VICI PROPERTIES INC.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
VICI$24.99-0.7%Stored close · as of Nov 10, 2026
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Consolidated Statements of Operations and Comprehensive Income F -
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except share and per share data)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues | |||
| Income from sales-type leases | $2,125,367 | $2,068,443 | $1,980,178 |
| Income from lease financing receivables, loans and securities | 1,763,494 | 1,662,889 | 1,519,516 |
| Other income | 77,479 | 77,422 | 73,326 |
| Golf revenues | 39,776 | 40,451 | 38,968 |
| Total revenues | 4,006,116 | 3,849,205 | 3,611,988 |
| Expenses | |||
| General and administrative | 65,082 | 69,109 | 59,603 |
| Depreciation | 3,637 | 4,125 | 4,298 |
| Other expenses | 77,479 | 77,422 | 73,326 |
| Golf expenses | 26,730 | 26,895 | 27,089 |
| Change in allowance for credit losses | 177,887 | 126,720 | 102,824 |
| Transaction and acquisition expenses | 7,729 | 4,567 | 8,017 |
| Total expenses | 358,544 | 308,838 | 275,157 |
| Interest expense | (843,614) | (826,097) | (818,056) |
| Interest income | 14,363 | 16,095 | 23,970 |
| Other gains | 2,658 | 581 | 4,456 |
| Income from unconsolidated affiliate | — | — | 1,280 |
| Income before income taxes | 2,820,979 | 2,730,946 | 2,548,481 |
| (Provision for) benefit from income taxes | (2,435) | (9,704) | 6,141 |
| Net income | 2,818,544 | 2,721,242 | 2,554,622 |
| Less: Net income attributable to non-controlling interests | (43,051) | (42,432) | (41,082) |
| Net income attributable to common stockholders | $2,775,493 | $2,678,810 | $2,513,540 |
| Net income per common share | |||
| Basic | $2.61 | $2.56 | $2.48 |
| Diluted | $2.61 | $2.56 | $2.47 |
| Weighted average number of shares of common stock outstanding | |||
| Basic | 1,062,006,448 | 1,046,739,537 | 1,014,513,195 |
| Diluted | 1,062,693,062 | 1,047,675,111 | 1,015,776,697 |
| Other comprehensive income | |||
| Net income | $2,818,544 | $2,721,242 | $2,554,622 |
| Reclassification of derivative gain to Interest expense | (25,509) | (24,662) | (24,148) |
| Unrealized (loss) gain on cash flow hedges | (5,949) | 26,973 | (9,655) |
| Foreign currency translation adjustments | 7,649 | (11,762) | 1,952 |
| Comprehensive income | 2,794,735 | 2,711,791 | 2,522,771 |
| Comprehensive income attributable to non-controlling interests | (42,785) | (42,277) | (40,714) |
| Comprehensive income attributable to common stockholders | $2,751,950 | $2,669,514 | $2,482,057 |
F - 9
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