Vici Properties

Real Estate Hotel & Resort REITs New York City, New York Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$4.0B
                    3y CAGR +15.5%
                    
                    P86
                    
                    +4.1%
                    
                    Net income
                    FY2025
                
$2.8B
                    Net margin +69.3%
                    
                    P93
                    
                    +3.6%
                    
                    Total assets
                    FY2025
                
$46.7B
                    ROA +5.9%
                    
                    P90
                    
                    +3.0%
                    
                    Operating cash flow
                    FY2025
                
$2.5B
                    FCF margin +62.6%
                    
                    P97
                    
                    +5.4%

9 yrs · FY2017–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

15 accounts · 5 years

Total assets $46.7B

Total liabilities $18.5B

Shareholders equity $27.8B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	1.2%	1.2%	1.2%	0.6%	4.2%
Real Estate	50.7%	52.0%	52.2%	45.7%	74.7%
Other Noncurrent Assets	2.6%	2.6%	2.6%	7.4%	3.3%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Long Term Debt	35.9%	36.9%	38.0%	36.6%	26.7%
Other Noncurrent Liabilities	3.7%	3.7%	3.8%	4.1%	4.1%
Total Liabilities	39.6%	40.6%	41.8%	40.7%	30.7%
Equity
Total Stockholders Equity	59.5%	58.5%	57.3%	58.4%	68.8%
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	53.3%	54.0%	54.8%	57.6%	66.8%
Retained Earnings	5.9%	4.1%	2.2%	0.2%	2.0%
Accumulated Other Comprehensive Income	0.3%	0.3%	0.3%	0.5%	0.0%
Noncontrolling Interest	0.9%	0.9%	0.9%	0.9%	0.4%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

12 accounts · 5 years

Revenue $4.0B

Operating income Not reported

Net income $2.8B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	8.6%	8.5%	8.2%	6.9%	8.6%
Expenses Depreciation and Amortization	0.0%	0.0%	0.0%	0.0%	0.0%
Expenses Selling,General and Administrative	0.1%	0.2%	0.1%	0.1%	0.2%
Other Income Expense Interest Expense	1.8%	1.8%	1.9%	1.4%	2.2%
Other Income Expense Other Income/expense	-0.6%	-0.5%	-0.4%	-2.3%	-0.3%
Other Income Expense Income Before Tax	6.0%	6.0%	5.8%	3.0%	5.8%
Income Tax Income Tax Expense	0.0%	0.0%	-0.0%	0.0%	0.0%
net Income Other Items Below Tax	-0.1%	-0.1%	-0.1%	-0.0%	-0.1%
net Income net Income	5.9%	5.9%	5.7%	3.0%	5.8%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	2.3%	2.3%	2.3%	2.3%	3.3%

Cash Flow Statement

Operating, investing, and financing flows

15 accounts · 5 years

Operating cash flow $2.5B

Investing cash flow $-904.8M

Financing cash flow $-1.6B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	5.4%	5.2%	5.0%	5.2%	5.1%
Operating Activities net Income	6.0%	6.0%	5.8%	3.0%	5.8%
Operating Activities Depreciation and Amortization	0.0%	0.0%	0.0%	0.0%	0.0%
Operating Activities Stock Based Compensation	0.0%	0.0%	0.0%	0.0%	0.1%
Operating Activities Other Non Cash Items	-0.7%	-0.8%	-0.9%	2.1%	-0.8%
Investing Activities Capital Expenditures	-0.0%	-0.0%	-2.9%	-10.7%	-0.0%
Investing Activities Other Investing Activities	-1.9%	-1.1%	-3.1%	-1.9%	-0.2%
Investing Activities net Cash From Investing Activities	-1.9%	-2.0%	-6.6%	-24.8%	0.2%
Financing Activities Proceeds From Debt	3.7%	4.1%	1.0%	14.9%	0.0%
Financing Activities Repayment of Debt	-3.7%	-4.2%	-0.6%	-1.6%	-11.9%
Financing Activities Dividends Paid	-4.0%	-3.9%	-3.6%	-3.2%	-4.3%
Financing Activities Other Financing Activities	0.7%	0.7%	5.6%	8.1%	13.3%
Financing Activities net Cash From Financing Activities	-3.4%	-3.2%	2.3%	18.2%	-2.9%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	0.0%	-0.0%	0.0%	0.0%
Cash Reconciliation net Change In Cash	0.1%	0.0%	0.7%	-1.4%	2.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	—	—	—	—	—
Net margin	+69.3%	+69.6%	+69.6%	+43.0%	+67.2%
FCF margin	+62.6%	+61.7%	+25.2%	-79.8%	+59.2%
Growth
Revenue CAGR (3y)	+15.5%	+36.6%	+43.4%	+42.7%	+18.9%
Returns
ROE	+10.0%	+10.1%	+10.0%	+5.1%	+8.4%
ROA	+5.9%	+5.9%	+5.7%	+3.0%	+5.8%
ROIC	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	0.67x	0.69x	0.73x	0.70x	0.45x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.09x	0.08x	0.08x	0.07x	0.09x
Cash conversion cycle	—	—	—	—	—

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FY2025 fundamentals · no price

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Vici Properties

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