NYSE: VICI
VICI PROPERTIES INC.CIK 0001705696 · SIC 6798 · Real Estate Investment Trusts
Large
Revenue $4.0B
Assets $48.3B
as of Sep 27, 2026
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8-K
Filed Sep 8, 2026
· Period ending Sep 4, 2026
Summary not yet generated.
8-K
Filed Aug 14, 2026
· Period ending Aug 14, 2026
VICI Properties issues $1.75B in senior notes to refinance 2026 maturities
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8-K
Filed Aug 6, 2026
· Period ending Aug 5, 2026
Summary not yet generated.
8-K
Filed Jul 29, 2026
· Period ending Jul 29, 2026
Summary not yet generated.
10-Q
Filed Jul 29, 2026
· Period ending Jun 30, 2026
Red flag
VICI: revenue $1.06B, net income $526.5M. VICI's net income falls 39% on credit-loss charge; revenue up 5.7%
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10-Q
Filed Apr 29, 2026
· Period ending Mar 31, 2026
Summary not yet generated.
424B3
Filed Mar 6, 2026
Summary not yet generated.
10-K
Filed Feb 25, 2026
· Period ending Dec 31, 2025
Summary not yet generated.
10-Q
Filed Jul 30, 2025
· Period ending Jun 30, 2025
Summary not yet generated.
424B5
Filed Apr 30, 2025
Red flag
VICI Properties launches at-the-market offering of up to $1.67B common stock, with $333M already sold
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10-K
Filed Feb 20, 2025
· Period ending Dec 31, 2024
Summary not yet generated.
424B5
Filed May 6, 2024
Summary not yet generated.
424B5
Filed Feb 28, 2023
Summary not yet generated.
424B3
Filed Sep 23, 2021
Summary not yet generated.
424B3
Filed Dec 27, 2018
Summary not yet generated.
10-K/A
Filed Apr 30, 2018
· Period ending Dec 31, 2017
Summary not yet generated.
424B4
Filed Feb 2, 2018
Summary not yet generated.
Latest financial statements
From 10-Q filed Jul 29, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations and Comprehensive Income (Unaudited)
(In thousands, except share and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | ||||
| Income from sales-type leases | 549,202 | 530,348 | 1,085,919 | 1,058,952 |
| Income from lease financing receivables, loans and securities | 478,395 | 440,260 | 930,348 | 866,740 |
| Other income | 18,915 | 19,536 | 37,814 | 39,049 |
| Golf revenues | 11,993 | 11,190 | 22,945 | 20,797 |
| Total revenues | 1,058,505 | 1,001,334 | 2,077,026 | 1,985,538 |
| Expenses | ||||
| General and administrative | 15,429 | 14,561 | 31,405 | 29,421 |
| Depreciation | 998 | 741 | 1,965 | 1,737 |
| Other expenses | 18,915 | 19,536 | 37,814 | 39,049 |
| Golf expenses | 7,395 | 6,619 | 13,864 | 12,971 |
| Change in allowance for credit losses | 271,059 | (142,001) | 152,284 | 44,956 |
| Transaction and acquisition expenses | 1,815 | 7,434 | 1,982 | 7,479 |
| Total expenses | 315,611 | (93,110) | 239,314 | 135,613 |
| Interest expense | (209,927) | (213,797) | (419,289) | (423,048) |
| Interest income | 2,228 | 2,293 | 6,721 | 5,990 |
| Other (losses) gains | (345) | 992 | (366) | 874 |
| Income before income taxes | 534,850 | 883,932 | 1,424,778 | 1,433,741 |
| Benefit from (provision for) income taxes | 461 | (5,564) | (3,513) | (3,108) |
| Net income | 535,311 | 878,368 | 1,421,265 | 1,430,633 |
| Less: Net income attributable to non-controlling interests | (8,790) | (13,289) | (22,354) | (21,947) |
| Net income attributable to common stockholders | 526,521 | 865,079 | 1,398,911 | 1,408,686 |
| Net income per common share | ||||
| Basic | 0.48 | 0.82 | 1.30 | 1.33 |
| Diluted | 0.48 | 0.82 | 1.30 | 1.33 |
| Weighted average number of shares of common stock outstanding | ||||
| Basic | 1,090,197,080 | 1,056,222,836 | 1,079,358,468 | 1,056,118,206 |
| Diluted | 1,090,236,611 | 1,057,270,580 | 1,079,442,313 | 1,056,852,269 |
| Other comprehensive income | ||||
| Net income | 535,311 | 878,368 | 1,421,265 | 1,430,633 |
| Reclassification of derivative gain to Interest expense | (6,389) | (6,386) | (12,778) | (12,731) |
| Unrealized gain (loss) on cash flow hedges | 6,188 | — | 12,878 | (5,949) |
| Foreign currency translation adjustments | (3,275) | 10,091 | (5,780) | 10,126 |
| Comprehensive income | 531,835 | 882,073 | 1,415,585 | 1,422,079 |
| Comprehensive income attributable to non-controlling interests | (8,754) | (13,339) | (22,293) | (21,860) |
| Comprehensive income attributable to common stockholders | 523,081 | 868,734 | 1,393,292 | 1,400,219 |
Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Real estate portfolio: | ||
| Investments in leases sales-type, net | 24,577,355 | 23,706,563 |
| Investments in leases financing receivables, net | 19,280,057 | 18,697,133 |
| Investments in loans and securities, net | 2,917,311 | 2,525,457 |
