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MARKETS / NYSE / VICI
NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Vici Properties Inc. VICI

9 fiscal years on record · USD · FY2025 reported · SEC filings only
3 YEARS OF DIVIDEND GROWTH
$4.0B
▲ 4.1% YoY
$2.8B
▲ 3.6% YoY
$2.5B
▲ 27.4% YoY
In brief

What this company does

VICI Properties Inc. owns and acquires gaming, hospitality, wellness, entertainment and leisure destinations, which it leases under long-term triple net leases. As of December 31, 2025, it owned 93 experiential assets across the United States and Canada, consisting of 54 gaming properties and 39 other experiential properties, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas. These properties span approximately 127 million square feet across twenty-six states and Canada, and include approximately 60,300 hotel rooms and more than 500 restaurants, bars, nightclubs and sportsbooks. As of December 31, 2025, its properties were 100% leased, with a weighted average lease term, including extension options, of approximately 39.6 years. Caesars and MGM accounted for approximately 39% and 35%, respectively, of its annualized rent as of December 31, 2025. As of December 31, 2025, the company employed 28 employees, all of whom were full-time. It conducts its real property business through VICI OP and its golf course business through a taxable REIT subsidiary, VICI Golf LLC. VICI Properties Inc. was initially organized as a limited liability company in Delaware on July 5, 2016, as a wholly owned subsidiary of Caesars Entertainment Operating Company, Inc., and converted to a corporation under the laws of Maryland on May 5, 2017.

Written from the business description in VICI PROPERTIES INC.'s annual report to the U.S. Securities and Exchange Commission, filed 25 February 2026. Every sentence was checked against that document before publication.

Growth
USD 4.0B
Revenue, FY2025 · full 9-year series below
Revenue $B Net income $B
FY2025 · Revenue 4.0 · Net income 2.8
2B4B201720182019202020212022202320242025
Compound annual growth
+15.5%
+26.7%
+35.4%
+25.5%
+27.1%
+5.6%
+15.0%
+24.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +26.7% a year over five years — but profit grew slower: net income at +25.5%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
70 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 70.4% · Net 70.4%
20%40%60%201720182019202020212022202320242025
ROE
FY2025 · ROE 10.2%
5%10%201720182019202020212022202320242025

Each USD of equity produced 10 cents of profit this year.

Cash & shareholders
USD 1.9B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 2.5
1.0B2.0B-0.8B-1.6B201720182019202020212022202320242025
Net buybacks $B Dividends $B
FY2025 · Dividends 1.9 · Net buybacks —
0.8B1.6B20182019202020212022202320242025
Dividends paidUSD 1.9B
Net buybacks
Share of profit66.8%
Consecutive raises3 years (since the 2022 share-count change)

USD 1.9B in dividends — 67% of the year's profit went back to shareholders.

Total assetsUSD 46.7B
EquityUSD 27.8B
CashUSD 563.5M
Gross debtUSD 16.8B
Net debtUSD 16.2B

Net debt stands at 58% of equity.

The 9-year record
9 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017
Revenue $B4.03.83.62.61.51.20.90.90.2
Operating income $B2.82.72.51.11.00.90.60.10.1
EBITDA $B2.82.72.61.11.00.90.60.10.1
Income tax $B0.00.0−0.00.00.00.00.00.0−0.0
Net income $B2.82.72.51.11.00.90.50.50.0
Free cash flow $B2.52.01.9−2.10.9−0.5−1.10.5·
EPS, diluted $2.612.562.471.271.761.751.241.43·
Dividend / sh $1.761.701.611.501.381.251.171.00·
Payout %67656310975699250·
ROE %10.210.310.76.69.410.37.49.10.9
Shares out B1.071.061.040.960.630.540.460.400.30

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 26 reconciliationsAUDITED

Reconciled in 9 of 19 fiscal years. 42 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inMaryland
Fiscal year endsDecember 31
Data on record since2017

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