What is Vici Pptys's earnings per share (EPS)?

Vici Pptys (VICI) reported diluted earnings per share of $2.61 for fiscal year 2025. This represents a 2.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Vici Pptys Financials

VICI

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Vici Pptys (VICI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VICI FY2025 2026-05-06

VICI’s asset-heavy model works because direct operating costs are tiny, leaving financing costs as the main economic friction.

From FY2022 to FY2025, total assets grew by about $9.1B while long-term debt was essentially flat, so recent expansion came with less incremental balance-sheet strain than the earlier step-up. That matters because operating cash flow reached $2.51B as debt-to-equity slipped to 0.6x, showing the larger asset base is being absorbed by cash generation rather than just by adding more borrowing.

In FY2025, cost of revenue plus SG&A stayed below $100M against more than $4B of revenue, which means day-to-day operating overhead is not the constraint. The real swing factor is how much of that income stream gets claimed by interest and capital structure, not by servicing the assets.

Operating cash flow of $2.51B covered dividends paid of $1.85B in FY2025, so shareholder distributions were supported by current cash generation rather than new financing. With financing cash flow negative in both FY2024 and FY2025, the payout has recently coexisted with balance-sheet self-funding instead of another debt build.

Financial Health Signals

Financial Health Score 48/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Vici Pptys's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Growth

AFFO Margin

Dividend Cov.

Piotroski F-Score Partial

6/8

Vici Pptys passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

0.90x

For every $1 of reported earnings, Vici Pptys generates $0.90 in operating cash flow ($2.5B OCF vs $2.8B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$4.0B

YoY+4.1%

5Y CAGR+26.7%

Vici Pptys generated $4.0B in revenue in fiscal year 2025. This represents an increase of 4.1% from the prior year.

EBITDA

N/A

Net Income

$2.8B

YoY+3.6%

5Y CAGR+25.5%

Vici Pptys reported $2.8B in net income in fiscal year 2025. This represents an increase of 3.6% from the prior year.

EPS (Diluted)

$2.61

YoY+2.0%

5Y CAGR+8.3%

Vici Pptys earned $2.61 per diluted share (EPS) in fiscal year 2025. This represents an increase of 2.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$563.5M

YoY+7.4%

5Y CAGR+12.3%

Vici Pptys held $563.5M in cash against $16.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.76

YoY+4.1%

5Y CAGR+7.1%

Vici Pptys paid $1.76 per share in dividends in fiscal year 2025. This represents an increase of 4.1% from the prior year.

Shares Outstanding

1.07B

YoY+1.2%

5Y CAGR+14.8%

Vici Pptys had 1.07B shares outstanding in fiscal year 2025. This represents an increase of 1.2% from the prior year.

Margins & Returns

Gross Margin

99.3%

YoY+0.0pp

5Y CAGR+0.8pp

Vici Pptys's gross margin was 99.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.0 percentage points from the prior year.

Operating Margin

N/A

Net Margin

69.3%

YoY-0.3pp

5Y CAGR-3.5pp

Vici Pptys's net profit margin was 69.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.3 percentage points from the prior year.

Return on Equity

10.0%

YoY-0.1pp

5Y CAGR+0.5pp

Vici Pptys's ROE was 10.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

VICI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$4.0B+4.1%	$3.8B+6.6%	$3.6B+38.9%	$2.6B+72.3%	$1.5B+23.2%	$1.2B
Cost of Revenue	$26.7M-0.6%	$26.9M-0.7%	$27.1M+19.9%	$22.6M+8.9%	$20.8M+17.8%	$17.6M
Gross Profit	$4.0B+4.1%	$3.8B+6.6%	$3.6B+39.1%	$2.6B+73.2%	$1.5B+23.3%	$1.2B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$65.1M-5.8%	$69.1M+15.9%	$59.6M+23.3%	$48.3M+45.9%	$33.1M+8.0%	$30.7M
Operating Income	N/A	N/A	N/A	N/A	N/A	$321.0M
Interest Expense	$843.6M+2.1%	$826.1M+1.0%	$818.1M+51.5%	$540.0M+37.6%	$392.4M+27.1%	$308.6M
Income Tax	$2.4M-74.9%	$9.7M+258.0%	-$6.1M-313.5%	$2.9M-0.4%	$2.9M+247.4%	$831K
Net Income	$2.8B+3.6%	$2.7B+6.6%	$2.5B+124.9%	$1.1B+10.2%	$1.0B+13.7%	$891.7M
EPS (Diluted)	$2.61+2.0%	$2.56+3.6%	$2.47+94.5%	$1.27-27.8%	$1.76+0.6%	$1.75

