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Vici Properties cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$652M in Q3 2026 · $2.7B over twelve months

Operating cash flow$655M
Capital spending−$3.2M
Free cash flow+$652M
Cash / net income1.9×

Analysis

In Q3 2026, Vici Properties generated $655M of operating cash flow and spent $3.2M on capital projects, leaving free cash flow of $652M. That is $65.9M more than in Q3 2025 ($586M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.7B; the largest uses were dividends ($1.9B), other investing ($1.2B), real estate bought ($143M); besides operations, cash came from shares issued ($242M), net borrowing (+) / repaid (−) ($97.9M); the cash balance fell by $237M.

Operating cash flow was $655M against net income of $347M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities −$47.3M, stock-based pay +$4.9M, prepaid and other assets −$2.4M.

Free cash flow

Vici Properties: free cash flow by quarterVici Properties: free cash flow by quarter$643MQ4 2024$592MQ1 2025$639MQ2 2025$586MQ3 2025$692MQ4 2025$631MQ1 2026$728MQ2 2026$652MQ3 2026
Operating cash flow less capital spending.
Vici Properties: operating cash flow against capital spendingVici Properties: operating cash flow against capital spendingOperating cash flowCapital spending$644M$1.1MQ4 2024$592M$156KQ1 2025$640M$672KQ2 2025$586M$205KQ3 2025$692M$302KQ4 2025$632M$628KQ1 2026$728M$166KQ2 2026$655M$3.2MQ3 2026
Latest (Q3 2026): Operating cash flow $655M, Capital spending $3.2M.

Capital allocation, year by year

Vici Properties: where the cash came from (up) and went (down), by fiscal yearVici Properties: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $896MFY2021: Net borrowing −$2.1BFY2021: Shares issued $2.4BFY2021: Asset sales $13.3MFY2021: Capital spending −$2.5MFY2021: Dividends −$759M$3.3BFY2021FY2022: Operating cash flow $1.9BFY2022: Net borrowing $5.0BFY2022: Shares issued $3.2BFY2022: Capital spending −$1.9MFY2022: Acquisitions −$4.6BFY2022: Dividends −$1.2B$10.2BFY2022FY2023: Operating cash flow $2.2BFY2023: Net borrowing $169MFY2023: Shares issued $2.5BFY2023: Asset sales $6.2MFY2023: Capital spending −$4.0MFY2023: Acquisitions −$1.3BFY2023: Dividends −$1.6B$4.8BFY2023FY2024: Operating cash flow $2.4BFY2024: Net borrowing −$40.9MFY2024: Shares issued $379MFY2024: Asset sales $963KFY2024: Capital spending −$7.5MFY2024: Dividends −$1.8B$2.8BFY2024FY2025: Operating cash flow $2.5BFY2025: Net borrowing −$29.5MFY2025: Shares issued $375MFY2025: Asset sales $5.5MFY2025: Capital spending −$1.3MFY2025: Dividends −$1.9B$2.9BFY2025
Over these 5 years operating cash flow totalled $9.9B; the largest uses were dividends ($7.2B) and acquisitions ($5.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$270M
Debt$16.9B
Net debt$16.6B
Due within a year$1.8B

Vici Properties funds itself: free cash flow was $2.7B over the last twelve months, and $270M of cash and investments stands against $16.9B of debt ($1.8B due within a year, 0.2× covered by cash).

Vici Properties: debt maturities by year (FY2025)Vici Properties: debt maturities by year (FY2025)$1.8BYear 1$1.5BYear 2$2.0BYear 3$1.9BYear 4$2.0BYear 5$8.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $270M of cash and investments now.

Where the cash came from and went

Vici Properties: sources (+) and uses (−) of cash, Q3 2026Vici Properties: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$655MDividends−$495MOther investing−$134MNet borrowing (+) / repaid (−)−$25.0MCash drawn (+) / kept (−)$17.7MPartners−$8.3MOther financing−$5.1MCapital spending−$3.2MReal estate bought−$1.7MExchange rates−$120K
Vici Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Vici Properties: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.7BDividends−$1.9BOther investing−$1.2BShares issued$242MCash drawn (+) / kept (−)$237MReal estate bought−$143MNet borrowing (+) / repaid (−)$97.9MOther financing−$38.3MCapital spending−$3.8MAsset & business sales$3.5MTaxes on employees’ shares−$2.3MExchange rates−$829K

From profit to cash

Vici Properties: net income to operating cash flow, Q3 2026Vici Properties: net income to operating cash flow, Q3 2026Net income$347MDepreciation & amortization$876KStock-based pay$4.9MDeferred taxes$1.5MAccrued liabilities−$47.3MPrepaid and other assets−$2.4MOperating cash flow$655M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$655M−$3.2M−$495M−$25.0M—$17.7M$652M
Q2 2026$728M−$166K−$481M$130M—$192M$728M
Q1 2026$632M−$628K−$481M——$83.3M$631M
Q4 2025$692M−$302K−$481M−$7.3M−$1K−$56.0M$692M
Q3 2025$586M−$205K−$457M−$172M$375M−$275M$586M
Q2 2025$640M−$672K−$457M$53.6M—$101M$639M
Q1 2025$592M−$156K−$459M$96.5M—$190M$592M
Q4 2024$644M−$1.1M−$453M−$15.8M$264M−$169M$643M

Vici Properties: income statement and cash flow

Vici Properties, Q2 2026: revenue $1.1B (+6% year over year), operating margin 50.5%. The chart follows the revenue to costs, profit and cash.

Vici Properties: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.