Filing Flows › Vici Properties (VICI) › Q1 2026
Vici Properties (VICI) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Vici Properties (VICI) reported revenue of $1.0B for the first quarter 2026 (Q1 2026), +3% from a year earlier and +0.5% from the quarter before. Operating margin was 87.4%, net earnings $872M (85.7% of revenue).
Vici Properties, Q1 2026: revenue $1.0B (+4% year over year), operating margin 87.4%, net earnings $872M, operating cash flow $632M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | +0.5% | +3% |
| Operating profit | $890M | +46% | +62% |
| Net earnings | $872M | +44% | +60% |
| Operating cash flow | $632M | -9% | +7% |
| Free cash flow | $631M | -9% | +7% |
What changed
Revenue was $1.0B in Q1 2026, up 3% year over year and up 1% from the previous quarter.
Operating profit was $0.89B, a 87.4% margin (up 31.5 points year over year). Of the extra revenue versus Q1 2025, 991% reached operating profit, above the 56% margin then. Total costs fell 70% while revenue rose 3%. Net earnings were $0.87B, up 60% year over year. The effective tax rate was 0.4%.
Operating cash flow was $0.63B (up 7% year over year), 71% of net earnings. Non-cash charges added back $1.0M of depreciation and $4.1M of share-based compensation. Working capital and other items used $0.26B. Capital expenditures of $628K left free cash flow of $0.63B.
Questions
What was Vici Properties' revenue in the first quarter 2026?
Vici Properties (VICI) reported revenue of $1.0B for the first quarter 2026 (Q1 2026), +3% from a year earlier and +0.5% from the quarter before.
Was Vici Properties profitable in the first quarter 2026?
Operating profit was $890M (87.4% of revenue) and net earnings $872M.
Source: Vici Properties 10-Q on SEC EDGAR.