FirmAtlas
Company handbook · VICI · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
VICI · CIK 1705696 · LATEST FILING: 10-Q JUN '26 · FILED JUL 29, 2026
VICI Properties Inc.
$23.60
+0.14 (+0.60%)
Close, Oct 16, 2026 · 52-week $22–32
Last fiscal year
VICI Properties Inc. reported revenue of $4.0B for the year ended Dec 31, 2025 (FY25), up 4.1% from FY24. Net income was $2.8B, operating cash flow $2.5B and free cash flow $2.5B. Source: 10-K filed Feb 25, 2026.
Market cap
$25.2B
P/E
9.1
P/B
0.9
Div yield
7.67%
Revenue 1Y
4.1%/yr
EPS 1Y
2.0%/yr
Shares 1Y
+1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOEdward B. Pitoniak
HQNew York, NY
AuditorDeloitte & Touche LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
—
−4.7%
−7.0%
−23.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$3.6B deployed
Capex
$9M
0.2%
Dividends
$3.6B
99.8%
Operating cash flow over the period: $4.9B. Total debt changed by +$40M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY21).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Balance sheet
Total assets
45,369
46,724+3.0%
48,271
Cash & short-term investments
525
608+15.9%
—
Net PP&E
70
68−3.3%
—
Other assets
44,774
46,048+2.8%
—
Total liabilities
18,831
18,927+0.5%
19,100
Total debt
16,733
16,773+0.2%
16,931
Other liabilities
2,098
2,153+2.6%
—
Shareholders’ equity
26,538
27,798+4.7%
29,171
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,381
2,510+5.4%
2,638
Net income
2,721
2,819+3.6%
—
Depreciation & amortization
4
4−11.8%
—
Stock-based compensation
18
16−7.5%
—
Working capital & other
(361)
(328)n/m
—
Cash from investing
(923)
(905)n/m
—
Capex
(8)
(1)n/m
—
Acquisitions
0
0n/m
—
Investments bought
(30)
(44)n/m
—
Other investing
(886)
(859)n/m
—
Cash from financing
(1,457)
(1,567)n/m
—
Debt raised
1,771
1,284−27.5%
—
Debt repaid
(1,800)
(1,300)n/m
—
Dividends
(1,753)
(1,853)n/m
—
Shares issued
379
375−0.9%
—
Other financing
(54)
(73)n/m
—
Net change in cash
2
39+1804.2%
—
Free cash flow (OCF − capex)
2,374
2,509+5.7%
—
Where the cash went
Operating cash flow
2,381
2,510+5.4%
2,638
Reinvested in the business
8
1−82.3%
—
% of operating cash flow
0.3%
0.1%
Capex
8
1−82.3%
—
Acquisitions
0
0n/m
—
Free cash flow
2,374
2,509+5.7%
—
YoY
+5.7%
Returned to shareholders
1,753
1,853+5.7%
—
% of free cash flow
73.8%
73.9%
Dividends
1,753
1,853+5.7%
—
Change in total debt
—
40
—
Cash left over
—
696
—
FCF conversion (FCF ÷ net income)
88.6%
90.4%+1.8 pp
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,007
1,013
1,019
1,059
vs year-ago quarter
Gross profit
1,001
1,006
1,012
1,051
Gross margin
99.3%
99.3%
99.4%
99.3%
Net income
762
605
872
527
vs year-ago quarter
Net margin
75.6%
59.7%
85.7%
49.7%
EPS (diluted, $)
0.71
0.57
0.82
0.48
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
46,536
46,724
47,090
48,271
Cash & equivalents
508
608
480
288
Total debt
16,763
16,773
16,787
16,931
Shareholders’ equity
27,674
27,798
28,189
29,171
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
586
692
632
728