financial statements

The full income statement, balance sheet, and cash-flow statement for VICI Properties Inc. (VICI), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	4.01B YoY+4.1%	3.85B YoY+6.6%	3.61B YoY+38.9%	2.60B YoY+72.3%	1.51B YoY+23.2%
Cost of revenue	26.7M YoY-0.6%	26.9M YoY-0.7%	27.1M YoY+19.9%	22.6M YoY+8.9%	20.8M YoY+17.8%
Selling, general & administrative	65.1M YoY-5.8%	69.1M YoY+15.9%	59.6M YoY+23.3%	48.3M YoY+45.9%	33.1M YoY+8.0%
General & administrative	65.1M YoY-5.8%	69.1M YoY+15.9%	59.6M YoY+23.3%	48.3M YoY+45.9%	33.1M YoY+8.0%
Interest expense	844M YoY+2.1%	826M YoY+1.0%	818M YoY+51.5%	540M YoY+37.6%	392M YoY+27.1%
Interest & investment income	14.4M YoY-10.8%	16.1M YoY-32.9%	24.0M YoY+151.5%	9.53M YoY+7841.7%	120K YoY-98.2%
Equity-method income	0.00	0.00 YoY-100.0%	1.28M YoY-97.9%	59.8M	0.00
Pre-tax income	2.82B YoY+3.3%	2.73B YoY+7.2%	2.55B YoY+123.7%	1.14B YoY+11.0%	1.03B YoY+14.4%
Income tax	2.44M YoY-74.9%	9.70M YoY+258.0%	-6.14M YoY-313.5%	2.88M YoY-0.4%	2.89M YoY+247.4%
	2.78B YoY+3.6%	2.68B YoY+6.6%	2.51B YoY+124.9%	1.12B YoY+10.2%	1.01B YoY+13.7%
Net income to non-controlling interest	43.1M YoY+1.5%	42.4M YoY+3.3%	41.1M YoY+120.5%	18.6M YoY+100.2%	9.31M YoY+105.3%
	$2.61 YoY+2.0%	$2.56 YoY+3.6%	$2.47 YoY+94.5%	$1.27 YoY-27.8%	$1.76 YoY+0.6%
EPS (basic)	$2.61 YoY+2.0%	$2.56 YoY+3.2%	$2.48 YoY+95.3%	$1.27 YoY-29.4%	$1.80 YoY+2.3%
Weighted-avg shares (basic)	1.06B YoY+1.5%	1.05B YoY+3.2%	1.01B YoY+15.6%	878M YoY+55.5%	564M YoY+11.5%
Weighted-avg shares (diluted)	1.06B YoY+1.4%	1.05B YoY+3.1%	1.02B YoY+15.5%	880M YoY+52.4%	577M YoY+12.9%
Dividends per share	$1.76 YoY+4.1%	$1.70 YoY+5.3%	$1.61 YoY+7.3%	$1.50 YoY+8.7%	$1.38 YoY+10.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	563M YoY+7.4%	525M YoY+0.4%	523M YoY+150.1%	209M YoY-71.8%	740M YoY+134.1%
Short-term investments	44.5M	0.00	0.00 YoY-100.0%	217M	0.00 YoY-100.0%
	46.7B YoY+3.0%	45.4B YoY+3.0%	44.1B YoY+17.3%	37.6B YoY+113.5%	17.6B YoY+3.1%
Property, plant & equipment	68.0M YoY-3.3%	70.3M YoY+5.1%	66.9M YoY-0.4%	67.2M YoY-1.9%	68.5M YoY-1.0%
Operating lease right-of-use	36.6M YoY+0.0%	36.6M YoY-4.5%	38.3M YoY-14.8%	45.0M YoY+167.7%	16.8M YoY-4.0%
Deferred tax assets	9.54M YoY+62.6%	5.87M YoY-37.8%	9.42M	0.00	—
	18.5B YoY+0.5%	18.4B YoY+0.1%	18.4B YoY+20.4%	15.3B YoY+182.5%	5.41B YoY-28.5%
Long-term debt	16.8B YoY+0.2%	16.7B YoY+0.1%	16.7B YoY+21.7%	13.7B YoY+192.7%	4.69B YoY-30.6%
Deferred tax liabilities	6.62M YoY+73.6%	3.81M YoY-15.4%	4.51M YoY+3.8%	4.34M YoY+11.9%	3.88M YoY+9.8%
	27.8B YoY+4.7%	26.5B YoY+5.1%	25.3B YoY+15.1%	21.9B YoY+81.1%	12.1B YoY+28.6%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	10.7M YoY+1.2%	10.6M YoY+1.3%	10.4M YoY+8.3%	9.63M YoY+53.1%	6.29M YoY+17.2%
Additional paid-in capital	24.9B YoY+1.6%	24.5B YoY+1.6%	24.1B YoY+11.5%	21.6B YoY+84.1%	11.8B YoY+25.5%
Retained earnings	2.77B YoY+48.2%	1.87B YoY+93.4%	966M YoY+936.7%	93.2M YoY-73.1%	346M YoY+148.1%
