interest And Dividend Income Operating 451,953 426,480 +6.0%
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VICI Properties LP 451,953 426,480 +6.0%
Other Income 18,899 19,513 -3.1%
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VICI Properties LP 18,899 19,513 -3.1%
Revenue 1,018,521 984,204 +3.5%
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VICI Properties LP 1,007,569 974,597 +3.4%
General & Administrative 15,976 14,860 +7.5%
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VICI Properties LP 15,939 14,823 +7.5%
Depreciation 967 996 -2.9%
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VICI Properties LP 131 129 +1.6%
Other Expenses 18,899 19,513 -3.1%
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VICI Properties LP 18,899 19,513 -3.1%
Financing Receivable Excluding Accrued Interest Net Investment In Lease And Loans Credit Loss Expense Reversal -118,775 186,957 -163.5%
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VICI Properties LP -118,775 186,957 -163.5%
Transaction And Acquisition Expense 167 45 +271.1%
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VICI Properties LP 167 45 +271.1%
Operating Costs And Expenses Net Of Adjustments -76,297 228,723 -133.4%
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VICI Properties LP -83,639 221,467 -137.8%
Interest Expense -209,362 -209,251 -0.1%
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VICI Properties LP -209,362 -209,251 -0.1%
Interest Income 4,493 3,697 +21.5%
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VICI Properties LP 4,415 3,471 +27.2%
Other Nonoperating Gains Losses -21 -118 +82.2%
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VICI Properties LP -21 -118 +82.2%
Income Before Taxes 889,928 549,809 +61.9%
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VICI Properties LP 886,240 547,232 +61.9%
Income Tax Expense (Benefit) -3,974 2,456 -261.8%
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VICI Properties LP -3,161 2,985 -205.9%
Net Income 885,954 552,265 +60.4%
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Noncontrolling Interest 13,564 8,658 +56.7%
Parent 872,390 543,607 +60.5%
Retained Earnings 872,390 543,607 +60.5%
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VICI Properties LP 883,079 550,217 +60.5%
VICI Properties LP · Limited Partner 879,462 547,827 +60.5%
VICI Properties LP · Noncontrolling Interest 3,617 2,390 +51.3%
Net Income Loss Attributable To Noncontrolling Interest -13,564 -8,658 -56.7%
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VICI Properties LP -3,617 -2,390 -51.3%
Net Income Loss Allocated To Limited Partners (Q)
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VICI Properties LP 879,462 547,827 +60.5%
EPS (Basic) 0.82 0.51 +60.8%
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VICI Properties LP 0.81 0.51 +58.8%
EPS (Diluted) 0.82 0.51 +60.8%
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VICI Properties LP 0.81 0.51 +58.8%
Wtd Avg Shares (Basic) 1,068,399,427 1,056,012,414 +1.2%
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VICI Properties LP 1,080,630,800 1,068,243,787 +1.2%
Wtd Avg Shares (Diluted) 1,068,527,584 1,056,432,790 +1.1%
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VICI Properties LP 1,080,758,957 1,068,664,163 +1.1%
Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments And Tax Parent (Q)
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VICI Properties LP -6,389 -6,345 -0.7%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent (Q)
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VICI Properties LP 6,690 -5,949 +212.5%
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent (Q)
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VICI Properties LP -2,505 35 -7257.1%
Comprehensive Income 870,211 531,485 +63.7%
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VICI Properties LP 877,258 535,568 +63.8%
Income From Golf Operations 10,952 9,607 +14.0%
Cost of Revenue 6,469 6,352 +1.8%
Net Income 872,390 543,607 +60.5%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax -6,389 -6,345 -0.7%
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Accumulated Other Comprehensive Income -6,317 -6,271 -0.7%
Noncontrolling Interest -72 -74 +2.7%
Parent -6,317 -6,271 -0.7%
Show Derivative Risk breakouts
Forward-starting interest rate swaps -6,389 -6,345 -0.7%
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VICI Properties LP -6,389 -6,345 -0.7%
VICI Properties LP · Accumulated Other Comprehensive Income -6,389 -6,345 -0.7%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax 6,690 -5,949 +212.5%
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax -2,505 35 -7257.1%
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Accumulated Other Comprehensive Income -2,477 30 -8356.7%
Noncontrolling Interest -28 5 -660.0%
Parent -2,477 30 -8356.7%
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VICI Properties LP -2,505 35 -7257.1%
