VICI Properties (VICI)
NYSE:VICI
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Earnings Data
Report Date
Jul 29, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.71Last Year’s EPS
0.82Same Quarter Last Year
Moderate Buy
Based on 13 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: management reported solid operating and financial metrics (AFFO per share up 4.5% YoY, raised 2026 AFFO guidance, $650M annual free cash flow, strong liquidity), meaningful new capital deployments (including a $1.5B mezzanine loan and pending $1.16B Golden acquisition), and continued tenant investment and secular tailwinds in the experience economy. Noted risks include Las Vegas cyclical transition, upcoming refinancing timing and interest-rate hedging activity, tenant-specific corporate uncertainties, and material absolute leverage. On balance, the constructive guidance, successful capital deployment, and diversification efforts outweigh the highlighted risks.Company Guidance
Strong New Capital Commitments
Approximately $1.2 billion in new capital commitments in Q1 2026; Q4 2025 and Q1 2026 are the first consecutive quarters in company history with >$1 billion in new capital commitments.
Large Mezzanine Loan for One Beverly Hills
Committed a $1.5 billion mezzanine loan for One Beverly Hills, representing a $1.05 billion incremental commitment beyond a prior $450 million investment; construction commenced 2024 with phased delivery beginning in 2028.
Raised 2026 AFFO Guidance
2026 AFFO guidance raised to $2.665 billion–$2.695 billion, or $2.44–$2.47 per diluted common share, reflecting management confidence in near-term operating performance.
AFFO per Share Growth with Minimal Dilution
AFFO per share grew 4.5% year-over-year in Q1 while share count increased by roughly 1%, supported by approximately $650 million of annual free cash flow and an AFFO payout ratio of ~75%.
Strong Balance Sheet & Liquidity
Total debt $17.1 billion with net debt to annualized Q1 adjusted EBITDA ~5x (low end of 5x–5.5x target); weighted-average interest rate 4.46% (as adjusted); weighted average maturity 5.7 years; total liquidity ~$3.1 billion (cash ~$480 million, forward proceeds ~$142 million, revolver availability ~$2.4 billion).
Portfolio Growth and Diversification
Pending $1.16 billion Golden acquisition (expected to close today) expanding into Las Vegas locals; pending $144 million acquisition of four Alberta assets at an 8% cap rate; new lease with Clairvest adding a 14th tenant with no change to total rent collected—further tenant diversification.
Tenant and Market Activity Driving Demand
Operators investing in assets (e.g., MGM Grand $300 million room remodel, Omnia Day Club, Mirage renovations, Hard Rock guitar tower); positive Las Vegas demand signals in Q1 including ~140k ConExpo attendees and ~100k WWE attendees; secular tailwinds (experience economy growth cited: experiences +65% vs goods +12% from 2019–2023 per Mastercard; 2023–2025 experience-related services avg. annual growth 5.2% vs PCE 2.9% per TD Cowen).
Flexible Capital Deployment Options
Active use of loans and mezzanine financing as strategic tools (loan book at high single digits % of total assets) to build relationships and create pathways to real estate ownership and future growth opportunities.
Consistent Dividend Growth Track Record
Dividend grown every year since 2018 with a peer-leading eight-year dividend growth CAGR of 7%, and management emphasized protecting the dividend while growing the business.
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 |
|---|---|---|---|
Apr 29, 2026 | $28.60 | $29.20 | +2.10% |
Feb 25, 2026 | $29.75 | $29.30 | -1.52% |
Oct 30, 2025 | $28.59 | $29.04 | +1.59% |
Jul 30, 2025 | $31.07 | $31.13 | +0.22% |
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 Jul 29, 2026, After Close (Confirmed).
What is VICI Properties (VICI) earnings time?
VICI Properties (VICI) earnings time is at Jul 29, 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 (Q2) is 0.71.
