10-K · February 25, 2026
VICI describes a scale-driven triple-net REIT strategy focused on gaming and other experiential real estate, owning 93 experiential assets (54 gaming, 39 other) that were 100% leased as of December 31, 2025 with a…
Earnings analysis · 10-Q
VICI earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
VICI Properties reported strong Q1 2026 performance with total revenues of $1.02 billion, reflecting a year-over-year increase of $34.3 million. The company achieved a diluted EPS of $0.82, exceeding the estimate of…
Read full summary
VICI Properties reported strong Q1 2026 performance with total revenues of $1.02 billion, reflecting a year-over-year increase of $34.3 million. The company achieved a diluted EPS of $0.82, exceeding the estimate of $0.61 and marking a 29% increase compared to $0.51 in Q1 2025. Management has raised its AFFO guidance for the year, demonstrating confidence in continued growth despite macroeconomic headwinds.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.82
What stood out
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Revenue Growth
Total revenues rose to $1.018 billion in Q1 2026, up $34.3 million from $984.2 million the previous year.
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Earnings Beat
Diluted EPS was reported at $0.82, surpassing the estimate of $0.61 and up from $0.51 year-over-year.
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Higher AFFO Guidance
Management raised AFFO guidance for 2026 to between $2.665 billion and $2.695 billion.
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Strong Leasing Revenue
Leasing revenue increased by $14.6 million to $927.2 million compared to Q1 2025.
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Substantial Net Income Growth
Net income attributable to common stockholders increased by $328.8 million, totaling $872.4 million.
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Decrease in Credit Losses
Change in allowance for credit losses improved by $305.7 million, driving stronger financial stability.
What to watch
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Interest Rate Sensitivity
As of March 31, 2026, VICI's total debt is $17.1 billion, with 0.8% at variable rates, exposing cash flow to interest rate fluctuations.
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Regulatory Challenges
The company faces ongoing regulatory scrutiny, especially in the gaming industry, which could impact operations and growth.
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Dependence on Tenants
Financial performance is heavily reliant on tenant operations, which can be adversely affected by macroeconomic conditions.
Management's outlook
Management expects EPS for 2026 to be between $2.44 and $2.47.
Earlier filings 4
10-Q · October 30, 2025
VICI reported Q3 2025 revenue of $1,007,488,000, up $42,819,000 (4.4%) versus Q3 2024, and diluted EPS of $0.71 (vs. $0.70 a year ago). Operating (EBIT) margin compressed ~100 bps to ~97.7% driven by higher operating…
10-Q · July 30, 2025
VICI reported Q2 total revenues of $1,001,334,000, up $44,331,000 (+4.6%) versus Q2 2024, and diluted EPS of $0.82, up $0.11 from $0.71 a year ago. Operating profitability remained strong (income before income taxes…
10-Q · April 30, 2025
VICI reported quarter revenues of $984,204,000, up from $951,481,000 in Q1 2024 (+$32.7M, +3.4% YoY), while diluted net income per common share declined to $0.51 from $0.57 a year ago. Operating cash flow remained…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.