VICI Properties Inc. (VICI) Income Statement
VICI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVICI revenue and net income
Where VICI's revenue goes
2025Each bar shows an amount and its share of revenue. VICI kept 69.3% of revenue as net income.
VICI profit margins
VICI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +4.1% | +15.5% | +26.7% | +71.6% |
| Gross profit | +4.1% | +15.6% | +27.3% | +96.4% |
| Operating income | +3.1% | +30.8% | +32.0% | +239.4% |
| Net income | +3.6% | +35.4% | +25.5% | +295.0% |
| EPS (diluted) | −1.1% | +20.2% | +17.7% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VICI quarterly EPS vs estimates
VICI Properties beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.62).
VICI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.01B | $3.85B | $3.61B | $2.60B | $1.51B | $1.23B | $894.8M | $898.0M | $201.4M | $18.8M |
| Cost of revenue | $26.7M | $26.9M | $27.1M | $22.6M | $20.8M | $33.4M | $18.9M | $99.2M | $33.8M | $13.7M |
| Gross profit | $3.98B | $3.82B | $3.58B | $2.58B | $1.49B | $1.19B | $875.9M | $798.8M | $167.7M | $5.0M |
| Research & development | — | — | $1 | $0 | $1 | $1 | $1 | $1 | $0 | — |
| Sales, general & admin | $65.1M | $69.1M | $59.6M | $48.3M | $33.1M | $30.7M | $24.6M | $24.4M | $11.3M | $2.0M |
| Total operating expenses | $324.1M | $277.4M | $240.1M | $945.6M | $44.5M | $278.9M | $33.4M | $40.8M | $23.5M | $5.0M |
| Operating income | $3.66B | $3.54B | $3.34B | $1.63B | $1.44B | $913.2M | $842.5M | $758.0M | $144.2M | $7,000 |
| Interest income | $14.4M | $16.1M | $24.0M | $9.5M | $120,000 | $6.8M | $20.0M | $11.3M | $63.1M | — |
| Interest expense | $843.6M | $826.1M | $818.1M | $540.0M | $392.4M | $308.6M | $248.4M | $212.7M | $63.4M | $7,000 |
| Income before taxes | $2.82B | $2.73B | $2.55B | $1.14B | $1.03B | $897.0M | $556.0M | $533.6M | $42.6M | $3.0M |
| Income taxes | $2.4M | $9.7M | −$6.1M | $2.9M | $2.9M | $831,000 | $1.7M | $1.4M | −$1.9M | $7,000 |
| Net income | $2.78B | $2.68B | $2.51B | $1.12B | $1.01B | $891.7M | $546.0M | $523.6M | $42.7M | $3.0M |
| EBITDA | $3.67B | $3.56B | $3.37B | $1.68B | $1.42B | $1.21B | $808.2M | $749.9M | $109.1M | $3.0M |
| EPS (diluted) | $2.62 | $2.65 | $2.57 | $1.51 | $1.80 | $1.16 | $1.27 | $1.52 | $0.19 | $0.01 |
| Gross margin | 99.3% | 99.3% | 99.3% | 99.1% | 98.6% | 97.3% | 97.9% | 89.0% | 83.2% | 26.9% |
| Operating margin | 91.2% | 92.1% | 92.6% | 62.8% | 95.7% | 74.5% | 94.2% | 84.4% | 71.6% | 0.0% |
| Net margin | 69.3% | 69.6% | 69.6% | 43.0% | 67.2% | 72.8% | 61.0% | 58.3% | 21.2% | 16.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.06B | $1.02B | $1.01B | $1.01B | $1.00B | $984.2M | $976.1M | $964.7M | $957.0M | $951.5M | $931.9M | $904.3M |
| Cost of revenue | $7.4M | $6.5M | $7.0M | $6.8M | $6.6M | $6.4M | $6.7M | $6.8M | $6.8M | $6.5M | $8.2M | $6.3M |
| Gross profit | $1.05B | $1.01B | $1.01B | $1.00B | $994.7M | $977.9M | $969.3M | $957.8M | $950.2M | $945.0M | $923.6M | $898.0M |
| Sales, general & admin | $15.4M | $16.0M | $19.3M | $16.3M | $14.6M | $14.9M | $20.7M | $16.5M | $15.8M | $16.2M | $15.3M | $14.4M |
