VICI Properties Inc. (VICI) Balance Sheet
VICI balance sheet, 2025
December 31, 2025 · U.S. dollars$46.72B assets = $18.50B liabilities + $28.22B equity
Both columns are drawn to the same scale: what VICI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
VICI financial health
Debt / equity0.64
Moderate leverage · $0.64 of debt for each $1 of equity
Equity / assets59.5%
Equity-funded · of assets funded by shareholders
Cash / debt3.4%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
VICI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $90.5M2016 | $46.72B2025 | +100.2%/yr | |
| Total liabilities | $6.3M2016 | $18.50B2025 | +142.7%/yr | |
| Shareholders’ equity | $84.1M2016 | $27.80B2025 | +90.5%/yr | |
| Cash & short-term investments | $920,0002016 | $608.0M2025 | +105.8%/yr | |
| Total debt | $14,0002016 | $17.69B2025 | +376.4%/yr | |
| Net cash (debt) | $906,0002016 | −$17.08B2025 | −$17.1B | |
| Working capital | $620,0002016 | $18.62B2025 | +$18.6B | |
| Book value per share | $0.232016 | $26.162025 | +68.9%/yr | |
| Debt / equity | 0.002016 | 0.642025 | +0.64 | |
| Shares outstanding | 360.8M2016 | 1.06B2025 | +12.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VICI assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
VICI liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
VICI debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
VICI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $608.0M | $524.6M | $522.6M | $426.3M | $739.6M | $336.0M | $1.16B | $1.10B | $183.6M | $920,000 |
| Cash & equivalents | $563.5M | $524.6M | $522.6M | $208.9M | $739.6M | $316.0M | $1.10B | $577.9M | $183.6M | $920,000 |
| Short-term investments | $44.5M | $0 | $1 | $217.3M | $884,000 | $20.0M | $59.5M | $520.9M | $13.8M | — |
| Receivables | $18.73B | $18.45B | $18.24B | $17.43B | $3.14B | $3.16B | $1.6M | $8.94B | $8.27B | $77,000 |
| Inventory | $0 | $0 | $552.5M | −$7.3M | −$884,000 | $342.9M | $1 | $95.8M | $73.6M | $371,000 |
| Other current assets | $4.8M | $4.5M | $0 | $7.3M | $884,000 | $0 | $0 | $0 | $0 | $276,000 |
| Total current assets | $19.34B | $18.98B | $18.76B | $17.85B | $3.88B | $3.49B | $1.16B | $1.12B | $197.4M | $1.6M |
| Property, plant & equipment (net) | $960.9M | $967.3M | $952.6M | $876.7M | $359.3M | $364.2M | $11.82B | $71.5M | $74.3M | $88.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $1.46B | $0 | $0 | $59.5M | $520.9M | $8.27B | $0 |
| Other non-current assets | $26.42B | $25.42B | $24.34B | $17.39B | $13.36B | $13.21B | $223.9M | $9.62B | $1.20B | $0 |
| Total assets | $46.72B | $45.37B | $44.06B | $37.58B | $17.60B | $17.06B | $13.27B | $11.33B | $9.74B | $90.5M |
| Liabilities | ||||||||||
| Accounts payable | — | — | −$1.12B | −$58.8M | −$26.4M | $734,000 | $640,000 | $1.1M | $5.2M | $305,000 |
| Short-term debt | — | $1.37B | $1.12B | $58.8M | $26.4M | $6.77B | $4.79B | $32.0M | $300.0M | $14,000 |
| Deferred revenue | $238.7M | $218.0M | $227.2M | $213.4M | $113.5M | $93.7M | $70.3M | $43.6M | $68.1M | $237,000 |
| Total current liabilities | $725.0M | $679.9M | $664.8M | $593.6M | $339.8M | $317.1M | $227.5M | $174.1M | $400.3M | $1.0M |
| Long-term debt | $16.77B | $16.73B | $16.72B | $13.74B | $4.69B | $6.77B | $4.79B | $4.12B | $4.79B | $0 |
| Lease obligations | $916.5M | $917.2M | $904.4M | $829.3M | $297.3M | $301.9M | $26.4M | — | — | — |
| Other long-term liabilities | $1.00B | $1.00B | $1.01B | $952.5M | $375.8M | $487.3M | $197.5M | $136.0M | $0 | $5.3M |
| Total liabilities | $18.50B | $18.42B | $18.40B | $15.29B | $5.41B | $7.57B | $5.22B | $4.43B | $4.96B | $6.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $10.7M | $10.6M | $10.4M | $9.6M | $6.3M | $5.4M | $4.6M | $4.0M | $3.0M | $84.1M |
| Retained earnings (deficit) | $2.77B | $1.87B | $965.8M | $93.2M | $346.0M | $139.5M | $208.1M | $187.1M | $42.7M | $52,000 |
| Accumulated other comprehensive income | $121.0M | $144.6M | $153.9M | $185.4M | $884,000 | −$92.5M | −$65.1M | −$22.1M | −$751,000 | −$27.4M |
| Minority interest | $424.9M | $413.8M | $401.8M | $356.5M | $78.9M | $77.9M | $83.8M | $83.6M | $84.9M | — |
| Total shareholders' equity | $27.80B | $26.54B | $25.26B | $22.29B | $12.19B | $9.49B | $8.05B | $6.90B | $4.78B | $84.1M |
| Key figures | ||||||||||
| Total debt | $17.69B | $17.65B | $17.63B | $13.80B | $4.72B | $6.77B | $4.79B | $4.15B | $5.09B | $14,000 |
| Net cash (debt) | −$17.08B | −$17.13B | −$17.11B | −$13.37B | −$3.98B | −$6.43B | −$3.63B | −$3.06B | −$4.90B | $906,000 |
| Working capital | $18.62B | $18.30B | $18.10B | $17.26B | $3.54B | $3.17B | $933.8M | $945.2M | −$202.9M | $620,000 |
| Tangible book value | $27.80B | $26.54B | $25.26B | $22.29B | $12.19B | $9.49B | $8.05B | $6.90B | $4.78B | $84.1M |
| Book value per share | $26.16 | $25.33 | $24.86 | $25.34 | $21.12 | $18.58 | $18.33 | $18.79 | $14.58 | $0.23 |
| Shares outstanding | 1.06B | 1.05B | 1.02B | 879.7M | 577.1M | 510.9M | 439.2M | 367.3M | 327.6M | 360.8M |
| Current ratio | 26.68 | 27.92 | 28.22 | 30.08 | 11.42 | 11.01 | 5.10 | 6.43 | 0.49 | 1.61 |
| Quick ratio | 26.67 | 27.91 | 28.22 | 30.08 | 11.42 | 11.01 | 5.11 | 57.68 | 21.12 | 0.97 |
| Debt / equity | 0.64 | 0.67 | 0.70 | 0.62 | 0.39 | 0.71 | 0.60 | 0.60 | 1.06 | 0.00 |
| Equity / assets | 59.5% | 58.5% | 57.3% | 59.3% | 69.3% | 55.6% | 60.7% | 60.9% | 49.0% | 93.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $288.1M | $480.2M | $608.0M | $507.5M | $233.0M | $334.3M | $524.6M | $355.7M | $347.2M | $514.9M | $522.6M | $510.9M |
| Cash & equivalents | $288.1M | $480.2M | $563.5M | $507.5M | $233.0M | $334.3M | $524.6M | $355.7M | $347.2M | $485.3M | $522.6M | $510.9M |
| Short-term investments | $0 | $0 | $44.5M | — | — | — | $0 | — | — | $29.6M | $1.6M | $20.3M |
| Receivables | $22.15B | $21.47B | $18.73B | $21.03B | $20.90B | $20.43B | $18.45B | $18.44B | $18.37B | $18.29B | $18.24B | $17.37B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $546.9M | $552.5M | $0 |
| Other current assets | $0 | $5.0M | $4.8M | $2.6M | $3.0M | $4.4M | $4.5M | $5.2M | $6.9M | $0 | $0 | $3.7M |
| Total current assets | $288.1M | $21.95B | $19.34B | $21.54B | $21.14B | $20.77B | $18.98B | $18.80B | $18.72B | $18.81B | $18.76B | $17.88B |
| Property, plant & equipment (net) | $171.3M | $962.2M | $960.9M | $966.1M | $964.3M | $962.4M | $967.3M | $955.3M | $956.6M | $949.8M | $952.6M | $893.3M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $81.4M | $81.7M | $82.0M | $0 | $0 | $0 | $0 | $0 | $973.2M |
| Other non-current assets | $47.81B | $24.18B | $26.42B | $23.95B | $23.87B | $23.71B | $25.42B | $25.17B | $24.83B | $24.39B | $24.34B | $23.09B |
| Total assets | $48.27B | $47.09B | $46.72B | $46.54B | $46.05B | $45.53B | $45.37B | $44.92B | $44.51B | $44.16B | $44.06B | $42.83B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | −$249.3M | −$49.4M | −$227.2M | −$14.7M |
| Short-term debt | $1.79B | — | — | $17.8M | $37.3M | $1.35B | $1.37B | $17.6M | $33.6M | $49.4M | $1.05B | $14.7M |
| Deferred revenue | $220.4M | $173.5M | $238.7M | $182.7M | $219.8M | $191.5M | $218.0M | $194.2M | $215.7M | $186.6M | $227.2M | $222.4M |
| Total current liabilities | $721.2M | $659.8M | $725.0M | $668.9M | $681.9M | $653.6M | $679.9M | $652.2M | $653.5M | $624.3M | $664.8M | $649.3M |
| Long-term debt | $16.93B | $16.79B | $16.77B | $16.76B | $16.92B | $16.85B | $16.73B | $16.74B | $16.73B | $16.71B | $16.72B | $16.69B |
| Lease obligations | $912.5M | $914.6M | $916.5M | $917.5M | $915.9M | $917.3M | $917.2M | $904.0M | $907.1M | $902.6M | $904.4M | $846.2M |
