# VICI Properties Inc. (VICI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/VICI/thesis · /stocks/VICI/memo

## Financial Snapshot

---
ticker: VICI
step: 04
generated: 2026-05-12
source: quick-research
---

### VICI Properties Inc. (VICI) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Total Revenue | ~$2.90B | $3.61B | $3.85B | +6.6% |
| AFFO (total) | ~$1.95B | ~$2.27B | ~$2.38B | +4.9% |
| AFFO per share | ~$1.92 | $2.15 | $2.26 | +5.1% |

*FY2022 revenue reflects partial-year MGM Growth Properties contribution (acquired April 2022). FY2023 AFFO/share +11.8% YoY (acquisition-driven). FY2024 +5.1%. Q1 2025 AFFO/share +4.3% YoY; management raised FY2025 AFFO guidance to $2.47–$2.50/share (up from $2.32–$2.35 initial guidance). Leasing revenue $3.6B (+5%) + loan income $134M (+71%) in FY2024.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Total Revenue (FY2025E) | ~$4.0B+ |
| AFFO per share (FY2025 raised guidance) | $2.47–$2.50 |
| Portfolio (93 assets) | ~$34B total estimated value |
| Annualized Rent (FY2025) | ~$4.0B |
| Net Debt | ~$16–17B |
| Net Debt / EBITDA | ~5.5x |
| Dividend Yield | ~6.4% |
| Weighted Avg Remaining Lease Term | 40+ years |

*VICI is asset-light (~175 employees), with G&A at ~2% of revenues. Triple-net leases eliminate all property-level costs. Dividend is well-covered at ~75% AFFO payout ratio, with consistent annual increases. AFFO not paid as dividends funds acquisitions and debt service.*

#### Key Ratios (approximate)
- P/AFFO: ~12x | Dividend Yield: ~6.4%
- AFFO/share Growth (FY2024): +5.1% | FY2025E: +9–11% (raised guidance)
- Tenant Concentration: MGM + Caesars ~74% of income
- Weighted Avg Remaining Lease Term: 40+ years

#### Growth Profile
VICI grows AFFO/share via: (1) annual lease escalators (CPI-linked or fixed 1–2%); (2) acquisitions at accretive cap rates; (3) sale-leaseback financing for operators. Recent acquisitions: $1.16B Golden Entertainment sale-leaseback (Q4 2025, 7 properties) and ongoing experiential diversification. Management targets 4–6% AFFO/share growth long-term with the 40-year lease term providing exceptional income predictability.

#### Forward Estimates
- FY2025 AFFO/share: $2.47–$2.50 (raised management guidance; +9–11% vs. FY2024)
- FY2026 AFFO/share: ~$2.55–$2.65 (consensus; ~4–6% growth)
- Dividend: consistent annual increases; current yield ~6.4%

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/VICI/fundamental

## Navigation

- Overview: /stocks/VICI
- Financials (this page): /stocks/VICI/financials
- Thesis: /stocks/VICI/thesis
- Investment Memo: /stocks/VICI/memo
- Coverage universe: /stocks