VICI at a glance
Vici Properties (VICI, SEC CIK 1705696) filed its latest 10-K annual report on February 25, 2026, a 10-Q quarterly report on July 29, 2026, an 8-K current report on September 22, 2026 and Form 4 insider filings as recently as October 5, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Vici Properties (VICI) reported revenue of $4.0 billion (up 4.1% from FY2024) and net income of $2.8 billion. Diluted EPS was $2.61.
- As of June 30, 2026, 37 institutional investment managers tracked by SignalX reported holding Vici Properties (VICI) shares worth $14.3 billion in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $4.0B
- +4.1% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 37 funds
- $14.3B · −1 vs prior quarter
- Latest 8-K
- Sep 22, 2026
- Item 5.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Management Discussion & Analysis
- Revenue $4.0B, up 4.1% YoY (+$156.9M); leasing revenue $3.67B (+$73.6M), loan income $218.4M (+$83.9M)
- Net income attributable to common stockholders $2.78B; operating margin not explicitly stated, but AFFO up 6.6% to $2.5B ($2.38/share vs $2.26)
- Cash from operations $2.51B (+$128.5M YoY); dividends paid $1.85B; capex minimal at $1.3M (golf); no share buyback program
- Debt $17.1B outstanding; issued $1.3B April 2025 notes at 4.750%/5.625% to retire $1.3B maturing debt; revolving credit facility $2.5B (capacity $2.36B remaining)
- Key risk: Caesars regional portfolio declining profitability flagged by management; preliminary lease restructuring discussions underway; Golden $1.16B acquisition pending mid-2026 close
Business Overview
- Gaming-focused triple-net lease REIT owning casino/experiential real estate; revenues $4.0B (+4.1% YoY), AFFO $2.5B (+6.6% YoY)
- Announced $1.16B acquisition of 7 Golden Entertainment casino properties; Golden Master Lease at $87M initial annual rent, 30-year term with 2% annual escalation from Year 3
- Sharply accelerated real estate debt lending: $966M new commitments in 2025 vs $579M loan fundings in 2024, including $450M One Beverly Hills mezzanine loan; diversifying beyond pure gaming
- Flagged Caesars Regional Master Lease stress: declining tenant profitability acknowledged, preliminary restructuring discussions disclosed; first explicit credit concern in recent filings
- $300M Venetian Partner Property Growth Fund option still undrawn as of Dec 31, 2025, expiring Nov 2026: tenant holds sole discretion to deploy capital
Risk Factors
- Tenant concentration: Caesars and MGM together represent ~74% of total leasing revenues; Caesars alone owes ~$1.3B and MGM ~$1.1B in estimated 2026 annual lease payments
- Structural leverage: $17.1B long-term debt as of Dec 31, 2025; April 2025 refinancing replaced 4.375%–4.625% notes with 4.750%–5.625% notes, raising interest expense
- Competitive disruption: prediction markets growing rapidly under federal commodities regulation, bypassing state gaming oversight where traditional sports betting is illegal; direct threat to tenant revenues
- Geographic concentration: Las Vegas Strip generated ~49% of total 2025 revenues; exposed to travel disruption, drought (Lake Mead at reduced levels), and declining international tourism from tariffs
- Key-person dependency: CEO, President/COO, CFO, and General Counsel identified as critical; no key-man insurance; gaming regulators must approve replacements
AI summary of the VICI 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Q2 revenue $1.059B, up $57.2M YoY from $1.001B
- Q2 net income $535.3M, down $343.1M YoY from $878.4M
- Leasing revenue $956.0M, up $40.1M YoY; golf revenue $12.0M, up $0.8M
- Credit-loss expense $271.1M vs credit benefit of $142.0M YoY
- $650.0M deployed into One Beverly Hills loan; $242.1M net proceeds from forward-share settlement
Risk Factors
- No risk-factors section provided in the submitted filing text
- No newly added risk identified
- No material regulatory, legal, compliance, operational, competitive, market, or financial risk disclosed
- No equity repurchases, senior-security defaults, or Rule 10b5-1 arrangement changes during three months ended June 30, 2026
AI summary of the VICI 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 5.02: Departure/Appointment of Directors or Principal Officers
- John M. Sullivan joined VICI’s Board effective September 18, 2026, following regulatory approvals
- Board expanded to eight members, increasing governance capacity
Item 5.02: Departure/Appointment of Directors or Principal Officers
