Company file · VICI
Vici Properties
Vici Properties' revenue rose 4.1% in FY2025, to $4.0B, and net income rose 3.6% to $2.8B
Revenue rose 4.1% to $4.0B in FY2025, from $3.8B in FY2024. Net income rose 3.6% to $2.8B.
Key facts
Vici Properties (NYSE: VICI) closed fiscal 2025 on Dec 31, 2025 with revenue of $4.0B, up 4.1% from a year before; net income came to $2.8B, up 3.6%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $1.1B, up 5.8% on the same stretch of the prior year, and net income of $343M. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).
Source: 10-K FY2025, filed Feb 25, 2026
Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 28, 2026
How it makes money
Vici Properties reported revenue of $4.0B for FY2025, and net income of $2.8B.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Vici Properties 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
The bull case and the bear case
The bull case
- Revenue rose 4.1% in FY2025 to $4.0B, from $3.8B a year earlier. 10-K, FY2025
- Net income rose 3.6% in FY2025 to $2.8B, from $2.7B. 10-K, FY2025
- Operating cash flow rose 5.4% in FY2025 to $2.5B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $1.1B, up 5.8% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Diluted shares rose 1.4% in FY2025, which spreads profit across more shares. 10-K, FY2025
- Net income in the quarter ended Sep 30, 2026 was $343M, down 55.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include interest rates; occupancy and rents; property markets. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Vici Properties is in the hotel & resort REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.
The full description of Vici Properties' business is in Item 1 of its 10-K, linked below. This page shows its revenue in total only, because its tagged data has no breakdown that adds up to total revenue.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the hotel & resort REITs industry. They are not a summary of Vici Properties’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Interest ratesHigher rates raise borrowing costs and can lower property values.
- Occupancy and rentsVacancies, tenant defaults and weaker rents reduce income.
- Property marketsLocal supply, demand and values vary by market and property type.
- Capital and developmentAcquisitions and developments need financing and may not earn what was planned.
- Regulation and taxesProperty, zoning and tax rules, including the rules for REIT status, affect results.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $3.6B | $3.8B | $4.0B |
| Net income | $2.5B | $2.7B | $2.8B |
| Operating cash flow | $2.2B | $2.4B | $2.5B |
| Cash & equivalents (year end) | $523M | $525M | $563M |
| Total debt (year end) | $16.7B | $16.7B | $16.8B |
| Diluted shares | 1.02B | 1.05B | 1.06B |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Segment reporting
- 13F filings, explained
- Credit ratings
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Revenue by segment, product or region: the company's XBRL data has no breakdown that adds up to total revenue, so none is shown. The 10-K has its own segment note.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 28, 2026 | Sep 30, 2026 |
| 10-Q | Jul 29, 2026 | Jun 30, 2026 |
| 10-Q | Apr 29, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 16, 2026 | Apr 28, 2026 |
| 10-K | Feb 25, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Vici Properties
How does Vici Properties make money?
Fiscal 2025 revenue: $4.0B. Vici Properties reported revenue of $4.0B for FY2025, and net income of $2.8B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What was Vici Properties's revenue in fiscal 2025?
$4.0B, up 4.1% from fiscal 2024 ($3.8B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $3.6B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
Is Vici Properties profitable?
Net income was $2.8B in fiscal 2025 (up 3.6%; fiscal 2024 was $2.7B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $343M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What did Vici Properties report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $1.1B (up 5.8% from $1.0B) and net income $343M (down 55.1% from $762M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.
How much cash and debt does Vici Properties have?
As of Sep 30, 2026: $270M of cash and cash equivalents, $16.9B of total debt. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Oct 28, 2026.
What are the main risks Vici Properties faces?
Vici Properties's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the hotel & resort REITs industry include Interest rates; occupancy and rents; property markets; capital and development; regulation and taxes. The first: Higher rates raise borrowing costs and can lower property values. Source: 10-K, Item 1A Risk Factors.
Where do these Vici Properties numbers come from?
The 10-K filed Feb 25, 2026 (fiscal 2025) and the 10-Q filed Oct 28, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Vici Properties
- Renaissance Technologies: 796,205 shares, reported value $21.1M at Jun 30, 2026 (+47.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Point72 Asset Management: 639,373 shares, reported value $17.0M at Jun 30, 2026 (−72.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 578,543 shares, reported value $15.4M at Jun 30, 2026 (+95.1% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 521,991 shares, reported value $13.9M at Jun 30, 2026 (−77.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 243,817 shares, reported value $6.5M at Jun 30, 2026 (+833.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in VICI
- The editor holds no position in Vici Properties (VICI). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell VICI from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold VICI, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Vici PropertiesVICI | FY2025 | $4.0B | +4.1% | $2.8B |
| Host Hotels & ResortsHST | FY2025 | $6.1B | +7.6% | $765M |
| WelltowerWELL | FY2025 | $10.8B | +35.6% | $962M |
| PrologisPLD | FY2025 | $8.8B | +7.2% | $3.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.