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VICIVici Properties

Real estate · REIT · NYSE
VICI quote by TradingView
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FY2025 at a glance

Sales up 4.1%

XBRL, from each 10-K
RevenueStatements ↓
$4.0B
from $3.8B in FY2024
FY2017FY2025
Net incomeStatements ↓
$2.8B
from $2.7B in FY2024
FY2017FY2025
EPS (diluted)Statements ↓
$2.61
from $2.56 in FY2024
FY2017FY2025
Total debtStatements ↓
$16.8B
from $16.7B in FY2024
FY2017FY2025
Price and key numbers

The latest figures

All key numbers (33, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)2.16Sales (ttm)4.2BNet income (ttm)2.3BSales growth+4.1%EPS growth+2.0%Sales Q/Q+5.8%
Free cash flow-Gross margin99.3%Oper. margin-Net margin56.5%FCF margin-ROE8.1%
ROA4.9%R&D / sales-Dividend1.76Debt/Eq0.58Curr. ratio-Cash270.3M
Op. cash flow (ttm)2.7BNet debt16.6BPayout ratio67.6%Tax rate0.1%Stock pay / sales0.4%Shares out.1.1B
Shares Y/Y+1.4%Book / share26.35Cash / share0.25Sales / share3.77Asset turnover0.09Sales 3Y CAGR+15.5%
Sales 5Y CAGR+26.7%EPS 3Y CAGR+27.1%EPS 5Y CAGR+8.3%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

VICI against Real estate peers

Ten years, side by side → · All 30 →
GrowthProfitBalanceCleanInsiders
VICIPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth
+4.1%20th of 29 · median +5.1%
Net margin
56.5%3rd of 29 · median 21.7%
Return on equity
8.1%12th of 27 · median 7.8%
Debt / equity (less is better)
0.587th of 24 · median 0.84
VICI and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
VICI Vici Properties$4.2B +4.1%99.3%56.5%8.1%-0.58
PSA Public Storage$5.0B +2.7%-37.8%13.1%-0.84
CCI Crown Castle$4.1B -4.4%-20.1%-42.2%-
CSGP CoStar Group$3.7B +18.7%78.3%4.9%2.2%11.5%0.13
BXP BXP, Inc.$3.5B +2.2%59.1%8.4%5.8%-0.15
EXR Extra Space Storage$3.5B +3.7%-29.9%8.1%44.7%-
Where each dollar goes

From $1.5B of sales to $1.0B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.5BRevenue to Cost of revenue: $20.8MGross profit to Net profit: $1.0BGross profit to Costs, tax, other: $475.0M Revenue: $1.5B Revenue$1.5B +23% Y/Y Gross profit: $1.5B · 99% margin Gross profit$1.5B99% margin Cost of revenue: $20.8M · 1% of revenue Cost of revenue$20.8M1% of revenue Net profit: $1.0B · 67% margin Net profit$1.0B67% margin +14% Y/Y Costs, tax, other: $475.0M · 31% of revenue Costs, tax, other$475.0M31% of revenue

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From $2.6B of sales to $1.1B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $2.6BRevenue to Cost of revenue: $22.6MGross profit to Net profit: $1.1BGross profit to Costs, tax, other: $1.5B Revenue: $2.6B Revenue$2.6B +72% Y/Y Gross profit: $2.6B · 99% margin Gross profit$2.6B99% margin Cost of revenue: $22.6M · 1% of revenue Cost of revenue$22.6M1% of revenue Net profit: $1.1B · 43% margin Net profit$1.1B43% margin +10% Y/Y Costs, tax, other: $1.5B · 56% of revenue Costs, tax, other$1.5B56% of revenue

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From $3.6B of sales to $2.5B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $3.6BRevenue to Cost of revenue: $27.1MGross profit to Net profit: $2.5BGross profit to Costs, tax, other: $1.1B Revenue: $3.6B Revenue$3.6B +39% Y/Y Gross profit: $3.6B · 99% margin Gross profit$3.6B99% margin Cost of revenue: $27.1M · 1% of revenue Cost of revenue$27.1M1% of revenue Net profit: $2.5B · 70% margin Net profit$2.5B70% margin +125% Y/Y Costs, tax, other: $1.1B · 30% of revenue Costs, tax, other$1.1B30% of revenue

