VICI Properties Inc. (VICI)

VICI Properties Inc. is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features approximately 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sports books. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties' goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. VICI Properties Inc. was established on July 05, 2016, and is based in New York, United States. VICI Properties Inc. was incorporated in Maryland.

Symbol
VICI
Exchange
NYSE
Sector
Real Estate
Industry
REIT - Diversified
Market cap
$24.94B
52 week range
22.54 - 33.01

Valuation

Share price
$22.65 (close of 2026-10-02)
P/E (TTM)
8.78x
Price to book
0.84x
Price to free cash flow
9.45x
Enterprise value
$42.49B
Book value per share
$26.89

Price performance

PeriodChange
1 day-0.35%
5 days-3.66%
1 month-11.56%
3 months-16.70%
6 months-18.11%
Year to date-19.45%
1 year-30.84%
3 years-20.94%
5 years-22.25%
All time+12.69%

Members of Congress who disclosed VICI trades

Gilbert Ray Cisneros · Alan Armstrong · Julie Johnson · Ritchie Torres

Super investors holding VICI

Ken Griffin (Citadel) · Ray Dalio (Bridgewater Associates) · Christopher Davis (Davis Selected Advisers) · Sarah Ketterer (Causeway Capital Management LLC)

Profitability and growth

Return on equity
9.83%
Return on assets
5.94%
Gross margin
99.33%
Net margin
69.28%
EBITDA margin
69.43%
Revenue growth
4.08%
Net income growth
3.61%
Free cash flow growth
5.40%

Cash flow and balance sheet

Free cash flow yield (TTM)
10.58%
Net debt to EBITDA
4.80x

Latest reported year

Period end
2025-12-31
Fiscal year
2025
Revenue
$4.01B
Cost of revenue
$26.73M
Gross profit
$3.98B
EBITDA
$2.78B
Net income
$2.78B
Earnings per share
$2.61
Shares outstanding
1.06B

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$4.01B$3.98B$2.78B$2.61
2024-12-31$3.85B$3.82B$2.68B$2.56
2023-12-31$3.61B$3.58B$2.51B$2.48
2022-12-31$2.60B$2.58B$1.12B$1.27
2021-12-31$1.51B$1.49B$1.01B$1.80
2020-12-31$1.23B$1.21B$891.67M$1.76
2019-12-31$894.80M$875.90M$545.96M$1.25
2018-12-31$897.98M$880.61M$523.62M$1.43
2017-12-31$187.61M$144.20M$44.54M$0.00

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3199.33%69.28%9.83%-
2024-12-3199.30%69.59%9.94%-
2023-12-3199.25%69.59%9.80%-
2022-12-3199.13%42.97%5.01%-
2021-12-3198.62%67.16%8.32%-
2020-12-3198.56%72.76%9.39%1.97%
2019-12-3197.89%61.02%6.78%0.43%
2018-12-3198.07%58.31%7.59%1.39%
2017-12-3176.86%23.74%0.93%1.65%

Cash and debt by year

Period endCashDebt
2025-12-31$607.96M$16.77B
2024-12-31$524.62M$16.73B
2023-12-31$522.57M$16.72B
2022-12-31$426.27M$13.74B
2021-12-31$739.61M$4.69B
2020-12-31$335.97M$6.77B
2019-12-31$1.16B$4.79B
2018-12-31$1.10B$4.12B
2017-12-31$183.65M$4.12B

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$2.51B$16.20M
2024-12-31$2.38B$17.51M
2023-12-31$2.18B$15.54M
2022-12-31$1.94B$12.99M
2021-12-31$896.35M$9.37M
2020-12-31$883.64M$7.39M
2019-12-31$679.43M$5.22M
2018-12-31$503.18M$2.34M

Dividend history

Most recent payment
2026-09-17
Paid in the last twelve months
$1.81
Payment dateDividend per share
2026-09-17$0.46
2026-06-18$0.45
2026-03-19$0.45
2025-12-17$0.45
2025-09-18$0.45
2025-06-18$0.43
2025-03-20$0.43
2024-12-17$0.43

Investor relations

Next earnings report

Next confirmed report
2026-10-28
Consensus EPS estimate
$0.61

Past earnings dates

ReportedFiscal periodEPS estimate
2026-07-29Jun/2026$0.62
2026-04-29Mar/2026$0.61
2026-02-25Dec/2025$0.60
2025-10-30Sep/2025$0.59
2025-07-30Jun/2025$0.60
2025-07-29--
2025-04-30Mar/2025$0.58
2025-04-29--

Filings and sources

Company website
viciproperties.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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