VICI Properties Inc.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.01B | $3.85B | $3.61B | $2.60B | $1.51B | $1.23B | $894.8M | $898.0M |
| Cost of Revenue | $26.7M | $26.9M | $27.1M | $22.6M | $20.8M | $17.6M | $18.9M | $17.4M |
| Gross Profit | $3.98B | $3.82B | $3.58B | $2.58B | $1.49B | $1.21B | $875.9M | $880.6M |
| Gross Margin | 99.3% | 99.3% | 99.3% | 99.1% | 98.6% | 98.6% | 97.9% | 98.1% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $65.1M | $69.1M | $59.6M | $48.3M | $33.1M | $30.7M | $24.6M | $24.4M |
| Operating Income | $2.82B | $2.73B | $3.37B | $1.68B | $1.42B | $321.0M | $52.3M | $140.0M |
| Operating Margin | 70.4% | 70.9% | 93.2% | 64.6% | 94.0% | 26.2% | 5.8% | 15.6% |
| Interest Expense | — | — | $818.1M | $540.0M | $392.4M | $308.6M | $248.4M | $212.7M |
| Pretax Income | $2.82B | $2.73B | $2.55B | $1.14B | $1.03B | $897.0M | $556.0M | $533.6M |
| Income Tax Expense | $2.4M | $9.7M | $-6.1M | $2.9M | $2.9M | $831.0K | $1.7M | $1.4M |
| Net Income | $2.78B | $2.68B | $2.51B | $1.12B | $1.01B | $891.7M | $546.0M | $523.6M |
| Net Margin | 69.3% | 69.6% | 69.6% | 43.0% | 67.2% | 72.8% | 61.0% | 58.3% |
| EPS (Basic) | $2.61 | $2.56 | $2.48 | $1.27 | $1.80 | $1.76 | $1.25 | $1.43 |
| EPS (Diluted) | $2.61 | $2.56 | $2.47 | $1.27 | $1.76 | $1.75 | $1.24 | $1.43 |
| Shares Outstanding (Basic) | 1.06B | 1.05B | 1.01B | 877.5M | 564.5M | 506.1M | 435.1M | 367.2M |
| Shares Outstanding (Diluted) | 1.06B | 1.05B | 1.02B | 879.7M | 577.1M | 510.9M | 439.2M | 367.3M |
| Dividends Per Share | $1.77 | $1.70 | $1.61 | $1.50 | $1.38 | $1.26 | $1.17 | $1.00 |