Vici Properties
VICI NYSE Hotel & Resort REITs Financials FY2018–FY2025
Vici Properties' revenue rose 4.1% to $4.0 billion in fiscal 2025. Its net margin was 69.3%, down from 69.6% a year earlier. Free cash flow was $2.5 billion, up 5.7%. It paid out $1.9 billion in dividends and buybacks, 74% of free cash flow. The diluted share count rose 1.4%.
About these figures. VICI Properties was formed in October 2017, so its history starts in 2018, its first full year. VICI's only cost of revenue line is for its golf courses, so gross profit and gross margin are left blank.
What Vici Properties does
VICI Properties is a real estate investment trust that owns gaming, hospitality, wellness, entertainment and leisure properties and leases them to operators under long-term triple net leases. In a triple net lease, the tenant pays the property's taxes, insurance and upkeep on top of rent. As of December 31, 2025, VICI owned 93 properties, 54 of them gaming properties, across the United States and Canada.
Its tenants run well-known casino resorts, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort. Its properties have about 60,300 hotel rooms and more than 500 restaurants, bars, nightclubs and sportsbooks. VICI says its properties are fully leased, with a weighted average lease term, counting extension options, of about 39.6 years.
VICI earns rent from these leases. It also lends to and partners with developers and operators in other leisure sectors, such as Great Wolf Resorts, Kalahari Resorts and Lucky Strike Entertainment. It owns land near the Las Vegas Strip that it leases to Caesars, and four golf courses.
- Legal name
- VICI Properties Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001705696-26-000034
0001705696
Revenue and margins
Vici Properties had $4.0B of revenue in fiscal 2025, up 4.1% on the year before.
Net income and earnings per share
From fiscal 2018 to 2025, diluted EPS grew 9.0% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.5B in fiscal 2025, 62.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Vici Properties returned $1.9B to shareholders in fiscal 2025, 74% of free cash flow. The diluted share count rose 1.4%.
Value Vici Properties yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$17.0B and divides by 1,062.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 9.2x · peers 33.4x · sector 28.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Vici Properties can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $740M | $426M | $523M | $525M | $608M |
| Debt incl. finance leases | $5.0B | $14.5B | $16.7B | $17.6B | $17.6B |
| Net debt / EBITDA | 3.0x | 8.4x | 4.8x | 4.8x | 4.6x |
| Debt / equity | 0.4x | 0.7x | 0.7x | 0.7x | 0.6x |
| Interest coverage | 3.6x | 3.1x | 4.1x | 4.3x | 4.3x |
| Total assets | $17.6B | $37.6B | $44.1B | $45.4B | $46.7B |
| Total liabilities | $5.4B | $15.3B | $18.4B | $18.4B | $18.5B |
| Shareholders' equity | $12.1B | $21.9B | $25.3B | $26.5B | $27.8B |
| Net debt (− = net cash) | $4.2B | $14.1B | $16.2B | $17.1B | $17.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✕ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | 0.8% | 0.7% | 0.6% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Vici Properties VICI | $25.9B | 4.1% | — | 62.6% | 8.2% | 9.3x | — | |
| Host Hotels & Resorts HST | $17.0B | 7.6% | 14.0% | — | 7.4% | 16.6x | — | Compare → |
| Park Hotels & Resorts PK | $3.3B | −2.2% | −1.3% | 4.0% | −0.4% | — | — | Compare → |
| Crown Castle CCI | $37.3B | −4.4% | 48.7% | — | 8.8% | 43.6x | 5 | Compare → |
| BXP BXP | $9.9B | 2.2% | — | — | — | 33.4x | — | Compare → |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $898M | $895M | $1.2B | $1.5B | $2.6B | $3.6B | $3.8B | $4.0B |
