Detailed financial statements for VICI Properties Inc. (VICI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
VICI Properties functions as a specialized real estate investment trust dedicated to experiential properties. The company boasts an extensive collection of premier gaming, hospitality, and entertainment venues, notably including the globally recognized Caesars Palace. Its diverse and nationally distributed portfolio encompasses 29 gaming facilities, spanning over 48 million square feet.
Analysis Summary
VICI Properties Inc. reported revenue of $4.01B in the most recent fiscal year, growing at a 5-year CAGR of 26.7%. Net income reached $2.78B, with a 25.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 99.3%, operating margin 91.2%, net margin 69.3%. Free cash flow grew at 23.3% CAGR over 5 years.
At the current price of $22.53, VICI trades at a P/E of 8.78 and an ROE of 9.98%. Market capitalisation stands at $24.8B, placing it among large-cap names.
Balance sheet quality for VICI: current ratio of 26.7, net debt of $17.08B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $2.51B represents 90% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.8M | $201.4M | $898.0M | $894.8M | $1.23B | $1.51B | $2.60B | $3.61B | $3.85B | $4.01B |
| Cost of Revenue | $13.7M | $33.8M | $99.2M | $18.9M | $33.4M | $20.8M | $22.6M | $27.1M | $26.9M | $26.7M |
| Gross Profit | $5.0M | $167.7M | $798.8M | $875.9M | $1.19B | $1.49B | $2.58B | $3.58B | $3.82B | $3.98B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.0M | $11.3M | $24.4M | $24.6M | $30.7M | $33.1M | $48.3M | $59.6M | $69.1M | $65.1M |
| Operating Expenses | $5.0M | $23.5M | $40.8M | $33.4M | $278.9M | $44.5M | $945.6M | $240.1M | $277.4M | $324.1M |
| Operating Income | $7,000 | $144.2M | $758.0M | $842.5M | $913.2M | $1.44B | $1.63B | $3.34B | $3.54B | $3.66B |
| EBITDA | $3.0M | $109.1M | $749.9M | $808.2M | $1.21B | $1.42B | $1.68B | $3.37B | $3.56B | $3.67B |
| Interest Expense | $7,000 | $63.4M | $212.7M | $248.4M | $308.6M | $392.4M | $540.0M | $818.1M | $826.1M | $843.6M |
| Pre-tax Income | 0 | $42.6M | $533.6M | $556.0M | $897.0M | $1.03B | $1.14B | $2.55B | $2.73B | $2.82B |
| Income Tax | $7,000 | -$1.9M | $1.4M | $1.7M | $831,000 | $2.9M | $2.9M | -$6.1M | $9.7M | $2.4M |
| Net Income | $3.0M | $42.7M | $523.6M | $546.0M | $891.7M | $1.01B | $1.12B | $2.51B | $2.68B | $2.78B |
| EPS | $0.01 | $0.13 | $1.43 | $1.25 | $1.76 | $1.80 | $1.27 | $2.48 | $2.56 | $2.61 |
| EPS (Diluted) | $0.01 | $0.13 | $1.43 | $1.24 | $1.75 | $1.76 | $1.27 | $2.47 | $2.56 | $2.61 |
| Shares Outstanding (Diluted) | $360.8M | $327.6M | $367.3M | $439.2M | $510.9M | $577.1M | $879.7M | $1.02B | $1.05B | $1.06B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.01B | $1.01B | $1.02B | $1.06B |
| Gross Profit | $1.00B | $1.01B | $1.01B | $1.05B |
| Operating Income | $984.0M | $813.8M | $1.09B | $744.7M |
| EBITDA | $988.8M | $820.9M | $1.10B | $745.8M |
| Net Income | $762.0M | $604.8M | $872.4M | $526.5M |
| EPS | $0.71 | $0.57 | $0.82 | $0.48 |
