Jun 2026 (Q2 FY26) — Jul 30, 2026
VICI Properties Q2 FY26 — Strategic Growth with New Partners and Raised AFFO Guidance
Read the full callVICI Properties (VICI) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
VICI Properties earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,059 | +5.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 527 | −39.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
7 of 7 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Closing of the $1.16 billion Golden Entertainment sale-leaseback of 7 Nevada casino properties | close the $1.16 billion sale-leaseback, adding a 15th tenant, expected during 2026 | Dec 2025 | the closing of our $1.16 billion Golden Entertainment sale-leaseback | Achieved |
| Full-year AFFO, absolute dollars | $2.59 billion to $2.625 billion | Dec 2025 | AFFO for the year ending December 31, 2026, is expected to be between $2.675 billion and $2.695 billion | Revised Up |
| Funding of the Club Med St. Croix build-to-suit redevelopment | fund Club Med's approximately $55 million redevelopment of the resort (total projected investment $75 million), targeted opening in Q4 2027 | Jun 2026 | we will fund club beds approximately $55 million redevelopment of the resort, which Club Med will operate under its premium exclusive collection brand following a targeted opening in the fourth quarter of 2027 | New |
7 of VICI PROPERTIES INC.'s 14 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 11 more targets are in the full ledger.
Claimed
- AFFO per share increased by 4.6% to $0.62 for the quarter ended June 30, 2026.
- Updated 2026 AFFO guidance raised at the low end by $0.01, now $2.45-$2.47 per diluted common share, representing 3.4% YoY growth at midpoint.
- Added Clairvest, Golden Entertainment, and Club Med as 14th, 15th, and 16th tenants, diversifying the portfolio.
- Net debt to annualized Q2 adjusted EBITDA is approximately 4.9x, below the low end of the target leverage range of 5x-5.5x.
- Total liquidity of $2.5 billion, comprised of $288 million in cash and $2.2 billion of availability under the revolving credit facility.
Qualified
- A tenant issue with new senior secured debt at a lower credit rating led to a significant change in the CECL allowance.
- A $90 million senior secured loan required modification (extended maturity, reduced interest rate) to rightsize the yield as the asset ramps.
Price
$23.1 −2.12% · −$0.5
Performance −25.1% 1Y
1Y: $30.86 on 17 Oct 2025 → $23.1. High $31.42 (23 Oct 2025), low $22.53 (5 Oct 2026).
- Previous close
- $23.6
- 52-week range
- $22.53 – $31.42
- One year
- −25.99%
Overview
- Symbol
- VICI
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 7 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Closing of the $1.16 billion Golden Entertainment sale-leaseback of 7 Nevada casino properties | close the $1.16 billion sale-leaseback, adding a 15th tenant, expected during 2026 | Dec 2025 | the closing of our $1.16 billion Golden Entertainment sale-leaseback | Achieved |
| Full-year AFFO, absolute dollars | $2.59 billion to $2.625 billion | Dec 2025 | AFFO for the year ending December 31, 2026, is expected to be between $2.675 billion and $2.695 billion | Revised Up |
| Funding of the Club Med St. Croix build-to-suit redevelopment | fund Club Med's approximately $55 million redevelopment of the resort (total projected investment $75 million), targeted opening in Q4 2027 | Jun 2026 | we will fund club beds approximately $55 million redevelopment of the resort, which Club Med will operate under its premium exclusive collection brand following a targeted opening in the fourth quarter of 2027 | New |
Claimed
- AFFO per share increased by 4.6% to $0.62 for the quarter ended June 30, 2026.
- Updated 2026 AFFO guidance raised at the low end by $0.01, now $2.45-$2.47 per diluted common share, representing 3.4% YoY growth at midpoint.
- Added Clairvest, Golden Entertainment, and Club Med as 14th, 15th, and 16th tenants, diversifying the portfolio.
- Net debt to annualized Q2 adjusted EBITDA is approximately 4.9x, below the low end of the target leverage range of 5x-5.5x.
- Total liquidity of $2.5 billion, comprised of $288 million in cash and $2.2 billion of availability under the revolving credit facility.
