NYSE$VICI
VICI Properties Inc · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
VICI Properties reported Q4 2025 total revenue of $1.0 billion, up 3.8% year over year, with AFFO of $642.5 million ($0.60 per share).
VICI posted Q4 2025 total revenue of $1.0 billion (+3.8% YoY) with net income attributable to common stockholders of $604.8 million ($0.57 per share, -2.8% YoY per share due to CECL). AFFO was $642.5 million (+6.8% YoY) or $0.60 per share (+5.6%). Full-year revenue was $4.0 billion (+4.1%) with AFFO of $2.5 billion ($2.38 per share). The company announced over $2 billion of 2025 capital commitments at an 8.9% weighted average initial yield and guided 2026 AFFO to $2.59–2.625 billion ($2.42–2.45 per share).
- Q4 AFFO $642.5M ($0.60/share, +5.6% YoY per share).
- Full-year AFFO $2.5B ($2.38/share); experiential REIT scale across gaming partners.
- >$2B 2025 capital commitments at 8.9% average initial yield.
- 2026 AFFO guidance $2.59–2.625B ($2.42–2.45 per diluted share).
Headline financials
Revenue & EPS history
VICI Properties · Revenue · Quarterly
$1.01B
Revenue by segment
VICI Properties · $904M total across 4 segments · Q3 2023
- Income from Sales-Type Leases$500M+33.0%55.3%
- Lease Financing and Loans$379M+7.9%41.9%
- Other Income$18.2M+1.8%2.0%
- Golf Revenues$7.43M+11.0%0.8%
Forward guidance
VICI estimates 2026 AFFO of $2,590–2,625 million ($2.42–2.45 per diluted share), excluding pending acquisitions; guidance does not include CECL impacts that affect GAAP net income.
Tailwinds
- Predictable triple-net lease cash flows with embedded rent escalators.
- Active external growth pipeline at attractive initial yields.
- Per-share AFFO growth supported by accretive investments and capital markets access.
Headwinds
- GAAP net income per share declined YoY in Q4 on CECL allowance changes.
- Tenant concentration in gaming and regulatory/licensing risk.
- Rising rates can affect acquisition spreads and equity cost of capital.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
+0.0%
Avg return
Earnings day
-0.2%
Avg return
5 days after
-1.0%
Avg return
30 days after
47%
16 / 34 earnings
Positive
+4.8%
Q3 2022
Best reaction
-7.5%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.2% | -2.0% | -1.5% | |
| Q4 2025 | +2.2% | -0.1% | -12.0% | |
| Q3 2025 | +1.9% | +2.2% | -2.4% | |
| Q1 2025 | -1.6% | -1.5% | -1.0% | |
| Q4 2024 | +1.7% | +5.3% | +2.5% | |
| Q3 2024 | -3.0% | -1.2% | +0.6% | |
| Q2 2024 | -0.3% | -2.1% | +6.6% | |
| Q1 2024 | +0.9% | +1.8% | +0.6% | |
| Q4 2023 | +1.3% | -0.9% | -2.8% | |
| Q3 2023 | -1.4% | -2.8% | +2.5% | |
| Q2 2023 | -2.8% | -4.1% | -7.1% | |
| Q1 2023 | -3.7% | -3.3% | -8.9% | |
| Q4 2022 | -0.5% | +0.2% | -7.2% | |
| Q3 2022 | +4.8% | +6.7% | +8.8% | |
| Q2 2022 | +2.8% | +4.0% | +2.3% | |
| Q1 2022 | -0.6% | -8.9% | +4.9% | |
| Q4 2021 | +0.8% | +2.4% | +0.0% | |
| Q3 2021 | -0.6% | -2.1% | -7.9% | |
| Q2 2021 | -2.4% | -3.3% | -3.8% | |
| Q1 2021 | +0.7% | +0.7% | -1.1% | |
| Q4 2020 | +2.4% | +3.6% | +2.6% | |
| Q3 2020 | +2.7% | +4.5% | +13.5% | |
| Q2 2020 | +4.6% | +6.2% | +11.0% | |
| Q1 2020 | -7.5% | -8.2% | +9.6% | |
| Q4 2019 | +2.5% | -2.8% | -55.2% | |
| Q3 2019 | +2.3% | +0.3% | +3.1% | |
| Q2 2019 | -2.4% | -3.0% | +3.1% | |
| Q1 2019 | +0.1% | -0.2% | -2.7% | |
| Q4 2018 | -0.9% | -1.2% | -0.1% | |
| Q3 2018 | -0.7% | +1.0% | +0.8% | |
| Q2 2018 | -2.3% | -0.7% | +4.5% | |
| Q1 2018 | +0.8% | +3.0% | +11.2% | |
| Q4 2017 | -0.1% | -0.1% | -6.8% | |
| Q3 2017 | -0.8% | — | — | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro