Vici Properties Inc. (VICI) Financial Statements

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Vici Properties financial statements at a glance

Vici Properties reported revenue of $4.01 billion for fiscal year 2025 (ended December 31, 2025), up 4.1% from fiscal year 2024. Net income was $2.78 billion, a net margin of 69.3%, and diluted earnings per share were $2.61.

At the end of fiscal year 2025 it had total assets of $46.72 billion, total liabilities of $18.50 billion and shareholders' equity of $27.80 billion, with cash and short-term investments of $607.96 million and total debt of $17.69 billion.

Its operations brought in $2.51 billion of cash; capital spending was $1.34 million, leaving free cash flow of $2.51 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

VICI logo

Vici Properties Inc.

VICIUnited States
Financial Services
USD (Local)

Income Statement

Annual • USD

Total Revenue
4.01B
Prev Year: 3.85B
YoY: +4.1%
Operating Revenue
3.93B
Prev Year: 3.77B
YoY: +4.2%
Total Unusual Items Excluding Goodwill
-7.73M
Prev Year: -4.57M
YoY: -69.2%
Total Unusual Items
-7.73M
Prev Year: -4.57M
YoY: -69.2%
Normalized EBITDA
3.68B
Prev Year: 3.57B
YoY: +3.1%
Tax Rate for Calcs
0.001
Prev Year: 0
Tax Effect of Unusual Items
-7.7K
Prev Year: -18.3K
YoY: +57.7%
Cost of Revenue
26.73M
Prev Year: 26.89M
YoY: -0.6%
Gross Profit
3.98B
Prev Year: 3.82B
YoY: +4.1%
Operating Expense
324.08M
Prev Year: 277.38M
YoY: +16.8%
Selling General and Administrative
65.08M
Prev Year: 69.11M
YoY: -5.8%
General and Administrative Expense
65.08M
Prev Year: 69.11M
YoY: -5.8%
Other General and Administrative
65.08M
Prev Year: 69.11M
YoY: -5.8%
Depreciation Amortization Depletion
3.64M
Prev Year: 4.13M
YoY: -11.8%
Depreciation and amortization
3.64M
Prev Year: 4.13M
YoY: -11.8%
Depreciation
3.64M
Prev Year: 4.13M
YoY: -11.8%
Provision for Doubtful Accounts
177.89M
Prev Year: 126.72M
YoY: +40.4%
Other Operating Expenses
77.48M
Prev Year: 77.42M
YoY: +0.1%
Operating Income
3.66B
Prev Year: 3.54B
YoY: +3.1%
Net Non Operating Interest Income Expense
-829.25M
Prev Year: -810.00M
YoY: -2.4%
Non-operating Interest Income
14.36M
Prev Year: 16.09M
YoY: -10.8%
Non-operating Interest Expense
843.61M
Prev Year: 826.10M
YoY: +2.1%
Other Income Expense
-5.07M
Prev Year: -3.99M
YoY: -27.2%
Special Income Charges
-7.73M
Prev Year: -4.57M
YoY: -69.2%
Restructuring and Mergers Acquisition
7.73M
Prev Year: 4.57M
YoY: +69.2%
Other Non-operating Income (expense)
2.66M
Prev Year: 581.0K
YoY: +357.5%
Pre-tax Income
2.82B
Prev Year: 2.73B
YoY: +3.3%
Provision for Income Taxes
2.44M
Prev Year: 9.70M
YoY: -74.9%
Net Income Common Stockholders
2.78B
Prev Year: 2.68B
YoY: +3.6%
Net Income
2.78B
Prev Year: 2.68B
YoY: +3.6%
Net Income Including Non-Controlling Interests
2.82B
Prev Year: 2.72B
YoY: +3.6%
Net Income from Continuing Operations
2.82B
Prev Year: 2.72B
YoY: +3.6%
Noncontrolling Interests
-43.05M
Prev Year: -42.43M
YoY: -1.5%
Diluted NI Available to Com Stockholders
2.78B
Prev Year: 2.68B
YoY: +3.6%
Basic EPS
2.61
Prev Year: 2.56
YoY: +2.0%
Diluted EPS
2.61
Prev Year: 2.56
YoY: +2.0%
Weighted Average Shares (basic)
1.06B
Prev Year: 1.05B
YoY: +1.5%
Weighted Average Shares (diluted)
1.06B
Prev Year: 1.05B
YoY: +1.4%
Total Expenses
350.81M
Prev Year: 304.27M
YoY: +15.3%
Total Operating Income as Reported
-
Net Income from Continuing and Discontinued Operation
2.78B
Prev Year: 2.68B
YoY: +3.6%
Normalized Income
2.78B
Prev Year: 2.68B
YoY: +3.7%
Interest Income
14.36M
Prev Year: 16.09M
YoY: -10.8%
Interest Expense
843.61M
Prev Year: 826.10M
YoY: +2.1%
Net Interest Income
-829.25M
Prev Year: -810.00M
YoY: -2.4%
EBIT
3.66B
Prev Year: 3.56B
YoY: +3.0%
EBITDA
3.67B
Prev Year: 3.56B
YoY: +3.0%
Reconciled Cost of Revenue
26.73M
Prev Year: 26.89M
YoY: -0.6%
Reconciled Depreciation
3.64M
Prev Year: 4.13M
YoY: -11.8%
Net Income from Continuing Operation Net Minority Interest
2.78B
Prev Year: 2.68B
YoY: +3.6%
Values in USD

Vici Properties key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$4.0B$3.8B$3.6B$2.6B$1.5B
Gross profit$4.0B$3.8B$3.6B$2.6B$1.5B
Operating income$3.7B$3.5B$3.3B$1.6B$1.4B
Net income$2.8B$2.7B$2.5B$1.1B$1.0B
Diluted EPS$2.61$2.56$2.47$1.27$1.76
Total assets$46.7B$45.4B$44.1B$37.6B$17.6B
Total liabilities$18.5B$18.4B$18.4B$15.3B$5.4B
Shareholders' equity$27.8B$26.5B$25.3B$21.9B$12.1B
Cash and short-term investments$608.0M$524.6M$522.6M$426.3M$739.6M
Total debt$17.7B$17.7B$17.6B$14.6B$5.0B
Operating cash flow$2.5B$2.4B$2.2B$1.9B$896.4M
Capital spending$1.3M$7.5M$4.0M$1.9M$2.5M
Free cash flow$2.5B$2.4B$2.2B$1.9B$893.8M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Vici Properties's revenue in fiscal year 2025?

$4.01 billion, up 4.1% from $3.85 billion in fiscal year 2024.

How much profit does Vici Properties make?

Vici Properties reported net income of $2.78 billion for fiscal year 2025 (69.3% of revenue); operating income was $3.66 billion.

How much cash and debt does Vici Properties have?

At the end of fiscal year 2025: cash and short-term investments of $607.96 million and total debt of $17.69 billion.

What is Vici Properties's free cash flow?

$2.51 billion in fiscal year 2025 (operating cash flow of $2.51 billion minus capital spending of $1.34 million).

Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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