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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
VICI Properties
VICI Properties (VICI) investor relations material
VICI Properties Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 revenue rose 5.8% YoY to $1,065.5M; AFFO increased 7.5% to $685.2M and 4.3% per diluted share to $0.62.
Net income attributable to common stockholders fell 55.1% to $342.5M, primarily reflecting a $458.0M non-cash credit-loss allowance expense.
FY2026 AFFO guidance was raised; the quarterly dividend increased 2.2% to $0.46 per share, and a discretionary buyback authorization of up to $2.0B was established.
Financial highlights
Q3 revenue was $1,065.5M versus $1,007.5M in Q3 2025; sales-type lease income was $556.7M and lease-financing, loan and securities income was $482.6M.
Q3 net income attributable to common stockholders was $342.5M versus $762.0M; diluted EPS was $0.31 versus $0.71.
Q3 AFFO was $685.2M versus $637.6M; Adjusted EBITDA was $879.8M versus $825.6M.
Nine-month revenue was $3,142.5M versus $2,993.0M; net income attributable to common stockholders was $1,741.4M versus $2,170.7M.
Quarterly dividend was $0.46 per share, up from $0.45; annualized dividend was $1.84 per share.
Outlook and guidance
FY2026 AFFO guidance increased to $2,695M–$2,705M, or $2.47–$2.48 per diluted share, from $2,675M–$2,695M and $2.45–$2.47 per share.
Guidance excludes pending acquisitions without announced closing dates, future transactions and related capital-markets activity, and other non-recurring items.
GAAP net income guidance and its reconciliation were not provided because future ASC 326 credit-loss allowance changes cannot be predicted reliably and could materially affect results.
Investment pipeline spans gaming, leisure, hospitality, entertainment, sports, and health and wellness; underwriting remains patient, selective, and disciplined.
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Latest events from VICI Properties
- Experiential real estate leader with 100% occupancy, CPI-linked rent growth, and top-tier Las Vegas assets.VICI
Investor presentation - Q2 2026 revenue and AFFO rose, driven by acquisitions and a fully leased, diversified portfolio.VICIQ2 2026
- A $75M redevelopment will transform Carambola Beach Resort into a premium Club Med property.VICICorporate presentation
- Experiential REIT with 100% occupancy, rapid growth, and sector-leading financial performance.VICIInvestor presentation
- Q1 2026 delivered strong revenue, net income, and AFFO growth with major acquisitions and raised guidance.VICIQ1 2026
- Directors re-elected, auditor ratified, and executive compensation approved by stockholders.VICIAGM 2026
- Q3 2025 delivered strong AFFO and revenue growth, higher guidance, and robust portfolio diversification.VICIQ3 2025
- Q3 2024 delivered 6.7% revenue growth, 31.7% higher net income, and a 4.9% AFFO per share increase.VICIQ3 2024
- Q1 2025 revenue up, AFFO per share rose 4.3%, guidance raised, and liquidity remains strong.VICIQ1 2025
Next VICI Properties earnings date
Q4 202625 Feb, 2027
VICI Properties
Next VICI Properties earnings date
Q4 202625 Feb, 2027
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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.