VICI PROPERTIES INC. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data VICI PROPERTIES INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	188	898	895	1,226	1,510	2,601	3,612	3,849	4,006
Cost of revenue		17.4	18.9	17.6	20.8	22.6	27.1	26.9	26.7
Gross profit		881	876	1,208	1,489	2,578	3,585	3,822	3,979
General and administrative		24.4	24.6	30.7	33.1	48.3	59.6	69.1	65.1
Operating expenses		140
Operating income	144	140	52.3	321
Interest expense	63.4	213	248	309	392	540	818	826	844
Interest income			20	6.8	0.12	9.53	24	16.1	14.4
Pre-tax income	42.6	534	556	897	1,026	1,139	2,548	2,731	2,821
Income tax	-1.9	1.44	1.71	0.83	2.89	2.88	-6.14	9.7	2.44
Net income to minority interests		8.5	8.32	4.53	9.31	18.6	41.1	42.4	43.1
Net income	44.5	524	546	892	1,014	1,118	2,514	2,679	2,775
EBITDA	145	144	56.1	325
EPS, basic		1.43	1.25	1.76	1.80	1.27	2.48	2.56	2.61
EPS, diluted		1.43	1.24	1.75	1.76	1.27	2.47	2.56	2.61
Shares, basic (weighted)		367	435	506	564	878	1,015	1,047	1,062
Shares, diluted (weighted)		367	439	511	577	880	1,016	1,048	1,063
Dividend per share		1.00	1.17	1.26	1.38	1.50	1.61	1.70	1.77

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	184	578	1,102	316	740	209	523	525	563
Short-term investments	0	521	59.5	20	0	217	0	0	44.5
Property, plant and equipment	74.3	71.5	70.4	69.2	68.5	67.2	66.9	70.3	68
Lease right-of-use assets		1,087	1,087	17.5	16.8	45	38.3
Total assets	9,740	11,333	13,266	17,064	17,597	37,576	44,060	45,369	46,724
Total liabilities	4,963	4,432	5,217	7,570	5,410	15,286	18,402	18,417	18,502
Total debt	4,122	4,122	4,792	6,766	4,695	13,740	16,724	16,733	16,773
Paid-in capital	4,646	6,648	7,818	9,364	11,755	21,645	24,126	24,515	24,899
Retained earnings	42.7	187	208	139	346	93.2	966	1,867	2,767
Other comprehensive income	0	-22.1	-65.1	-92.5	0.88	185	154	145	121
Shareholders' equity	4,691	6,817	7,965	9,416	12,108	21,934	25,256	26,538	27,798
Minority interests	84.9	83.6	83.8	77.9	78.9	356	402	414	425
Total equity	4,776	6,901	8,049	9,494	12,187	22,290	25,658	26,952	28,223
Total liabilities and equity	9,740	11,333	13,266	17,064	17,597	37,576	44,060	45,369	46,724
Shares outstanding	300	405	461	537	629	963	1,043	1,056	1,069

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	44.5	532	554	896	1,023	1,136	2,555	2,721	2,819
Depreciation and amortization	0.75	3.69	3.83	3.73	3.09	3.18	4.3	4.13	3.64
Stock-based compensation		2.34	5.22	7.39	9.37	13	15.5	17.5	16.2
Deferred income tax		-0.35	0	0	0.35	0.46	-10.4	5.44	-1.74
Cash from operations		504	682	884	896	1,943	2,181	2,381	2,510
Capital expenditures		-0.9	-2.72
Acquisitions				0	0	-4,575	-1,267	0	0
Purchases of investments		-942	-440	-20	0	-307	0	-29.6	-44.5
Cash from investing		-1,141	-1,361	-4,549	41.4	-9,304	-2,899	-923	-905
Debt issued		0
Debt repaid			0	0	-2,100	0	0
Stock issued		2,001	1,164	1,540	2,386	3,219	2,480	379	375
Dividends paid		-263	-504	-612	-759	-1,219	-1,584	-1,753	-1,853
Cash from financing		1,038	1,183	2,879	-514	6,830	1,032	-1,457	-1,567
Exchange rate effect					0	0	-0.06	0.45	0.16
Net change in cash		401	503	-786	424	-531	314	2.04	38.9
Free cash flow		503	679
Interest paid		213	209	262	323	467	763	781	779
Income taxes paid		1.38	2.59	0.56	1.79	3.02	4.92	3.34	7.34

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.51 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	99.3%	Gross profit / revenue.
Pre-tax margin	68.6%	Pre-tax income / revenue.
Net margin	67.5%	Net income / revenue.
Operating cash flow margin	64.4%	Cash from operations / revenue.
Effective tax rate	0.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.7%	Net income / average total assets.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	0.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	26.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	3.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	35.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	25.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	2.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	27.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	5.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	23.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	24.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	22.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	15.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.58x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.1%	Total debt / total assets.
Liabilities / assets	38.7%	Total liabilities / total assets.
Net debt	$16.64B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$29.17B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.08x	Revenue / average total assets.
Fixed asset turnover	61.3x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.54	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.76	Revenue / diluted weighted shares.
Operating cash flow per share	$2.42	Cash from operations / diluted weighted shares.
Book value per share	$26.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$26.49	Tangible book value / shares outstanding.
Cash per share	$0.26	(Cash + short-term investments) / shares outstanding.
Payout ratio	68.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$25.89B	Share price x shares outstanding.
Enterprise value	$42.53B	Market cap + total debt - cash - short-term investments.
P/E	9.36x	Market cap / net income. Only when net income is positive.
P/S	6.32x	Market cap / revenue.
P/B	0.89x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.89x	Market cap / tangible book value, when positive.
P/OCF	9.81x	Market cap / cash from operations, when positive.
EV/Sales	10.4x	Enterprise value / revenue.
Earnings yield	10.7%	Net income / market cap (the inverse of P/E).
Dividend yield	7.3%	Dividends paid over the period / market cap.
Shareholder yield	7.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.34x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was VICI PROPERTIES INC.'s revenue in fiscal 2025?

VICI PROPERTIES INC. reported revenue of $4.01B for fiscal 2025, 4.1% higher than the year before.

Was VICI PROPERTIES INC. profitable in fiscal 2025?

Yes. Net income was $2.78B, a net margin of 69.3%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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