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 Oct 31, 2026, 11:16 UTC 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
Sep '26	$1.1B	$343M	99.4%	0.0%	1.2%	0.7%	—	$16.9B	$270M
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

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 9.9× (Nov '26).
The price-to-sales ratio has fallen from 13.8× (Mar '23) to 6.9× (Nov '26).
The dividend yield has risen from 3.4% (Mar '23) to 6.7% (Nov '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?

Vici Properties's P/E (TTM) is 11.73 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the VICI stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 9.9× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.