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VICIVici Properties

Real estate · REIT · NYSE

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
RevenueFY2017–25 $4.0B+4.1% Highest in 9 years 10-K FY2025 · XBRL Net incomeFY2017–25 $2.8B+3.6% Highest in 9 years 10-K FY2025 · XBRL

What changed

10-K filed Feb 25, 2026 against Feb 20, 2025
AreaWhat changedSource
Risk factors11 new paragraphs, nothing like them in the previous 10-K10-K Item 1A
Cash from operations lower than net incomeCash from operations $2.5B vs net income $2.8B (FY ending 2025-12-31)10-K · XBRL
Accounting checks8 other checks clear, 1 worth a look10-K · XBRL
InsidersNo open-market buys in the last 90 daysForm 4
Filings2 in the last 30 daysEDGAR

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

What's new, in their words

10-K filed Feb 25, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-20. Quoted as filed.

  1. 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.
    10-K, Item 1A
All 11 new paragraphs →

Accounting checks

latest 10-K

8 of 9 clear 1 worth a look. Checks, not verdicts.

  • !
    Cash from operations lower than net incomeCash from operations $2.5B vs net income $2.8B (FY ending 2025-12-31)
  • ✓
    Same auditor in both 10-Ks: Deloitte & Touche LLP
  • ✓
    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
How each check works, with sources →

In the last 30 days

All filings →

Work on VICI in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/VICI/export.csv") into a cell.