Filing Flows › Vici Properties (VICI) › Q3 2025
Vici Properties (VICI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Vici Properties (VICI) reported revenue of $1.0B for the third quarter 2025 (Q3 2025), +4% from a year earlier and +0.6% from the quarter before. Operating margin was 77.2%, net earnings $762M (75.6% of revenue).
Vici Properties, Q3 2025: revenue $1.0B (+4% year over year), operating margin 77.2%, net earnings $762M, operating cash flow $586M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | +0.6% | +4% |
| Operating profit | $778M | -12% | +4% |
| Net earnings | $762M | -12% | +4% |
| Operating cash flow | $586M | -8% | +1% |
| Free cash flow | $586M | -8% | +1% |
What changed
Revenue was $1.0B in Q3 2025, up 4% year over year and up 1% from the previous quarter.
Operating profit was $0.78B, a 77.2% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 71% reached operating profit, below the 77% margin then. Total costs grew 6% against revenue growth of 4%. Net earnings were $0.76B, up 4% year over year. The effective tax rate was 0.5%.
Operating cash flow was $0.59B (up 1% year over year), 76% of net earnings. Non-cash charges added back $937K of depreciation and $4.4M of share-based compensation. Working capital and other items used $0.19B. Capital expenditures of $205K left free cash flow of $0.59B.
Questions
What was Vici Properties' revenue in the third quarter 2025?
Vici Properties (VICI) reported revenue of $1.0B for the third quarter 2025 (Q3 2025), +4% from a year earlier and +0.6% from the quarter before.
Was Vici Properties profitable in the third quarter 2025?
Operating profit was $778M (77.2% of revenue) and net earnings $762M.
Source: Vici Properties 10-Q on SEC EDGAR.