Qualified
- A tenant issue with new senior secured debt at a lower credit rating led to a significant change in the CECL allowance.
- A $90 million senior secured loan required modification (extended maturity, reduced interest rate) to rightsize the yield as the asset ramps.
The full ledger
Open VICI PROPERTIES INC.’s full ledger
A free account opens 5 company ledgers a month. All 14 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
VICI Properties Q1 FY26 — Strong Capital Commitments and AFFO Growth
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
VICI Properties Q4 FY25 — Strong AFFO Growth & Strategic Capital Deployment
Read the full callEvery analysed call
VICI Properties earnings calls (VICI)
Financials
What the filings say
Net profit, year on year: −39% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 965 | 976 | 984 | 1,001 | 1,007 | 1,013 | 1,019 | 1,059 |
| Interest | 207 | 208 | 209 | 214 | 210 | 210 | 209 | 210 |
| Profit before tax | 747 | 627 | 550 | 884 | 778 | 610 | 890 | 535 |
| Tax rate | 0.3% | 0.4% | −0.5% | 0.6% | 0.5% | −0.8% | 0.5% | −0.1% |
| Net profit | 733 | 615 | 544 | 865 | 762 | 605 | 872 | 527 |
| EPS ($ per share) | 0.70 | — | 0.51 | 0.82 | 0.71 | — | 0.82 | 0.48 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 4 | 5 | 5 | 6 | 10 | 10 | 11 | 11 |
| Reserves | 187 | 208 | 139 | 346 | 93 | 966 | 1,867 | 2,767 |
| Total liabilities | 4,432 | 5,217 | 7,570 | 5,410 | 15,286 | 18,402 | 18,417 | 18,502 |
| Fixed assets | 72 | 70 | 69 | 69 | 67 | 67 | 70 | 68 |
| Investments | 521 | 59 | 20 | 0 | 217 | 0 | 0 | 44 |
| Total assets | 11,333 | 13,266 | 17,064 | 17,597 | 37,576 | 44,060 | 45,369 | 46,724 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 504 | 682 | 884 | 896 | 1,943 | 2,181 | 2,381 | 2,510 |
| Cash from investing | -1,141 | -1,361 | -4,549 | 41 | -9,304 | -2,899 | -923 | -905 |
| Cash from financing | 1,038 | 1,183 | 2,879 | -514 | 6,830 | 1,032 | -1,457 | -1,567 |
| Net cash flow | 401 | 503 | -786 | 424 | -531 | 314 | 2 | 39 |
| Capital expenditure | -1 | -3 | -1,410 | -3 | -4,020 | -245 | -419 | -1 |
| Free cash flow | 503 | 679 | -526 | 894 | -2,076 | 1,936 | 1,962 | 2,509 |
Insider filings
50 filings between Dec 19, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellNobody bought or sold VICI on the open market in this window. The filings below are 37 awards, 10 tax withholdings, 2 gifts and 1 code w.
Compensation
not trading decisions- 37
- Award — granted as compensation
- 10
- Tax withheld — shares kept back by the company to cover tax
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Douglas Monica Howard Director | Award | 175 | $0 |
| Oct 1, 2026 | MACNAB CRAIG Director | Award | 530 | $0 |
| Oct 1, 2026 | Holland Elizabeth I Director | Award | 287 | $0 |
| Oct 1, 2026 | ABRAHAMSON JAMES R Director | Award | 1,060 | $0 |
| Oct 1, 2026 | Cantor Diana F Director | Award | 557 | $0 |
| Oct 1, 2026 | Sullivan John M Director | Award | 292 | $0 |
| Oct 1, 2026 | Rumbolz Michael D Director | Award | 371 | $0 |
| Sep 24, 2026 | Sullivan John M Director | Award | 5,562 | $0 |
| Jul 24, 2026 | Rumbolz Michael D Director | Code W | 264 | $0 |
