VICI Properties
VICI · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
VICI Properties reported revenue of $4B in the fiscal year ended Dec 2025, up 4.1% from the year before. Net income was $2.8B. Net debt was $16.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.5B | $2.6B | $3.6B | $3.8B | $4B |
| Cost of revenue | $21M | $23M | $27M | $27M | $27M |
| Gross profit | $1.5B | $2.6B | $3.6B | $3.8B | $4B |
| Interest expense | $392M | $540M | $818M | $826M | $844M |
| Pre-tax income | $1B | $1.1B | $2.5B | $2.7B | $2.8B |
| Income tax | $3M | $3M | −$6M | $10M | $2M |
| Net income | $1B | $1.1B | $2.5B | $2.7B | $2.8B |
| Diluted EPS | 1.76 | 1.27 | 2.47 | 2.56 | 2.61 |
| Diluted shares | 577M | 880M | 1,016M | 1,048M | 1,063M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $740M | $209M | $523M | $525M | $563M |
| Net PP&E | $69M | $67M | $67M | $70M | $68M |
| Total assets | $17.6B | $37.6B | $44.1B | $45.4B | $46.7B |
| Long-term debt | $4.7B | $13.7B | $16.7B | $16.7B | $16.8B |
| Total liabilities | $5.4B | $15.3B | $18.4B | $18.4B | $18.5B |
| Shareholders' equity | $12.1B | $21.9B | $25.3B | $26.5B | $27.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $896M | $1.9B | $2.2B | $2.4B | $2.5B |
| Depreciation & amortisation | $3M | $3M | $4M | $4M | $4M |
| Stock-based compensation | $9M | $13M | $16M | $18M | $16M |
| Acquisitions | $0 | $4.6B | $1.3B | $0 | $0 |
| Dividends paid | $759M | $1.2B | $1.6B | $1.8B | $1.9B |
| Dividend per share | 1.38 | 1.50 | 1.61 | 1.70 | 1.76 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 72.3% | 38.9% | 6.6% | 4.1% |
| EPS growth (YoY) | – | −27.8% | 94.5% | 3.6% | 2.0% |
| Gross margin | 98.6% | 99.1% | 99.3% | 99.3% | 99.3% |
| Net margin | 67.2% | 43.0% | 69.6% | 69.6% | 69.3% |
| Return on equityBlank when equity is negative | 8.4% | 5.1% | 10.0% | 10.1% | 10.0% |
| Cash conversion (CFO ÷ net income) | 0.88x | 1.74x | 0.87x | 0.89x | 0.90x |
| Debt ÷ equity | 0.39x | 0.63x | 0.66x | 0.63x | 0.60x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4B | $13.5B | $16.2B | $16.2B | $16.2B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.