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VICI · Q2 2026
Archived report (Q2 2026). Latest deep dive →
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).
Net income attributable to common stockholders
$527M
down 39.1% y/y
Total revenues
$1,059M
up 5.7% y/y
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 as an image: VICI, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “VICI Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/vici/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/vici/q2-2026"><img src="https://whoreportstoday.com/t/vici/q2-2026/sankey.png" alt="VICI Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/vici/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/vici/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/vici/q2-2026">VICI Q2 2026 earnings chart (Who Reports Today)</a>
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- 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.
VICI — VICI Properties is an experiential real estate investment trust (REIT) that owns casino, hotel and entertainment properties, including Caesars Palace and MGM Grand in Las Vegas, leased to operators under long-term triple-net leases, and also provides real estate loans.
Headquarters: New York, New York.
Heads-up
- net income fell 39% y/y in Q2 2026
Net income for Q2 2026: $527M, −39% y/y. Based on the Q2 2026 report.
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