VICI Properties Inc (NYSE:VICI) Reports Mixed Q3 2025 Results, Misses AFFO Estimates

VICI Properties Inc (NYSE:VICI) reported financial results for the third quarter of 2025, delivering a mixed performance against analyst expectations. The experiential real estate investment trust posted steady operational growth, though its key earnings metric came in below Wall Street forecasts.

Earnings and Revenue Performance Versus Estimates

The company's Q3 2025 results showed a notable divergence between top-line performance and bottom-line earnings relative to analyst projections.

• Revenue: $1.007 billion reported versus $1.020 billion estimated
• Adjusted Funds From Operations (AFFO) Per Share: $0.60 reported versus $0.71 estimated

While revenue fell slightly short of expectations, the AFFO per share figure, a critical metric for REITs, came in meaningfully below analyst forecasts. This discrepancy appears to be a primary driver behind the stock's negative price movement in recent weeks, which has seen a decline of approximately 5% over the past month.

Third Quarter 2025 Financial Highlights

VICI Properties demonstrated consistent fundamental growth across several key financial measures during the quarter, despite the earnings miss.

• Total revenues increased 4.4% year-over-year to $1.0 billion
• Net income attributable to common stockholders rose 4.0% to $762.0 million
• AFFO increased 7.4% year-over-year to $637.6 million
• AFFO per share grew 5.3% to $0.60 compared to Q3 2024
• Quarterly cash dividend declared of $0.45 per share, representing a 4.0% year-over-year increase

CEO Edward Pitoniak emphasized the "compounding nature of our business" in his comments, highlighting that the company has grown aggregate AFFO by 7.4% over the last twelve months while only increasing share count by 2.1%.

Updated 2025 Guidance and Portfolio Expansion

The company provided updated full-year 2025 AFFO guidance, narrowing and slightly raising the lower end of its previous range.

• Updated AFFO Guidance: $2.510-$2.520 billion, or $2.36-$2.37 per diluted share
• Previous AFFO Guidance: $2.500-$2.520 billion, or $2.35-$2.37 per diluted share

This updated outlook compares to analyst estimates of $2.777 billion in revenue and $4.061 billion in sales for the full year 2025. For the upcoming fourth quarter, analysts project revenue of $0.719 billion and sales of $1.029 billion.

Following the quarter's end, VICI announced an agreement to enter into a new triple-net lease with an affiliate of Clairvest Group for the real property of MGM Northfield Park in Ohio. This transaction, expected to close in the first half of 2026, will add Clairvest as VICI's 14th tenant with initial annual base rent of $53.0 million.

Balance Sheet and Capital Structure

The company maintained a strong liquidity position with approximately $3.1 billion available, consisting of:

• $507.5 million in cash and cash equivalents
• $244.9 million of estimated forward sale equity proceeds
• Approximately $2.4 billion of availability under its revolving credit facility

Total debt outstanding stood at $17.1 billion as of September 30, 2025, with the majority consisting of unsecured notes across various maturities.

For investors seeking more detailed earnings analysis and future estimates, additional information is available on the VICI earnings and estimates page.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, financial analysis, or recommendation to buy or sell any securities. Investors should conduct their own research and consult with financial advisors before making investment decisions.