VICI Properties (VICI) Q4 2025 earnings summary

Executive summary

• AFFO grew 6.8% year-over-year in Q4 2025 to $642.5M and 6.6% for the full year to $2.5B, driven by reinvestment of free cash flow and minimal share dilution.

• Announced over $2.1B in capital commitments in 2025 at a weighted average initial yield of 8.9%, including a $1.16B sale-leaseback with Golden Entertainment and a $510M loan to Red Rock Resorts.

• Portfolio diversification advanced, with Caesars exposure reduced to the high 30% range of annual rent roll and revenue diversified across 26 states and 1 Canadian province.

• Increased annual dividend by 4.0%, marking the eighth consecutive annual increase since IPO.

• Active pipeline in gaming, experiential, and sports infrastructure, with a focus on relationship-based investments.

Financial highlights

• Q4 2025 AFFO per share rose 5.6% year-over-year to $0.60; full year AFFO per share up 5.1% to $2.38.

• Net income attributable to common stockholders was $2.78B for 2025, up from $2.68B in 2024.

• G&A expenses were $19.3M for Q4 and $65.1M for the year, representing 1.9% and 1.6% of total revenues, respectively.

• Total debt stood at $17.1B with net debt to annualized Q4 adjusted EBITDA at ~5x.

• Liquidity at year-end was $3.2B, including $608M in cash and $2.4B available under the revolver.

Outlook and guidance

• 2026 AFFO guidance is $2.59B–$2.625B, or $2.42–$2.45 per diluted share, based on 1,069.9 million shares.

• Guidance excludes unclosed transactions, undrawn loans, and non-recurring items.

• Debt maturities of $500M in September and $1.25B in December 2026; plans to access bond markets for refinancing.

• Weighted average interest rate is 4.46% with a six-year average maturity.