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VICI PropertiesVICI

Legal name
VICI Properties Inc.
Sector
Financial Services
Industry
Real Estate Investment Trusts
Exchange
NYSE

Stock Price $VICI

Latest filings

You are here#14 of 17 in Real Estate by market cap

Filing record · 2017–202610-K1010-Q288-K161

VICI filed 10 annual reports (10-K), 28 quarterly reports (10-Q) and 161 current reports (8-K) between 2017 and 2026.

  1. Deal closed8-K · Sep ’19Sep ’19
  2. Material agreement8-K · Mar ’21Mar ’21
  3. FY2022 annual report10-K · Feb ’23Feb ’23
  4. Material agreement8-K · Apr ’25Apr ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  9. $4.01B
YoY changeLargest recent move+378.6%in FY18Latest +4.1%

1 older move runs past ±150% (largest +378.6%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All VICI Financial Metrics47 metrics

Income Statement14

Balance Sheet14

Cash Flow14

Per Share5

02—Overview

VICI Properties Financial Overview 2021–2025

Updated Nov 4, 2026

Revenue at VICI Properties more than 2.6x'd in four years, yet the market priced the stock at just 10.8xa earnings at the close of FY2025. That gap is the story. VICI has turned a handful of Las Vegas leases into a 93-asset portfolio that is 100% leased, and the price tag has not kept pace with the cash flow. The catch is concentration: the growth engine is now throttling down, and two tenants carry the rent roll.

Revenue climbed from $1.51 billion in FY2021 to $4.01 billionb in FY2025. The big leap came in FY2022, when revenue jumped 72.3% on the MGM Growth Properties deal. Since then the pace has cooled to 6.6% in FY2024 and 4.1% in FY2025. Cash flow per share tells a steadier tale: AFFO per diluted share rose from $1.82 to $2.38 over the same stretch, while net income reached $2.78 billion ($2.61 per diluted share) in FY2025. The market capitalization was $30.1 billion at a $28.12 close on 2025-12-30.

The risks are specific. Caesars and MGM represent 39% and 35% of annualized rent, and the Las Vegas Strip produced about 49% of FY2025 revenue. Caesars is also showing declining profitability at certain properties, and the credit-loss allowance rose to $177.9 millionc from $126.7 million. Debt sits at $17.1 billion at a 4.464% weighted average rate, backed by $2.4 billion of revolver capacity. The quarterly dividend reached $0.45 per share in Q3 2025.

Recent Developments (Q2 and Q3 2026)

Credit costs hit earnings hard in Q3 2026. Net income fell to $342.5 milliond from $762.0 million, driven by a $458.0 million credit-loss allowance increase. About $313.2 million of that tied to Caesars after a rating agency downgraded its senior secured debt. Operations held up: revenue rose 5.8% to $1.07 billion, and AFFO per diluted share rose 4.3% to $0.62. In Q2 2026, net income fell to $526.5 million on a $271.1 million CECL charge. Management raised full-year AFFO guidance twice, to $2.47–$2.48 per share.

VICI closed the $1.15 billione Golden Entertainment deal, adding $87.0 million of initial rent. It refinanced $1.75 billion of 2026 notes at 5.422%, authorized a $2.0 billion buyback, and raised the dividend to $0.46. The bull case: AFFO is growing and the stock trades at 9.0x earnings as of 2026-10-27. The bear case: the higher refinancing rate and Caesars credit costs could keep pressuring reported earnings.

What to watch: further Caesars credit-loss charges; buyback pace against the higher cost of debt

