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VICI Properties

VICI Properties (VICI) Q2 2026 Earnings

Reported Jul 29, 2026 at 4:15 PM ET · SEC Source

Q2 26 EPS

$0.48

MISS 32.39%

Est. $0.71

Q2 26 Revenue

$1.06B

BEAT +1.30%

Est. $1.04B

vs S&P Since Q2 26

-5.8%

TRAILING MARKET

VICI -2.5% vs S&P +3.2%

Market Reaction

Did VICI Beat Earnings? Q2 2026 Results

VICI Properties delivered a mixed second quarter for 2026, posting revenue that edged past Wall Street expectations while GAAP earnings fell well short on the weight of a significant non-cash charge. Total revenues rose 5.7% year-over-year to $1.06 b… Read more VICI Properties delivered a mixed second quarter for 2026, posting revenue that edged past Wall Street expectations while GAAP earnings fell well short on the weight of a significant non-cash charge. Total revenues rose 5.7% year-over-year to $1.06 billion, nudging past the $1.04 billion consensus by 1.30%, but GAAP earnings per share of $0.48 missed the $0.71 estimate by 32.39%, almost entirely because a $271.06 million non-cash CECL allowance charge swung sharply against a $142.00 million credit loss reversal in the year-ago period. Stripping out that accounting noise, AFFO per diluted share grew 4.6% to $0.62, reflecting the operational momentum from a busy quarter of deal-making that added three new tenants, including Golden Entertainment, Clairvest, and Club Med, through acquisitions and a build-to-suit structure spanning Nevada casinos, an Ohio gaming property, and a Caribbean resort. Investors weighing the quarter will note that VICI's substantial debt load, now roughly $17.22 billion, remains a key consideration alongside the growth story, even as the company nudged its full-year 2026 AFFO guidance to $2.45 to $2.47 per diluted share.

Key Takeaways

  • • 5.7% year-over-year total revenue growth driven by new lease agreements and acquisitions
  • • AFFO per share grew 4.6% year-over-year to $0.62
  • • Contractual rent escalators embedded across long-term triple-net leases with 2.0% annual escalators on most leases
  • • Closing of $1.16 billion Golden Entertainment acquisition adding $87.0 million in initial annual rent
  • • New Clairvest Northfield Park lease at $54.0 million annual rent
  • • Growth in income from loans and securities, up to $71.6 million from $54.7 million year-over-year

VICI Forward Guidance & Outlook

VICI updated its full-year 2026 AFFO guidance, raising the low end from $2,665 million to $2,675 million while maintaining the high end at $2,695 million, implying AFFO per diluted share of $2.45 to $2.47. The prior guidance range was $2.44 to $2.47 per diluted share. Estimated weighted average common share count for the year is approximately 1,090.3 million. Guidance does not include the impact of pending acquisitions without announced expected closing dates, possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions.

24/7 Wall St

VICI YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

VICI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“The second quarter of 2026 was emblematic of VICI's enduring strategic focus on developing and expanding relationships. With the commencement of our lease with Clairvest at Northfield Park, the closing of our acquisition of the Golden Entertainment casino portfolio, and the acquisition and planned redevelopment of Carambola Beach Resort (St. Croix, US Virgin Islands) with Club Med, we welcomed our 14th, 15th and 16th tenants, respectively. Each one of these new tenants is an experienced operator that broadens and strengthens the diversity of VICI's rent roll.”

— Edward Pitoniak, Q2 2026 Earnings Press Release

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