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Sentiment · FY2026 Q2
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $976M | +4.7% | $0.58 | -19.4% | 85.4% | 63.0% | $643M |
| FY2025 Q1 | $984M | +3.4% | $0.51 | -10.5% | 76.8% | 55.2% | $592M |
| FY2025 Q2 | $1.00B | +4.6% | $0.82 | +15.5% | 110.0% | 86.4% | $639M |
| FY2025 Q3 | $1.02B | +5.2% | $0.71 | +1.4% | 96.9% | 75.1% | $587M |
| FY2025 Q4 | $1.01B | +3.8% | $0.57 | -1.7% | 80.3% | 59.7% | $692M |
| FY2026 Q1 | $1.02B | +3.5% | $0.82 | +60.8% | 107.5% | 85.7% | $632M |
| FY2026 Q2 | $1.06B | +5.7% | $0.48 | -41.5% | 72.9% | 49.7% | $729M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
VICI delivered Q1 AFFO per share growth of 4.5% with only 1% dilution, raising FY2026 guidance to $2.44-2.47 per share after back-to-back quarters exceeding $1B in capital commitments, a company first. The Cain/Eldridge mezzanine was expanded to $1.5B for One Beverly Hills, and international gaming entry was achieved with a $144M Alberta, Canada acquisition. Las Vegas was characterized as turning the corner with strong convention activity, and the experience economy secular thesis was reinforced by consumer spending data.
M&A | Capital Allocation | Credit | Competitive Dynamics | Demand | Geographic Expansion | Capex Investment | Regulation Policy | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 10 | 8 | 2 | 6 | 2 | 2 | 1 | 3 |
| 2025Q1 | 6 | 4 | 2 | 2 | 1 | 2 | ||
| 2025Q2 | 4 | 5 | 1 | 2 | 3 | 1 | 3 | 4 |
| 2025Q3 | 8 | 2 | 3 | 4 | 2 | 3 | 1 | 1 |
| 2025Q4 | 5 | 8 | 8 | 6 | 1 | 4 | 3 | |
| 2026Q1 | 8 | 9 | 6 | 3 | 2 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| M&A | 10 | 6 | 4 | 8 | 5 | 8 |
| Capital Allocation | 8 | 4 | 5 | 2 | 8 | 9 |
| Credit | 2 | 2 | 1 | 3 | 8 | 6 |
| Competitive Dynamics | 6 | 2 | 4 | 6 | 3 | |
| Demand | 2 | 2 | 3 | 2 | 1 | 2 |
| Geographic Expansion | 2 | 1 | 3 | 4 | 2 | |
| Capex Investment | 1 | 1 | 3 | 1 | 3 | 2 |
| Regulation Policy | 3 | 2 | 4 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barry Jonas | Truist Securities | 13 (0%) |
| Caitlin Burrows | Goldman Sachs | 10 (0%) |
| Anthony Paolone | JPMorgan | 10 (10%) |
| Greg McGinniss | Scotiabank | 9 (0%) |
| John DeCree | CBRE | 9 (0%) |
| Dave Katz | Jefferies | 8 (0%) |
| Chris Darling | Green Street | 8 (13%) |
| Daniel Guglielmo | Capital One Securities | 8 (0%) |
| Rich Hightower | Barclays | 7 (0%) |
| Jim Kammert | Evercore ISI | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Truist Securities | 1 | 13 (0%) |
| JPMorgan | 1 | 10 (10%) |
| Goldman Sachs | 1 | 10 (0%) |
| Scotiabank | 1 |
| 9 (0%) |
| CBRE | 1 | 9 (0%) |
| Capital One Securities | 1 | 8 (0%) |
| Jefferies | 1 | 8 (0%) |
| Green Street | 1 | 8 (13%) |
What VICI and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Prologis started it many, many years ago with their Fund business.”
VICI cites Prologis's fund business as a model for accessing alternative private capital pools, a strategy VICI is studying for its own growth.
“the Resorts World that opened in New York with table games happened 2 days ago.”
A new Resorts World commercial casino with table games opened in New York City, introducing fresh competition for VICI tenants' New York and Atlantic City properties.