03—Filings

Recent SEC Filings

  1. 8-KVICI Properties 8-K Report, Financial Results (Oct 28, 2026)VICI Properties Inc. reported third-quarter 2026 results on October 28, 2026, with total revenues of $1.07 billion (described in the filing as $1.1 billion), up 5.8% year-over-year. Net income attributable to common stockholders fell to $342.5 million, or $0.31 per diluted share, from $762.0 million, or $0.71, a year earlier. The filing attributes the decline to a $478.2 million aggregate year-over-year swing in the change in the CECL allowance for credit losses. AFFO attributable to common stockholders rose 7.5% to $685.2 million, or $0.62 per diluted share, up 4.3% from $0.60. The company raised its full-year 2026 AFFO guidance to $2,695 million to $2,705 million, or $2.47 to $2.48 per diluted share, from prior guidance of $2,675 million to $2,695 million, or $2.45 to $2.47. Management also declared a quarterly dividend of $0.46 per share, a 2.2% increase year-over-year, marking the ninth consecutive annual dividend increase. In August 2026, the company issued $1.75 billion of senior notes, with an adjusted weighted average interest rate of 5.422%, to redeem its 2026 maturities. Subsequent to quarter-end, the Board authorized a share repurchase program of up to $2.0 billion expiring September 30, 2029. VICI also announced an agreement for a new triple-net master lease with a subsidiary of Highfield Investment Group covering the Century Mile and Century Downs racetracks in Alberta, Canada, with an initial annual base rent of C$10.7 million, approximately US$7.5 million. The filing states there will be no change to aggregate rent collected by VICI, and closing is expected in the fourth quarter of 2026 or the first quarter of 2027. As of September 30, 2026, total debt was $17.2 billion, cash was $270.3 million, and the company reported net leverage of 4.8x on a last-quarter-annualized basis.
  2. 8-KVICI Properties 8-K/A Report, Executive Changes (Sep 22, 2026)VICI Properties Inc. filed this Amendment No. 1 to Form 8-K/A to amend its Current Report on Form 8-K filed on September 8, 2026. The amendment is limited to Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers) and does not provide an update on other developments at the Company since the original filing date. Under Item 5.02(d), the filing states that John M. Sullivan's prior appointment to the Board of Directors as an independent director became effective September 18, 2026, following receipt of applicable regulatory approvals. In connection with his appointment, the Board authorized an increase in its size to eight members. Mr. Sullivan will serve on the Board's Compensation Committee and Nominating and Governance Committee. The filing states that Mr. Sullivan is compensated under the Company's standard non-employee director compensation policies and practices, and that the Company has entered into its standard form indemnification agreement with him. The filing also states there are no Item 404(a) related-person transactions with Mr. Sullivan and no arrangements or understandings under which he was selected as a director.
  3. 8-KVICI Properties 8-K Report, Executive Changes (Sep 8, 2026)VICI Properties Inc. filed a Form 8-K on September 8, 2026, under Item 5.02 to announce the appointment of John M. Sullivan as an independent member of its Board of Directors. The appointment is effective upon receipt of all applicable regulatory approvals, and once effective the Board is expected to increase to eight directors. Mr. Sullivan will serve on the Board's Compensation Committee and Nominating and Governance Committee and will be compensated under the Company's standard non-employee director policies. The Company will also enter into its standard form indemnification agreement with him. Mr. Sullivan served as President and Chief Executive Officer of Cadillac Fairview Corporation Limited from January 2011 until his retirement in October 2023, and held multiple prior roles there dating back to 1998. He currently serves on the boards of Colliers International (TSX: CIGI) and EQ Bank (Equitable Bank) (TSX: EQB). The filing states there are no Item 404(a) related-party transactions and no arrangements or understandings under which he was selected as a director. The filing is governance-focused and discloses no financial results, transaction terms, or operating metrics. Chair Jim Abrahamson and CEO Edward Pitoniak both praised the appointment in the accompanying press release (Exhibit 99.1), which is incorporated by reference.
  4. 8-KVICI Properties 8-K Report, Material Agreement (Aug 14, 2026)VICI Properties L.P. (VICI LP), the operating partnership of VICI Properties Inc., completed an offering on August 14, 2026 of $900,000,000 aggregate principal amount of 5.400% Notes due 2031 (issued at 99.966% of par) and $850,000,000 aggregate principal amount of 5.750% Notes due 2036 (issued at 98.375% of par). Interest is payable semi-annually on April 15 and October 15, beginning April 15, 2027. The Notes are unsecured, unsubordinated obligations of VICI LP that rank equally with its other unsecured senior debt, and they are not guaranteed by VICI Properties Inc. or by any subsidiary as of the issue date, though certain subsidiaries may be required to guarantee them in the future under limited circumstances tied to the Credit Agreement dated February 3, 2025. VICI LP intends to use the net proceeds to repay all or a portion of three series of 2026 maturities: $480.5 million of 4.500% notes due September 2026, $19.5 million of 4.500% notes due 2026 (the MGP Notes, expected to be paid at maturity on September 1, 2026), and $1.25 billion of 4.250% notes due December 2026. The company expects to redeem the September 2026 and December 2026 maturity notes on August 17, 2026 at 100% of principal plus accrued interest. The Notes benefit from a pledge of VICI LP limited partnership interests held by VICI Properties OP LLC, and the Indenture limits secured and unsecured debt and requires total unencumbered assets of at least 150% of total unsecured indebtedness. The offering was made under an automatic shelf registration statement filed April 30, 2025, with a preliminary prospectus supplement filed August 5, 2026 and a final prospectus supplement filed August 6, 2026. The filing also incorporates the Base Indenture dated April 29, 2022 with UMB Bank, National Association, as trustee, and the Fifth Supplemental Indenture dated August 14, 2026.
  5. 8-KVICI Properties 8-K Report, Material Agreement (Aug 6, 2026)VICI Properties Inc. and its operating partnership, VICI Properties L.P., entered into an underwriting agreement on August 5, 2026 with Wells Fargo Securities, LLC, Barclays Capital Inc., Mizuho Securities USA LLC and Truist Securities, Inc., as representatives of the underwriters, under which VICI LP agreed to issue and sell $900 million of 5.400% Senior Notes due 2031 and $850 million of 5.750% Senior Notes due 2036. The 2031 Notes are being issued at 99.966% of par and the 2036 Notes at 98.375% of par. VICI LP estimates net proceeds of approximately $1,720.0 million after underwriting discounts and offering expenses, with closing expected on August 14, 2026, subject to customary conditions. VICI LP intends to use the net proceeds to repay all or a portion of three existing note series: $480.5 million of 4.500% senior notes due 2026 (September 2026 Maturity Notes), $19.5 million of 4.500% senior notes due 2026 (2026 MGP Notes), and $1.25 billion of 4.250% senior notes due 2026 (December 2026 Maturity Notes). Any remaining proceeds may be used for general corporate purposes, including property acquisitions and improvements, capital expenditures, working capital, and repayment or refinancing of indebtedness. Because some underwriters or their affiliates may hold the notes being repaid, they may receive a portion of the proceeds; if more than 5% of net proceeds go to any single underwriter or affiliate, the offering will follow FINRA Rule 5121. The offering was made under an automatic shelf registration statement filed April 30, 2025 (File No. 333-286854-01), with a prospectus supplement dated August 5, 2026. Hogan Lovells Cadwalader US LLP issued a legality opinion dated August 6, 2026, filed as Exhibit 5.1. The filing is primarily a financing and refinancing event that refinances near-term 2026 maturities with longer-dated notes.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.