Vici PropertiesVICIEarnings & Financial Report
Vici Properties Inc. is an American real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It owns 54 casinos, hotels, and racetracks, four golf courses, and 38 bowling alleys around the United States and Canada.
VICI Q1 FY2026 Key Financial Metrics
Revenue
$1.0B
Gross Profit
N/A
Operating Profit
N/A
Net Profit
$886.0M
Gross Margin
N/A
Operating Margin
N/A
Net Margin
87.0%
YoY Growth
3.5%
EPS
$0.82
Vici Properties Q1 FY2026 Financial Summary
Vici Properties reported revenue of $1.0B (up 3.5% YoY) for Q1 FY2026, with a net profit of $886.0M (up 60.5% YoY) (87.0% margin).
Key Financial Metrics
| Total Revenue | $1.0B |
|---|---|
| Net Profit | $886.0M |
| Gross Margin | N/A |
| Operating Margin | N/A |
| Report Period | Q1 FY2026 |
Revenue Breakdown
Vici Properties Q1 FY2026 revenue of $1.0B breaks down across 19 segments, led by Other at $330.1M (32.4% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Other | $330.1M | 32.4% |
| MGM Master Lease | $193.7M | 19.0% |
| Caesars Las Vegas Master Lease | $126.4M | 12.4% |
| MGM Grand/Mandalay Bay Lease | $81.1M | 8.0% |
| The Venetian Resort Las Vegas Lease | $76.1M | 7.5% |
| Harrah's NOLA, AC, and Laughlin (3) | $44.6M | 4.4% |
| Mezzanine loans & preferred equity | $35.6M | 3.5% |
| Hard Rock Mirage Lease | $23.9M | 2.3% |
| PENN Master Lease (1) | $20.2M | 2.0% |
| JACK Entertainment Master Lease | $18.3M | 1.8% |
| Century Master Lease (excluding Century Canadian Portfolio) | $12.7M | 1.2% |
| Hard Rock Cincinnati Lease | $12.2M | 1.2% |
| CNE Gold Strike Lease | $10.6M | 1.0% |
| EBCI Southern Indiana Lease | $8.6M | 0.8% |
| Lucky Strike Master Lease | $8.3M | 0.8% |
| Foundation Master Lease | $6.4M | 0.6% |
| PURE Master Lease | $4.1M | 0.4% |
| Century Canadian Portfolio (4) | $3.3M | 0.3% |
| Senior secured notes | $2.4M | 0.2% |
Vici Properties Revenue by Segment — Quarterly Trend
Vici Properties revenue by segment across the last 4 reported quarters, showing how each business line (such as Other and MGM Master Lease) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Other | $330.1M | $478.4M | $475.7M | $471.0M |
| MGM Master Lease | $193.7M | — | — | — |
| Caesars Las Vegas Master Lease | $126.4M | — | — | — |
| MGM Grand/Mandalay Bay Lease | $81.1M | — | — | — |
| The Venetian Resort Las Vegas Lease | $76.1M | — | — | — |
Vici Properties Annual Revenue by Year
Vici Properties annual revenue history includes year-by-year totals (for example, 2025 revenue was $4.0B).
Vici Properties Quarterly Revenue & Net Profit History
Vici Properties results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $1.0B | +3.5% | $886.0M | 87.0% |
| Q4 FY2025 | $1.0B | +3.8% | $604.8M | 59.7% |
| Q3 FY2025 | $1.0B | +4.4% | $762.0M | 75.6% |
| Q2 FY2025 | $1.0B | +4.6% | $865.1M | 86.4% |
| Q1 FY2025 | $984.2M | +3.4% | $543.6M | 55.2% |
| Q4 FY2024 | $976.1M | +4.7% | $614.6M | 63.0% |
| Q3 FY2024 | $964.7M | +6.7% | $732.9M | 76.0% |
| Q2 FY2024 | $957.0M | +6.6% | $741.3M | 77.5% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $957.0M | $964.7M | $976.1M | $984.2M | $1.00B | $1.01B | $1.01B | $1.02B |
| YoY Growth | 6.6% | 6.7% | 4.7% | 3.4% | 4.6% | 4.4% | 3.8% | 3.5% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $44.51B | $44.92B | $45.37B | $45.53B | $46.05B | $46.54B | $46.72B | $47.09B |
| Liabilities | $18.38B | $18.40B | $18.42B | $18.50B | $18.61B | $18.44B | $18.50B | $18.47B |
| Equity | $25.72B | $26.11B | $26.54B | $26.61B | $27.02B | $27.67B | $27.80B | $28.62B |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|
| Operating CF | $614.6M | $579.1M | $644.1M | $591.9M | $639.9M | $586.3M | $691.9M |