VICI Properties LP · Accumulated Other Comprehensive Income -2,505 35 -7257.1%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Net Investment Hedging 2.1 -0.6 +450.0%
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest 883,750 540,006 +63.7%
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest -13,539 -8,521 -58.9%
Net Income Loss Available To Common Stockholders Basic 872,390 543,607 +60.5%
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VICI Properties LP 879,462 547,827 +60.5%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 480,206 334,317 +43.6%
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VICI Properties LP 467,664 327,683 +42.7%
Non-Current Assets
Total Assets 47,089,674 45,526,064 +3.4%
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VICI Properties LP 46,999,453 45,442,158 +3.4%
Property, Plant & Equipment 67,706 69,507 -2.6%
Deferred Tax Assets 8,107 9,788 -17.2%
Other Assets
Other Assets 1,047,376 1,042,796 +0.4%
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VICI Properties LP 969,697 965,524 +0.4%
Non-Current Liabilities
Long-Term Debt 16,787,100
Show Debt Instrument breakouts
3.750% Notes · Unsecured Debt 748,533
3.875% Notes · Unsecured Debt 716,723
4.125% Notes · Unsecured Debt 993,474
4.250% Notes · Unsecured Debt 1,248,098
4.500% Notes · Unsecured Debt 497,870
4.500% Notes · Unsecured Debt 345,395
4.625% Notes · Unsecured Debt 994,132
4.750% Notes · Unsecured Debt 1,245,263
4.750% Notes · Unsecured Debt 397,343
4.950% Notes · Unsecured Debt 993,249
5.125% Notes · Unsecured Debt 742,176
5.125% Notes · Unsecured Debt 1,487,429
5.625% Notes · Unsecured Debt 885,801
5.625% Notes · Unsecured Debt 736,966
5.750% Notes · Unsecured Debt 751,831
5.750% Notes · Unsecured Debt 542,198
6.125% Notes · Unsecured Debt 486,020
MGM Grand Mandalay Bay Note due 2032 · Senior Notes 3
MGM Grand/Mandalay Bay CMBS Debt · Unsecured Debt 2,834,205
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VICI Properties LP 16,787,100
Show Currency breakouts
CAD · Revolving Credit Facility 118,569
GBP · Revolving Credit Facility 21,825
Accrued Liabilities Current And Noncurrent 173,509 191,548 -9.4%
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VICI Properties LP 171,760 190,006 -9.6%
Dividends Payable Current And Noncurrent 486,316 462,092 +5.2%
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VICI Properties LP 486,316 462,092 +5.2%
Total Liabilities 18,470,812 18,503,399 -0.2%
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VICI Properties LP 18,455,870 18,488,211 -0.2%
Deferred Tax Liabilities 6,942 3,773 +84.0%
Other Liabilities
Net Investment In Lease Excluding Accrued Interest After Allowance For Credit Loss 23,897,827
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VICI Properties LP 23,897,827
Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss (Q)
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VICI Properties LP · Finance Receivables 18,806,242
VICI Properties LP · Investments in loans and securities, net 2,710,021
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Finance Receivables 18,806,242
Investments in loans and securities, net 2,710,021 2,036,533 +33.1%
Investments in loans and securities, net · Mezzanine Loans and Preferred Equity 1,532,183
Investments in loans and securities, net · Senior Loans 1,097,154
Other Liabilities 1,023,887 1,002,758 +2.1%
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VICI Properties LP 1,010,694 989,112 +2.2%
Stockholders' Equity
Common Stock 10,690 10,567 +1.2%
Additional Paid-In Capital 24,900,713 24,512,026 +1.6%
Retained Earnings 3,158,398 1,954,124 +61.6%
Total Stockholders' Equity 28,188,653 26,609,169 +5.9%
Minority Interest 430,209 413,496 +4.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 28,618,862 27,022,665 +5.9%
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Accumulated Other Comprehensive Income 118,852 132,452 -10.3%
Additional Paid In Capital 24,900,713 24,512,026 +1.6%
Common Stock 10,690 10,567 +1.2%
Noncontrolling Interest 430,209 413,496 +4.0%
Parent 28,188,653 26,609,169 +5.9%
Retained Earnings 3,158,398 1,954,124 +61.6%
Limited Partners Capital Account (Q)
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VICI Properties LP 28,318,390 26,716,498 +6.0%
Accumulated Other Comprehensive Income 118,852 132,452 -10.3%
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VICI Properties LP 117,886 131,640 -10.4%
Partners Capital (Q)
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VICI Properties LP 28,436,276 26,848,138 +5.9%
Partners Capital Attributable To Noncontrolling Interest (Q)
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VICI Properties LP 107,307 105,809 +1.4%
Partners Capital Including Portion Attributable To Noncontrolling Interest (Q)
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VICI Properties LP 28,543,583 26,953,947 +5.9%
