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Side-by-side financial comparison of Host Hotels & Resorts (HST) and Vici Properties (VICI), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Host Hotels & Resorts is the larger business by last-quarter revenue ($1.6B vs $1.0B, roughly 1.6× Vici Properties). Vici Properties runs the higher net margin — 8.4% vs 59.7%, a 51.3% gap on every dollar of revenue. On growth, Host Hotels & Resorts posted the faster year-over-year revenue change (12.3% vs 3.8%). Over the past eight quarters, Host Hotels & Resorts's revenue compounded faster (4.4% CAGR vs 3.2%).
Host Hotels & Resorts, Inc., based in Bethesda, Maryland, is an American real estate investment trust that invests in hotels. As of December 31, 2024, the company owned 81 upscale hotels containing about 43,400 rooms in the United States, Brazil, and Canada.
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.
HST vs VICI — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.0B |
| Net Profit | $135.0M | $604.8M |
| Gross Margin | — | 99.3% |
| Operating Margin | 12.0% | 60.2% |
| Net Margin | 8.4% | 59.7% |
| Revenue YoY | 12.3% | 3.8% |
| Net Profit YoY | 25.0% | -1.6% |
| EPS (diluted) | $0.20 | $0.57 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $1.6B | $1.0B | ||
| Q3 25 | $1.3B | $1.0B | ||
| Q2 25 | $1.6B | $1.0B | ||
| Q1 25 | $1.6B | $984.2M | ||
| Q4 24 | $1.4B | $976.1M | ||
| Q3 24 | $1.3B | $964.7M | ||
| Q2 24 | $1.5B | $957.0M | ||
| Q1 24 | $1.5B | $951.5M |
| Q4 25 | $135.0M | $604.8M | ||
| Q3 25 | $161.0M | $762.0M | ||
| Q2 25 | $221.0M | $865.1M | ||
| Q1 25 | $248.0M | $543.6M | ||
| Q4 24 | $108.0M | $614.6M | ||
| Q3 24 | $82.0M | $732.9M | ||
| Q2 24 | $239.0M | $741.3M | ||
| Q1 24 | $268.0M | $590.0M |
| Q4 25 | — | 99.3% | ||
| Q3 25 | — | 99.3% | ||
| Q2 25 | — | 99.3% | ||
| Q1 25 | — | 99.4% | ||
| Q4 24 | — | 99.3% | ||
| Q3 24 | — | 99.3% | ||
| Q2 24 | — | 99.3% | ||
| Q1 24 | — | 99.3% |
| Q4 25 | 12.0% | 60.2% | ||
| Q3 25 | 7.6% | 77.2% | ||
| Q2 25 | 17.5% | 88.3% | ||
| Q1 25 | 17.9% | 55.9% | ||
| Q4 24 | 11.0% | 64.2% | ||
| Q3 24 | 10.2% | 77.4% | ||
| Q2 24 | 19.9% | 79.0% | ||
| Q1 24 | 19.8% | 63.2% |
| Q4 25 | 8.4% | 59.7% | ||
| Q3 25 | 12.1% | 75.6% | ||
| Q2 25 | 13.9% | 86.4% | ||
| Q1 25 | 15.6% | 55.2% | ||
| Q4 24 | 7.6% | 63.0% | ||
| Q3 24 | 6.2% | 76.0% | ||
| Q2 24 | 16.3% | 77.5% | ||
| Q1 24 | 18.2% | 62.0% |
| Q4 25 | $0.20 | $0.57 | ||
| Q3 25 | $0.23 | $0.71 | ||
| Q2 25 | $0.32 | $0.82 | ||
| Q1 25 | $0.35 | $0.51 | ||
| Q4 24 | $0.15 | $0.58 | ||
| Q3 24 | $0.12 | $0.70 | ||
| Q2 24 | $0.34 | $0.71 | ||
| Q1 24 | $0.38 | $0.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $768.0M | $608.0M |
| Total DebtLower is stronger | $1.3B | $16.8B |
| Stockholders' EquityBook value | $6.6B | $27.8B |
| Total Assets | $13.0B | $46.7B |
