)
Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
VICI Properties
VICI Properties (VICI) investor relations material
VICI Properties Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved AFFO growth of 6.8% year-over-year in Q4 2025 and 6.6% for the full year, driven by reinvestment of free cash flow and disciplined capital allocation.
Announced over $2.1 billion in capital commitments in 2025 at a weighted average initial yield of 8.9%.
Completed or announced a $1.16 billion sale-leaseback/acquisition with Golden Entertainment, expanding exposure to the Las Vegas locals market.
Increased annual dividend by 4.0%, marking the eighth consecutive annual increase since IPO.
Maintained a focused tenant roster and formed new partnerships with Cain, Eldridge, Red Rock Resorts, Clairvest, and Golden Entertainment.
Financial highlights
Q4 2025 AFFO: $642.5 million, up 6.8% year-over-year; AFFO per share: $0.60, up 5.6%.
Full year 2025 AFFO: $2.5 billion, up 6.6% year-over-year; AFFO per share: $2.38, up 5.1%.
Total revenues for 2025 reached $4.01 billion, up 4.1% year-over-year.
Net income attributable to common stockholders for 2025 was $2.8 billion, up 3.6% year-over-year.
Liquidity as of year-end: $3.2 billion, including $608 million in cash and $2.4 billion revolver availability.
Outlook and guidance
2026 AFFO guidance: $2.59–$2.63 billion, or $2.42–$2.45 per diluted share.
Guidance excludes impacts from pending or future acquisitions, undrawn loans, and non-recurring items.
Debt maturities of $500 million in September and $1.25 billion in December 2026; plans to access bond markets for refinancing.
Weighted average interest rate expected in the low 5% range for new unsecured debt.
One Beverly Hills loan maturity strategy?
Golden acquisition: capital structure implications?
PENN master lease: rationale for new terms?
Caesars lease talks: portfolio optimization goals?
Strategy for diversifying equity sources
Assessing obsolescence risk for new experiential assets
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next VICI Properties earnings date
Q1 202630 Apr, 2026
VICI Properties
Next VICI Properties earnings date
Q1 202630 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Investing in Experiences
VICI Properties is an American real estate investment trust with a distinct focus on the gaming and entertainment industry. VICI Properties owns some of the most prestigious casino properties in the country and leases these to casino and entertainment businesses. The company was founded in 2017 as a spin-off from Caesars Entertainment Corporation and has its headquarters in NYC.
Spin-Off From Caesar’s
Created as the result of a spin-off of Caesars Entertainment during bankruptcy proceedings, VICI Properties owns an impressive portfolio of high-profile properties. These assets, scattered primarily across Las Vegas and Atlantic City, form the backbone of America's gaming industry. Beyond just casinos, VICI's property portfolio extends to include several golf courses and land leases related to other entertainment venues.
The Business Model
While they own these properties, they're leased back to industry giants, ensuring a steady revenue stream while allowing operators to manage and maintain the on-ground activities. This usually works in the following way: VICI purchases an entertainment property for an up-front payment. The company then leases this property back to the operator, and in many cases, the business VICI purchased the property from in the first place.
Operating as a REIT
A Real Estate Investment Trust (REIT) is an entity that owns, manages, or invests in revenue-generating properties across various real estate sectors. Structured to deliver consistent income flows, potential capital growth, and tax advantages to investors, REITs publicly issue shares that can be bought and sold on leading stock exchanges. Legally, they are obligated to allocate a minimum of 90% of their taxable earnings to shareholders as dividends. REITs are a common sight on public exchanges, with some examples being American Tower and Prologis.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage