Third Quarter 2026
Filed Oct 28, 2026VICI Properties Inc. Announces Third Quarter 2026 Results; raised full-year 2026 AFFO guidance, completed a $1.75 billion senior notes offering, increased its annual dividend for the 9th consecutive year and authorized a share repurchase program for up to $2.0 billion.
Total revenues increased 5.8% year-over-year to $1.1 billion and AFFO increased 7.5% to $685.2 million, while AFFO per share increased 4.3% to $0.62. GAAP net income and FFO declined 55.1% because of the $478.2 million aggregate change in the CECL allowance. The Company raised full-year AFFO guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30GAAP | $1.1B | – | 5.8% |
| Income from sales-type leases, three months ended September 30GAAP | $556.7M | – | – |
| Income from lease financing receivables, loans and securities, three months ended September 30GAAP | $482.6M | – | – |
| Other income, three months ended September 30GAAP | $18.97M | – | – |
| Golf revenues, three months ended September 30GAAP | $7.12M | – | – |
| Net income attributable to common stockholders, three months ended September 30GAAP | $342.5M | – | -55.1% |
| Diluted net income per common share, three months ended September 30GAAP | $0.31 per share | – | -56.4% |
| FFO attributable to common stockholders, three months ended September 30non-GAAP | $342.5M | – | – |
| FFO per diluted common share, three months ended September 30non-GAAP | $0.31 per share | – | – |
| AFFO attributable to common stockholders, three months ended September 30non-GAAP | $685.2M | – | 7.5% |
| AFFO per diluted common share, three months ended September 30non-GAAP | $0.62 | – | 4.3% |
| Adjusted EBITDA attributable to common stockholders, three months ended September 30non-GAAP | $879.8M | – | – |
| General and administrative expense, three months ended September 30GAAP | $17.48M | – | – |
| Depreciation, three months ended September 30GAAP | $876K | – | – |
| Other expenses, three months ended September 30GAAP | $18.97M | – | – |
| Golf expenses, three months ended September 30GAAP | $6.86M | – | – |
| Change in allowance for credit losses, three months ended September 30GAAP | $458.0M | – | – |
| Transaction and acquisition expenses, three months ended September 30GAAP | $194K | – | – |
| Total expenses, three months ended September 30GAAP | $502.4M | – | – |
| Interest expense, three months ended September 30GAAP | −$215.0M | – | – |
| Interest income, three months ended September 30GAAP | $1.56M | – | – |
| Net income attributable to common stockholders, nine months ended September 30GAAP | $1.74B | – | – |
| Diluted net income per common share, nine months ended September 30GAAP | $1.60 | – | – |
| AFFO attributable to common stockholders, nine months ended September 30non-GAAP | $2.02B | – | – |
| AFFO per diluted common share, nine months ended September 30non-GAAP | $1.86 | – | – |
| Adjusted EBITDA attributable to common stockholders, nine months ended September 30non-GAAP | $2.59B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet LeaseContractual income from sales-type leases. | $140.5M | – | – |
| Caesars Las Vegas Master LeaseContractual income from sales-type leases. | $126.4M | – | – |
| MGM Grand/Mandalay Bay LeaseContractual income from sales-type leases. | $82.21M | – | – |
| The Venetian Resort Las Vegas LeaseContractual income from sales-type leases. | $77.17M | – | – |
| PENN Master LeaseContractual income from sales-type leases. | $20.38M | – | – |
| Clairvest Northfield Park LeaseContractual income from sales-type leases. | $13.50M | – | – |
| Century Master Lease (excluding Century Canadian Portfolio)Contractual income from sales-type leases. | $12.68M | – | – |
| Hard Rock Cincinnati LeaseContractual income from sales-type leases. | $12.19M | – | – |
| EBCI Southern Indiana LeaseContractual income from sales-type leases. | $8.73M | – | – |
| MGM Master LeaseContractual income from lease financing receivables. | $184.0M | – | – |
| Harrah's NOLA, AC, and LaughlinContractual income from lease financing receivables. | $44.60M | – | – |
| Hard Rock Mirage LeaseContractual income from lease financing receivables. | $23.88M | – | – |
| Golden Entertainment Master LeaseContractual income from lease financing receivables. | $21.75M | – | – |
| JACK Entertainment Master LeaseContractual income from lease financing receivables. | $18.49M | – | – |
| Senior secured loansContractual interest income. | $27.56M | – | – |
| Mezzanine loans & preferred equityContractual interest income. | $47.87M | – | – |
For the year ending December 31, 2026 outlook
- NoteEstimated Adjusted Funds From Operations (AFFO) (in millions): $2,695 to $2,705
- NoteEstimated Adjusted Funds From Operations (AFFO) per diluted share: $2.47 to $2.48
- NoteEstimated Weighted Average Share Count for the Year (in millions): 1,090.2 to 1,090.2
- NoteGuidance does not include the impact on operating results from any pending acquisitions without announced expected closing dates, possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions.
Capital returns
- Declared a regular quarterly cash dividend of $0.46 per share on September 3, 2026, representing a 2.2% year-over-year increase.
- The Q3 2026 dividend was paid on October 8, 2026 to stockholders of record as of the close of business on September 17, 2026 and totaled in aggregate approximately $506.3 million.
- On October 27, 2026, the Board of Directors authorized a share repurchase program for up to $2.0 billion in shares of common stock, expiring on September 30, 2029.
What drove it
- Total revenues included $132.0 million of non-cash leasing and financing adjustments and $19.0 million of other income.
- AFFO attributable to common stockholders increased 7.5% year-over-year to $685.2 million.
- The Highfield Master Lease will have an initial annual base rent of C$10.7 million and will begin a new 20-year initial lease term upon closing.
- The Highfield transaction will result in a corresponding reduction of the annual base rent under the Century Master Lease by C$10.7 million, with no change to the aggregate rent collected by VICI.
- The Highfield transaction is expected to be completed in the fourth quarter of 2026 or the first quarter of 2027.
Concerns
- The year-over-year decrease in net income and FFO was driven on an absolute basis by the $478.2 million aggregate change in the CECL allowance for the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025.
- The Company does not provide guidance for GAAP net income or a reconciliation of 2026 AFFO to GAAP net income because it is unable to predict with reasonable certainty the future non-cash change in allowance for credit losses under ASC 326.
- Guidance excludes the impact of pending acquisitions without announced expected closing dates, possible future acquisitions or dispositions, capital markets activity, and other non-recurring transactions.
- The Highfield transaction remains subject to customary closing conditions and regulatory approvals.
What to watch
- Completion of the Highfield Investment Group transaction, expected in the fourth quarter of 2026 or the first quarter of 2027.
- The non-cash allowance for credit losses under ASC 326 and its effect on reported GAAP net income.
- Execution under raised full-year 2026 AFFO guidance of $2,695 million to $2,705 million and AFFO per diluted share guidance of $2.47 to $2.48.
- Use of the share repurchase authorization of up to $2.0 billion.
- Capital-markets activity and the impact of the August 2026 Notes refinancing.
Balance sheet and cash flow
- Cash and cash equivalents were $270.3 million as of September 30, 2026.
- Total debt outstanding was $17,217.8 million as of September 30, 2026.
- Net debt was $16,947.5 million as of September 30, 2026.
- Liquidity was approximately $2.5 billion, comprised of $270.3 million in cash and cash equivalents and approximately $2.2 billion of availability under the revolving credit facility.
- Total assets were $48,064,304 (in thousands) as of September 30, 2026, compared with $46,724,168 (in thousands) as of December 31, 2025.
- Debt, net was $16,916,934 (in thousands) as of September 30, 2026, compared with $16,773,241 (in thousands) as of December 31, 2025.
- On August 14, 2026, VICI issued $900.0 million aggregate principal amount of 5.400% Senior Notes due 2031 and $850.0 million aggregate principal amount of 5.750% Senior Notes due 2036.
- The weighted average interest rate for the August 2026 Notes is 5.570%, and the adjusted weighted average interest rate is 5.422%.
- VICI settled forward-starting interest rate swaps and treasury locks for total proceeds of $20.0 million.
Analysis
VICI reported $1.1 billion of third-quarter total revenues, up 5.8% year-over-year from $1.0 billion. Income from sales-type leases was $556,749 (in thousands), while income from lease financing receivables, loans and securities was $482,642 (in thousands). The revenue table showed contractual income from the MGM Master Lease of $184,039 (in thousands), the Caesars Regional Master Lease and Joliet Lease of $140,534 (in thousands), and the Caesars Las Vegas Master Lease of $126,419 (in thousands).
The reported GAAP earnings result was dominated by the credit-loss provision. Net income attributable to common stockholders was $342.5 million, or $0.31 per share, compared with $762.0 million, or $0.71 per share, a year earlier. The Company identified the $478.2 million aggregate change in the CECL allowance as the driver of the year-over-year decline. The change in allowance for credit losses was $458,030 (in thousands) in the third quarter, compared with $(20,153) (in thousands) in the prior-year period.
Non-GAAP operating measures increased despite the GAAP earnings decline. AFFO attributable to common stockholders was $685.2 million, up 7.5% year-over-year, and AFFO per diluted common share was $0.62, up 4.3%. Adjusted EBITDA attributable to common stockholders was $879,778 (in thousands), compared with $825,582 (in thousands) in the prior-year quarter. The Company raised full-year 2026 AFFO guidance to $2,695 million to $2,705 million and AFFO per diluted share guidance to $2.47 to $2.48.
Capital allocation included a $1.75 billion senior unsecured notes issuance used to redeem 2026 maturities, a quarterly dividend of $0.46 per share, and authorization after quarter-end of a share repurchase program for up to $2.0 billion. VICI ended the quarter with $270.3 million in cash and cash equivalents, approximately $2.5 billion in liquidity, and $17,217.8 million of total debt outstanding. The August 2026 Notes carried a weighted average interest rate of 5.570% and an adjusted weighted average interest rate of 5.422%.
Portfolio activity centered on the agreement to add Highfield Investment Group to the tenant roster through a separate triple-net master lease for the Century Canada Racinos. The Highfield Master Lease will initially carry C$10.7 million of annual base rent, while the Century Master Lease will have a corresponding C$10.7 million annual base-rent reduction upon closing. VICI stated there will be no change to aggregate rent collected, and expects the transaction to close in the fourth quarter of 2026 or the first quarter of 2027.
Management, verbatim
In the third quarter of 2026, we grew our quarterly revenue by 5.8% and our AFFO per share by 4.3% year-over-year, once again demonstrating the flow-through efficiency of our business model, and we were pleased to announce our 9th consecutive annual dividend increase since our IPO almost nine years ago.
Edward Pitoniak, Chief Executive Officer of VICI Properties
Our commitment to situational readiness positioned us to refinance all of our remaining 2026 maturities through a $1.75 billion investment grade notes offering in August at an adjusted weighted average interest rate of 5.42%.
Edward Pitoniak, Chief Executive Officer of VICI Properties
At VICI, we are always working to strengthen our portfolio while keeping our balance sheet ready to grow alongside new and existing partners.
Edward Pitoniak, Chief Executive Officer of VICI Properties
Not in the filing
stated, not guessed- Gross margin
- Operating income
- Operating margin
- Operating cash flow
- Free cash flow
- GAAP net income guidance
- GAAP reconciliation for full-year 2026 AFFO guidance
- Prior-quarter comparisons for reported third-quarter metrics
- Previous-release outlook for comparison of actual results with prior guidance
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.