| Real estate under development | 23,272 | — |
| Land | 148,002 | 148,002 |
| Cash and cash equivalents | 288,063 | 563,479 |
| Short-term investments | — | 44,484 |
| Other assets | 1,037,160 | 1,039,050 |
| Total assets | 48,271,220 | 46,724,168 |
| Liabilities | ||
| Debt, net | 16,931,155 | 16,773,241 |
| Accrued expenses and deferred revenue | 220,415 | 238,715 |
| Dividends and distributions payable | 500,755 | 486,259 |
| Other liabilities | 1,016,184 | 1,003,366 |
| Total liabilities | 18,668,509 | 18,501,581 |
| Commitments and contingent liabilities (Note 10) | ||
| Stockholders’ equity | ||
| Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,101,074,906 and 1,068,811,371 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 11,011 | 10,688 |
| Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at June 30, 2026 and December 31, 2025 | — | — |
| Additional paid-in capital | 25,854,906 | 24,898,868 |
| Accumulated other comprehensive income | 115,412 | 121,031 |
| Retained earnings | 3,189,420 | 2,767,053 |
| Total VICI stockholders’ equity | 29,170,749 | 27,797,640 |
| Non-controlling interests | 431,962 | 424,947 |
| Total stockholders’ equity | 29,602,711 | 28,222,587 |
| Total liabilities and stockholders’ equity | 48,271,220 | 46,724,168 |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income | 1,421,265 | 1,430,633 |
| Adjustments to reconcile net income to cash flows provided by operating activities: | ||
| Non-cash leasing and financing adjustments | (271,774) | (261,971) |
| Stock-based compensation | 8,734 | 7,343 |
| Depreciation | 1,965 | 1,737 |
| Other losses (gains) | 366 | (874) |
| Amortization of debt issuance costs and original issue discount | 21,912 | 24,784 |
| Change in allowance for credit losses | 152,284 | 44,956 |
| Deferred income taxes | 10 | 72 |
| Payment-in-kind interest | (13,543) | (10,747) |
| Receipt of payment-in-kind interest | 51,089 | — |
| Net proceeds from settlement of derivatives | — | 1,767 |
| Change in operating assets and liabilities: | ||
| Other assets | 4,546 | (6,247) |
| Accrued expenses and deferred revenue | (13,458) | 2,610 |
| Other liabilities | (3,354) | (2,305) |
| Net cash provided by operating activities | 1,360,042 | 1,231,758 |
| Cash flows from investing activities | ||
| Investments in leases sales-type | (141,717) | — |
| Investments in leases financing receivables | (435,035) | — |
| Investments in loans and securities | (943,227) | (723,944) |
| Principal repayments of loans and securities and receipts of deferred fees | 473,016 | 7,514 |
| Payments for real estate under development | (22,317) | — |
| Capitalized transaction costs | (247) | (77) |
| Maturities of short-term investments | 44,484 | — |
| Acquisition of property and equipment | (794) | (828) |
| Proceeds from sale of real estate | — | 1,992 |
| Net cash used in investing activities | (1,025,837) | (715,343) |
| Cash flows from financing activities | ||
| Proceeds from offering of common stock, net | 241,779 | — |
| Proceeds from Revolving Credit Facility | 280,185 | 423,356 |
| Repayment of Revolving Credit Facility | (150,000) | (257,690) |
| Proceeds from senior unsecured notes offerings | — | 1,284,437 |
| Redemption of senior unsecured notes | — | (1,300,000) |
| Debt issuance costs | (120) | (19,401) |
| Repurchase of stock for tax withholding | (2,298) | (7,221) |
| Distributions to non-controlling interests | (16,509) | (15,981) |
| Dividends paid | (962,298) | (915,912) |
| Net cash used in financing activities | (609,261) | (808,412) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (360) | 365 |
| Net decrease in cash, cash equivalents and restricted cash | (275,416) | (291,632) |
| Cash, cash equivalents and restricted cash, beginning of period | 563,479 | 524,615 |
| Cash, cash equivalents and restricted cash, end of period | 288,063 | 232,983 |
| Supplemental cash flow information: | ||
| Cash paid for interest | 397,661 | 381,773 |
| Cash paid for capitalized interest | 56 | — |
| Cash paid for income taxes | 3,963 | 3,311 |
| Supplemental non-cash investing and financing activity: | ||
| Dividends and distributions declared, not paid | 500,988 | 462,315 |
| Accrued capitalized transaction costs | 582 | 520 |
| Non-cash change in Investments in leases financing receivables | 152,244 | 141,695 |
| Reclassification from Investment in leases financing receivables to Investment in leases - sales-type | 706,115 | — |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except share and per share data); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