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Screener / SEC EDGAR /CIK 0001705696 /10-K filed Feb 25, 2026, compared with Feb 20, 2025 /Numbers from the XBRL of the 10-Ks
Real estate peers:
CSGPVICICCIPSAEXRBXP
NYSE Real estate · REIT

Vici Properties VICI

VICI quote by TradingView

We are a Maryland corporation that is primarily engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple net leases. 10-K, Item 1

Headquarters
New York, NY
CEO
Edward Baltazar Pitoniak
Next results
around Feb 24, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $4.0B through the costs to a net profit of $2.8B · income statement of the 10-K

69% net margin
Revenue to Gross profit: $4.0BRevenue to Cost of revenue: $26.7MGross profit to Net profit: $2.8BGross profit to Costs, tax, other: $1.2B Revenue: $4.0B REVENUE $4.0B +4% Y/Y Gross profit: $4.0B · 99% margin GROSS PROFIT $4.0B 99% margin Cost of revenue: $26.7M · 1% of revenue COST OF REVENUE $26.7M 1% of revenue Net profit: $2.8B · 69% margin NET PROFIT $2.8B 69% margin · +4% Y/Y Costs, tax, other: $1.2B · 30% of revenue COSTS, TAX, OTHER $1.2B 30% of revenue
Gross profit $4.0B 99% margin
Net profit $2.8B 69% margin · +4% Y/Y
The full income statement, year by year

VICI among Real estate peers

Six ratios from the latest 10-K. Each corner is the share of 28 peers the company is above, not a score.

Compare
Revenue growth: 4.1%, above 32% of 28 peers (their median 5.2%) REVENUE GROWTH 4.1% · above 32% Gross margin: 99.3%, above 100% of 8 peers (their median 55.3%) GROSS MARGIN 99.3% · above 100% Net margin: 56.5%, above 93% of 28 peers (their median 21.6%) NET MARGIN 56.5% · above 93%
VICI Peer median Below the median

What changed

11 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 25, 2026 against Feb 20, 2025.

Risk factors
11 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Cash from operations lower than net income
Cash from operations $2.5B vs net income $2.8B (FY ending Dec 31, 2025)
10-K · XBRL
Accounting checks
8 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

9 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 8 checks found nothing to note

  • Cash from operations lower than net income
    Cash from operations $2.5B vs net income $2.8B (FY ending Dec 31, 2025)
  • Same auditor in both 10-Ks: Deloitte & Touche LLP
7 more checks with nothing to note
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Allowance for Credit Losses; F - 2
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

11 paragraphs in Risk Factors that were not in the 10-K filed Feb 20, 2025. Quoted as filed.

All 11 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    Financial difficulties experienced by any of our tenants, borrowers or guarantors, including their potential bankruptcy or insolvency, could result in defaults under, or requests to modify or terminate, their lease agreements, related guarantees or loan agreements, or otherwise have a material adverse effect on our business.
  2. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    Adverse developments affecting any of them, whether arising from conditions in the markets in which a tenant operates, the performance of such tenant’s portfolio or individual properties therein, or broader economic or industry factors, could impair such tenant’s ability to perform its obligations under its lease agreement with us. In…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    Pursuant to our investment strategy, we have and may continue to make investments that involve entering into new asset classes or sectors, or utilize novel transaction structures such as strategic co-investment ventures, joint ventures, funds, and other forms of investment partnership. These new asset classes and transaction structures…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    Our lending activities involve distinct risks compared to our acquisition and leasing of real estate, including with respect to development and construction loans for non-stabilized properties which carry additional risks, including cost overruns, completion delays, operational underperformance, and other issues that could have a…

New risk paragraphs, against peers

Latest 10-K of each, Real estate companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$2.6B$3.6B$3.8B$4.0B
Net income$1.1B$2.5B$2.7B$2.8B
Operating cash flow$1.9B$2.2B$2.4B$2.5B

Revenue, FY2017 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$4.0B ▲ 4.1% in FY2025

FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Vici Properties, New York, NY · from the 10-K filed Feb 25, 2026

We are a Maryland corporation that is primarily engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple net leases. As of December 31, 2025, we own 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas (the “Venetian Resort”), three of the most iconic entertainment facilities on the Las Vegas Strip.

Headquarters
New York, NY
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 28, 2026
Incorporated in
MD

Email alerts

Sources

The 10-K filed Feb 25, 2026 (open at SEC), compared with the 10-K filed Feb 20, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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