VICI Properties LP · Accumulated Other Comprehensive Income 117,886 131,640 -10.4%
VICI Properties LP · Limited Partner 28,318,390 26,716,498 +6.0%
VICI Properties LP · Noncontrolling Interest 107,307 105,809 +1.4%
Total Liabilities & Equity 47,089,674 45,526,064 +3.4%
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VICI Properties LP 46,999,453 45,442,158 +3.4%
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

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Non Cash Leasing And Financing Adjustments -129,958 -132,047 +1.6%
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VICI Properties LP -129,958 -132,047 +1.6%
Stock-Based Compensation 4,125 2,904 +42.0%
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VICI Properties LP 4,125 2,904 +42.0%
Amortization Of Financing Costs And Discounts 10,894 12,356 -11.8%
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VICI Properties LP 10,894 12,356 -11.8%
Deferred Income Taxes And Tax Credits 2,106 -3,976 +153.0%
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VICI Properties LP 2,014 -3,938 +151.1%
Interest Income Paid In Kind -13,543
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VICI Properties LP -13,543
Paid In Kind Interest Received 51,089
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VICI Properties LP 51,089
Increase Decrease In Other Current Assets 1,386 -6,666 +120.8%
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VICI Properties LP 1,452 -7,294 +119.9%
Increase Decrease In Accrued Liabilities -60,740 -22,898 -165.3%
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VICI Properties LP -60,868 -24,018 -153.4%
Increase Decrease In Other Deferred Liability -1,662 83 -2102.4%
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VICI Properties LP -1,576 162 -1072.8%
Net Cash from Operations 631,864 591,859 +6.8%
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VICI Properties LP 628,085 587,313 +6.9%
Investing Activities
Payments To Acquire Loans Receivable -734,470 -385,352 -90.6%
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VICI Properties LP -734,470 -385,352 -90.6%
Proceeds From Sale And Collection Of Mortgage Notes Receivable 468,648 50 +937196.0%
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VICI Properties LP 468,648 50 +937196.0%
Payments Of Capitalized Transaction Costs -937 -123 -661.8%
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VICI Properties LP -937 -123 -661.8%
Proceeds From Maturities Prepayments And Calls Of Shortterm Investments 44,484
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VICI Properties LP 44,484
Payments To Acquire Other Property Plant And Equipment -628 -156 -302.6%
Net Cash from Investing -222,903 -385,581 +42.2%
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VICI Properties LP -222,275 -385,450 +42.3%
Non Cash Distributions Declared Not Paid (Q)
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VICI Properties LP 486,549 462,299 +5.2%
Debt Issuance Costs Payable 5 305 -98.4%
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VICI Properties LP 5 305 -98.4%
Accrued Capitalized Transaction Costs 2,241 414 +441.3%
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VICI Properties LP 2,241 414 +441.3%
Noncash Change In Investment Leases Investing Activities 71,348 71,525 -0.2%
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VICI Properties LP 71,348 71,525 -0.2%
Non Cash Dividends Declared Not Paid 486,549 462,299 +5.2%
Financing Activities
Payments Of Capital Distribution (Q)
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VICI Properties LP -486,259 -462,033 -5.2%
Debt Issuance Costs -98 -19,088 +99.5%
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VICI Properties LP -98 -19,088 +99.5%
Tax Withholding for Share Compensation -2,298 -7,177 +68.0%
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VICI Properties LP -2,298 -7,177 +68.0%
Distributions To Non Controlling Interests -8,257 -7,986 -3.4%
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VICI Properties LP -2,753 -2,698 -2.0%
Net Cash from Financing -492,084 -396,762 -24.0%
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VICI Properties LP -491,408 -331,265 -48.3%
Payments Of Dividends -481,431 -459,026 -4.9%
Supplemental
Interest Paid 239,463 278,329 -14.0%
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VICI Properties LP 239,463 278,329 -14.0%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -150 186 -180.6%
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VICI Properties LP -150 186 -180.6%
Net Change in Cash -83,273 -190,298 +56.2%
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VICI Properties LP -85,748 -129,216 +33.6%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 480,206 334,317 +43.6%
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VICI Properties LP 467,664 327,683 +42.7%

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

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