| Other long-term liabilities | $1.02B | $1.02B | $1.00B | $1.01B | $1.01B | $1.00B | $1.00B | $999.3M | $1.00B | $1.00B | $1.01B | $954.4M |
| Total liabilities | $18.67B | $18.47B | $18.50B | $18.44B | $18.61B | $18.50B | $18.42B | $18.40B | $18.38B | $18.34B | $18.40B | $18.30B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $11.0M | $10.7M | $10.7M | $10.7M | $10.6M | $10.6M | $10.6M | $10.5M | $10.4M | $10.4M | $10.4M | $10.2M |
| Retained earnings (deficit) | $3.19B | $3.16B | $2.77B | $2.64B | $2.36B | $1.95B | $1.87B | $1.71B | $1.43B | $1.12B | $965.8M | $652.4M |
| Accumulated other comprehensive income | $115.4M | $118.9M | $121.0M | $125.2M | $136.1M | $132.5M | $144.6M | $141.7M | $148.2M | $156.6M | $153.9M | $186.2M |
| Minority interest | $432.0M | $430.2M | $424.9M | $423.7M | $419.7M | — | — | — | — | — | — | — |
| Total shareholders' equity | $29.17B | $28.19B | $27.80B | $27.67B | $27.02B | $26.61B | $26.54B | $26.11B | $25.72B | $25.41B | $25.26B | $24.16B |
| Key figures | ||||||||||||
| Total debt | $17.84B | $17.70B | $17.69B | $17.68B | $17.84B | $17.76B | $17.65B | $17.65B | $17.63B | $17.61B | $17.63B | $17.54B |
| Net cash (debt) | −$17.56B | −$17.22B | −$17.08B | −$17.17B | −$17.61B | −$17.43B | −$17.13B | −$17.29B | −$17.29B | −$17.10B | −$17.11B | −$17.03B |
| Working capital | −$433.1M | $21.29B | $18.62B | $20.87B | $20.45B | $20.12B | $18.30B | $18.15B | $18.07B | $18.19B | $18.10B | $17.23B |
| Tangible book value | $29.17B | $28.19B | $27.80B | $27.67B | $27.02B | $26.61B | $26.54B | $26.11B | $25.72B | $25.41B | $25.26B | $24.16B |
| Book value per share | $26.76 | $26.38 | $26.20 | $25.90 | $25.56 | $25.19 | $25.14 | $24.91 | $24.66 | $24.36 | $24.34 | $23.84 |
| Shares outstanding | 1.09B | 1.07B | 1.06B | 1.07B | 1.06B | 1.06B | 1.06B | 1.05B | 1.04B | 1.04B | 1.04B | 1.01B |
| Current ratio | 0.40 | 33.27 | 26.68 | 32.20 | 30.99 | 31.78 | 27.92 | 28.82 | 28.65 | 30.13 | 28.22 | 27.54 |
| Quick ratio | 31.12 | 33.26 | 26.67 | 32.20 | 30.99 | 31.77 | 27.91 | 28.81 | 28.64 | 30.13 | 28.22 | 27.53 |
| Debt / equity | 0.61 | 0.63 | 0.64 | 0.64 | 0.66 | 0.67 | 0.67 | 0.68 | 0.69 | 0.69 | 0.70 | 0.73 |
| Equity / assets | 60.4% | 59.9% | 59.5% | 59.5% | 58.7% | 58.4% | 58.5% | 58.1% | 57.8% | 57.6% | 57.3% | 56.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
VICI financial position
At the end of fiscal 2025 (December 31, 2025), VICI Properties had total assets of $46.7 billion (up 3.0% from a year earlier), total liabilities of $18.5 billion and shareholders' equity of $27.8 billion. It held $608.0 million in cash and short-term investments against $17.7 billion of debt, net debt of $17.1 billion. Its current ratio was 26.68. In the latest quarter (ended June 30, 2026) total assets were $48.3 billion and equity $29.2 billion.
Related: VICI income statement, VICI cash flow statement, VICI key metrics. See the VICI stock overview for the latest quote and news.
VICI balance sheet FAQ
What are VICI Properties's total assets?
VICI Properties reported total assets of $46.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $45.4 billion a year earlier.
How much debt does VICI Properties have?
VICI Properties had $17.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.64.
How much cash does VICI Properties have?
VICI Properties held $608.0 million in cash and short-term investments at the end of fiscal 2025; with $17.7 billion of debt that is net debt of $17.1 billion.
What is VICI Properties's book value?
VICI Properties's shareholders' equity (book value) was $27.8 billion at the end of fiscal 2025, or $26.16 per share.
What is VICI Properties's current ratio?
VICI Properties had current assets of $19.3 billion and current liabilities of $725.0 million, a current ratio of 26.68 (it can cover its short-term obligations).