- John M. Sullivan appointed independent director, subject to regulatory approvals
- Board expected to expand to eight directors upon effectiveness
Item 1.01: Entry into a Material Definitive Agreement
- $1.75B bond issuance: $900M 5.400% notes due 2031 and $850M 5.750% notes due 2036
- Proceeds target repayment of $1.75B 2026 maturities, refinancing near-term debt without increasing stated principal obligations
AI summaries of VICI 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for VICI
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| MACNAB CRAIG | A | Oct 1, 2026 | 530 | - |
| Douglas Monica Howard | A | Oct 1, 2026 | 175 | - |
| Sullivan John M | A | Oct 1, 2026 | 292 | - |
| Cantor Diana F | A | Oct 1, 2026 | 557 | - |
| Rumbolz Michael D | A | Oct 1, 2026 | 371 | - |
| ABRAHAMSON JAMES R | A | Oct 1, 2026 | 1,060 | - |
| Holland Elizabeth I | A | Oct 1, 2026 | 287 | - |
| Sullivan John M | A | Sep 24, 2026 | 5,562 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Profitability | ||||
| Revenue | $3.6B | $3.8B | $4.0B | |
| Net Income | $2.5B | $2.7B | $2.8B | |
| Net Margin | 69.6% | 69.6% | 69.3% | |
| Balance Sheet | ||||
| Total Assets | $44.1B | $45.4B | $46.7B | |
| Equity | $25.3B | $26.5B | $27.8B | |
| ROE | 10.0% | 10.1% | 10.0% | |
| Per Share | ||||
| EPS | $2.47 | $2.56 | $2.61 | |
| Cash Flow | ||||
| Operating CF | $2.2B | $2.4B | $2.5B | |
Source: XBRL data in Vici Properties (VICI)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate VICI share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 37 | $14.33B |
| Q1 2026 | 38 | $14.42B |
| Q4 2025 | 37 | $14.96B |
| Q3 2025 | 41 | $18.34B |
| Q2 2025 | 40 | $17.02B |
| Q1 2025 | 34 | $12.80B |
| Q4 2024 | 32 | $10.19B |
| Q3 2024 | 27 | $6.28B |
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Source: 13F-HR filings on SEC EDGAR (aggregated from 286 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
VICI filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Sep 28, 2026 | - | - | - |
| 8-K | Sep 22, 2026 | - | Analysis | - |
| 8-K | Sep 8, 2026 | - | Analysis | - |
| 8-K | Aug 14, 2026 | - | Analysis | - |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 10-Q | Jul 29, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Jul 29, 2026 | - | Analysis | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jun 2, 2026 | - | - | |
| SC 13G | Apr 30, 2026 | - | - | |
| 8-K | Apr 29, 2026 | - | Analysis | - |
| 10-Q | Apr 29, 2026 | Mar 31, 2026 | Analysis | |
| SC 13G | Apr 29, 2026 | - | - |
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VICI SEC filings: frequently asked questions
Which institutions hold VICI stock?
As of June 30, 2026, the largest Vici Properties (VICI) holders among the 13F filers tracked by SignalX were BlackRock ($3.4 billion), Vanguard Portfolio Management LLC ($2.3 billion), State Street Corp ($1.8 billion), Vanguard Capital Management LLC ($1.7 billion), Bank of America Corp ($778.7 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was VICI's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Vici Properties (VICI) reported revenue of $4.0 billion (up 4.1% from FY2024) and net income of $2.8 billion. Diluted EPS was $2.61. The figures come from the XBRL data in the 10-K.
What are the main risks in VICI's latest 10-K?
In the 10-K filed February 25, 2026, Vici Properties (VICI) flagged: Tenant concentration: Caesars and MGM together represent ~74% of total leasing revenues; Caesars alone owes ~$1.3B and MGM ~$1.1B in estimated 2026 annual lease payments. Structural leverage: $17.1B long-term debt as of Dec 31, 2025; April 2025 refinancing replaced 4.375%–4.625% notes with 4.750%–5.625% notes, raising interest expense. (AI summary of the Risk Factors section.)
What did VICI report in its latest 8-K?
Vici Properties (VICI) filed an 8-K on September 22, 2026 reporting Item 5.02 (Departure/Appointment of Directors or Principal Officers). John M. Sullivan joined VICI’s Board effective September 18, 2026, following regulatory approvals.
What are the latest VICI SEC filings?
Vici Properties (VICI) filed its latest 10-K annual report on February 25, 2026, a 10-Q quarterly report on July 29, 2026, an 8-K current report on September 22, 2026 and a Form 4 insider filing on October 5, 2026.
What is VICI's SEC CIK number?
Vici Properties (VICI)'s SEC Central Index Key (CIK) is 1705696. EDGAR lists every VICI filing under that number.
Ask anything about VICI
The research agent reads VICI's filings, financials, insider trades and 13F holders, then answers with sources.