| Debt / EquityLower = less leverage | 0.19× | 0.60× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $768.0M | $608.0M | ||
| Q3 25 | $539.0M | $507.5M | ||
| Q2 25 | $490.0M | $233.0M | ||
| Q1 25 | $428.0M | $334.3M | ||
| Q4 24 | $554.0M | $524.6M | ||
| Q3 24 | $564.0M | $355.7M | ||
| Q2 24 | $805.0M | $347.2M | ||
| Q1 24 | $1.3B | $514.9M |
| Q4 25 | $1.3B | $16.8B | ||
| Q3 25 | — | $16.8B | ||
| Q2 25 | — | $16.9B | ||
| Q1 25 | — | $16.8B | ||
| Q4 24 | $896.0M | $16.7B | ||
| Q3 24 | — | $16.7B | ||
| Q2 24 | — | $16.7B | ||
| Q1 24 | — | $16.7B |
| Q4 25 | $6.6B | $27.8B | ||
| Q3 25 | $6.7B | $27.7B | ||
| Q2 25 | $6.6B | $27.0B | ||
| Q1 25 | $6.7B | $26.6B | ||
| Q4 24 | $6.6B | $26.5B | ||
| Q3 24 | $6.7B | $26.1B | ||
| Q2 24 | $6.8B | $25.7B | ||
| Q1 24 | $6.7B | $25.4B |
| Q4 25 | $13.0B | $46.7B | ||
| Q3 25 | $13.0B | $46.5B | ||
| Q2 25 | $13.0B | $46.1B | ||
| Q1 25 | $12.9B | $45.5B | ||
| Q4 24 | $13.0B | $45.4B | ||
| Q3 24 | $13.1B | $44.9B | ||
| Q2 24 | $12.4B | $44.5B | ||
| Q1 24 | $12.5B | $44.2B |
| Q4 25 | 0.19× | 0.60× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.63× | ||
| Q4 24 | 0.14× | 0.63× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | — | 0.66× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $543.0M | $691.9M |
| Free Cash FlowOCF − Capex | $445.0M | — |
| FCF MarginFCF / Revenue | 27.8% | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 6.1% | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 4.02× | 1.14× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $543.0M | $691.9M | ||
| Q3 25 | $218.0M | $586.3M | ||
| Q2 25 | $444.0M | $639.9M | ||
| Q1 25 | $305.0M | $591.9M | ||
| Q4 24 | $331.0M | $644.1M | ||
| Q3 24 | $349.0M | $579.1M | ||
| Q2 24 | $453.0M | $614.6M | ||
| Q1 24 | $365.0M | $543.7M |
| Q4 25 | $445.0M | — | ||
| Q3 25 | $143.0M | — | ||
| Q2 25 | $381.0M | — | ||
| Q1 25 | $259.0M | — | ||
| Q4 24 | $235.0M | — | ||
| Q3 24 | $262.0M | — | ||
| Q2 24 | $409.0M | — | ||
| Q1 24 | $332.0M | — |
| Q4 25 | 27.8% | — | ||
| Q3 25 | 10.7% | — | ||
| Q2 25 | 24.0% | — | ||
| Q1 25 | 16.2% | — | ||
| Q4 24 | 16.5% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 27.9% | — | ||
| Q1 24 | 22.6% | — |
| Q4 25 | 6.1% | — | ||
| Q3 25 | 5.6% | — | ||
| Q2 25 | 4.0% | — | ||
| Q1 25 | 2.9% | — | ||
| Q4 24 | 6.7% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 3.0% | — | ||
| Q1 24 | 2.2% | — |
| Q4 25 | 4.02× | 1.14× | ||
| Q3 25 | 1.35× | 0.77× | ||
| Q2 25 | 2.01× | 0.74× | ||
| Q1 25 | 1.23× | 1.09× | ||
| Q4 24 | 3.06× | 1.05× | ||
| Q3 24 | 4.26× | 0.79× | ||
| Q2 24 | 1.90× | 0.83× | ||
| Q1 24 | 1.36× | 0.92× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
HST
Segment breakdown not available.
VICI
| Fixed Rent | $504.3M | 50% |
| Other | $478.4M | 47% |
| Contingent Rent | $30.4M | 3% |
