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Vici Properties L.P. earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026
Q3 2026 Revenue up 6% year over year to $1.1B · 32¢ of every $1 of revenue kept as net profit · operating margin 32.8%
Vici Properties L.P. made $1.1B in Q3 2026 (+6% Y/Y). Operating margin 32.8%, net earnings $343M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
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What changed this quarter
Revenue was $1.1B in Q3 2026, up 6% year over year.
Operating profit was $0.35B, a 32.8% margin (down 44.4 points year over year). Operating profit fell $0.43B even though revenue rose $0.06B versus Q3 2025, so costs grew faster than sales. Total costs grew 211% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+234%). Net earnings were $0.34B, down 55% year over year. The effective tax rate was 0.7%.
Operating cash flow was $0.66B (up 12% year over year), 189% of net earnings. Non-cash charges added back $876K of depreciation and $4.9M of share-based compensation. Working capital and other items added $0.30B. Capital expenditures of $2.7M left free cash flow of $0.65B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $1.1B | +6% | 32.8% | $343M | $655M |
| Q2 2026 | 10-Q | Jul 29, 2026 | $1.1B | +6% | 50.5% | $527M | $728M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $1.0B | +4% | 87.4% | $872M | $632M |
| Q4 2025 | 10-K | Feb 25, 2026 | $1.0B | +4% | 60.2% | $605M | $692M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $1.0B | +4% | 77.2% | $762M | $586M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $1.0B | +5% | 88.3% | $865M | — |
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Customers and suppliers named in filings
Sells to
- MGM — 38% of its revenue · Stated in 10-K (XBRL) · source
- CZR — 36% of its revenue · Stated in 10-K (XBRL) · source
About Vici Properties L.P.
We are primarily engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple-net leases. As of September 30, 2026, we own 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas (the “Venetian Resort”). Our gaming and entertainment facilities are leased to leading brands that seek to drive consumer loyalty and value with guests through superior services, experiences, products and continuous innovation. VICI also owns four championship golf courses, which are managed by Cabot-Managed Properties and are located near certain of our properties.
In its own words, from its 10-Q, filed Oct 28, 2026.
Vici Properties L.P. against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +11%. Operating margin: 32.8% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Vici Properties L.P. | Q3 2026 | $1.1B | +6% | 32.8% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: Vici Properties L.P. 10-Q on SEC EDGAR · CIK 1920791 · Real Estate Investment Trusts