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$1.0B+0.5%	$1.0B+0.6%	$1.0B+0.6%	$1.0B+1.7%	$984.2M+0.8%	$976.1M+1.2%	$964.7M+0.8%	$957.0M
Cost of Revenue	$6.5M-7.5%	$7.0M+3.4%	$6.8M+2.2%	$6.6M+4.2%	$6.4M-5.9%	$6.7M-1.1%	$6.8M+0.2%	$6.8M
Gross Profit	$1.0B+0.6%	$1.0B+0.5%	$1.0B+0.6%	$994.7M+1.7%	$977.9M+0.9%	$969.3M+1.2%	$957.8M+0.8%	$950.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$16.0M-17.3%	$19.3M+18.2%	$16.3M+12.2%	$14.6M-2.0%	$14.9M-28.2%	$20.7M+25.7%	$16.5M+4.4%	$15.8M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$209.4M-0.4%	$210.2M0.0%	$210.3M-1.6%	$213.8M+2.2%	$209.3M+0.5%	$208.1M+0.4%	$207.3M+0.7%	$205.8M
Income Tax	$4.0M+187.2%	-$4.6M-217.3%	$3.9M-30.2%	$5.6M+326.5%	-$2.5M-200.4%	$2.4M-0.6%	$2.5M-23.9%	$3.2M
Net Income	$872.4M+44.3%	$604.8M-20.6%	$762.0M-11.9%	$865.1M+59.1%	$543.6M-11.6%	$614.6M-16.1%	$732.9M-1.1%	$741.3M
EPS (Diluted)	$0.82	N/A	$0.71-13.4%	$0.82+60.8%	$0.51	N/A	$0.70-1.4%	$0.71

VICI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$46.7B+3.0%	$45.4B+3.0%	$44.1B+17.3%	$37.6B+113.5%	$17.6B+3.1%	$17.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$563.5M+7.4%	$524.6M+0.4%	$522.6M+150.1%	$208.9M-71.8%	$739.6M+134.1%	$316.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$18.5B+0.5%	$18.4B+0.1%	$18.4B+20.4%	$15.3B+182.5%	$5.4B-28.5%	$7.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$16.8B+0.2%	$16.7B+0.1%	$16.7B+21.7%	$13.7B+192.7%	$4.7B-30.6%	$6.8B
Total Equity	$27.8B+4.7%	$26.5B+5.1%	$25.3B+15.1%	$21.9B+81.1%	$12.1B+28.6%	$9.4B
Retained Earnings	$2.8B+48.2%	$1.9B+93.4%	$965.8M+936.7%	$93.2M-73.1%	$346.0M+148.1%	$139.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$47.1B+0.8%	$46.7B+0.4%	$46.5B+1.0%	$46.1B+1.2%	$45.5B+0.3%	$45.4B+1.0%	$44.9B+0.9%	$44.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$480.2M-14.8%	$563.5M+11.0%	$507.5M+117.8%	$233.0M-30.3%	$334.3M-36.3%	$524.6M+47.5%	$355.7M+2.5%	$347.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$18.5B-0.2%	$18.5B+0.3%	$18.4B-0.9%	$18.6B+0.6%	$18.5B+0.5%	$18.4B+0.1%	$18.4B+0.1%	$18.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$16.8B+0.1%	$16.8B+0.1%	$16.8B-0.9%	$16.9B+0.4%	$16.8B+0.7%	$16.7B-0.1%	$16.7B+0.1%	$16.7B
Total Equity	$28.2B+1.4%	$27.8B+0.4%	$27.7B+2.4%	$27.0B+1.6%	$26.6B+0.3%	$26.5B+1.6%	$26.1B+1.5%	$25.7B
Retained Earnings	$3.2B+14.1%	$2.8B+4.7%	$2.6B+11.9%	$2.4B+20.9%	$2.0B+4.6%	$1.9B+9.1%	$1.7B+19.6%	$1.4B