| EPS (Diluted) | $0.71 | $0.57 | $0.82 | $0.48 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $920,000 | $183.6M | $577.9M | $1.10B | $316.0M | $739.6M | $208.9M | $522.6M | $524.6M | $563.5M |
| Short-term Investments | 0 | 0 | $520.9M | $59.5M | $20.0M | 0 | $217.3M | 0 | 0 | $44.5M |
| Receivables | $77,000 | $8.27B | $8.92B | $61.7M | $2.63B | $2.65B | $16.76B | $18.24B | $18.45B | $18.73B |
| Inventory | $371,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.6M | $197.4M | $1.15B | $1.23B | $2.96B | $3.40B | $17.19B | $18.76B | $18.98B | $19.34B |
| Property, Plant & Equipment | $88.8M | $74.3M | $71.5M | $96.8M | $364.2M | $359.3M | $876.7M | $952.6M | $967.3M | $960.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $90.5M | $9.74B | $11.33B | $13.27B | $17.06B | $17.60B | $37.58B | $44.06B | $45.37B | $46.72B |
| Accounts Payable | $305,000 | $5.2M | $1.1M | $640,000 | $734,000 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $14,000 | $300.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.0M | $97.7M | $206.1M | $249.2M | $332.8M | $339.8M | $593.6M | $664.8M | $679.9M | $725.0M |
| Long-term Debt | 0 | $4.79B | $4.12B | $4.79B | $6.77B | $4.69B | $13.74B | $16.72B | $16.73B | $16.77B |
| Total Liabilities | $6.3M | $4.96B | $4.43B | $5.22B | $7.57B | $5.41B | $15.29B | $18.40B | $18.42B | $18.50B |
| Retained Earnings | $52,000 | $42.7M | $187.1M | $208.1M | $139.5M | $346.0M | $93.2M | $965.8M | $1.87B | $2.77B |
| Total Equity | $84.1M | $4.69B | $6.82B | $7.97B | $9.42B | $12.11B | $21.93B | $25.26B | $26.54B | $27.80B |
| Total Debt | $14,000 | $5.09B | $4.12B | $4.82B | $7.07B | $4.99B | $14.57B | $17.63B | $17.65B | $17.69B |
| Net Debt | -$906,000 | $4.90B | $3.02B | $3.66B | $6.73B | $4.25B | $14.14B | $17.11B | $17.13B | $17.08B |
| Working Capital | $620,000 | $99.7M | $942.8M | $977.1M | $2.63B | $3.06B | $16.60B | $18.10B | $18.30B | $18.62B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $507.5M | $563.5M | $480.2M | $288.1M |
| Total Assets | $46.54B | $46.72B | $47.09B | $48.27B |
| Total Liabilities | $18.44B | $18.50B | $18.47B | $18.67B |
| Total Equity | $27.67B | $27.80B | $28.19B | $29.17B |
| Total Debt | $17.68B | $17.69B | $17.70B | $17.84B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 0 | $44.5M | $532.1M | $554.3M | $896.2M | $1.02B | $1.14B | $2.55B | $2.72B | $2.82B |
| Depreciation & Amortization | $3.0M | $3.2M | $3.7M | $3.8M | $3.7M | $3.1M | $3.2M | $4.3M | $4.1M | $3.6M |
| Stock-based Compensation | 0 | 0 | $2.3M | $5.2M | $7.4M | $9.4M | $13.0M | $15.5M | $17.5M | $16.2M |
| Change in Working Capital | -$188,000 | $92.8M | -$29.7M | $27.4M | $48.0M | -$86.8M | $46.4M | -$14.0M | -$11.5M | $11.0M |
| Operating Cash Flow | $2.7M | $131.7M | $504.1M | $682.2M | $883.6M | $896.4M | $1.94B | $2.18B | $2.38B | $2.51B |
| Capital Expenditure | -$869,000 | -$2.0M | -$899,000 | -$2.7M | -$2.8M | -$2.5M | -$1.9M | -$4.0M | -$7.5M | -$1.3M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -$4.57B | -$1.27B | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$207,000 | -$1.7M | -$6.2M | -$5.0M | -$5.3M | -$7.2M |
