Filing Flows › Vici Properties (VICI) › Q1 2025
Vici Properties (VICI) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Vici Properties (VICI) reported revenue of $984M for the first quarter 2025 (Q1 2025), +3% from a year earlier and +0.8% from the quarter before. Operating margin was 55.9%, net earnings $544M (55.2% of revenue).
Vici Properties, Q1 2025: revenue $984M (+3% year over year), operating margin 55.9%, net earnings $544M, operating cash flow $592M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $984M | +0.8% | +3% |
| Operating profit | $550M | -12% | -9% |
| Net earnings | $544M | -12% | -8% |
| Operating cash flow | $592M | -8% | +9% |
| Free cash flow | $592M | -8% | +9% |
What changed
Revenue was $984.2M in Q1 2025, up 3% year over year and up 1% from the previous quarter.
Operating profit was $549.8M, a 55.9% margin (down 7.3 points year over year). Operating profit fell $51.6M even though revenue rose $32.7M versus a year earlier, so costs grew faster than sales. Total costs grew 24% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+26%). Net earnings were $543.6M, down 8% year over year. The effective tax rate was -0.4%.
Operating cash flow was $591.9M (up 9% year over year), 107% of net earnings. Non-cash charges added back $1.0M of depreciation and $2.9M of share-based compensation. Working capital and other items added $35.7M. Capital expenditures of $156K left free cash flow of $591.7M.
Questions
What was Vici Properties' revenue in the first quarter 2025?
Vici Properties (VICI) reported revenue of $984M for the first quarter 2025 (Q1 2025), +3% from a year earlier and +0.8% from the quarter before.
Was Vici Properties profitable in the first quarter 2025?
Operating profit was $550M (55.9% of revenue) and net earnings $544M.
Source: Vici Properties 10-Q on SEC EDGAR.