VICI Properties (VICI) Q4 2025 earnings summary

Executive summary

• Achieved AFFO growth of 6.8% year-over-year in Q4 2025 and 6.6% for the full year, driven by reinvestment of free cash flow and disciplined capital allocation.

• Announced over $2.1 billion in capital commitments in 2025 at a weighted average initial yield of 8.9%.

• Completed or announced a $1.16 billion sale-leaseback/acquisition with Golden Entertainment, expanding exposure to the Las Vegas locals market.

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

• Maintained a focused tenant roster and formed new partnerships with Cain, Eldridge, Red Rock Resorts, Clairvest, and Golden Entertainment.

Financial highlights

• Q4 2025 AFFO: $642.5 million, up 6.8% year-over-year; AFFO per share: $0.60, up 5.6%.

• Full year 2025 AFFO: $2.5 billion, up 6.6% year-over-year; AFFO per share: $2.38, up 5.1%.

• Total revenues for 2025 reached $4.01 billion, up 4.1% year-over-year.

• Net income attributable to common stockholders for 2025 was $2.8 billion, up 3.6% year-over-year.

• Liquidity as of year-end: $3.2 billion, including $608 million in cash and $2.4 billion revolver availability.

Outlook and guidance

• 2026 AFFO guidance: $2.59–$2.63 billion, or $2.42–$2.45 per diluted share.

• Guidance excludes impacts from pending or future acquisitions, undrawn loans, and non-recurring items.

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

• Weighted average interest rate expected in the low 5% range for new unsecured debt.