The combination of strong AFFO growth, high-yield capital deployments, and conservative leverage supports a positive outlook. Traders should monitor the closing of the Golden Entertainment transaction in mid-2026 and the execution of the $2.6 billion AFFO guidance as key catalysts.
Price Chart
Executive Summary
VICI Properties reported solid full-year 2025 results with revenue up 4.1% and AFFO per share up 5.1%, driven by $2.1 billion in new capital deployments at an 8.9% initial yield. The company announced a $1.16 billion sale-leaseback with Golden Entertainment and established 2026 AFFO guidance of $2.42–$2.45 per share, reflecting continued growth in its experiential real estate portfolio.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue increased 4.1% to $4.0 billion
- AFFO per share grew 5.1% to $2.38, excluding one-time CECL allowance impacts
- Announced $2.1 billion in capital commitments in 2025 at a weighted average 8.9% initial yield
- Entered into $1.16 billion sale-leaseback agreement with Golden Entertainment
- 2026 AFFO guidance set at $2.42–$2.45 per share, implying continued growth
- Dividend increased 4.0%, marking the eighth consecutive annual increase
Financial Impact
Revenue increased by $156.9 million year-over-year; AFFO attributable to common stockholders increased by $155.5 million
Risk Factors
- Execution risk on pending acquisitions and capital deployment
- Exposure to gaming sector cyclicality and consumer spending trends
- Interest rate risk given significant debt load and refinancing needs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001705696-26-000033 |
| Document: vici4q25financialsupplem.htm | 0001705696-26-000033 |
| Document: vici-20260225.htm | 0001705696-26-000033 |
| Document: 0001705696-26-000033-index-headers.html | 0001705696-26-000033 |
| Document: 0001705696-26-000033-index.html | 0001705696-26-000033 |
| Document: 0001705696-26-000033.txt | 0001705696-26-000033 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Mar 16, 2026 28w ago | DEFA14A | $28.62 $28.02 | ▼ −2.09% | ▼ −11.95% | $22.80 (−20.33%) |
Mar 9, 2026 29w ago | EFFECT | $29.50 $27.54 | ▼ −6.64% | ▼ −18.63% | $22.80 (−22.71%) |
Feb 28, 2026 30w ago | Institutional Cluster | $30.36 $28.62 | ▼ −5.73% | ▼ −15.05% | $22.80 (−24.90%) |
Feb 25, 2026 31w ago | 8-K | $30.14 $28.40 | ▼ −5.77% | ▼ −12.72% | $22.80 (−24.35%) |
US Market Status
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