VICI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.5B+5.4%	$2.4B+9.2%	$2.2B+12.2%	$1.9B+116.8%	$896.4M+1.4%	$883.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$904.8M+2.0%	-$922.8M+68.2%	-$2.9B+68.8%	-$9.3B-22546.9%	$41.4M+100.9%	-$4.5B
Financing Cash Flow	-$1.6B-7.5%	-$1.5B-241.2%	$1.0B-84.9%	$6.8B+1428.3%	-$514.2M-117.9%	$2.9B
Dividends Paid	$1.9B+5.7%	$1.8B+10.7%	$1.6B+29.9%	$1.2B+60.7%	$758.8M+23.9%	$612.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$631.9M-8.7%	$691.9M+18.0%	$586.3M-8.4%	$639.9M+8.1%	$591.9M-8.1%	$644.1M+11.2%	$579.1M-5.8%	$614.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$222.9M-60.0%	-$139.3M-178.0%	-$50.1M+84.8%	-$329.8M+14.5%	-$385.6M-48.2%	-$260.2M-7.7%	-$241.6M+22.5%	-$311.9M
Financing Cash Flow	-$492.1M+0.9%	-$496.3M-89.6%	-$261.8M+36.4%	-$411.6M-3.8%	-$396.8M-84.6%	-$214.9M+34.7%	-$329.3M+25.4%	-$441.2M
Dividends Paid	$481.4M+0.1%	$480.7M+5.2%	$456.8M0.0%	$456.9M-0.5%	$459.0M+1.4%	$452.7M+4.6%	$432.7M0.0%	$432.8M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VICI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	99.3%+0.0pp	99.3%+0.0pp	99.3%+0.1pp	99.1%+0.5pp	98.6%+0.1pp	98.6%
Operating Margin	N/A	N/A	N/A	N/A	N/A	26.2%
Net Margin	69.3%-0.3pp	69.6%0.0pp	69.6%+26.6pp	43.0%-24.2pp	67.2%-5.6pp	72.8%
Return on Equity	10.0%-0.1pp	10.1%+0.1pp	10.0%+4.9pp	5.1%-3.3pp	8.4%-1.1pp	9.5%
Return on Assets	5.9%+0.0pp	5.9%+0.2pp	5.7%+2.7pp	3.0%-2.8pp	5.8%+0.5pp	5.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.60-0.0	0.63-0.0	0.66+0.0	0.63+0.2	0.39-0.3	0.72
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	99.4%+0.1pp	99.3%-0.0pp	99.3%0.0pp	99.3%-0.0pp	99.4%+0.0pp	99.3%+0.0pp	99.3%0.0pp	99.3%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	85.7%+26.0pp	59.7%-15.9pp	75.6%-10.8pp	86.4%+31.2pp	55.2%-7.7pp	63.0%-13.0pp	76.0%-1.5pp	77.5%
Return on Equity	3.1%+0.9pp	2.2%-0.6pp	2.8%-0.5pp	3.2%+1.2pp	2.0%-0.3pp	2.3%-0.5pp	2.8%-0.1pp	2.9%
Return on Assets	1.8%+0.6pp	1.3%-0.4pp	1.6%-0.2pp	1.9%+0.7pp	1.2%-0.2pp	1.4%-0.3pp	1.6%-0.0pp	1.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.600.0	0.600.0	0.61-0.0	0.630.0	0.630.0	0.63-0.0	0.640.0	0.65
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Vici Pptys's annual revenue?

Vici Pptys (VICI) reported $4.0B in total revenue for fiscal year 2025. This represents a 4.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Vici Pptys's revenue growing?

Vici Pptys (VICI) revenue grew by 4.1% year-over-year, from $3.8B to $4.0B in fiscal year 2025.

Is Vici Pptys profitable?

Yes, Vici Pptys (VICI) reported a net income of $2.8B in fiscal year 2025, with a net profit margin of 69.3%.

How much debt does Vici Pptys have?

As of fiscal year 2025, Vici Pptys (VICI) had $563.5M in cash and equivalents against $16.8B in long-term debt.

What is Vici Pptys's gross margin?

Vici Pptys (VICI) had a gross margin of 99.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Vici Pptys's net profit margin?

Vici Pptys (VICI) had a net profit margin of 69.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Vici Pptys pay dividends?

Yes, Vici Pptys (VICI) paid $1.76 per share in dividends during fiscal year 2025.

What is Vici Pptys's return on equity (ROE)?

Vici Pptys (VICI) has a return on equity of 10.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Vici Pptys's operating cash flow?

Vici Pptys (VICI) generated $2.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Vici Pptys's total assets?

Vici Pptys (VICI) had $46.7B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Vici Pptys have outstanding?

Vici Pptys (VICI) had 1.07B shares outstanding as of fiscal year 2025.

What is Vici Pptys's debt-to-equity ratio?

Vici Pptys (VICI) had a debt-to-equity ratio of 0.60 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Vici Pptys's return on assets (ROA)?

Vici Pptys (VICI) had a return on assets of 5.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Vici Pptys's Piotroski F-Score?

Vici Pptys (VICI) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Vici Pptys's earnings high quality?

Vici Pptys (VICI) has an earnings quality ratio of 0.90x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Vici Pptys?

Vici Pptys (VICI) scores 48 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.