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VICI Properties 8-K Report, Financial Results (Feb 25, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 25, 2026
Period End
February 25, 2026
Security
VICI
In the 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. Leadership change8-K · Aug ’18Aug ’18
  2. Deal closed8-K · Jul ’20Jul ’20
  3. Material agreement8-K · Jan ’23Jan ’23
  4. Material agreement8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.

VICI Properties Inc. reported fourth-quarter and full-year 2025 results on February 25, 2026, and issued preliminary full-year 2026 AFFO guidance.

For full-year 2025, total revenues rose 4.1% year-over-year to $4.0 billiona, net income attributable to common stockholders increased 3.6% to $2.8 billion ($2.61 per diluted share), and AFFO attributable to common stockholders increased 6.6% to $2.5 billion ($2.38 per share, up 5.1%). The filing notes that the year-over-year change in net income was partially offset by a $51.2 million aggregate change in the CECL allowance. In the fourth quarter, net income attributable to common stockholders decreased 1.6% to $604.8 million ($0.57 per share), primarily due to a $58.7 million aggregate change in the CECL allowance, while AFFO rose 6.8% to $642.5 million ($0.60 per share).

The company announced approximately $2.1 billionb of capital commitments in 2025 at a weighted average initial yield of 8.9%. Major transactions include a pending $1.16 billion acquisition of seven Nevada casino properties from Golden Entertainment, with an initial annual rent of $87.0 million and expected closing in mid-2026, and a pending Northfield Park lease with an initial annual base rent of $53.0 million. The PENN leases were also combined into one master lease with no change in aggregate rent.

As of December 31, 2025, the company reported approximately $17.1 billionc in total debt and approximately $3.2 billion in liquidity. For 2026, VICI estimates AFFO between $2,590 million and $2,625 million, or $2.42 to $2.45 per diluted share, excluding the effects of pending or future acquisitions, dispositions, and capital markets activity.

The company does not provide GAAP net income guidance because it cannot reliably predict the non-cash change in allowance for credit losses, which could be material to reported GAAP results. The quarterly dividend was $0.45d per share, a 4.0% increase year-over-year.

02—Key points

Key Highlights

  1. FY2025 AFFO per diluted share rose 5.1% to $2.38; FY2025 AFFO attributable to common stockholders rose 6.6% to $2.5 billion.
  2. FY2025 net income attributable to common stockholders was $2.8 billion, or $2.61 per diluted share, up 3.6% in total, partly offset by a $51.2 million change in the CECL allowance.
  3. Q4 2025 net income per share declined to $0.57 from $0.58, primarily due to a $58.7 million aggregate change in the CECL allowance.
  4. Announced about $2.1 billion of 2025 capital commitments at a weighted average initial yield of 8.9%.
  5. Pending $1.16 billion acquisition of seven Golden Entertainment casino properties in Nevada, with $87.0 million initial annual rent (7.5% acquisition cap rate), expected to close in mid-2026.
  6. 2026 AFFO guidance of $2,590 million to $2,625 million, or $2.42 to $2.45 per diluted share.
  7. Total debt of approximately $17.1 billion and liquidity of approximately $3.2 billion as of December 31, 2025; quarterly dividend of $0.45 per share, up 4.0% year-over-year.

03—Questions

Frequently Asked Questions

  1. What drove the decline in fourth-quarter net income per share?

    The filing states that the year-over-year decline in net income attributable to common stockholders was primarily related, on an absolute basis, to a $58.7 million aggregate change in the CECL allowance from the quarter ended December 31, 2024 to the quarter ended December 31, 2025. Q4 2025 net income per diluted share was $0.57 versus $0.58 in Q4 2024.

  2. What is the expected impact of the pending Golden Entertainment transaction?

    VICI agreed to acquire seven Nevada casino properties from Golden Entertainment for $1.16 billion and enter into a triple-net master lease with an entity owned and controlled by Blake L. Sartini, with initial total annual rent of $87.0 million (a 7.5% acquisition cap rate) and a 30-year initial term. The filing says the transaction is expected to close in mid-2026, subject to Golden stockholder approval and customary closing conditions and regulatory approvals. VICI will also assume and retire Golden's $426 million of debt, and the company does not expect to require additional financing to complete the transaction.

  3. What does VICI guide for 2026?

    VICI estimates 2026 AFFO of between $2,590 million and $2,625 million, or $2.42 to $2.45 per diluted share, with an estimated weighted average share count of 1,069.9 million. Guidance excludes pending or future acquisitions, dispositions, capital markets activity, and other non-recurring transactions. The company does not provide GAAP net income guidance because it cannot reliably predict the non-cash change in allowance for credit losses.

  4. How is VICI's balance sheet and liquidity positioned?

    As of December 31, 2025, the company had approximately $17.1 billion in total debt and approximately $3.2 billion in liquidity, comprised of $563.5 million in cash and cash equivalents, $44.5 million in short-term investments, $243.3 million in estimated proceeds from forward sale agreements, and $2.4 billion of revolving credit facility availability. The filing reports a net debt of $16,484.4 million.

04—Continue

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