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Dec 31, 2025
VICI Properties Q4 2025 Earnings Report
VICI Properties Q4 2025 Earnings Report
Key Takeaways
VICI Properties delivered a solid fourth quarter with total revenues increasing 3.8% year-over-year to $1.0 billion. While net income saw a slight decrease due to CECL allowance adjustments, the company demonstrated strong growth in AFFO and continued its aggressive capital deployment strategy, announcing over $2 billion in commitments throughout 2025.
Total revenues grew 3.8% year-over-year to $1.0 billion for the fourth quarter.
AFFO per share increased 5.6% year-over-year to $0.60, driven by portfolio growth and investment activity.
Announced a major $1.16 billion sale-leaseback agreement for seven casino properties in Nevada with Golden Entertainment.
Maintained a strong liquidity position of $3.2 billion, including $563.5 million in cash and cash equivalents at year-end.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
VICI established full year 2026 AFFO guidance, projecting continued growth from its existing portfolio and recently announced transactions.
Positive Outlook
- Estimated 2026 AFFO between $2,590 million and $2,625 million.
- Projected AFFO per diluted share of $2.42 to $2.45.
- Expected closing of the $1.16 billion Golden Entertainment transaction in mid-2026.
- Anticipated commencement of the Northfield Park Lease in the first half of 2026.
- Annual rent escalations built into major master leases (e.g., 2.0% for Golden Master Lease starting Year 3).
Challenges Ahead
- Guidance excludes impact of potential future acquisitions not yet announced.
- Guidance excludes impact of future capital markets activity.
- Potential volatility from non-cash allowance for credit losses (CECL).
- Dependence on tenant regulatory approvals for transaction closings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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