S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%
VICI Properties

VICI Q4 2025 Earnings

Reported Feb 25, 2026 at 4:15 PM ET · SEC Source

Q4 25 EPS

$0.57

MISS 18.57%

Est. $0.70

Q4 25 Revenue

$1.01B

vs S&P Since Q4 25

-8.6%

TRAILING MARKET

VICI -4.1% vs S&P +4.5%

Full Year 2025 Results

FY 25 EPS

$2.61

FY 25 Revenue

$4.01B

Market Reaction

Did VICI Beat Earnings? Q4 2025 Results

VICI Properties delivered a mixed fourth quarter for fiscal 2025, posting earnings per share of $0.57 against a consensus estimate of $0.70, an 18.57% miss that sent shares lower and prompted at least one analyst to cut their price target. Revenue ca… Read more VICI Properties delivered a mixed fourth quarter for fiscal 2025, posting earnings per share of $0.57 against a consensus estimate of $0.70, an 18.57% miss that sent shares lower and prompted at least one analyst to cut their price target. Revenue came in at $1.01 billion, up 3.8% year over year, but the headline numbers were clouded by a $153.08 million non-cash CECL allowance charge that weighed on GAAP net income and obscured otherwise steady operational progress. Strip out the credit-loss accounting noise and the picture brightens considerably; adjusted funds from operations grew 6.8% to $642.53 million, or $0.60 per share, supported by contractual rent escalators and new capital deployment including a $1.16 billion sale-leaseback of seven Golden Entertainment casino properties. Looking ahead, VICI guided 2026 AFFO to a range of $2.59 billion to $2.63 billion, or $2.42 to $2.45 per diluted share, and raised its quarterly dividend 4.0% to $0.45 per share, marking its eighth consecutive annual increase since its 2018 IPO.

Key Takeaways

  • • Contractual rent escalators driving 3.8% year-over-year revenue growth in Q4 2025
  • • AFFO per share grew 5.6% year-over-year to $0.60 in Q4 due to rent escalations and new capital deployments
  • • Approximately $2.1 billion in capital commitments at weighted average 8.9% initial yield in 2025
  • • Income from lease financing receivables, loans and securities grew 6.7% year-over-year in Q4
  • • CECL allowance charge of $153.1 million in Q4 offset underlying net income growth
24/7 Wall St

VICI YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

VICI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“We are proud to have announced several new partnerships in 2025 that we believe position the company well for sustained future growth. In February 2025, we announced the establishment of a long-term strategic relationship with Cain and Eldridge Industries through our $450.0 million investment in the One Beverly Hills development project. In May, we initiated our first partnership with Red Rock Resorts, one of the premier gaming operators, providing $510.0 million in delayed draw term loans for the development of North Fork Mono Casino & Resort in Madera, California. In October, we welcomed Clairvest as our future 14th tenant following the announcement of their pending acquisition of operations at MGM Northfield Park. In November, we announced a $1.16 billion sale-leaseback of seven casino properties in Nevada with Golden Entertainment and Blake Sartini, a highly respected gaming operator, which will add our 15th tenant when the transaction closes, which is expected later this year. Each of these partnerships - Cain and Eldridge, Red Rock Resorts, Clairvest, and Golden - represent important additions to VICI's roster of partners. As we have consistently emphasized, our company has been built on developing strategic partnerships, and the relationships forged in 2025 are emblematic of this enduring strategic ethos.”

— Edward Pitoniak, Q4 2025 Earnings Press Release

Back to VICI Stock Page