| Dividends Paid | 0 | 0 | -$262.7M | -$504.0M | -$612.2M | -$758.8M | -$1.22B | -$1.58B | -$1.75B | -$1.85B |
| Free Cash Flow | $1.9M | $129.7M | $503.2M | $679.4M | $880.9M | $893.8M | $1.94B | $2.18B | $2.37B | $2.51B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $586.3M | $691.9M | $631.9M | $728.2M |
| Capital Expenditure | $828,000 | -$302,000 | -$628,000 | $628,000 |
| Free Cash Flow | $587.1M | $691.6M | $631.9M | $728.8M |
| Dividends Paid | -$456.8M | -$480.7M | -$481.4M | -$480.9M |
| Stock-based Compensation | $4.4M | $4.4M | $4.1M | $4.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +972.3% | +345.8% | -0.4% | +37.0% | +23.2% | +72.3% | +38.9% | +6.6% | +4.1% | |
| Net Income Growth (YoY) | +1,308.0% | +1,127.4% | +4.3% | +63.3% | +13.7% | +10.2% | +124.9% | +6.6% | +3.6% | |
| EPS Growth (YoY) | +1,447.6% | +1,000.0% | -12.6% | +40.8% | +2.3% | -29.4% | +95.3% | +3.2% | +2.0% | |
| Shares Change (YoY) | -9.2% | +12.1% | +19.6% | +16.3% | +12.9% | +52.4% | +15.5% | +3.1% | +1.4% | |
| FCF Growth (YoY) | +6,904.0% | +287.9% | +35.0% | +29.6% | +1.5% | +117.2% | +12.1% | +9.0% | +5.7% | |
| Gross Margin | 26.9% | 83.2% | 89.0% | 97.9% | 97.3% | 98.6% | 99.1% | 99.3% | 99.3% | 99.3% |
| Operating Margin | 0.0% | 71.6% | 84.4% | 94.2% | 74.5% | 95.7% | 62.8% | 92.6% | 92.1% | 91.2% |
| EBITDA Margin | 16.2% | 54.2% | 83.5% | 90.3% | 98.7% | 94.2% | 64.7% | 93.3% | 92.5% | 91.6% |
| Net Margin | 16.1% | 21.2% | 58.3% | 61.0% | 72.8% | 67.2% | 43.0% | 69.6% | 69.6% | 69.3% |
| FCF Margin | 9.9% | 64.4% | 56.0% | 75.9% | 71.9% | 59.2% | 74.7% | 60.3% | 61.7% | 62.6% |
| Effective Tax Rate | -4.5% | 0.3% | 0.3% | 0.1% | 0.3% | 0.3% | -0.2% | 0.4% | 0.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.01 | $0.40 | $1.37 | $1.55 | $1.72 | $1.55 | $2.21 | $2.14 | $2.27 | $2.36 |
| Dividends Per Share | $0.00 | $0.00 | $0.72 | $1.15 | $1.20 | $1.31 | $1.39 | $1.56 | $1.67 | $1.74 |
| Shares Outstanding (Basic) | $360.8M | $327.5M | $367.2M | $435.1M | $506.1M | $564.5M | $877.5M | $1.01B | $1.05B | $1.06B |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 9.98% |
| Return on Invested Capital | 7.94% |
| Return on Assets | 5.94% |
| Gross Margin | 99.33% |
| Operating Margin | 91.24% |
| Net Margin | 69.28% |
Financial Health
| Debt / Equity | 0.64 |
| Current Ratio | 26.68 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.87 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 2,208.33 | 157.69 | 13.13 | 20.44 | 14.49 | 16.73 | 25.51 | 12.85 | 11.41 | 10.77 |
| P/B | 79.54 | 1.43 | 1.01 | 1.40 | 1.37 | 1.40 | 1.30 | 1.28 | 1.15 | 1.07 |
| P/S | 356.27 | 33.33 | 7.68 | 12.42 | 10.53 | 11.26 | 10.93 | 8.95 | 7.94 | 7.45 |
| Gross Margin | 26.9% | 83.2% | 89.0% | 97.9% | 97.3% | 98.6% | 99.1% | 99.3% | 99.3% | 99.3% |
| Operating Margin | 0.0% | 71.6% | 84.4% | 94.2% | 74.5% | 95.7% | 62.8% | 92.6% | 92.1% | 91.2% |
| Net Margin | 16.1% | 21.2% | 58.3% | 61.0% | 72.8% | 67.2% | 43.0% | 69.6% | 69.6% | 69.3% |
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Explore sector: Real Estate · REIT - Diversified
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