| Jul 1, 2026 | Rumbolz Michael D Director | Award | 327 | $0 |
| Jul 1, 2026 | Holland Elizabeth I Director | Award | 252 | $0 |
| Jul 1, 2026 | Douglas Monica Howard Director | Award | 154 | $0 |
| Jul 1, 2026 | Cantor Diana F Director | Award | 490 | $0 |
| Jul 1, 2026 | MACNAB CRAIG Director | Award | 500 | $0 |
| Jul 1, 2026 | ABRAHAMSON JAMES R Director | Award | 933 | $0 |
| Jun 1, 2026 | Pitoniak Edward Baltazar Chief Executive Officer | Gift | 20,000 | $0 |
| Apr 28, 2026 | MACNAB CRAIG Director | Award | 7,546 | $0 |
| Apr 28, 2026 | ABRAHAMSON JAMES R Director | Award | 7,546 | $0 |
| Apr 28, 2026 | Rumbolz Michael D Director | Award | 7,546 | $0 |
| Apr 28, 2026 | Holland Elizabeth I Director | Award | 7,546 | $0 |
| Apr 28, 2026 | Douglas Monica Howard Director | Award | 7,546 | $0 |
| Apr 28, 2026 | Cantor Diana F Director | Award | 7,546 | $0 |
| Apr 1, 2026 | Cantor Diana F Director | Award | 480 | $0 |
| Apr 1, 2026 | ABRAHAMSON JAMES R Director | Award | 914 | $0 |
| Apr 1, 2026 | Douglas Monica Howard Director | Award | 151 | $0 |
| Apr 1, 2026 | Rumbolz Michael D Director | Award | 320 | $0 |
| Apr 1, 2026 | MACNAB CRAIG Director | Award | 412 | $0 |
| Apr 1, 2026 | Holland Elizabeth I Director | Award | 247 | $0 |
| Feb 24, 2026 | Pitoniak Edward Baltazar Chief Executive Officer | Award | 105,068 | $0 |
| Feb 24, 2026 | Payne John W R President and COO | Award | 31,724 | $0 |
| Feb 24, 2026 | KIESKE DAVID ANDREW Chief Financial Officer | Award | 38,150 | $0 |
| Feb 24, 2026 | Gallagher Samantha Sacks General Counsel and EVP | Award | 30,309 | $0 |
| Feb 24, 2026 | Wasserman Gabriel Chief Accounting Officer | Award | 5,071 | $0 |
| Feb 23, 2026 | Pitoniak Edward Baltazar Chief Executive Officer | Tax withheld | 26,901 | $809.5K |
| Feb 23, 2026 | Payne John W R President and COO | Tax withheld | 4,577 | $137.7K |
| Feb 23, 2026 | KIESKE DAVID ANDREW Chief Financial Officer | Tax withheld | 6,797 | $204.5K |
| Feb 23, 2026 | Gallagher Samantha Sacks General Counsel and EVP | Tax withheld | 4,671 | $140.6K |
| Feb 23, 2026 | Wasserman Gabriel Chief Accounting Officer | Tax withheld | 1,105 | $33.2K |
| Feb 20, 2026 | Pitoniak Edward Baltazar Chief Executive Officer | Tax withheld | 10,640 | $317.8K |
| Feb 20, 2026 | Payne John W R President and COO | Tax withheld | 2,827 | $84.4K |
| Feb 20, 2026 | Gallagher Samantha Sacks General Counsel and EVP | Tax withheld | 3,554 | $106.2K |
| Feb 20, 2026 | KIESKE DAVID ANDREW Chief Financial Officer | Tax withheld | 4,488 | $134.1K |
| Feb 20, 2026 | Wasserman Gabriel Chief Accounting Officer | Tax withheld | 625 | $18.7K |
| Jan 2, 2026 | MACNAB CRAIG Director | Award | 402 | $0 |
| Jan 2, 2026 | ABRAHAMSON JAMES R Director | Award | 893 | $0 |
| Jan 2, 2026 | Rumbolz Michael D Director | Award | 313 | $0 |
| Jan 2, 2026 | Holland Elizabeth I Director | Award | 241 | $0 |
| Jan 2, 2026 | Douglas Monica Howard Director | Award | 148 | $0 |
| Jan 2, 2026 | Cantor Diana F Director | Award | 469 | $0 |
| Dec 19, 2025 | Pitoniak Edward Baltazar Chief Executive Officer | Gift | 20,000 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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