01—Abstract
Summary
Summary of the 10-Q filed October 28, 2026. Cited figures are marked; the original filing is the authoritative source.
VICI Properties Inc. (with its operating partnership VICI Properties L.P.) reported net income attributable to common stockholders of $342.5 milliona for the three months ended September 30, 2026, versus $762.0 million a year earlier, and $1.74 billion for the nine months versus $2.17 billion.
The decline is driven mainly by a $458.0 millionb increase in the allowance for credit losses in the quarter, compared with a $20.2 million decrease in the prior-year quarter. The filing attributes about $313.2 million of the quarterly increase to Caesars, reflecting a rating agency downgrade of Caesars' senior secured debt and revised renewal-period loss estimates for the Caesars Regional Master Lease and Joliet Lease. Excluding the credit-loss charge, operating results grew: total revenues rose to $1.07 billion from $1.01 billion in the quarter, and AFFO attributable to common stockholders was $685.2 million, or $0.62 per share, versus $0.60 a year earlier.
The balance sheet expanded over the period. Total assets rose to $48.06 billionc from $46.72 billion at December 31, 2025, supported by the Golden Entertainment Transaction ($1.15 billion total purchase price, including roughly 24.3 million VICI shares issued), the Gamehost Transaction, and a $1.5 billion One Beverly Hills mezzanine loan. Total debt was $16.92 billion carrying value, against $17.22 billion principal, with a weighted average contractual interest rate of 4.73% on senior unsecured notes.
In August 2026 VICI LP issued $1.75 billiond of senior notes, and cash and cash equivalents declined to $270.3 million. Operating cash flow was $2.02 billion for the nine months, up from $1.82 billion. Subsequent to quarter-end, on October 27, 2026, the Board authorized a share repurchase program of up to $2.0 billion through September 30, 2029.
The quarterly dividend was declared at $0.46 per share, up from $0.45. The filing states that the company's properties are 100% leased, with a weighted average lease term of approximately 39.4 years, and that MGM and Caesars together account for a large share of lease revenue.
02—Key points
Key Highlights
- Net income attributable to common stockholders fell to $342.5 million ($0.31 per share) in Q3 2026 from $762.0 million ($0.71 per share) in Q3 2025, primarily because of a $458.0 million change in the allowance for credit losses.
- Approximately $313.2 million of the Q3 2026 credit-loss increase related to Caesars, following a rating agency downgrade of Caesars' senior secured debt and revised renewal-period estimates for the Caesars Regional Master Lease and Joliet Lease.
- Total revenues rose to $1.07 billion in Q3 2026 from $1.01 billion, and AFFO attributable to common stockholders was $685.2 million ($0.62 per share) versus $637.6 million ($0.60 per share) a year earlier.
- The Golden Entertainment Transaction closed April 30, 2026 for $1.15 billion, adding seven casino properties under a 30-year master lease with an initial annual rent of $87.0 million.
- VICI LP issued $1.75 billion of senior unsecured notes on August 14, 2026, due 2031 and 2036, and used the proceeds to redeem $1.75 billion of 2026 notes.
- Total assets were $48.06 billion at September 30, 2026, against $17.22 billion of debt principal; cash and cash equivalents declined to $270.3 million from $563.5 million.
- On October 27, 2026, the Board authorized a share repurchase program of up to $2.0 billion expiring September 30, 2029, and the Q3 2026 dividend was declared at $0.46 per share.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed October 28, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $1.07B$1.01B | +5.8% |
| Cost of Revenue | $6.86M$6.76M | +1.4% |
| Gross Profit | $1.06B$1.00B | +5.8% |
| Net Income | $342.53M$762.04M | −55.1% |
| EPS (Basic) | $0.31$0.71 | −56.3% |
| EPS (Diluted) | $0.31$0.71 | −56.3% |
| Shares Outstanding (Basic) | 1.10B1.07B | +3.1% |
| Shares Outstanding (Diluted) | 1.10B1.07B | +3.0% |
05—Questions
Frequently Asked Questions
Why did net income drop so sharply in the third quarter of 2026?
The main driver was a $458.0 million increase in the allowance for credit losses, compared with a $20.2 million decrease in Q3 2025. About $313.2 million of the increase related to Caesars, reflecting a rating agency downgrade of Caesars' senior secured debt and revised estimates of credit losses during renewal periods for the Caesars Regional Master Lease and Joliet Lease. The filing states that these are non-cash allowance changes.
What acquisitions and investments drove growth in 2026?
The filing describes the Golden Entertainment Transaction, closed April 30, 2026 for $1.15 billion; the Gamehost Transaction, closed June 24, 2026 for C$200.6 million; the Club Med St. Croix Transaction, with a $20.3 million acquisition and a $55.2 million redevelopment to be funded by VICI; and a $1.5 billion One Beverly Hills mezzanine loan provided March 23, 2026. Lease revenue growth was attributed mainly to the Golden Entertainment Master Lease and the Gamehost Portfolio addition.
How is VICI's debt position and liquidity?
Total debt principal was $17.22 billion at September 30, 2026, with 98.4% fixed-rate. The contractual weighted average interest rate on senior unsecured notes was 4.73%. Cash and cash equivalents were $270.3 million, and the Revolving Credit Facility had capacity of $2.23 billion, for total liquidity of $2.50 billion. Notes totaling $1.5 billion mature in 2027, and $2.0 billion in 2028.
What capital return actions did VICI announce?
Dividends declared were $0.45 per share for each of the first two quarters of 2026 and $0.46 for the third quarter. After quarter-end, on October 27, 2026, the Board authorized a share repurchase program of up to $2.0 billion through September 30, 2029. The filing states that repurchases are at the company's discretion and that the program does not obligate VICI to buy any particular amount of stock.
How concentrated is VICI's tenant base?
The filing states that MGM and Caesars guarantee all lease payment obligations of the tenants under their respective leases. For the nine months ended September 30, 2026, MGM accounted for 37% of lease revenue and Caesars for 35%. Properties on the Las Vegas Strip generated approximately 49% of lease revenues for the nine months ended September 30, 2026 (48% for the three months).
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