Vici Properties (VICI) | Financial Analysis & Statements
Vici Properties Inc. Large-cap Real Estate
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
1.0B
Gross Profit
1.0B
99.31%
Operating Income
813.8M
80.33%
Net Income
614.3M
60.64%
EPS (Diluted)
$0.57
Balance Sheet Metrics
Total Assets
46.7B
Total Liabilities
18.5B
Shareholders Equity
28.2B
Debt to Equity
0.66
Cash Flow Metrics
Operating Cash Flow
486.6M
Free Cash Flow
691.6M
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
Vici Properties Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 4.0B | 3.8B | 3.6B | 2.6B | 1.5B |
| Cost of Goods Sold | 26.7M | 26.9M | 27.1M | 22.6M | 20.8M |
| Gross Profit | 4.0B | 3.8B | 3.6B | 2.6B | 1.5B |
| Gross Margin % | 99.3% | 99.3% | 99.3% | 99.1% | 98.6% |
| Operating Expenses | |||||
| Research & Development | - | - | - | - | - |
| Selling, General & Administrative | 65.1M | 69.1M | 59.6M | 48.3M | 33.1M |
| Other Operating Expenses | 77.5M | 77.4M | 73.3M | 59.6M | 27.8M |
| Total Operating Expenses | 142.6M | 146.5M | 132.9M | 108.0M | 60.9M |
| Operating Income | 3.7B | 3.5B | 3.3B | 1.6B | 1.4B |
| Operating Margin % | 91.2% | 92.1% | 92.6% | 62.8% | 95.7% |
| Non-Operating Items | |||||
| Interest Income | 14.4M | 16.1M | 24.0M | 9.5M | 120.0K |
| Interest Expense | 843.6M | 826.1M | 818.1M | 540.0M | 392.4M |
| Other Non-Operating Income | -5.1M | -4.0M | -2.3M | 37.1M | -26.0M |
| Pre-tax Income | 2.8B | 2.7B | 2.5B | 1.1B | 1.0B |
| Income Tax | 2.4M | 9.7M | -6.1M | 2.9M | 2.9M |
| Effective Tax Rate % | 0.1% | 0.4% | -0.2% | 0.3% | 0.3% |
| Net Income | 2.8B | 2.7B | 2.6B | 1.1B | 1.0B |
| Net Margin % | 70.4% | 70.7% | 70.7% | 43.7% | 67.8% |
| Key Metrics | |||||
| EBITDA | 3.7B | 3.6B | 3.4B | 1.7B | 1.4B |
| EPS (Basic) | $2.61 | $2.56 | $2.48 | $1.27 | $1.80 |
| EPS (Diluted) | $2.61 | $2.56 | $2.47 | $1.27 | $1.76 |
| Basic Shares Outstanding | 1062006448 | 1046739537 | 1014513195 | 877508388 | 564467362 |
| Diluted Shares Outstanding | 1062006448 | 1046739537 | 1014513195 | 877508388 | 564467362 |
Income Statement Trend
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Vici Properties Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 563.5M | 524.6M | 522.6M | 208.9M | 739.6M |
| Short-term Investments | 44.5M | - | 0 | 217.3M | 0 |
| Accounts Receivable | 2.4M | 5.1M | - | - | - |
| Inventory | - | - | - | - | - |
| Other Current Assets | - | - | - | - | - |
| Total Current Assets | 19.3B | 19.0B | 18.8B | 17.2B | 3.4B |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 892.9M | 896.9M | 885.7M | 809.5M | 290.8M |
| Goodwill | - | - | - | - | - |
| Intangible Assets | - | - | - | - | - |
| Long-term Investments | 0 | 7.7M | 1.6M | 0 | 884.0K |
| Other Non-Current Assets | 43.2M | 29.7M | 31.2M | 33.4M | 52.7M |
| Total Non-Current Assets | 27.4B | 26.4B | 25.3B | 20.4B | 14.2B |
| Total Assets | 46.7B | 45.4B | 44.1B | 37.6B | 17.6B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | - | - | - | - | - |
| Short-term Debt | - | - | - | - | - |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | - | - | - | - | - |
