VICI PROPERTIES INC.
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 16,773 | 37.6 |
| Stockholders' equity | 27,798 | 62.4 |
| Total capitalization | 44,571 | 100.0 |
1,101,077,562 shares outstanding at 28 July 2026 (cover page of the 10-Q filed 29 July 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 16,773 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 1,350,000,000 |
| Common shares issued | 1,068,811,371 |
| Par or stated value per share ($) | 0.01 |
| Preferred stock ($ millions) | 0 |
| Outstanding at 7/28/26 | 1,101,077,562 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | 1.76 | 67.6 |
| 2024 | 1.70 | 66.2 |
| 2023 | 1.61 | 65.2 |
| 2022 | 1.50 | 118.1 |
| 2021 | 1.38 | 78.4 |
HISTORY AND BUSINESS
HISTORY: Incorporated in Maryland.
BUSINESS: Classified by the SEC under Standard Industrial Classification 6798, Real Estate Investment Trusts. Large accelerated filer. Principal executive office: 535 Madison Avenue, 28Th Floor, New York, NY 10022. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Total revenues | 4,006 | 3,849 | 3,612 |
| Depreciation and amortization | 4 | 4 | 4 |
| Interest expense | 844 | 826 | 818 |
| Net income | 2,775 | 2,679 | 2,514 |
| Earned per share, diluted ($) | 2.61 | 2.56 | 2.47 |
| Dividends per share ($) | 1.76 | 1.70 | 1.61 |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Cash and equivalents | 563 | 525 |
| Total assets | 46,724 | 45,369 |
| Debt | 16,773 | 16,733 |
| Total liabilities | 18,502 | 18,417 |
| Stockholders' equity | 27,798 | 26,538 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 4,006 | – | 2,775 | 69.3 | 2.61 | 1.76 | 2,510 | – | – | 46,724 | 18,502 | 16,773 | 27,798 | 10.0 | 0.60 |
| 12/31/24 | 3,849 | – | 2,679 | 69.6 | 2.56 | 1.70 | 2,381 | – | – | 45,369 | 18,417 | 16,733 | 26,538 | 10.1 | 0.63 |
| 12/31/23 | 3,612 | – | 2,514 | 69.6 | 2.47 | 1.61 | 2,181 | – | – | 44,060 | 18,402 | 16,724 | 25,256 | 10.0 | 0.66 |
| 12/31/22 | 2,601 | – | 1,118 | 43.0 | 1.27 | 1.50 | 1,943 | – | – | 37,576 | 15,286 | 13,740 | 21,934 | 5.1 | 0.63 |
| 12/31/21 | 1,510 | – | 1,014 | 67.2 | 1.76 | 1.38 | 896 | – | – | 17,597 | 5,410 | 4,695 | 12,108 | 8.4 | 0.39 |
| 12/31/20 | 1,226 | 321 | 892 | 72.8 | 1.75 | 1.25 | 884 | – | – | 17,064 | 7,570 | 6,766 | 9,416 | 9.5 | 0.72 |
| 12/31/19 | 895 | 52 | 546 | 61.0 | 1.24 | 1.17 | 682 | 3 | 679 | 13,266 | 5,217 | 4,792 | 7,965 | 6.9 | 0.60 |
| 12/31/18 | 898 | 140 | 524 | 58.3 | 1.43 | 1.00 | 504 | 1 | 503 | 11,333 | 4,432 | 4,122 | 6,817 | 7.7 | 0.60 |
| 12/31/17 | 188 | 144 | 45 | 23.7 | – | – | – | – | – | 9,740 | 4,963 | 4,122 | 4,691 | 0.9 | 0.88 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
VICI PROPERTIES INC.
CIK 1705696 · EIN 81-4177147
PRINCIPAL OFFICE:
535 Madison Avenue, 28Th Floor, New York, NY 10022
Tel.: (646) 949-4631
INCORPORATED:
Maryland
INDUSTRY (SEC SIC CODE):
6798 · Real Estate Investment Trusts
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 25 February 2026
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/25/26) · 10-K FY2024 (filed 2/20/25) · 10-K FY2023 (filed 2/22/24) · 10-K FY2022 (filed 2/23/23) · 10-K FY2021 (filed 2/23/22) · 10-K FY2020 (filed 2/18/21) · 10-K FY2017 (filed 3/28/18). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.