Q2 2026 Revenue up 6% year over year to $1.1B · 50¢ of every $1 of revenue kept as net profit · operating margin 50.5%
Vici Properties made $1.1B in Q2 2026 (+6% Y/Y). Operating margin 50.5%, net earnings $527M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 29, 2026.
Revenue$1.1B
Year over year+6%
Operating margin50.5%
Net earnings$527M
Operating cash flow$728M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.1B in Q2 2026, up 6% year over year and up 4% from the previous quarter.
Operating profit was $0.53B, a 50.5% margin (down 37.7 points year over year). Operating profit fell $0.35B even though revenue rose $0.06B versus Q2 2025, so costs grew faster than sales. Total costs grew 346% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+420%). Net earnings were $0.53B, down 39% year over year. The effective tax rate was -0.1%.
Operating cash flow was $0.73B (up 14% year over year), 136% of net earnings. Non-cash charges added back $1.0M of depreciation and $4.6M of share-based compensation. Working capital and other items added $0.19B. Capital expenditures of $166K left free cash flow of $0.73B.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
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
$640M
Q1 2025
10-Q
Apr 30, 2025
$984M
+3%
55.9%
$544M
$592M
Q4 2024
10-K
Feb 20, 2025
$976M
+5%
64.2%
$615M
$644M
Charts
Latest (Q2 2026): Y/Y +6%, Q/Q +4%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $347M, Operating cash flow $655M.+108.0% since FY2020: more shares outstanding (issuance, stock pay).Cash $563M, short-term investments $44.5M, long-term debt $16.8B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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
VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features approximately 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements.
In its own words, from its 8-K, filed Jul 29, 2026.
Vici Properties 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: 50.5% against the peers' median 20.6%.