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How VICI Properties (VICI) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue grew 5.7% y/y to $1.06B, pre-tax margin 50.5% vs 88.3%, net income $527M (−39.1% y/y).
Key growth driver: Income from lease financing receivables, loans and securities — the fastest-growing revenue line: $478, +9% y/y. · by the Q2 2026 report
Net income attributable to common stockholders
$527M
down 39.1% y/y
Total revenues
$1,059M
up 5.7% y/y
Next report
not announced yet
How does VICI Properties make money?
VICI Properties brought in $1.06 billion of revenue in Q2 2026, up 5.7% year over year. The largest source was Income from sales-type leases: $549 million, or 52% of the total, followed by Income from lease financing receivables, loans and securities ($478M, 45%) and Golf revenues ($12.0M, 1%); other lines add the remaining 2%. Net income for the quarter was $527 million, down 39.1% year over year.
Revenue by source, Q2 2026
- Income from sales-type leases$549M · 52% · +3.6%
- Income from lease financing receivables, loans and securities$478M · 45% · +8.7%
- Other income$18.9M · 2% · −3.2%
- Golf revenues$12.0M · 1% · +7.2%
Shares of $1.06B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Income from sales-type leases | $549 · +3.6% |
| Income from lease financing receivables, loans and securities | $478 · +8.7% |
| Other income | $18.9 · −3.2% |
| Golf revenues | $12 · +7.2% |
| Total revenues | $1,059 · +5.7% |
| Change in allowance for credit losses | $271 · vs −$142 |
| Interest expense | $210 · −1.8% |
| General and administrative | $15.4 · +6.0% |
| Other, golf, depreciation and transaction expenses (calculated) | $29.1 · −15.2% |
| Interest income and other gains/losses (calculated) | $1.9 · −42.7% |
| Income before income taxes | $535 · −39.5% · 50.5% margin |
| Income Tax Benefit | $0.5 |
| Net income attributable to non-controlling interests | $8.8 · −33.9% |
| Net income attributable to common stockholders | $527 · −39.1% · $0.48/sh · 49.7% margin |
Verdict: revenue grew 5.7% y/y to $1.06B, pre-tax margin 50.5% vs 88.3%, net income $527M (−39.1% y/y).
Diluted EPS $0.48 vs $0.82 a year earlier; AFFO per share up 4.6% to $0.62 (non-GAAP, company definition); 2026 AFFO guidance updated to $2.45 - $2.47 per diluted share.
Source and notation
Source: VICI Properties earnings release and its exhibits, 8-K EX-99 of 07/29/2026 (SEC EDGAR). REIT layout: total revenues as reported; property expenses, depreciation, interest and other items lead to net income (a REIT pays little or no income tax). FFO is a non-GAAP measure: it appears only in the text, as defined by the company, never in the chart. The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Net income attributable to common stockholders fell 39.1% to $526.5 million because of the non-cash change in the CECL allowance for credit losses: a $271.1M charge this quarter versus a $142.0M benefit a year earlier.
- Total revenues increased 5.7% year over year: income from lease financing receivables, loans and securities grew to $478.4M from $440.3M.
- VICI closed the $1.16 billion acquisition of seven Nevada casino properties from Golden Entertainment and added tenants via the MGM Northfield Park lease with a Clairvest affiliate and a Club Med resort in St. Croix.
- Pre-tax income was $535M, a 50.5% margin vs 88.3% a year earlier.
- Diluted EPS was $0.48 vs $0.82 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Who runs the company now
As of 10/20/2026, per the company’s SEC filings: signatures on the latest report and leadership-change filings.
Positions: the company’s SEC filings. Spotted an error, or is this you and you’d like it corrected or removed? Contact us
How this is compiled
Who runs the company now comes from primary sources only: for US companies, the CEO and CFO signatures on the latest SEC report, and a separate board chair from the proxy statement (DEF 14A); for Russian and Kazakh issuers, the company website and its disclosures. We recheck weekly; if a name can’t be confirmed, or a leadership-change filing came out after the report, we don’t show it until it’s reviewed. History comes from proxy statements, disclosures, Wikipedia and Wikidata; years show when a term started and ended, “since” means the person is in office now. An outcome for a previous employer is shown only when the linked document states it.
