Filing Flows › Vici Properties (VICI) › Q4 2025
Vici Properties (VICI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Vici Properties (VICI) reported revenue of $1.0B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +0.6% from the quarter before. Operating margin was 60.2%, net earnings $605M (59.7% of revenue).
Vici Properties, Q4 2025: revenue $1.0B (+4% year over year), operating margin 60.2%, net earnings $605M, operating cash flow $692M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | +0.6% | +4% |
| Operating profit | $610M | -22% | -3% |
| Net earnings | $605M | -21% | -2% |
| Operating cash flow | $692M | +18% | +7% |
| Free cash flow | $692M | +18% | +8% |
What changed
Revenue was $1.0B in Q4 2025, up 4% year over year and up 1% from the previous quarter.
Operating profit was $0.61B, a 60.2% margin (down 4.0 points year over year). Operating profit fell $0.02B even though revenue rose $0.04B versus Q4 2024, so costs grew faster than sales. Total costs grew 15% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+17%). Net earnings were $0.60B, down 2% year over year. The effective tax rate was -0.7%.
Operating cash flow was $0.69B (up 7% year over year), 113% of net earnings. Non-cash charges added back $1.0M of depreciation and $4.4M of share-based compensation. Working capital and other items added $0.07B. Capital expenditures of $302K left free cash flow of $0.69B.
Questions
What was Vici Properties' revenue in the fourth quarter 2025?
Vici Properties (VICI) reported revenue of $1.0B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +0.6% from the quarter before.
Was Vici Properties profitable in the fourth quarter 2025?
Operating profit was $610M (60.2% of revenue) and net earnings $605M.
Source: Vici Properties 10-K on SEC EDGAR.