Despite challenges in the Las Vegas market and significant transaction costs, VICI Properties demonstrated strong financial performance with raised AFFO guidance and strategic investments, indicating overall positive momentum.

Company Guidance -

Q3 2025

During the VICI Properties Second Quarter 2025 Earnings Conference Call, the company provided updated guidance reflecting a positive outlook for the fiscal year. The midpoint of the revised 2025 guidance indicates a 4.4% growth in Adjusted Funds From Operations (AFFO) per share compared to 2024, forecasting AFFO per share to range between $2.35 and $2.37. This growth is attributed to a blend of same-store earnings growth and new store external growth, with VICI's same-store Net Operating Income (NOI) growth rate being over five times higher than the average for net lease REITs, according to Green Street's latest research. VICI has been using internally generated cash flow to fund growth, maintaining a stable share count and net debt level. The company highlighted its strong dividend return, efficient conversion of revenue growth to earnings growth, and disciplined cost management, all of which contribute to a compelling total return strategy.

Raised AFFO Guidance for 2025

VICI Properties raised its AFFO guidance for 2025, expecting to deliver year-over-year AFFO per share growth of 4.4%. This represents an increase at both ends of the range by $0.02 on the bottom and $0.01 on the top end.

Strong Balance Sheet and Liquidity

VICI Properties has approximately $2.9 billion in total liquidity, with a total debt of $17.1 billion and a net debt to annualized second quarter adjusted EBITDA of approximately 5.1x.

Successful Bond Offering

In April, VICI Properties closed a bond offering, issuing $400 million of 3-year notes at a coupon of 4.75% and $900 million of 10-year notes at a coupon of 5.625%.

Continued Growth in AFFO Per Share

The midpoint of VICI's revised 2025 guidance calls for 4.4% growth in AFFO per share versus 2024, positioning the company among the leaders in AFFO per share growth for 2025.

Strategic Investments and Partnerships

VICI made strategic investments, including increasing its investment in the mezzanine loan related to the One Beverly Hills development by $150 million, and partnering with Red Rock Resorts for the North Fork Mono Casino Resort development.

VICI Properties (VICI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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VICI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	0.69 / -	0.7	―	―	―
Jul 30, 2025	2025 (Q2)	0.69 / 0.82	0.71	15.49% (+0.11)
Apr 30, 2025	2025 (Q1)	0.68 / 0.51	0.57	-10.53% (-0.06)
Feb 20, 2025	2024 (Q4)	0.68 / 0.58	0.72	-19.44% (-0.14)
Oct 31, 2024	2024 (Q3)	0.67 / 0.70	0.55	27.27% (+0.15)
Jul 31, 2024	2024 (Q2)	0.67 / 0.71	0.69	2.90% (+0.02)	―
May 02, 2024	2024 (Q1)	0.66 / 0.57	0.52	9.62% (+0.05)	―
Feb 22, 2024	2023 (Q4)	0.65 / 0.72	0.63	14.29% (+0.09)	―
Oct 25, 2023	2023 (Q3)	0.64 / 0.55	0.34	61.76% (+0.21)	―
Jul 26, 2023	2023 (Q2)	0.64 / 0.69	-0.06	1250.00% (+0.75)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

VICI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$32.53	$32.60	+0.22%
Apr 30, 2025	$31.59	$31.09	-1.58%
Feb 20, 2025	$29.94	$30.45	+1.70%
Oct 31, 2024	$30.48	$30.18	-0.98%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.