Sources · 2
- SEC EDGAR: 10-Q 2026-07-29 · SEC EDGAR · 10/20/2026
- SEC EDGAR: 10-Q 2026-07-29 · SEC EDGAR · 10/20/2026
Vici Properties Inc. is an American real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. · Text: Wikipedia, CC BY-SA 4.0, abridged
It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It owns 61 casinos, hotels, and racetracks, four golf courses, and 38 bowling alleys around the United States and Canada.
Heads-up
- net income fell 39% y/y in Q2 2026
Most likely because pre-tax income was $535M, a 50.5% margin vs 88.3% a year earlier; net income attributable to common stockholders fell 39.1% to $526.5 million because of the non-cash change in the CECL allowance for credit losses: a $271.1M charge…. Based on the Q2 2026 report.
The company's report ↗Company guidance
Same quarter a year ago (ended September 30, 2025): revenue $1.007B, EPS (GAAP) $0.71
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
VICI earnings history: past report dates
| Jul 29, 2026 Wed | 4:15 pmafter market close | Jun 30, 2026 | $1.1B+6% y/y | $0.48−41% y/y |
| Apr 29, 2026 Wed | 4:15 pmafter market close | Mar 31, 2026 | $1.0B+3% y/y | $0.82+61% y/y |
| Feb 25, 2026 Wed | 4:15 pmafter market close | Dec 31, 2025 | ≈$1.0B+4% y/y | ≈$0.57−2% y/y |
| Oct 30, 2025 Thu | 4:15 pmafter market close | Sep 30, 2025 | $1.0B+4% y/y | $0.71+1% y/y |
| Jul 30, 2025 Wed | 4:15 pmafter market close | Jun 30, 2025 | $1.0B+5% y/y | $0.82+15% y/y |
| Apr 30, 2025 Wed | 4:05 pmafter market close | Mar 31, 2025 | $984M+3% y/y | $0.51−11% y/y |
| Feb 20, 2025 Thu | 4:16 pmafter market close | Dec 31, 2024 | ≈$976M+5% y/y | ≈$0.58−18% y/y |
| Oct 31, 2024 Thu | 4:17 pmafter market close | Sep 30, 2024 | $965M+7% y/y | $0.70+27% y/y |
| Jul 31, 2024 Wed | 4:16 pmafter market close | Jun 30, 2024 | $957M+7% y/y | $0.71+3% y/y |
| May 1, 2024 Wed | 4:20 pmafter market close | Mar 31, 2024 | $951M+8% y/y | $0.57+10% y/y |
| Feb 22, 2024 Thu | 4:18 pmafter market close | Dec 31, 2023 | ≈$932M+21% y/y | ≈$0.71+6% y/y |
| Oct 25, 2023 Wed | 4:16 pmafter market close | Sep 30, 2023 | $904M+20% y/y | $0.55+62% y/y |
| Jul 26, 2023 Wed | 4:20 pmafter market close | Jun 30, 2023 | $898M+36% y/y | $0.69 |
| May 1, 2023 Mon | 4:19 pmafter market close | Mar 31, 2023 | $878M+111% y/y | $0.52+49% y/y |
| Feb 23, 2023 Thu | 4:15 pmafter market close | Dec 31, 2022 | ≈$770M+101% y/y | ≈$0.67+49% y/y |
| Oct 27, 2022 Thu | 4:17 pmafter market close | Sep 30, 2022 | $752M+100% y/y | $0.34+21% y/y |
| Jul 27, 2022 Wed | 4:17 pmafter market close | Jun 30, 2022 | $663M+76% y/y | −$0.06 |
| Apr 18, 2022 Mon | 8:48 ambefore market open | Mar 31, 2022 | $417M+11% y/y | $0.35−30% y/y |
| Feb 23, 2022 Wed | 4:20 pmafter market close | Dec 31, 2021 | ≈$383M+3% y/y | ≈$0.45−17% y/y |
| Oct 27, 2021 Wed | 4:17 pmafter market close | Sep 30, 2021 | $376M+11% y/y | $0.28−62% y/y |
| Jul 28, 2021 Wed | 4:18 pmafter market close | Jun 30, 2021 | $376M+46% y/y | $0.54+15% y/y |
| Apr 29, 2021 Thu | 4:15 pmafter market close | Mar 31, 2021 | $374M+47% y/y | $0.50 |
| Feb 18, 2021 Thu | 4:16 pmafter market close | Dec 31, 2020 | ≈$373M+57% y/y | ≈$0.54+170% y/y |
| Oct 28, 2020 Wed | 4:16 pmafter market close | Sep 30, 2020 | $340M+53% y/y | $0.74+139% y/y |
| Jul 29, 2020 Wed | 4:19 pmafter market close | Jun 30, 2020 | $258M+17% y/y | $0.47+27% y/y |
