VICI (VICI Properties Inc.) Stock Financials & Earnings | Market Cap Arena

VICI (VICI Properties Inc.) Stock Financials & Earnings | Market Cap Arena

VICIVICI Properties Inc.

Mkt Cap$32B

Real Estate·REIT - Diversified·🇺🇸 United States·NYSE

Revenue (TTM)$4.0B

Net Income (TTM)$2.8B

EPS (TTM)$2.61

Free Cash Flow (TTM)$2.5B

Gross Margin99.3%

Op. Margin91.1%

Net Margin69.1%

FCF Margin62.5%

P/S Ratio (TTM)7.9x

P/E Ratio (TTM)11.4x

YoY Rev Growth+4.3%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$878M	$872M	$726M
Q2 23	$898M	$892M	$899M
Q3 23	$904M	$898M	$768M
Q4 23	$932M	$924M	$952M
Q1 24	$951M	$945M	$801M
Q2 24	$957M	$950M	$957M
Q3 24	$965M	$958M	$953M
Q4 24	$976M	$969M	$834M
Q1 25	$984M	$978M	$756M
Q2 25	$1.0B	$995M	$1.1B
Q3 25	$1.0B	$1.0B	$984M
Q4 25	$1.0B	$1.0B	$814M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	10.3x	22.7x
Q2 23	9.6x	14.8x
Q3 23	9.2x	13.4x
Q4 23	8.8x	12.6x
Q1 24	8.6x	12.3x
Q2 24	8.5x	12.0x
Q3 24	8.3x	11.3x
Q4 24	8.2x	11.8x
Q1 25	8.2x	12.0x
Q2 25	8.1x	11.5x
Q3 25	8.0x	11.4x
Q4 25	7.9x	11.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$522M	$521M
Q2 23	$530M	$530M
Q3 23	$552M	$552M
Q4 23	$576M	$574M
Q1 24	$544M	$541M
Q2 24	$615M	$612M
Q3 24	$579M	$578M
Q4 24	$644M	$643M
Q1 25	$592M	$592M
Q2 25	$640M	$639M
Q3 25	$586M	$587M
Q4 25	$692M	$692M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$988K
Q2 23	$329K
Q3 23	$577K
Q4 23	$2M
Q1 24	$2M
Q2 24	$3M
Q3 24	$1M
Q4 24	$1M
Q1 25	$156K
Q2 25	$672K
Q3 25	$828K
Q4 25	$302K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+110.7%	+44.7%
Q2 23	+35.5%	-100.1%
Q3 23	+20.3%	-49.4%
Q4 23	+21.0%	-322.6%
Q1 24	+8.4%	-1.0%
Q2 24	+6.6%	+76.0%
Q3 24	+6.7%	-91.2%
Q4 24	+4.7%	+813.3%
Q1 25	+3.4%	+52.4%
Q2 25	+4.6%	-96576.9%
Q3 25	+5.2%	+160.0%
Q4 25	+3.8%	+40.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$3M	0.4%
Q2 23	$4M	0.4%
Q3 23	$4M	0.4%
Q4 23	$4M	0.4%
Q1 24	$4M	0.4%
Q2 24	$5M	0.5%
Q3 24	$5M	0.5%
Q4 24	$5M	0.5%
Q1 25	$3M	0.3%
Q2 25	$4M	0.4%
Q3 25	$4M	0.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 23	$15M
Q2 23	$15M
Q3 23	$14M
Q4 23	$15M
Q1 24	$16M
Q2 24	$16M
Q3 24	$16M
Q4 24	$21M
Q1 25	$15M
Q2 25	$15M
Q3 25	$16M
Q4 25	$19M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$248M	$0	$248M
Q2 23	$739M	$0	$739M
Q3 23	$511M	$0	$511M
Q4 23	$523M	$0	$523M
Q1 24	$485M	$30M	$515M
Q2 24	$347M	$0	$347M
Q3 24	$356M	$0	$356M
Q4 24	$525M	$0	$525M
Q1 25	$334M	$0	$334M
Q2 25	$233M	$0	$233M
Q3 25	$508M	$0	$508M
Q4 25	$563M	$44M	$608M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	1.00B	+4.0%
Q2 23	1.01B	+0.4%
Q3 23	1.01B	+0.6%
Q4 23	1.04B	+2.4%
Q1 24	1.04B	+0.5%
Q2 24	1.04B	-0.0%
Q3 24	1.05B	+0.5%
Q4 24	1.06B	+0.7%
Q1 25	1.06B	+0.1%
Q2 25	1.06B	+0.1%
Q3 25	1.07B	+1.0%
Q4 25	1.06B	-0.7%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	—	—
FY 16	—	—
FY 17	$1M	140
FY 18	$6M	140
FY 19	$6M	140
FY 20	$8M	147
FY 21	$10M	152
FY 22	$113M	23
FY 23	$129M	28
FY 24	$143M	27
FY 25	$143M	28