VICI Properties Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), VICI Properties Inc reported revenue of $4.0B (+4.1% year on year) and net income of $2.8B (+3.6% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Income from sales-type leases | $2.1B | $2.1B | $2.0B | $1.5B |
| Income from lease financing receivables, loans and securities | $1.8B | $1.7B | $1.5B | $1.0B |
| Other income | $77.5M | $77.4M | $73.3M | $59.6M |
| Golf revenues | $39.8M | $40.5M | $39.0M | $35.6M |
| Total revenues | $4.0B | $3.8B | $3.6B | $2.6B |
| General and administrative | $65.1M | $69.1M | $59.6M | $48.3M |
| Depreciation | $3.6M | $4.1M | $4.3M | $3.2M |
| Other expenses | $77.5M | $77.4M | $73.3M | $59.6M |
| Golf expenses | $26.7M | $26.9M | $27.1M | $22.6M |
| Change in allowance for credit losses | $177.9M | $126.7M | $102.8M | $834.5M |
| Transaction and acquisition expenses | $7.7M | $4.6M | $8.0M | $22.7M |
| Total expenses | $358.5M | $308.8M | $275.2M | $990.9M |
| Interest expense | ($843.6M) | ($826.1M) | ($818.1M) | ($540.0M) |
| Interest income | $14.4M | $16.1M | $24.0M | $9.5M |
| Other gains | $2.7M | $581.0K | $4.5M | — |
| Income from unconsolidated affiliate | $0 | $0 | $1.3M | $59.8M |
| Income before income taxes | $2.8B | $2.7B | $2.5B | $1.1B |
| (Provision for) benefit from income taxes | ($2.4M) | ($9.7M) | $6.1M | ($2.9M) |
| Less: Net income attributable to non-controlling interests | ($43.1M) | ($42.4M) | ($41.1M) | ($18.6M) |
| Net income attributable to common stockholders | $2.8B | $2.7B | $2.5B | $1.1B |
| Basic (in dollars per share) | $2.61 | $2.56 | $2.48 | $1.27 |
| Diluted (in dollars per share) | $2.61 | $2.56 | $2.47 | $1.27 |
| Basic (in shares) | 1.1B | 1.0B | 1.0B | 877.5M |
| Diluted (in shares) | 1.1B | 1.0B | 1.0B | 879.7M |
| Net income | $2.8B | $2.7B | $2.6B | $1.1B |
| Reclassification of derivative gain to Interest expense | ($25.5M) | ($24.7M) | ($24.1M) | ($16.2M) |
| Unrealized (loss) gain on cash flow hedges | ($5.9M) | $27.0M | ($9.7M) | $200.6M |
| Foreign currency translation adjustments | $7.6M | ($11.8M) | $2.0M | — |
| Comprehensive income | $2.8B | $2.7B | $2.5B | $1.3B |
| Comprehensive income attributable to non-controlling interests | ($42.8M) | ($42.3M) | ($40.7M) | ($18.4M) |
| Comprehensive income attributable to common stockholders | $2.8B | $2.7B | $2.5B | $1.3B |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Income from sales-type leases | $549.2M | $536.7M | $531.8M | $530.3M |
| Income from lease financing receivables, loans and securities | $478.4M | $452.0M | $448.0M | $440.3M |
| Other income | $18.9M | $18.9M | $19.5M | $19.5M |
| Golf revenues | $12.0M | $11.0M | $8.2M | $11.2M |
| Total revenues | $1.1B | $1.0B | $1.0B | $1.0B |
| General and administrative | $15.4M | $16.0M | $16.3M | $14.6M |
| Depreciation | $998.0K | $967.0K | $937.0K | $741.0K |
| Other expenses | $18.9M | $18.9M | $19.5M | $19.5M |
| Golf expenses | $7.4M | $6.5M | $6.8M | $6.6M |
| Change in allowance for credit losses | $271.1M | ($118.8M) | ($20.2M) | ($142.0M) |
| Transaction and acquisition expenses | $1.8M | $167.0K | $9.0K | $7.4M |
| Total expenses | $315.6M | ($76.3M) | $23.4M | ($93.1M) |
| Interest expense | ($209.9M) | ($209.4M) | ($210.3M) | ($213.8M) |
| Interest income | $2.2M | $4.5M | $3.9M | $2.3M |
| Other (losses) gains | ($345.0K) | ($21.0K) | ($82.0K) | $992.0K |
| Income before income taxes | $534.9M | $889.9M | $777.5M | $883.9M |
| Benefit from (provision for) income taxes | $461.0K | ($4.0M) | ($3.9M) | ($5.6M) |
| Less: Net income attributable to non-controlling interests | ($8.8M) | ($13.6M) | ($11.6M) | ($13.3M) |
| Net income attributable to common stockholders | $526.5M | $872.4M | $762.0M | $865.1M |
