VICI Properties (VICI) financial statements
VICI Properties reported revenue of $4.0B in fiscal 2025, up 46.6% a year over 8 years.
Net income was $2.8B and the operating margin 91.1%, against 76.9% in 2017.
The diluted share count rose 189% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from VICI Properties's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $188M | $898M | $895M | $1.2B | $1.5B | $2.6B | $3.6B | $3.8B | $4.0B |
| Cost of revenue | — | $17M | $19M | $18M | $21M | $23M | $27M | $27M | $27M |
| Gross profit | — | $881M | $876M | $1.2B | $1.5B | $2.6B | $3.6B | $3.8B | $4.0B |
| Selling, general and admin | — | $24M | $25M | $31M | $33M | $48M | $60M | $69M | $65M |
| Operating income | $144M | $758M | $842M | $321M | $1.4B | $1.6B | $3.3B | $3.5B | $3.6B |
| Interest expense | $63M | $213M | $248M | $309M | $392M | $540M | $818M | $826M | $844M |
| Pre-tax income | $43M | $534M | $556M | $897M | $1.0B | $1.1B | $2.5B | $2.7B | $2.8B |
| Income tax | -$2M | $1M | $2M | $831,000 | $3M | $3M | -$6M | $10M | $2M |
| Net income | $45M | $524M | $546M | $892M | $1.0B | $1.1B | $2.5B | $2.7B | $2.8B |
| EPS (diluted) | — | $1.43 | $1.24 | $1.75 | $1.76 | $1.27 | $2.47 | $2.56 | $2.61 |
| Diluted shares | — | 367M | 439M | 511M | 577M | 880M | 1.02B | 1.05B | 1.06B |
| Gross margin | — | 98.1% | 97.9% | 98.6% | 98.6% | 99.1% | 99.3% | 99.3% | 99.3% |
| Operating margin | 76.9% | 84.4% | 94.2% | 26.2% | 95.0% | 61.9% | 92.4% | 92.0% | 91.1% |
| Net margin | 23.7% | 58.3% | 61.0% | 72.8% | 67.2% | 43.0% | 69.6% | 69.6% | 69.3% |
Balance sheet
Fiscal years, from VICI Properties's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $184M | $1.1B | $1.2B | $336M | $740M | $426M | $523M | $525M | $608M |
| Property, plant and equipment | $74M | $72M | $70M | $69M | $69M | $67M | $67M | $70M | $68M |
| Total assets | $9.7B | $11.3B | $13.3B | $17.1B | $17.6B | $37.6B | $44.1B | $45.4B | $46.7B |
| Total liabilities | $5.0B | $4.4B | $5.2B | $7.6B | $5.4B | $15.3B | $18.4B | $18.4B | $18.5B |
| Shareholders' equity | $4.7B | $6.8B | $8.0B | $9.4B | $12.1B | $21.9B | $25.3B | $26.5B | $27.8B |
| Net debt | -$184M | -$578M | -$1.1B | -$316M | -$740M | -$209M | -$523M | -$525M | -$563M |
Cash flow
Fiscal years, from VICI Properties's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | — | $504M | $682M | $884M | $896M | $1.9B | $2.2B | $2.4B | $2.5B |
| Capital spending | — | $899,000 | $3M | — | — | — | — | — | — |
| Free cash flow | — | $503M | $679M | — | — | — | — | — | — |
| Stock-based compensation | — | $2M | $5M | $7M | $9M | $13M | $16M | $18M | $16M |
| Dividends paid | — | $263M | $504M | $612M | $759M | $1.2B | $1.6B | $1.8B | $1.9B |
| Net borrowing | — | $0 | — | — | — | — | — | — | — |
| Free cash flow margin | — | 56.0% | 75.9% | — | — | — | — | — | — |
| Dividends per share | — | $0.72 | $1.15 | $1.20 | $1.31 | $1.39 | $1.56 | $1.67 | $1.74 |
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What was VICI Properties's revenue in 2025?
$4.0B in fiscal 2025, from its 10-K filing.
From VICI Properties's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.