Accumulated other comprehensive income	121M YoY-16.3%	145M YoY-6.0%	154M YoY-17.0%	185M YoY+20867.5%	884K YoY+101.0%
Non-controlling interest	425M YoY+2.7%	414M YoY+3.0%	402M YoY+12.7%	356M YoY+351.8%	78.9M YoY+1.3%
Total equity incl. non-controlling	28.2B YoY+4.7%	27.0B YoY+5.0%	25.7B YoY+15.1%	22.3B YoY+82.9%	12.2B YoY+28.4%
Total liabilities & equity	46.7B YoY+3.0%	45.4B YoY+3.0%	44.1B YoY+17.3%	37.6B YoY+113.5%	17.6B YoY+3.1%
Common shares issued	1.07B YoY+1.2%	1.06B YoY+1.3%	1.04B YoY+8.3%	963M YoY+53.1%	629M YoY+17.2%
Common shares outstanding	1.07B YoY+1.2%	1.06B YoY+1.3%	1.04B YoY+8.3%	963M YoY+53.1%	629M YoY+17.2%
Shares outstanding (cover)	1.07B YoY+1.4%	1.05B YoY+1.9%	1.03B YoY+7.4%	963M YoY+53.1%	629M YoY+17.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.51B YoY+5.4%	2.38B YoY+9.2%	2.18B YoY+12.2%	1.94B YoY+116.8%	896M YoY+1.4%
Depreciation & amortization	3.64M YoY-11.8%	4.13M YoY-4.0%	4.30M YoY+35.1%	3.18M YoY+2.9%	3.09M YoY-17.2%
Share-based compensation	16.2M YoY-7.5%	17.5M YoY+12.7%	15.5M YoY+19.6%	13.0M YoY+38.6%	9.37M YoY+26.8%
Deferred income taxes	-1.74M YoY-132.0%	5.44M YoY+152.2%	-10.4M YoY-2366.5%	460K YoY+32.9%	346K
	-905M YoY+2.0%	-923M YoY+68.2%	-2.90B YoY+68.8%	-9.30B YoY-22546.9%	41.4M YoY+100.9%
Acquisitions	0.00	0.00 YoY-100.0%	1.27B YoY-72.3%	4.57B	0.00
	-1.57B YoY-7.5%	-1.46B YoY-241.2%	1.03B YoY-84.9%	6.83B YoY+1428.3%	-514M YoY-117.9%
Common stock issued	375M YoY-0.9%	379M YoY-84.7%	2.48B YoY-23.0%	3.22B YoY+34.9%	2.39B YoY+54.9%
Dividends paid	1.85B YoY+5.7%	1.75B YoY+10.7%	1.58B YoY+29.9%	1.22B YoY+60.7%	759M YoY+23.9%
FX effect on cash	160K YoY-64.0%	445K YoY+806.3%	-63.0K	0.00	0.00
Net change in cash	38.9M YoY+1804.2%	2.04M YoY-99.3%	314M YoY+159.1%	-531M YoY-225.3%	424M YoY+153.9%
Interest paid	779M YoY-0.3%	781M YoY+2.5%	763M YoY+63.4%	467M YoY+44.4%	323M YoY+23.1%
Income taxes paid	7.34M YoY+119.8%	3.34M YoY-32.1%	4.92M YoY+62.5%	3.02M YoY+68.9%	1.79M YoY+219.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	30.1B YoY-2.4%	30.8B YoY-6.6%	33.0B YoY+5.7%	31.2B YoY+64.8%	18.9B YoY+38.4%
P/E	10.8× YoY-5.8%	11.5× YoY-15.7%	13.6× YoY-65.3%	39.2× YoY+110.1%	18.7× YoY+21.7%
P/S	7.5× YoY-6.2%	8.0× YoY-14.6%	9.4× YoY-33.6%	14.1× YoY+12.4%	12.5× YoY+12.3%
P/B	1.1× YoY-6.8%	1.2× YoY-13.2%	1.3× YoY-7.0%	1.4× YoY-8.1%	1.6× YoY+7.6%
P/FCF	12.0× YoY-7.4%	12.9× YoY-16.3%	15.4× YoY-13.9%	17.9× YoY-15.2%	21.1× YoY+36.4%
Earnings yield	9.2% YoY+6.2%	8.7% YoY+18.6%	7.3% YoY+187.9%	2.5% YoY-52.4%	5.4% YoY-17.8%
FCF yield	8.4% YoY+8.0%	7.7% YoY+19.4%	6.5% YoY+16.1%	5.6% YoY+17.9%	4.7% YoY-26.7%
Dividend yield	6.3% YoY+8.2%	5.8% YoY+14.9%	5.1% YoY+9.1%	4.6% YoY+1.0%	4.6% YoY-6.9%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: VICI's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all VICI filings on SEC EDGAR → Not investment advice.

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financial statements