VICI PROPERTIES INC.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
VICI$24.99-0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows F -
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income | $2,812,647 | $2,715,455 | $2,545,970 |
| Adjustments to reconcile net income to cash flows provided by operating activities: | |||
| Non-cash leasing and financing adjustments | (523,920) | (537,708) | (515,488) |
| Stock-based compensation | 16,195 | 17,511 | 15,536 |
| Depreciation | 521 | 699 | 558 |
| Other gains | (2,658) | (581) | (4,456) |
| Amortization of debt issuance costs and original issue discount | 46,831 | 46,668 | 46,123 |
| Change in allowance for credit losses | 177,887 | 126,720 | 102,824 |
| Deferred income taxes | (1,491) | 6,135 | (10,569) |
| Payment-in-kind interest | (37,547) | — | — |
| Net proceeds from settlement of derivatives | 1,767 | 9,602 | — |
| Income from unconsolidated affiliate | — | — | (1,280) |
| Distributions from unconsolidated affiliate | — | — | 3,273 |
| Change in operating assets and liabilities: | |||
| Other assets | 626 | 3,736 | 5,469 |
| Accrued expenses and deferred revenue | 10,750 | (14,023) | (12,323) |
| Other liabilities | (1,222) | (1,229) | (7,274) |
| Net cash provided by operating activities | 2,500,386 | 2,372,985 | 2,168,363 |
| Cash flows from investing activities | |||
| Investments in leases - sales-type | — | (411,800) | (241,139) |
| Investments in leases - financing receivables | — | (248) | (1,131,996) |
| Investments in loans and securities | (887,246) | (579,057) | (959,135) |
| Principal repayments of loans and receipts of deferred fees | 27,489 | 80,750 | 482,006 |
| Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition | — | — | (1,266,905) |
| Capitalized transaction costs | (4,692) | (5,863) | (1,468) |
| Investments in short-term investments | (44,484) | (29,579) | — |
| Maturities of short-term investments | — | 29,579 | 217,342 |
| Proceeds from sale of real estate | 5,502 | 963 | 6,235 |
| Acquisition of property and equipment | (97) | (4,530) | (1,176) |
| Net cash used in investing activities | (903,528) | (919,785) | (2,896,236) |
F - 16
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from financing activities | |||
| Contributions from Parent | 438,943 | 367,331 | 2,507,511 |
| Distributions to Parent | (1,872,416) | (1,773,366) | (1,605,502) |
| Proceeds from Revolving Credit Facility | 426,024 | 82,200 | 419,148 |
| Paydown of Revolving Credit Facility | (439,942) | (94,306) | (250,000) |
| Proceeds from senior unsecured notes offerings | 1,284,437 | 1,771,168 | — |
| Redemption of senior unsecured notes | (1,300,000) | (1,800,000) | — |
| Debt issuance costs | (19,481) | (5,303) | (105) |
| Repurchase of stock for tax withholding | (7,232) | (5,341) | (4,966) |
| Distributions to non-controlling interest | (10,838) | (10,713) | (9,166) |
| Net cash (used in) provided by financing activities | (1,500,505) | (1,468,330) | 1,056,920 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 160 | 445 | (63) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 96,513 | (14,685) | 328,984 |
| Cash, cash equivalents and restricted cash, beginning of period | 456,899 | 471,584 | 142,600 |
| Cash, cash equivalents and restricted cash, end of period | $553,412 | $456,899 | $471,584 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $778,793 | $781,401 | $762,610 |
| Cash paid for income taxes | 4,068 | 1,312 | 1,598 |
| Supplemental non-cash investing and financing activity: | |||
| Distributions payable | $486,469 | $462,170 | $439,486 |
| Issuance of stock-based compensation, subject to repurchase for tax withholding | 18,613 | 17,576 | 11,443 |
| Accrued capitalized transaction costs | 3,491 | 1,600 | 2,311 |
| Debt issuance costs payable | 5 | 476 | 45 |
| Non-cash change in Investments in leases - financing receivables | 282,989 | 283,406 | 276,929 |
| Obtaining right-of-use assets in exchange for lease liabilities | — | 15,523 | 82,099 |
| Contributions receivable | — | 63,216 | — |
F - 17
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.