Filing Flows › Vici Properties (VICI) › Q2 2025
Vici Properties (VICI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Vici Properties (VICI) reported revenue of $1.0B for the second quarter 2025 (Q2 2025), +5% from a year earlier and +2% from the quarter before. Operating margin was 88.3%, net earnings $865M (86.4% of revenue).
Vici Properties, Q2 2025: revenue $1.0B (+5% year over year), operating margin 88.3%, net earnings $865M, operating cash flow $640M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | +2% | +5% |
| Operating profit | $884M | +61% | +17% |
| Net earnings | $865M | +59% | +17% |
| Operating cash flow | $640M | +8% | +4% |
| Free cash flow | $639M | +8% | +4% |
What changed
Revenue was $1.0B in Q2 2025, up 5% year over year and up 2% from the previous quarter.
Operating profit was $0.88B, a 88.3% margin (up 9.3 points year over year). Of the extra revenue versus a year earlier, 289% reached operating profit, above the 79% margin then. Total costs fell 42% while revenue rose 5%. Net earnings were $0.87B, up 17% year over year. The effective tax rate was 0.6%.
Operating cash flow was $0.64B (up 4% year over year), 73% of net earnings. Non-cash charges added back $741K of depreciation and $4.4M of share-based compensation. Working capital and other items used $0.24B. Capital expenditures of $672K left free cash flow of $0.64B.
Questions
What was Vici Properties' revenue in the second quarter 2025?
Vici Properties (VICI) reported revenue of $1.0B for the second quarter 2025 (Q2 2025), +5% from a year earlier and +2% from the quarter before.
Was Vici Properties profitable in the second quarter 2025?
Operating profit was $884M (88.3% of revenue) and net earnings $865M.
Source: Vici Properties 10-Q on SEC EDGAR.