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From $3.8B of sales to $2.7B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $3.8BRevenue to Cost of revenue: $26.9MGross profit to Net profit: $2.7BGross profit to Costs, tax, other: $1.1B Revenue: $3.8B Revenue$3.8B +7% Y/Y Gross profit: $3.8B · 99% margin Gross profit$3.8B99% margin Cost of revenue: $26.9M · 1% of revenue Cost of revenue$26.9M1% of revenue Net profit: $2.7B · 70% margin Net profit$2.7B70% margin +7% Y/Y Costs, tax, other: $1.1B · 30% of revenue Costs, tax, other$1.1B30% of revenue

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From $4.0B of sales to $2.8B of profit

FY2025, from the 10-K income statement
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$4.0B99% margin Cost of revenue: $26.7M · 1% of revenue Cost of revenue$26.7M1% of revenue Net profit: $2.8B · 69% margin Net profit$2.8B69% margin +4% Y/Y Costs, tax, other: $1.2B · 30% of revenue Costs, tax, other$1.2B30% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Costs, tax, other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • ✓
    Net margin above the peer median56.5% vs 21.7%
  • !
    Return on equity below 15%8.1%
  • ✓
    A profit in every one of 9 years
Net margin, FY2017 to FY2025: 23.7% → 69.3%

Cash and shareholders

1 of 3
  • !
    Share count up over 5 years+38.7%
  • ✓
    Dividend per share up over 5 years$1.25 → $1.76
  • !
    Cash from operations below net income$2.5B vs $2.8B
Free cash flow, FY2017 to FY2025: 503.2M → 679.4M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$17.2B of principal due, schedule of Sep 30, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2017 to FY2025

Revenue 4.0B Net income 2.8B
FY2017 revenue 187.6M · SalesRevenueNet, 0001705696-18-000015 FY2017 net income 44.5M · NetIncomeLoss, 0001705696-18-000015 187.6M FY2017 FY2018 revenue 898.0M · Revenues, 0001705696-21-000030 FY2018 net income 523.6M · NetIncomeLoss, 0001705696-21-000030 898.0M FY2018 FY2019 revenue 894.8M · Revenues, 0001705696-22-000046 FY2019 net income 546.0M · NetIncomeLoss, 0001705696-22-000046 894.8M FY2019 FY2020 revenue 1.2B · Revenues, 0001705696-23-000035 FY2020 net income 891.7M · NetIncomeLoss, 0001705696-23-000035 1.2B FY2020 FY2021 revenue 1.5B · Revenues, 0001705696-24-000033 FY2021 net income 1.0B · NetIncomeLoss, 0001705696-24-000033 1.5B FY2021 FY2022 revenue 2.6B · Revenues, 0001705696-25-000033 FY2022 net income 1.1B · NetIncomeLoss, 0001705696-25-000033 2.6B FY2022 FY2023 revenue 3.6B · Revenues, 0001705696-26-000034 FY2023 net income 2.5B · NetIncomeLoss, 0001705696-26-000034 3.6B FY2023 FY2024 revenue 3.8B · Revenues, 0001705696-26-000034 FY2024 net income 2.7B · NetIncomeLoss, 0001705696-26-000034 3.8B FY2024 FY2025 revenue 4.0B · Revenues, 0001705696-26-000034 FY2025 net income 2.8B · NetIncomeLoss, 0001705696-26-000034 4.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

