VICI Properties Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.69%.
Did VICI Beat Earnings? Q1 2026 Results
VICI Properties delivered a mixed first quarter for fiscal 2026, with adjusted diluted EPS of $0.61 falling short of the $0.71 consensus estimate by 14.08%, even as total revenues climbed 3.5% year-over-year to $1.02 billion. The headline EPS gap was largely a function of AFFO mechanics rather than operational weakness; adjusted funds from operations, the metric REIT investors treat as the true earnings pulse, grew 5.7% to $650.91 million, or $0.61 per diluted share. The quarter's defining strategic move was VICI's expansion of its mezzanine loan commitment for the One Beverly Hills luxury development to $1.50 billion, a $1.05 billion incremental step that signals a broadening of the company's capital deployment playbook beyond traditional triple-net leases. Meanwhile, the pending $1.16 billion Golden Entertainment acquisition, expected to close around April 30, 2026, adds seven casino properties under a new 30-year master lease. VICI raised its full-year 2026 AFFO guidance to $2.67 billion-$2.69 billion, or $2.44-$2.47 per diluted share, with analysts already pointing to casino deal momentum as a key growth catalyst.
- 3.5% year-over-year revenue growth driven by contractual rent escalators across the portfolio
- AFFO per share grew 4.5% year-over-year to $0.61
- $118.8 million favorable non-cash CECL allowance reversal boosted reported net income
- Income from lease financing receivables, loans and securities grew to $452.0 million from $426.5 million year-over-year
- 100% occupancy rate across the portfolio
“In the first quarter of 2026, we grew our quarterly revenue by 3.5% and our AFFO per share by approximately 4.5% year-over-year, reflecting the continued compounding of our business model. This quarter demonstrated what we believe to be one of VICI's most durable competitive advantages: the ability to grow through deepening relationships with our existing partners. Our expansion of the One Beverly Hills mezzanine loan to $1.5 billion alongside Cain and Eldridge and our pending acquisition of casino real estate in Alberta in connection with PURE's acquisition of Gamehost each represent second and third chapters in partnerships that began with a single investment. As we look ahead to the expected closings of our Golden Entertainment and Gamehost transactions, we remain confident that VICI's partner-driven model will continue to generate attractive, sustained growth for our shareholders.”
VICI Properties CEO, on the earnings call
Forward Guidance & Outlook
VICI raised its full-year 2026 AFFO guidance to $2,665 million–$2,695 million (from $2,590 million–$2,625 million), or $2.44–$2.47 per diluted common share (from $2.42–$2.45), based on an estimated weighted average share count of 1,090.7 million. Guidance does not include the impact from pending acquisitions without announced expected closing dates, possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions. The company expects to close the $1.16 billion Golden Entertainment acquisition on or around April 30, 2026, and the CAD$200.6 million Gamehost transaction mid-year 2026.
VICI YoY Financials
VICI Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.