VICI Properties functions as a specialized real estate investment trust dedicated to experiential properties. The company boasts an extensive collection of premier ...
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Est. EPS $0.72 · Revenue $1.06B · 4 analysts
Est. EPS $0.72 · Revenue $1.07B · 4 analysts
Est. EPS $2.81 · Revenue $4.19B · 4 analysts
Est. EPS $0.73 · Revenue $1.07B · 1 analysts
$1.80 per share
$1.80 per share
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $4.0B | +4.1% | +3.9% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $2.8B | +3.6% | -39.6% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +99.3% | +0.0% | -0.1% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +91.2% | -0.9% | -34.6% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +69.3% | -0.4% | -41.9% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $2.5B | +5.7% | +15.3% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +62.6% | +1.5% | +11.0% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 63.6% | -4.3% | -2.6% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 26.68x | -4.4% | -98.8% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $46.7B | +3.0% | +2.5% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 2.61 vs 2.75 | -5.0% | 0.48 vs 0.72 | -33.1% |
| Revenue Surprise | $4.0B vs $4.0B | +0.3% | $1.1B vs $1.1B | +0.1% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Jul 1, 2026 | Rumbolz Michael D | director | Common Stock | A | 327 | — |
| Jul 1, 2026 | MACNAB CRAIG | director | Common Stock | A | 500 | — |
| Jul 1, 2026 | Holland Elizabeth I | director | Common Stock | A | 252 | — |
| Jul 1, 2026 | Douglas Monica Howard | director | Common Stock | A | 154 | — |
| Jul 1, 2026 | Cantor Diana F | director | Common Stock | A | 490 | — |
Operator: Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties Second Quarter 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. Please note that this conference is being recorded today, July 30, 2026. I will now turn the call over to Samantha Gallagher, General Counsel with VICI Properties. Samantha Gallagher: Thank you, operator, and good morning. Everyone should have access to the company’s second quarter 2026 earnings release and supplemental information. The release and supplemental information can be found in the Investors section of the VICI Properties website at [www.viciproperties.com](http://www.viciproperties.com). Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, believe, expect, should, guidance, intend, outlook, projects, or other similar phrases, are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them. I refer you to the company’s SEC filings for a more detailed discussion of the risks that could impact future operating results and financial condition. During the call, we will discuss certain non-GAAP measures, which we believe can be useful in evaluating the company’s operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available on our website, in our second quarter 2026 earnings release, in our supplemental information, and in our filings with the SEC. For additional information with respect to non-GAAP measures and certain tenants and/or counterparties discussed on this call, please refer to the respective companies’ public filings with the SEC. Hosting the call today are Edward Pitoniak, Chief Executive Officer; John Payne, President and Chief Operating Officer; David Kieske, Chief Financial Officer; Jeremy Waxman, Chief Accounting Officer; Gabe Wasserman, Managing Director of Business Development and VICI Experiential Credit Solutions; and Moira McCloskey, Senior Vice President of Capital Markets. Edward and the team will provide some opening remarks, and then we will open the call to questions. With that, I will turn the call over to Edward. Edward Pitoniak: Thank you, Samantha, and good morning, everyone. And for the analysts on the call, we are especially grateful for your presence today because we know that yesterday after market, you dealt with an absolute flood of earnings releases in your coverage areas. So, again, thank you. In the next few minutes, you will hear from John Payne on our growth outlook and activities and from David Kieske on our financial results, liquidity, …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Edward Baltazar Pitoniak | Chief Executive Officer & Director | USD 5,528,278 | Male | 1956 | Active |
John W. R. Payne | President & Chief Operating Officer | USD 4,338,702 | Male | 1968 | Active |
David Andrew Kieske | Executive Vice President, Chief Financial Officer & Treasurer | USD 2,551,422 | Male | 1971 | Active |
Samantha Sacks Gallagher | Executive Vice President, General Counsel & Secretary | USD 2,433,510 | Female | 1976 | Active |
Benjamin Somogyi | Assistant General Counsel & Director of Compliance | — | Male | — | Active |
Gabriel Wasserman | MD of Business Development and VICI Experiential Credit Solutions (V.E.C.S.) | — | Male | 1984 | Active |
Jonathan DeMarco | Director of Asset Management | — | Male | — | Active |
Allison Hight | Head of People | — | Female | — | Active |
Moira McCloskey | Senior Vice President of Capital Markets | — | Female | — | Active |
Jacques Cornet | Investor Relations of ICR Inc. | — | Male | — | Active |
Jeremy Waxman | VP & Chief Accounting Officer | — | Male | 1988 | Active |
VICI Properties NYSE: VICI reported second-quarter adjusted funds from operations, or AFFO, of $0.62 per share, up 4.6% from $0.60 a year earlier, while raising the low end of its full-year 2026 AFFO-per-share guidance.
VICI highlights relationship-driven growth, new tenants and capital deployment after raising the low end of the 2026 AFFO outlook.
VICI's Q2 AFFO meet estimates, while revenues beat forecasts, driven by lease growth and broader investment activity.
VICI Properties Inc. (VICI) Q2 2026 Earnings Call Transcript
While the top- and bottom-line numbers for VICI Properties (VICI) give a sense of how the business performed in the quarter ended June 2026, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