VICI's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue4.0B
FY2017: 187.6MFY2018: 898.0MFY2019: 894.8MFY2020: 1.2BFY2021: 1.5BFY2022: 2.6BFY2023: 3.6BFY2024: 3.8BFY2025: 4.0B FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net income2.8B
FY2017: 44.5MFY2018: 523.6MFY2019: 546.0MFY2020: 891.7MFY2021: 1.0BFY2022: 1.1BFY2023: 2.5BFY2024: 2.7BFY2025: 2.8B FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Free cash flow679.4M
FY2017: -FY2018: 503.2MFY2019: 679.4MFY2020: -FY2021: -FY2022: -FY2023: -FY2024: -FY2025: - FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
EPS (diluted)2.61
FY2017: -FY2018: 1.43FY2019: 1.24FY2020: 1.75FY2021: 1.76FY2022: 1.27FY2023: 2.47FY2024: 2.56FY2025: 2.61 FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Dividend per share1.76
FY2017: -FY2018: 1.00FY2019: 1.17FY2020: 1.25FY2021: 1.38FY2022: 1.50FY2023: 1.61FY2024: 1.70FY2025: 1.76 FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Diluted shares1.1B
FY2017: -FY2018: 367.3MFY2019: 439.2MFY2020: 510.9MFY2021: 577.1MFY2022: 879.7MFY2023: 1.0BFY2024: 1.0BFY2025: 1.1B FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue187.6M898.0M894.8M1.2B1.5B2.6B3.6B3.8B4.0B
Cost of revenue-17.4M18.9M17.6M20.8M22.6M27.1M26.9M26.7M
SG&A-24.4M24.6M30.7M33.1M48.3M59.6M69.1M65.1M
Operating income144.2M140.0M52.3M321.0M-----
Interest expense63.4M212.7M248.4M308.6M392.4M540.0M818.1M826.1M843.6M
Pretax income42.6M533.6M556.0M897.0M1.0B1.1B2.5B2.7B2.8B
Income tax-1.9M1.4M1.7M831K2.9M2.9M-6.1M9.7M2.4M
Net income44.5M523.6M546.0M891.7M1.0B1.1B2.5B2.7B2.8B
EPS (diluted)-1.431.241.751.761.272.472.562.61
Diluted shares-367.3M439.2M510.9M577.1M879.7M1.0B1.0B1.1B
Depreciation & amortization751K3.7M3.8M3.7M3.1M3.2M4.3M4.1M3.6M
EBITDA144.9M143.7M56.1M324.7M-----
Operating margin76.9%15.6%5.8%26.2%-----
Net margin23.7%58.3%61.0%72.8%67.2%43.0%69.6%69.6%69.3%
Revenue growth-+379%-0.4%+37.0%+23.2%+72.3%+38.9%+6.6%+4.1%
EPS growth---13.3%+41.1%+0.6%-27.8%+94.5%+3.6%+2.0%

Balance sheet

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash183.6M577.9M1.1B316.0M739.6M208.9M522.6M524.6M563.5M
Short-term investments0520.9M59.5M20.0M0217.3M0044.5M
Property & equipment74.3M71.5M70.4M69.2M68.5M67.2M66.9M70.3M68.0M
Total assets9.7B11.3B13.3B17.1B17.6B37.6B44.1B45.4B46.7B
Total debt4.1B4.1B4.8B6.8B4.7B13.7B16.7B16.7B16.8B
Total liabilities5.0B4.4B5.2B7.6B5.4B15.3B18.4B18.4B18.5B
Shareholders' equity4.7B6.8B8.0B9.4B12.1B21.9B25.3B26.5B27.8B
Retained earnings42.7M187.1M208.1M139.5M346.0M93.2M965.8M1.9B2.8B

Cash flow

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow-504.1M682.2M883.6M896.4M1.9B2.2B2.4B2.5B
Capital spending-899K2.7M------
Free cash flow-503.2M679.4M------
Stock-based pay (added back)-2.3M5.2M7.4M9.4M13.0M15.5M17.5M16.2M
Dividends paid-262.7M504.0M612.2M758.8M1.2B1.6B1.8B1.9B
Acquisitions---004.6B1.3B00
Debt raised-0-------
Debt repaid--002.1B00--
Investing cash flow--1.1B-1.4B-4.5B41.4M-9.3B-2.9B-922.8M-904.8M
Financing cash flow-1.0B1.2B2.9B-514.2M6.8B1.0B-1.5B-1.6B
Dividend per share-1.001.171.251.381.501.611.701.76

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)-2.3M5.2M7.4M9.4M13.0M15.5M17.5M16.2M
Stock-based pay / revenue-0.3%0.6%0.6%0.6%0.5%0.4%0.5%0.4%
Right-of-use assets-1.1B1.1B17.5M16.8M45.0M38.3M--
Operating lease liabilities-017.7M17.5M16.8M16.1M15.2M21.3M21.5M
Finance lease liabilities--8.7M284.4M280.5M784.3M866.1M863.4M862.8M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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