Short answer
Vici Properties (VICI) filed its Q3 2025 10-Q quarterly report on Oct 30, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $1.0B (up 4.4% year over year) with net income of $762M.
Q3 2025 key financials · XBRL
- Revenue
- $1.0B
- +4.4% YoY · +0.6% QoQ
- Net income
- $762M
- +4.0% YoY · −11.9% QoQ
- EPS (diluted)
- $0.72
- +2.9% YoY · −12.2% QoQ
Source: XBRL data from the Vici Properties (VICI) Q3 2025 10-Q on SEC EDGAR. USD.
Vici Properties Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $1.007B Q3 2025, up $42.8M (+4.4%) YoY from $964.7M in Q3 2024
- Net income $773.6M Q3 2025, up $29.1M YoY; operating expenses $23.4M vs $13.1M YoY; interest expense $210.3M vs $207.3M YoY
- Leasing segment best performer: leasing revenue $918.8M Q3 2025, +$17.2M YoY; worst: golf segment stable but small revenues $8.2M
- Cash and equivalents $507.5M as of 9/30/2025; operating cash flow $1.82B YTD, +$80.6M YoY; financing activities used $1.07B, down $172M YoY
- Management highlights ongoing lease agreements with weighted average 40-year term, notes macroeconomic risks and tenant financial performance uncertainties impacting near-term outlook
Risk Factors
- No new or changed risk factors reported for nine months ended September 30, 2025
- Continued exposure to gaming industry cyclicality and regional economic conditions per 2024 10-K
- Ongoing regulatory risk related to gaming and real estate compliance in multiple jurisdictions
- Dependence on tenant financial performance and lease agreements affecting near-term cash flows
- Liquidity and debt maturity risk from $3B credit facility with $1.5B drawn as of 2024 year-end
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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