Q2 25 EPS
$0.82
BEAT +18.93%
Est. $0.69
Q2 25 Revenue
$1.00B
vs S&P Since Q2 25
-23.1%
TRAILING MARKET
VICI -9.1% vs S&P +14.0%
Market Reaction
Did VICI Beat Earnings? Q2 2025 Results
VICI Properties posted a decisive earnings beat in the second quarter of 2025, reporting adjusted earnings of $0.82 per diluted share against a consensus estimate of $0.69, a positive surprise of 18.93%, as the experiential REIT's triple-net lease en… Read more VICI Properties posted a decisive earnings beat in the second quarter of 2025, reporting adjusted earnings of $0.82 per diluted share against a consensus estimate of $0.69, a positive surprise of 18.93%, as the experiential REIT's triple-net lease engine continued to generate highly predictable cash flows that analysts increasingly view as underappreciated by the broader market. Total revenues rose 4.6% year-over-year to $1.00 billion, supported by contractual rent escalations across a 100% occupied portfolio carrying a 40.2-year weighted average lease term. The headline EPS figure was materially aided by a $142.00 million favorable non-cash CECL allowance adjustment; stripping that out, AFFO per share grew a more normalized 4.9% to $0.60, reflecting the steady cadence of VICI's core business. The company also announced up to $510.00 million in financing commitments for the North Fork Mono Casino and Resort, marking its first partnership with Red Rock Resorts. Encouraged by internal momentum, VICI raised its full-year 2025 AFFO guidance to $2.50 billion to $2.52 billion, or $2.35 to $2.37 per diluted share, up from its prior range.
Key Takeaways
- • 4.6% year-over-year revenue growth driven by contractual rent escalations
- • AFFO per share grew 4.9% YoY to $0.60 reflecting efficient triple-net lease model flow-through
- • Net income boosted by $142 million favorable CECL allowance reversal in Q2 2025
- • Growing income from loans and securities up to $54.7 million from $32.3 million YoY
- • Internal growth from embedded contractual rent escalators across 13 tenant relationships
VICI YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
VICI Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the second quarter of 2025, we increased our quarterly revenue by 4.6% and our quarterly AFFO per share by nearly 5% year-over-year, reflecting the efficient flow-through of our business model. The strength of our internal growth from contractual rent escalations coupled with investment activity across new and existing partnerships continues to support our earnings growth.”
— Edward Pitoniak, Q2 2025 Earnings Press Release
VICI Earnings Trends
VICI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
VICI EPS Trend
Earnings per share: estimate vs actual
VICI Revenue Trend
Quarterly revenue: estimate vs actual
VICI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 MISS FY | $0.70 | $0.57 | -18.57% | $1.01B | — |
| FY Full Year | — | $2.61 | — | $4.01B | — |
| Q3 25 BEAT | $0.69 | $0.71 | +2.90% | $1.01B | — |
| Q2 25 BEAT | $0.69 | $0.82 | +18.93% | $1.00B | — |
| Q1 25 MISS | $0.68 | $0.58 | -14.62% | $984.2M | — |