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.
Revenue
$1.0B
Gross Profit
$994.7M
Operating Profit
$883.9M
Net Profit
$865.1M
Gross Margin
99.3%
Operating Margin
88.3%
Net Margin
86.4%
YoY Growth
4.6%
EPS
$0.82
Vici Properties Q2 FY2025 Financial Summary
Vici Properties reported revenue of $1.0B (up 4.6% YoY) for Q2 FY2025, with a net profit of $865.1M (up 16.7% YoY) (86.4% margin). Cost of goods sold was $6.6M, operating expenses totaled $110.8M.
Key Financial Metrics
| Total Revenue | $1.0B |
|---|---|
| Net Profit | $865.1M |
| Gross Margin | 99.3% |
| Operating Margin | 88.3% |
| Report Period | Q2 FY2025 |
Revenue Breakdown
Vici Properties Q2 FY2025 revenue of $1.0B breaks down across 3 segments, led by Fixed Rent at $501.8M (50.1% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Fixed Rent | $501.8M | 50.1% |
| Other | $471.0M | 47.0% |
| Contingent Rent | $28.5M | 2.9% |
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 Fixed Rent and Other) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Fixed Rent | — | $504.3M | $503.0M | $501.8M |
| Other | $330.1M | $478.4M | $475.7M | $471.0M |
| Contingent Rent | — | $30.4M | $28.7M | $28.5M |
Vici Properties Annual Revenue by Year
Vici Properties annual revenue history includes year-by-year totals (for example, 2025 revenue was $4.0B).
| Year | Annual Revenue |
|---|---|
| 2025 | $4.0B |
| 2024 | $3.8B |
| 2023 | $3.6B |
| 2022 | $2.6B |
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 |