“what's going on with Century Casinos? It seems like they've been under a strategic review for a little while, but I think the coverage is pretty healthy on those assets.”
Century Casinos, a VICI tenant, remains under a strategic review with elevated corporate leverage, though asset-level rent coverage stays strong.
“VICI announced the pending $144 million acquisition of 4 real estate assets located in Alberta, Canada at an 8% cap rate in connection with Pure Casino Entertainment's pending take-private acquisition of Gamehost.”
Pure Casino Entertainment is taking Gamehost private and monetizing four Alberta casino properties to VICI, funding its growth via real estate sale.
“operators are continuing to address the value perception issue with MGM and Caesars offering promotional deals catering to value-oriented consumers.”
Caesars is running promotional deals to court value-oriented consumers in Las Vegas, indicating margin/pricing pressure as the Strip works through a demand transition.
“Subsequent to quarter end, we entered into a new lease agreement with Clairvest in connection with the closing of Clairvest's acquisition of Northfield Park in Ohio from MGM.”
Clairvest acquired Northfield Park and became VICI's 14th tenant, expanding its regional gaming operations into Ohio.
“Subsequent to quarter end, we entered into a new lease agreement with Clairvest in connection with the closing of Clairvest's acquisition of Northfield Park in Ohio from MGM.”
MGM divested Northfield Park in Ohio to Clairvest, trimming its regional casino footprint while VICI retained the real estate under a new tenant.
“Last week, we also announced that all gaming regulatory and shareholder approvals have been met for the previously announced $1.16 billion Golden transaction, we expect this acquisition to close today.”
VICI closed its $1.16 billion acquisition of Golden Entertainment real estate, marking VICI's entry into the Las Vegas locals market and monetizing Golden's property portfolio.
“This quarter, we announced an expansion of our long-term strategic relationship with Cain and Eldridge Industries by providing a $1.5 billion mezzanine loan as part of the construction financing for the One Beverly Hills development project.”
VICI deepened its partnership with Cain and Eldridge Industries via a $1.5 billion mezzanine loan for One Beverly Hills, signaling Cain/Eldridge's active experiential development pipeline.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
VICI Vici Properties | 7 | +3.5% | |
| AMT American Tower | 6 | +6.8% | |
| ARE Alexandria Real Estate Equities | 2 | -9.7% | |
| AVB AvalonBay Communities | 6 | +3.3% | |
| BXP BXP, Inc. | 6 | +0.8% | |
| CBRE CBRE Group | 10 | +18.1% | |
| CCI Crown Castle | 3 | -4.8% | |
| CPT Camden Property Trust | 5 | +0.1% | |
| CSGP CoStar Group | 10 | +22.5% | |
| DLR Digital Realty | 8 | +12.0% | |
| DOC Healthpeak Properties | 6 | +7.1% | |
| EQIX Equinix | 8 | +9.8% | |
| ESS Essex Property Trust | 5 | +1.5% | |
| EXR Extra Space Storage | 5 | +1.9% | |
| FRT Federal Realty Investment Trust | 8 | +10.3% | |
| HST Host Hotels & Resorts | 7 | +3.2% | |
| INVH Invitation Homes | 6 | +8.8% | |
| IRM Iron Mountain | 9 | +21.6% | |
| KIM Kimco Realty | 7 | +4.0% | |
| MAA Mid-America Apartment Communities | 5 | +0.8% | |
| O Realty Income | 7 | +12.2% | |
| PLD Prologis | 7 | +7.4% | |
| PSA Public Storage | 5 | +2.9% | |
| REG Regency Centers | 6 | +4.5% | |
| SBAC SBA Communications | 7 | +5.9% | |
| SPG Simon Property Group | 8 | +19.3% | |
| UDR UDR, Inc. | 5 | +0.9% | |
| VMRK Vivmark Residential | 5 | +2.5% | |
| VTR Ventas | 8 | +22.0% | |
| WELL Welltower | 8 | +38.4% | |
| WY Weyerhaeuser | 5 | -2.0% |