| Operating income | $140M | $52.3M | $321M | — | — | — | — | — |
| Interest expense | $213M | $248M | $309M | $392M | $540M | $818M | $826M | $844M |
| Pretax income | $534M | $556M | $897M | $1.0B | $1.1B | $2.5B | $2.7B | $2.8B |
| Income tax | $1.4M | $1.7M | $0.8M | $2.9M | $2.9M | −$6.1M | $9.7M | $2.4M |
| Net income | $524M | $546M | $892M | $1.0B | $1.1B | $2.5B | $2.7B | $2.8B |
| Diluted EPS | $1.43 | $1.24 | $1.75 | $1.76 | $1.27 | $2.47 | $2.56 | $2.61 |
| Diluted shares | 0.37B | 0.44B | 0.51B | 0.58B | 0.88B | 1.02B | 1.05B | 1.06B |
| Cash flow | ||||||||
| Cash from operations | $504M | $682M | $884M | $896M | $1.9B | $2.2B | $2.4B | $2.5B |
| Capital expenditure | $0.9M | $2.7M | $2.8M | $2.5M | $1.9M | $4.0M | $7.5M | $1.3M |
| Free cash flow | $503M | $679M | $881M | $894M | $1.9B | $2.2B | $2.4B | $2.5B |
| Depreciation and amortization | $3.7M | $3.8M | $3.7M | $3.1M | $3.2M | $4.3M | $4.1M | $3.6M |
| Stock-based compensation | $2.3M | $5.2M | $7.4M | $9.4M | $13.0M | $15.5M | $17.5M | $16.2M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $4.6B | $1.3B | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $263M | $504M | $612M | $759M | $1.2B | $1.6B | $1.8B | $1.9B |
| Dividends and buybacks | $263M | $504M | $612M | $759M | $1.2B | $1.6B | $1.8B | $1.9B |
| Balance sheet | ||||||||
| Cash and short-term investments | $1.1B | $1.2B | $336M | $740M | $426M | $523M | $525M | $608M |
| Total debt | $4.1B | $4.8B | $6.8B | $4.7B | $13.7B | $16.7B | $16.7B | $16.8B |
| Finance lease liabilities | $0.0M | $8.7M | $284M | $281M | $784M | — | $863M | $863M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $71.5M | $70.4M | $69.2M | $68.5M | $67.2M | $66.9M | $70.3M | $68.0M |
| Total assets | $11.3B | $13.3B | $17.1B | $17.6B | $37.6B | $44.1B | $45.4B | $46.7B |
| Total liabilities | $4.4B | $5.2B | $7.6B | $5.4B | $15.3B | $18.4B | $18.4B | $18.5B |
| Shareholders' equity | $6.8B | $8.0B | $9.4B | $12.1B | $21.9B | $25.3B | $26.5B | $27.8B |
| Margins | ||||||||
| Operating margin | 15.6% | 5.8% | 26.2% | — | — | — | — | — |
| EBITDA margin | 16.0% | 6.3% | 26.5% | 94.2% | 64.7% | 93.3% | 92.5% | 91.6% |
| Net margin | 58.3% | 61.0% | 72.8% | 67.2% | 43.0% | 69.6% | 69.6% | 69.3% |
| FCF margin | 56.0% | 75.9% | 71.9% | 59.2% | 74.7% | 60.3% | 61.7% | 62.6% |
| Returns | ||||||||
| Return on capital | — | 0.5% | 2.3% | 8.7% | 6.3% | 8.6% | 8.3% | 8.2% |
| Return on equity | — | 7.4% | 10.3% | 9.4% | 6.6% | 10.7% | 10.3% | 10.2% |
| Return on assets | — | 4.4% | 5.9% | 5.9% | 4.1% | 6.2% | 6.0% | 6.0% |
| Growth | ||||||||
| Revenue growth | — | −0.4% | 37.0% | 23.2% | 72.3% | 38.9% | 6.6% | 4.1% |
| Net income growth | — | 4.3% | 63.3% | 13.7% | 10.2% | 124.9% | 6.6% | 3.6% |
| EPS growth | — | −13.3% | 41.1% | 0.6% | −27.8% | 94.5% | 3.6% | 2.0% |
| FCF growth | — | 35.0% | 29.7% | 1.5% | 117.2% | 12.1% | 9.1% | 5.7% |
| Share count change | — | 19.6% | 16.3% | 13.0% | 52.4% | 15.5% | 3.1% | 1.4% |
| Financial health | ||||||||
| Net debt / EBITDA | 21.0x | 64.8x | 20.7x | 3.0x | 8.4x | 4.8x | 4.8x | 4.6x |
| Debt / equity | 0.6x | 0.6x | 0.8x | 0.4x | 0.7x | 0.7x | 0.7x | 0.6x |
| Interest coverage | 0.7x | 0.2x | 1.0x | 3.6x | 3.1x | 4.1x | 4.3x | 4.3x |
| Capital allocation | ||||||||
| Capex / revenue | 0.1% | 0.3% | 0.2% | 0.2% | 0.1% | 0.1% | 0.2% | 0.0% |
| Stock comp / revenue | 0.3% | 0.6% | 0.6% | 0.6% | 0.5% | 0.4% | 0.5% | 0.4% |
| Payouts / FCF | 52.2% | 74.2% | 69.5% | 84.9% | 62.8% | 72.8% | 73.8% | 73.9% |
| Quality scores | ||||||||
| Accruals ratio | — | −1.1% | 0.1% | 0.7% | −3.0% | 0.8% | 0.7% | 0.6% |
Source: SEC EDGAR XBRL filings (CIK 0001705696). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.