| Basic (in dollars per share) | $0.48 | $0.82 | $0.71 | $0.82 |
| Diluted (in dollars per share) | $0.48 | $0.82 | $0.71 | $0.82 |
| Basic (in shares) | 1.1B | 1.1B | 1.1B | 1.1B |
| Diluted (in shares) | 1.1B | 1.1B | 1.1B | 1.1B |
| Net income | $535.3M | $886.0M | $773.6M | $878.4M |
| Reclassification of derivative gain to Interest expense | ($6.4M) | ($6.4M) | ($6.4M) | ($6.4M) |
| Unrealized gain (loss) on cash flow hedges | $6.2M | $6.7M | $0 | $0 |
| Foreign currency translation adjustments | ($3.3M) | ($2.5M) | ($4.7M) | $10.1M |
| Comprehensive income | $531.8M | $883.8M | $762.6M | $882.1M |
| Comprehensive income attributable to non-controlling interests | ($8.8M) | ($13.5M) | ($11.4M) | ($13.3M) |
| Comprehensive income attributable to common stockholders | $523.1M | $870.2M | $751.1M | $868.7M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Investments in leases - sales-type, net | $23.7B | $23.6B | $23.0B | $17.2B |
| Investments in leases and loans | $21.2B | $20.1B | $19.4B | $17.4B |
| Land | $148.0M | $150.7M | $150.7M | $153.6M |
| Cash and cash equivalents | $563.5M | $524.6M | $522.6M | $208.9M |
| Short-term investments | $44.5M | — | $0 | $217.3M |
| Other assets | $1.0B | $1.0B | $1.0B | $936.3M |
| Total assets | $46.7B | $45.4B | $44.1B | $37.6B |
| Debt, net | $16.8B | $16.7B | $16.7B | $13.7B |
| Accrued expenses and deferred revenue | $238.7M | $218.0M | $227.2M | $213.4M |
| Dividends and distributions payable | $486.3M | $462.0M | $437.6M | $380.2M |
| Other liabilities | $1.0B | $1.0B | $1.0B | $952.5M |
| Total liabilities | $18.5B | $18.4B | $18.4B | $15.3B |
| Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,068,811,371 and 1,056,366,685 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 10.7M | 10.6M | 10.4M | 9.6M |
| Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at December 31, 2025 and 2024 | 0 | 0 | 0 | 0 |
| Additional paid-in capital | $24.9B | $24.5B | $24.1B | $21.6B |
| Accumulated other comprehensive income | $121.0M | $144.6M | $153.9M | $185.4M |
| Retained earnings | $2.8B | $1.9B | $965.8M | $93.2M |
| Total VICI stockholders’ equity | $27.8B | $26.5B | $25.3B | $21.9B |
| Non-controlling interests | $424.9M | $413.8M | $401.8M | $356.5M |
| Total stockholders’ equity | $28.2B | $27.0B | $25.7B | $22.3B |
| Total liabilities and stockholders’ equity | $46.7B | $45.4B | $44.1B | $37.6B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Investments in leases - sales-type, net | $24.6B | $23.9B | $23.8B | $23.7B |
| Investments in leases - financing receivables, net | $22.2B | $21.5B | $21.1B | $20.9B |
| Real estate under development | $23.3M | — | — | — |
| Land | $148.0M | $148.0M | $149.7M | $149.8M |
| Cash and cash equivalents | $288.1M | $480.2M | $507.5M | $233.0M |
| Short-term investments | $0 | $0 | — | — |
| Other assets | $1.0B | $1.0B | $1.0B | $1.0B |
| Total assets | $48.3B | $47.1B | $46.5B | $46.1B |
| Debt, net | $16.9B | $16.8B | $16.8B | $16.9B |
| Accrued expenses and deferred revenue | $220.4M | $173.5M | $182.7M | $219.8M |
| Dividends and distributions payable | $500.8M | $486.3M | $486.3M | $462.1M |
| Other liabilities | $1.0B | $1.0B | $1.0B | $1.0B |
| Total liabilities | $18.7B | $18.5B | $18.4B | $18.6B |
| Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,101,074,906 and 1,068,811,371 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 11.0M | 10.7M | 10.7M | 10.6M |
| Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at June 30, 2026 and December 31, 2025 | 0 | 0 | 0 | 0 |
| Additional paid-in capital | $25.9B | $24.9B | $24.9B | $24.5B |
| Accumulated other comprehensive income | $115.4M | $118.9M | $125.2M | $136.1M |
| Retained earnings | $3.2B | $3.2B | $2.6B | $2.4B |
