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Vici Properties (VICI)
NYSE:VICI
Earnings Data
Report Date
May 06, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.71Last Year’s EPS
0.51Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized solid operating and financial performance (mid-single-digit AFFO and AFFO per-share growth, strong margins, conservative G&A, healthy liquidity and portfolio diversification) and active, relationship-driven capital deployment ($2.1 billion in 2025 at a weighted initial yield of 8.9%). Management also initiated 2026 AFFO guidance and highlighted successful operator-led asset turnarounds (The Venetian). Challenges discussed were mostly execution and market-cycle risks (one de minimis nonaccrual loan, near-term debt maturities requiring refinancing or bond issuance, ongoing negotiations with large tenant Caesars, and softer Las Vegas normalization). Overall, the positives — recurring earnings growth, disciplined balance sheet, active originations and partnerships, and margin strength — materially outweigh the contained operational and financing risks described on the call.Company Guidance
AFFO Growth — Quarterly and Full Year
Q4 AFFO increased 6.8% year-over-year to $642.5 million; AFFO per share rose 5.6% YoY to $0.60. Full year 2025 AFFO increased 6.6% YoY to $2.5 billion; AFFO per share increased 5.1% YoY to $2.38.
Capital Deployment and New Partnerships
VICI committed approximately $2.1 billion of capital in 2025 across partnerships and transactions including a $450 million mezzanine loan (Cain & Eldridge), a $510 million delayed draw term loan (Red Rock / North Fork), Clairvest transaction (future tenant), and a $1.16 billion sale-leaseback with Golden Entertainment. The combined activity carried a weighted average initial yield of 8.9%.
Initiation of 2026 AFFO Guidance
Company initiated AFFO guidance for 2026 at $2.59 billion to $2.625 billion, or $2.42 to $2.45 per diluted common share (guidance excludes not-yet-closed transactions and nonrecurring items).
Efficient Operating Model and Low Overhead
G&A was $19.3 million for the quarter and $65.1 million for the year, representing only 1.9% and 1.6% of total revenues, respectively, underscoring a low-cost triple-net operating model.
Strong Profitability and Margin Profile
Reported net income margin for the year of approximately 69%, described as one of the highest net income margins in the S&P 500.
Balance Sheet Liquidity and Leverage Position
Total debt of $17.1 billion with net debt to annualized Q4 adjusted EBITDA of ~5x (at the low end of the 5.0–5.5x target). Total liquidity ~ $3.2 billion composed of $608 million cash, $243 million proceeds under forwards, and ~$2.4 billion revolver availability. Weighted average interest rate (hedge-adjusted) ~4.46% and weighted average maturity ~6 years.
Portfolio Diversification Progress
Company reduced concentration vs. inception: from 100% exposure to Caesars historically to the high 30s percent of annual rent roll today, showing progress on tenant/geography/category diversification.
Operational Success Case Study — The Venetian
Management highlighted Harvard Business School case on The Venetian: property EBITDAR increased from $487 million pre-pandemic to $777 million in 2024; guest satisfaction up from 56% to 61% after >$1 billion of capital investment and employee engagement programs, illustrating value from operator-driven transformations.
Execution on Development Loan — North Fork (Kalahari)
Construction for North Fork (Kalahari) reported on time and slightly under budget with opening expected in the fall, reflecting positive execution on a material development exposure.
VICI Earnings History
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 |
|---|---|---|---|
Feb 25, 2026 | $30.24 | $29.78 | -1.52% |
Oct 30, 2025 | $29.05 | $29.51 | +1.59% |
Jul 30, 2025 | $31.57 | $31.64 | +0.21% |
Apr 30, 2025 | $30.66 | $30.17 | -1.59% |
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.
FAQ
When does Vici Properties (VICI) report earnings?
Vici Properties (VICI) is schdueled to report earning on May 06, 2026, After Close (Confirmed).
What is Vici Properties (VICI) earnings time?
Vici Properties (VICI) earnings time is at May 06, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is VICI EPS forecast?
VICI EPS forecast for the fiscal quarter 2026 (Q1) is 0.71.
