Q3 25 EPS
$0.71
BEAT +2.90%
Est. $0.69
Q3 25 Revenue
$1.01B
vs S&P Since Q3 25
-7.7%
TRAILING MARKET
VICI -2.1% vs S&P +5.7%
Market Reaction
Did VICI Beat Earnings? Q3 2025 Results
VICI Properties posted a clean beat to open its third quarter, earning $0.71 per diluted share against a Wall Street consensus of $0.69, a 2.90% positive surprise, as the experiential real estate giant's triple-net lease engine continued to compound … Read more VICI Properties posted a clean beat to open its third quarter, earning $0.71 per diluted share against a Wall Street consensus of $0.69, a 2.90% positive surprise, as the experiential real estate giant's triple-net lease engine continued to compound reliably. Total revenues reached $1.01 billion, up 4.4% year-over-year, powered by contractual rent escalators embedded across its 93-property portfolio, which maintained 100% occupancy and a weighted average lease term of 40 years. Adjusted funds from operations grew 7.4% to $637.57 million, reflecting disciplined capital deployment that held share count growth to just 2.1% over the trailing twelve months, a key reason income-focused investors have gravitated toward the stock. VICI also announced its eighth consecutive annual dividend increase, lifting its quarterly payout to $0.45 per share. Looking ahead, management nudged full-year 2025 AFFO guidance higher, raising the low end to $2.51 billion while holding the ceiling at $2.52 billion, or $2.36 to $2.37 per diluted share, signaling continued confidence in its long-term lease structure.
Key Takeaways
- • 4.4% year-over-year revenue growth driven by contractual rent escalators
- • 5.3% year-over-year AFFO per share growth
- • 7.4% aggregate AFFO growth with only 2.1% share count growth over trailing twelve months
- • Significant growth in income from loans and securities, up from $36.2 million to $61.0 million year-over-year
- • 100% occupancy across 93 experiential properties
- • Weighted average lease term of 40.0 years
VICI YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
VICI Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the third quarter of 2025, the compounding nature of our business continued to demonstrate its merit with 4.4% year-over-year revenue growth and 5.3% year-over-year growth in AFFO per share, supporting our 8th consecutive annual dividend increase of $0.0175 per share, representing a 4.0% year-over-year increase.”
— Edward Pitoniak, Q3 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 | — |