| Total VICI stockholders’ equity | $29.2B | $28.2B | $27.7B | $27.0B |
| Non-controlling interests | $432.0M | $430.2M | $423.7M | $419.7M |
| Total stockholders’ equity | $29.6B | $28.6B | $28.1B | $27.4B |
| Total liabilities and partners’ capital | $48.3B | $47.1B | $46.5B | $46.1B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $2.8B | $2.7B | $2.6B | $1.1B |
| Non-cash leasing and financing adjustments | ($523.9M) | ($537.7M) | ($515.5M) | ($337.6M) |
| Stock-based compensation | $16.2M | $17.5M | $15.5M | $13.0M |
| Depreciation | $3.6M | $4.1M | $4.3M | $3.2M |
| Other gains | ($2.7M) | ($581.0K) | ($4.5M) | — |
| Amortization of debt issuance costs and original issue discount | $46.8M | $46.7M | $46.1M | $32.4M |
| Change in allowance for credit losses | $177.9M | $126.7M | $102.8M | $834.5M |
| Deferred income taxes | ($1.7M) | $5.4M | ($10.4M) | — |
| Payment-in-kind interest | ($37.5M) | — | — | — |
| Net proceeds from settlement of derivatives | $1.8M | $9.6M | $0 | $201.4M |
| Income from unconsolidated affiliate | $0 | $0 | ($1.3M) | ($59.8M) |
| Distributions from unconsolidated affiliate | $0 | $0 | $3.3M | $64.8M |
| Other assets | ($441.0K) | $3.4M | $5.1M | ($5.7M) |
| Accrued expenses and deferred revenue | $13.0M | ($13.4M) | ($11.6M) | $52.3M |
| Other liabilities | ($1.5M) | ($1.5M) | ($7.5M) | ($142.0K) |
| Net cash provided by operating activities | $2.5B | $2.4B | $2.2B | $1.9B |
| Investments in leases - sales-type | $0 | ($411.8M) | ($241.1M) | ($4.0B) |
| Investments in leases - financing receivables | $0 | ($248.0K) | ($1.1B) | ($296.7M) |
| Investments in loans and securities | ($887.2M) | ($579.1M) | ($959.1M) | ($193.7M) |
| Principal repayments of loans and securities and receipts of deferred fees | $27.5M | $80.8M | — | $5.7M |
| Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition | $0 | $0 | ($1.3B) | ($4.6B) |
| Capitalized transaction costs | ($4.7M) | ($5.9M) | ($1.5M) | ($7.7M) |
| Investments in short-term investments | ($44.5M) | ($29.6M) | $0 | ($306.5M) |
| Maturities of short-term investments | $0 | $29.6M | $217.3M | $89.2M |
| Proceeds from sale of real estate | $5.5M | $963.0K | $6.2M | $0 |
| Acquisition of property and equipment | ($1.3M) | ($7.5M) | ($4.0M) | ($1.9M) |
| Net cash used in investing activities | ($904.8M) | ($922.8M) | ($2.9B) | ($9.3B) |
| Proceeds from offering of common stock, net | $375.3M | $378.7M | $2.5B | $3.2B |
| Proceeds from Revolving Credit Facility | $426.0M | $82.2M | $419.1M | $600.0M |
| Repayment of Revolving Credit Facility | ($439.9M) | ($94.3M) | ($250.0M) | ($600.0M) |
| Proceeds from senior unsecured notes offerings | $1.3B | $1.8B | $0 | $5.0B |
| Redemption of senior unsecured notes | ($1.3B) | ($1.8B) | — | — |
| Debt issuance costs | ($19.5M) | ($5.3M) | ($105.0K) | ($146.2M) |
| Repurchase of stock for tax withholding | ($7.2M) | ($5.3M) | ($5.0M) | ($6.2M) |
| Distributions to non-controlling interests | ($32.2M) | ($31.2M) | ($28.6M) | ($17.7M) |
| Dividends paid | ($1.9B) | ($1.8B) | ($1.6B) | ($1.2B) |
| Net cash (used in) provided by financing activities | ($1.6B) | ($1.5B) | $1.0B | $6.8B |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | $160.0K | $445.0K | ($63.0K) | — |
| Net increase in cash, cash equivalents and restricted cash | $38.9M | $2.0M | $313.6M | ($530.7M) |
| Cash, cash equivalents and restricted cash, beginning of period | $524.6M | $522.6M | $208.9M | $739.6M |
| Cash, cash equivalents and restricted cash, end of period | $563.5M | $524.6M | $522.6M | $208.9M |
| Cash paid for interest | $778.8M | $781.4M | $762.6M | $466.8M |
| Cash paid for income taxes | $7.3M | $3.3M | $4.9M | $3.0M |
| Dividends and distributions declared, not paid | $486.5M | $462.2M | $439.5M | $380.4M |
| Issuance of stock-based compensation subject to repurchase for tax withholding | $18.6M | $17.6M | $11.4M | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $1.4B | $886.0M | $2.2B | $1.4B |
| Non-cash leasing and financing adjustments | ($271.8M) | ($130.0M) | ($393.1M) | ($262.0M) |
| Stock-based compensation | $8.7M | $4.1M | $11.8M | $7.3M |
| Depreciation | $2.0M | $967.0K | $2.7M | $1.7M |
| Other losses (gains) | $366.0K | $21.0K | ($792.0K) | ($874.0K) |
| Amortization of debt issuance costs and original issue discount | $21.9M | $10.9M | $35.8M | $24.8M |
| Change in allowance for credit losses | $152.3M | ($118.8M) | $24.8M | $45.0M |
| Deferred income taxes | $10.0K | $2.1M | $2.8M | $72.0K |
| Payment-in-kind interest | ($13.5M) | ($13.5M) | ($23.8M) | ($10.7M) |
| Receipt of payment-in-kind interest | $51.1M | $51.1M | — | — |
| Net proceeds from settlement of derivatives | $0 | $0 | $1.8M | $1.8M |
| Other assets | $4.5M | $1.4M | ($8.6M) | ($6.2M) |
| Accrued expenses and deferred revenue | ($13.5M) | ($60.7M) | ($39.3M) | $2.6M |
| Other liabilities | ($3.4M) | ($1.7M) | ($286.0K) | ($2.3M) |
| Net cash provided by operating activities | $1.4B | $631.9M | $1.8B | $1.2B |
| Investments in leases - sales-type | ($141.7M) | — | $0 | $0 |
| Investments in leases - financing receivables | ($435.0M) | — | $0 | $0 |
| Investments in loans and securities | ($943.2M) | ($734.5M) | ($786.4M) | ($723.9M) |
| Principal repayments of loans and securities and receipts of deferred fees | $473.0M | $468.6M | $20.3M | $7.5M |
| Payments for real estate under development | ($22.3M) | — | — | — |
| Capitalized transaction costs | ($247.0K) | ($937.0K) | ($325.0K) | ($77.0K) |
| Maturities of short-term investments | $44.5M | $44.5M | $0 | $0 |
| Acquisition of property and equipment | ($794.0K) | ($628.0K) | ($1.0M) | ($828.0K) |
| Proceeds from sale of real estate | $0 | — | $2.0M | $2.0M |
| Net cash used in investing activities | ($1.0B) | ($222.9M) | ($765.5M) | ($715.3M) |
| Proceeds from offering of common stock, net | $241.8M | — | $375.4M | — |
| Proceeds from Revolving Credit Facility | $280.2M | $0 | $426.0M | $423.4M |
| Repayment of Revolving Credit Facility | ($150.0M) | $0 | ($432.7M) | ($257.7M) |
| Proceeds from senior unsecured notes offerings | $0 | — | $1.3B | $1.3B |
| Redemption of senior unsecured notes | $0 | — | ($1.3B) | ($1.3B) |
| Debt issuance costs | ($120.0K) | ($98.0K) | ($19.4M) | ($19.4M) |
| Repurchase of stock for tax withholding | ($2.3M) | ($2.3M) | ($7.2M) | ($7.2M) |
| Distributions to non-controlling interests | ($16.5M) | ($8.3M) | ($24.0M) | ($16.0M) |
| Dividends paid | ($962.3M) | ($481.4M) | ($1.4B) | ($915.9M) |
| Net cash used in financing activities | ($609.3M) | ($492.1M) | ($1.1B) | ($808.4M) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | ($360.0K) | ($150.0K) | $509.0K | $365.0K |
| Net decrease in cash, cash equivalents and restricted cash | ($275.4M) | ($83.3M) | ($17.1M) | ($291.6M) |
| Cash, cash equivalents and restricted cash, beginning of period | $563.5M | $563.5M | $524.6M | $524.6M |
| Cash, cash equivalents and restricted cash, end of period | $288.1M | $480.2M | $507.5M | $233.0M |
| Cash paid for interest | $397.7M | $239.5M | $620.8M | $381.8M |
| Cash paid for capitalized interest | $56.0K | — | — | — |
| Cash paid for income taxes | $4.0M | $0 | $3.3M | $3.3M |
| Dividends and distributions declared, not paid | $501.0M | $486.5M | $486.5M | $462.3M |
| Accrued capitalized transaction costs | $582.0K | $2.2M | $1.9M | $520.0K |
| Non-cash change in Investments in leases - financing receivables | $152.2M | $71.3M | $211.9M | $141.7M |
VICI Properties Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.