| Total operating expenses | $306.4M | −$82.9M | $192.2M | $16.7M | −$107.2M | $222.3M | $135.6M | $5.2M | −$6.9M | $143.6M | −$28.2M | $129.6M |
| Operating income | $744.7M | $1.09B | $813.8M | $984.0M | $1.10B | $755.5M | $833.7M | $952.7M | $957.1M | $801.4M | $951.8M | $768.4M |
| Interest income | $2.2M | $4.5M | $4.5M | $3.9M | $2.3M | $3.7M | $4.1M | $2.8M | $3.9M | $5.3M | $7.8M | $7.3M |
| Interest expense | $209.9M | $209.4M | $210.2M | $210.3M | $213.8M | $209.3M | $208.1M | $207.3M | $205.8M | $204.9M | $205.2M | $204.9M |
| Income before taxes | $534.9M | $889.9M | $609.7M | $777.5M | $883.9M | $549.8M | $626.7M | $746.9M | $756.0M | $601.4M | $750.0M | $566.1M |
| Income taxes | −$461,000 | $4.0M | −$4.6M | $3.9M | $5.6M | −$2.5M | $2.4M | $2.5M | $3.2M | $1.6M | −$9.8M | $644,000 |
| Net income | $526.5M | $872.4M | $604.8M | $762.0M | $865.1M | $543.6M | $614.6M | $732.9M | $741.3M | $590.0M | $747.8M | $556.3M |
| EBITDA | $745.8M | $1.10B | $820.9M | $988.8M | $1.10B | $760.1M | $835.8M | $955.3M | $962.8M | $807.4M | $956.7M | $772.0M |
| EPS (diluted) | $0.62 | $0.82 | $0.57 | $0.71 | $0.83 | $0.51 | $0.67 | $0.70 | $0.71 | $0.57 | $0.72 | $0.64 |
| Gross margin | 99.3% | 99.4% | 99.3% | 99.3% | 99.3% | 99.4% | 99.3% | 99.3% | 99.3% | 99.3% | 99.1% | 99.3% |
| Operating margin | 70.4% | 107.5% | 80.3% | 97.7% | 110.0% | 76.8% | 85.4% | 98.8% | 100.0% | 84.2% | 102.1% | 85.0% |
| Net margin | 49.7% | 85.7% | 59.7% | 75.6% | 86.4% | 55.2% | 63.0% | 76.0% | 77.5% | 62.0% | 80.2% | 61.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VICI's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VICI financial results
In fiscal year 2025 (ended December 31, 2025), VICI Properties reported revenue of $4.0 billion, up 4.1% from the year before. It had net income of $2.8 billion (up 3.6%), a net profit margin of 69.3%. Diluted earnings per share came to $2.62. Over five years revenue grew at an average rate of 26.7% a year.
See the VICI stock overview for the latest quote and news, or the VICI chart for price history and technical indicators.
VICI income statement FAQ
What is VICI Properties's annual revenue?
VICI Properties reported total revenue of $4.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 4.1% from $3.8 billion the previous year.
Is VICI Properties profitable?
Yes. VICI Properties reported net income of $2.8 billion in fiscal 2025, a net profit margin of 69.3%; its operating margin was 91.2%.
What is VICI Properties's gross margin?
VICI Properties's gross margin was 99.3% in fiscal 2025: for every $100 of revenue, VICI Properties kept $99 after the direct cost of its products and services.
How fast is VICI Properties growing?
Revenue grew 26.7% a year on average over the last five fiscal years, from $1.2 billion to $4.0 billion.
What are VICI Properties's earnings per share?
VICI Properties earned $2.62 per diluted share in fiscal 2025, compared with $2.65 a year earlier.
When will VICI Properties report its next earnings?
VICI Properties is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does VICI Properties's fiscal year end?
VICI Properties's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.