VICI Properties (VICI) Q3 2026 earnings summary

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.