| Total Current Liabilities | 725.0M | 679.9M | 664.8M | 593.6M | 339.8M |
| Non-Current Liabilities | |||||
| Long-term Debt | 17.7B | 17.7B | 17.6B | 14.6B | 5.0B |
| Deferred Tax Liabilities | 6.6M | 3.8M | 4.5M | 4.3M | 3.9M |
| Other Non-Current Liabilities | 250.0K | 250.0K | 250.0K | 125.0K | 1.0M |
| Total Non-Current Liabilities | 17.8B | 17.7B | 17.7B | 14.7B | 5.1B |
| Total Liabilities | 18.5B | 18.4B | 18.4B | 15.3B | 5.4B |
| Equity | |||||
| Common Stock | 10.7M | 10.6M | 10.4M | 9.6M | 6.3M |
| Retained Earnings | 2.8B | 1.9B | 965.8M | 93.2M | 346.0M |
| Treasury Stock | - | - | - | - | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 28.2B | 27.0B | 25.7B | 22.3B | 12.2B |
| Key Metrics | |||||
| Total Debt | 17.7B | 17.7B | 17.6B | 14.6B | 5.0B |
| Working Capital | 18.6B | 18.3B | 18.1B | 16.6B | 3.1B |
Balance Sheet Composition
Vici Properties Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 2.8B | 2.7B | 2.6B | 1.1B | 1.0B |
| Depreciation & Amortization | 3.6M | 4.1M | 4.3M | 3.2M | 3.1M |
| Stock-Based Compensation | 16.2M | 17.5M | 15.5M | 13.0M | 9.4M |
| Working Capital Changes | -2.0M | 1.9M | -2.4M | -5.8M | 1.3M |
| Operating Cash Flow | 2.3B | 2.3B | 2.1B | 1.1B | 988.4M |
| Investing Activities | |||||
| Capital Expenditures | -1.3M | -7.5M | -4.0M | -1.9M | -2.5M |
| Acquisitions | 0 | 0 | -1.3B | -4.6B | 0 |
| Investment Purchases | -44.5M | -441.4M | -241.1M | -4.3B | 0 |
| Investment Sales | 0 | 29.6M | 217.3M | 89.2M | 20.0M |
| Investing Cash Flow | -910.3M | -923.7M | -2.9B | -9.3B | 28.1M |
| Financing Activities | |||||
| Share Repurchases | -7.2M | -5.3M | -5.0M | -6.2M | -1.7M |
| Dividends Paid | -1.9B | -1.8B | -1.6B | -1.2B | -758.8M |
| Debt Issuance | 1.7B | 1.9B | 419.1M | 5.6B | 0 |
| Debt Repayment | -1.7B | -1.9B | -250.0M | -600.0M | -2.1B |
| Financing Cash Flow | -1.6B | -1.5B | 1.0B | 12.4B | -514.2M |
| Free Cash Flow | 2.5B | 2.4B | 2.2B | 1.9B | 893.8M |
| Net Change in Cash | -157.7M | -112.6M | 214.3M | 4.2B | 502.4M |
Cash Flow Trend
Vici Properties Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
10.89
Forward P/E
9.63
Price to Book
1.09
Price to Sales
7.58
PEG Ratio
-6.32
Profitability Ratios
Profit Margin
69.28%
Operating Margin
80.31%
Return on Equity
10.22%
Return on Assets
4.95%
Financial Health
Current Ratio
17.23
Debt to Equity
62.68
Beta
0.73
Per Share Data
EPS (TTM)
$2.61
Book Value per Share
$26.01
Revenue per Share
$3.77
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| VICI | 30.4B | 10.89 | 1.09 | 10.22% | 69.28% | 62.68 |
| W. P. Carey | 16.0B | 34.94 | 1.99 | 5.71% | 27.34% | 109.06 |
| Broadstone Net Lease | 3.2B | 27.20 | 1.05 | 3.76% | 26.22% | 65.12 |
| Global Net Lease | 2.0B | - | 1.22 | -7.05% | -45.52% | 153.85 |
| Empire State Realty | 1.7B | 21.96 | 0.88 | 4.05% | 6.20% | 131.69 |
| American Assets | 1.6B | 22.50 | 1.10 | 6.44% | 12.89% | 156.38 |
Financial data is updated regularly. All figures are in the company's reporting currency.






