VICI Financials Vici Properties

9 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 45 d ago Overview →

Growth & profitability

Revenue has grown 26.7% per year over the past 5 years.
Net income has grown slower than revenue (25.5% vs 26.7% per year).
Free cash flow has grown 35.0% per year over the past 5 years.

Financial health

Total debt ($16.8B) exceeds cash ($563M); net debt is $16.2B.
Total debt has grown slower than revenue (19.9% vs 26.7% per year).

Shareholder returns

Dividends have been paid for 8 consecutive years, consuming 66.8% of earnings.
The dividend has grown 24.8% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$4.0B	$2.8B	99.3%	0.0%	10.0%	5.9%	—	$16.8B	$563M
2024	$3.8B	$2.7B	99.3%	0.0%	10.1%	5.9%	—	$16.7B	$525M
2023	$3.6B	$2.5B	99.3%	0.0%	10.0%	5.7%	—	$16.7B	$523M
2022	$2.6B	$1.1B	99.1%	0.0%	5.1%	3.0%	—	$13.7B	$209M
2021	$1.5B	$1.0B	98.6%	0.0%	8.4%	5.8%	—	$4.7B	$740M
2020	$1.2B	$892M	98.6%	26.2%	9.5%	5.2%	—	$6.8B	$316M
2019	$895M	$546M	97.9%	5.8%	6.9%	4.1%	$679M	$4.8B	$1.1B
2018	$898M	$524M	98.1%	15.6%	7.7%	4.6%	$503M	$4.1B	$578M
2017	—	$45M	—	—	0.9%	0.5%	—	$4.1B	$184M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$1.1B	$527M	99.3%	0.0%	1.8%	1.1%	—	$16.9B	$288M
Mar '26	$1.0B	$872M	99.4%	0.0%	3.1%	1.9%	—	$16.8B	$480M
Dec '25	$1.0B	$605M	99.3%	0.0%	2.2%	1.3%	—	$16.8B	$563M
Sep '25	$1.0B	$762M	99.3%	0.0%	2.8%	1.6%	—	$16.8B	$508M
Jun '25	$1.0B	$865M	99.3%	0.0%	3.2%	1.9%	—	$16.9B	$233M
Mar '25	$984M	$544M	99.4%	0.0%	2.0%	1.2%	—	$16.8B	$334M
Dec '24	$976M	$615M	99.3%	0.0%	2.3%	1.4%	—	$16.7B	$525M
Sep '24	$965M	$733M	99.3%	0.0%	2.8%	1.6%	—	$16.7B	$356M
Jun '24	$957M	$741M	99.3%	0.0%	2.9%	1.7%	—	$16.7B	$347M
Mar '24	$951M	$590M	99.3%	0.0%	2.3%	1.3%	—	$16.7B	$485M
Dec '23	$932M	$748M	99.1%	0.0%	3.0%	1.7%	—	$16.7B	$523M
Sep '23	$904M	$556M	99.3%	0.0%	2.3%	1.3%	—	$16.7B	$511M
Jun '23	$898M	$691M	99.3%	0.0%	2.9%	1.6%	—	$16.6B	$739M
Mar '23	$878M	$519M	99.3%	0.0%	2.2%	1.2%	—	$16.6B	$248M
Dec '22	$770M	$604M	99.2%	0.0%	2.8%	1.6%	—	$13.7B	$209M
Sep '22	$752M	$331M	99.3%	0.0%	1.5%	0.9%	—	$13.7B	$518M
Jun '22	$663M	-$58M	99.1%	0.0%	-0.3%	-0.2%	—	$13.7B	$614M
Mar '22	$417M	$240M	98.7%	0.0%	1.6%	1.1%	—	$5.3B	$569M
Dec '21	$383M	$281M	98.5%	0.0%	2.3%	1.6%	—	$4.7B	$740M
Sep '21	$376M	$162M	98.6%	0.0%	1.3%	0.9%	—	$4.7B	$670M

Valuation over time

How the market has priced VICI against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 32.1× (Mar '23) to 10.2× (Sep '26).
The price-to-sales ratio has fallen from 13.8× (Mar '23) to 7.1× (Sep '26).
The dividend yield has risen from 3.4% (Mar '23) to 6.6% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is VICI growing its revenue and profit?

Over the past 5 years, Vici Properties's revenue has grown 26.7% per year, and net income grown 25.5% per year. These are computed facts, not advice.

How much debt does VICI have?

As of FY2025, Vici Properties reported $16.8B of total debt against $563M of cash.

What is VICI's profit margin?

In FY2025, gross margin was 99.3%, operating margin —, and net margin 69.3%.

What is VICI's P/E ratio?

As of Sep '26, Vici Properties traded at a price-to-earnings ratio of about 10.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.