| Apr 30, 2020 Thu | 4:19 pmafter market close | Mar 31, 2020 | $255M+19% y/y | −$0.05 |
| Feb 20, 2020 Thu | 4:17 pmafter market close | Dec 31, 2019 | ≈$238M+5% y/y | ≈$0.20−46% y/y |
| Oct 31, 2019 Thu | 4:16 pmafter market close | Sep 30, 2019 | $223M−4% y/y | $0.31−11% y/y |
| Jul 31, 2019 Wed | 4:22 pmafter market close | Jun 30, 2019 | $221M−0% y/y | $0.37−3% y/y |
| May 1, 2019 Wed | 4:16 pmafter market close | Mar 31, 2019 | $214M−2% y/y | $0.37+12% y/y |
| Feb 14, 2019 Thu | 4:22 pmafter market close | Dec 31, 2018 | ≈$226M+20% y/y | ≈$0.37+95% y/y |
| Nov 1, 2018 Thu | 4:16 pmafter market close | Sep 30, 2018 | $233M | $0.35 |
| Aug 2, 2018 Thu | 4:24 pmafter market close | Jun 30, 2018 | $221M | $0.38 |
| May 3, 2018 Thu | 4:30 pmafter market close | Mar 31, 2018 | $218M | $0.33 |
| Mar 8, 2018 Thu | 4:37 pmafter market close | Dec 31, 2017 | $188M | $0.19 |
Show all 35 reports since 2018Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
VICI Properties: 9-year financials
| 2025 | 4,006 | — | 2,776 | 2,509 | 1,854 |
| 2024 | 3,849 | — | 2,679 | 2,374 | 1,753 |
| 2023 | 3,612 | — | 2,514 | 2,177 | 1,584 |
| 2022 | 2,601 | — | 1,118 | 1,942 | 1,219 |
| 2021 | 1,510 | — | 1,014 | 894 | 759 |
| 2020 | 1,226 | 321 | 892 | 881 | 612 |
| 2019 | 895 | 52.3 | 546 | 679 | 504 |
| 2018 | 898 | 140 | 524 | 503 | 263 |
| 2017 | 188 | 144 | 44.5 | — | — |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. History starts in 2017: earlier years aren’t in the company’s SEC filings (it’s younger or was spun off).
Shareholders’ equity at Jun 30, 2026: $29.2B (60% of total assets). Compare with other S&P 500 companies →
VICI Properties (VICI) earnings: FAQ
How does VICI Properties make money?
VICI Properties brought in $1.06 billion of revenue in Q2 2026, up 5.7% year over year. The largest source was Income from sales-type leases: $549 million, or 52% of the total, followed by Income from lease financing receivables, loans and securities ($478M, 45%) and Golf revenues ($12.0M, 1%); other lines add the remaining 2%. Net income for the quarter was $527 million, down 39.1% year over year.
When is VICI's next earnings date?
We have not yet seen an announcement of the date from VICI Properties (VICI). Based on last year's report on Oct 30, 2025, the next report is expected around Oct 29, 2026.
What time does VICI report earnings?
VICI Properties usually reports after market close: its latest results release was filed with the SEC at 4:15 pm ET on Jul 29, 2026.
When did VICI last report earnings?
VICI Properties reported Q2 2026 results on Jul 29, 2026.
Where can I find VICI Properties's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to VICI's filings; this page breaks the latest report down in a Sankey chart.
What was VICI's net income in Q2 2026?
VICI Properties reported net income of $527M for Q2 2026 (−39.1% year over year), under US GAAP.
Does VICI Properties pay dividends?
Yes. In 2025, VICI Properties paid $1,854M in dividends on its common stock, per its 10-K. Earlier years are in the 9-year table above.
How has VICI Properties's revenue changed since 2017?
Per its 10-K filings, revenue grew 21.4x: $188M in 2017 and $4,006M in 2025. The latest year is the highest in the table. Year-by-year figures are in the table above.
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