VICI VICI PROPERTIES INC.

Overview and Growth

VICI PROPERTIES INC. generated $4.01B of revenue in fiscal 2025, with net income of $2.78B and an operating cash inflow of $2.51B. At $4.01B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 4.1% above fiscal 2024 revenue of $3.85B, marking a year-over-year increase. The company reported diluted EPS of $2.61, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $2.56 in fiscal 2024, the current result was 2.0% higher. A diluted share base of 1.06B links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Total assets stood at $46.72B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.09x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $3.98B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 99.3% of revenue, quantifying the portion retained before operating expenses were recognized. After all reported below-operating-line items, the company recorded net income of $2.78B for the fiscal year. Measured against reported revenue, net income produced a 69.3% margin after operating costs and the remaining recognized items. Pretax income was $2.82B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 70.4% of revenue, placing earnings before tax in the context of the company’s operating scale. Income tax expense totaled $2.44M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 0.1% of pretax income, showing the tax burden absorbed by the year’s earnings. Return on period-end equity was 9.8%, relating annual net income to the equity capital on the balance sheet. Return on period-end assets was 5.9%, connecting net income with the company’s total asset base. The company moved from fiscal 2024 net income of $2.68B to $2.78B, with the current outcome ending above that comparison.

Liquidity and Capital Structure

At period end, the $46.72B asset base was financed through $18.50B of liabilities and $28.22B of equity. The company held $563.48M in cash and equivalents, a narrower liquidity measure than total current assets. Total debt was $16.77B, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 0.59x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 35.9% of total assets, placing borrowing in the context of the company’s full resource base. The equity-to-assets relationship was 60.4%, placing book capital against the total resource base. Liabilities represented 39.6% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 1.2%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 3.0% higher than fiscal 2024 assets of $45.37B, measuring the company’s own balance-sheet change. Against $26.95B of equity in fiscal 2024, the current book-equity balance moved 4.7% and ended higher. Cash and equivalents were 7.4% higher than fiscal 2024 cash of $524.62M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was $2.51B, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 0.9x, showing the relationship between accrual earnings and operating cash. Operating cash flow of $2.51B finished above fiscal 2024 operating cash flow of $2.38B, showing the year-over-year direction of cash generation.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.