10-Q · April 29, 2026
VICI Properties reported strong Q1 2026 performance with total revenues of $1.02 billion, reflecting a year-over-year increase of $34.3 million. The company achieved a diluted EPS of $0.82, exceeding the estimate of…
Earnings analysis · 10-Q
VICI earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
VICI reported $1.065 billion of quarterly revenue, modestly above the $1.063 billion consensus estimate, but the supplied 10-Q excerpt does not include sufficient GAAP income-statement, segment, balance-sheet, or…
Read full summary
VICI reported $1.065 billion of quarterly revenue, modestly above the $1.063 billion consensus estimate, but the supplied 10-Q excerpt does not include sufficient GAAP income-statement, segment, balance-sheet, or cash-flow detail to assess margins, EPS, or free cash flow. Balance-sheet risk remains centered on $17.2 billion of debt and refinancing exposure, although 98.4% is fixed rate and variable-rate sensitivity is approximately $2.7 million for each 1% rate move. Management reported effective disclosure controls and no material changes to the risk factors from the 2025 Form 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Revenue modestly exceeded consensus
Quarterly revenue was $1.065 billion, modestly above the $1.063 billion consensus estimate, according to the accompanying earnings information.
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Debt is predominantly fixed rate
VICI reported $17.2 billion of aggregate outstanding indebtedness as of September 30, 2026; 98.4% was fixed-rate, limiting near-term exposure to floating-rate changes.
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Limited floating-rate sensitivity
Variable-rate debt totaled $267.8 million, and a 1% change in annual rates would change annual cash interest expense by approximately $2.7 million.
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Disclosure controls remain effective
Management stated that disclosure controls and procedures were effective as of the end of the period covered by the report.
What to watch
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Refinancing and interest-rate risk
The company may need to refinance maturing long-term debt at higher interest rates. VICI had $17.2 billion of aggregate indebtedness as of September 30, 2026, creating material refinancing exposure even though 98.4% was fixed rate.
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Reliance on capital markets
As a REIT, VICI must distribute a significant portion of taxable income annually, which management says constrains its ability to accumulate operating cash flow and requires debt or equity capital to finance the business.
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Foreign-currency exposure
The company remains exposed to foreign-currency variability from foreign investments and earnings; it relies primarily on natural hedges and may use derivatives in the future.
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No new risk-factor changes
The 10-Q states there were no material changes to the risk factors included in the 2025 Form 10-K for the nine months ended September 30, 2026; therefore, no new material risk-factor update was identified.
Management's outlook
The supplied 10-Q text does not provide quantitative revenue or EPS guidance. The prior 8-K separately disclosed raised full-year 2026 AFFO guidance of $2,695 million to $2,705 million, or $2.47 to $2.48 per diluted share.
Earlier filings 4
10-K · February 25, 2026
VICI describes a scale-driven triple-net REIT strategy focused on gaming and other experiential real estate, owning 93 experiential assets (54 gaming, 39 other) that were 100% leased as of December 31, 2025 with a…
10-Q · October 30, 2025
VICI reported Q3 2025 revenue of $1,007,488,000, up $42,819,000 (4.4%) versus Q3 2024, and diluted EPS of $0.71 (vs. $0.70 a year ago). Operating (EBIT) margin compressed ~100 bps to ~97.7% driven by higher operating…
10-Q · July 30, 2025
VICI reported Q2 total revenues of $1,001,334,000, up $44,331,000 (+4.6%) versus Q2 2024, and diluted EPS of $0.82, up $0.11 from $0.71 a year ago. Operating profitability remained strong (income before income taxes…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.