VICI Properties Inc
NYSE:VICI
Income Statement
Earnings Waterfall
VICI Properties Inc
Income Statement
VICI Properties Inc
| Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | Jun-2025 | Sep-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||||||||||||
| Interest Expense |
213
|
213
|
217
|
231
|
248
|
271
|
294
|
303
|
309
|
310
|
312
|
399
|
392
|
383
|
437
|
441
|
540
|
676
|
747
|
782
|
818
|
819
|
821
|
823
|
826
|
830
|
838
|
842
|
|
| Revenue |
898
N/A
|
894
0%
|
893
0%
|
883
-1%
|
895
+1%
|
936
+5%
|
973
+4%
|
1 090
+12%
|
1 226
+12%
|
1 345
+10%
|
1 463
+9%
|
1 499
+2%
|
1 510
+1%
|
1 552
+3%
|
1 838
+18%
|
2 214
+20%
|
2 601
+17%
|
3 062
+18%
|
3 297
+8%
|
3 450
+5%
|
3 612
+5%
|
3 686
+2%
|
3 745
+2%
|
3 805
+2%
|
3 849
+1%
|
3 882
+1%
|
3 926
+1%
|
3 969
+1%
|
|
| Gross Profit | |||||||||||||||||||||||||||||
| Cost of Revenue |
(17)
|
(17)
|
(18)
|
(19)
|
(19)
|
(19)
|
(18)
|
(18)
|
(18)
|
(18)
|
(19)
|
(19)
|
(21)
|
(22)
|
(22)
|
(22)
|
(23)
|
(23)
|
(24)
|
(25)
|
(27)
|
(28)
|
(28)
|
(28)
|
(27)
|
(27)
|
(27)
|
(26)
|
|
| Gross Profit |
881
N/A
|
876
0%
|
876
0%
|
864
-1%
|
876
+1%
|
917
+5%
|
955
+4%
|
1 072
+12%
|
1 208
+13%
|
1 327
+10%
|
1 445
+9%
|
1 480
+2%
|
1 489
+1%
|
1 530
+3%
|
1 816
+19%
|
2 192
+21%
|
2 578
+18%
|
3 039
+18%
|
3 273
+8%
|
3 425
+5%
|
3 585
+5%
|
3 658
+2%
|
3 717
+2%
|
3 777
+2%
|
3 822
+1%
|
3 855
+1%
|
3 900
+1%
|
3 943
+1%
|
|
| Operating Income | |||||||||||||||||||||||||||||
| Operating Expenses |
(110)
|
(92)
|
(72)
|
(48)
|
(28)
|
(179)
|
(116)
|
(301)
|
(295)
|
(148)
|
(190)
|
(22)
|
(45)
|
(133)
|
(726)
|
(964)
|
(946)
|
(992)
|
(405)
|
(271)
|
(240)
|
(238)
|
(238)
|
(114)
|
(277)
|
(356)
|
(256)
|
(267)
|
|
| Selling, General & Administrative |
(106)
|
(88)
|
(68)
|
(44)
|
(25)
|
(25)
|
(26)
|
(28)
|
(31)
|
(32)
|
(32)
|
(32)
|
(33)
|
(35)
|
(39)
|
(42)
|
(48)
|
(54)
|
(57)
|
(59)
|
(60)
|
(61)
|
(62)
|
(64)
|
(69)
|
(68)
|
(67)
|
(66)
|
|
| Depreciation & Amortization |
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(4)
|
(4)
|
(5)
|
(5)
|
(5)
|
(4)
|
(4)
|
(4)
|
(4)
|
|
| Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
(150)
|
(86)
|
(270)
|
(260)
|
(113)
|
(155)
|
13
|
(8)
|
(95)
|
(684)
|
(919)
|
(894)
|
(935)
|
(345)
|
(208)
|
(176)
|
(173)
|
(172)
|
(45)
|
(204)
|
(284)
|
(186)
|
(197)
|
|
| Operating Income |
771
N/A
|
785
+2%
|
804
+2%
|
817
+2%
|
848
+4%
|
737
-13%
|
839
+14%
|
771
-8%
|
913
+18%
|
1 179
+29%
|
1 254
+6%
|
1 458
+16%
|
1 444
-1%
|
1 398
-3%
|
1 090
-22%
|
1 227
+13%
|
1 633
+33%
|
2 047
+25%
|
2 868
+40%
|
3 154
+10%
|
3 345
+6%
|
3 420
+2%
|
3 479
+2%
|
3 663
+5%
|
3 545
-3%
|
3 499
-1%
|
3 644
+4%
|
3 675
+1%
|
|
| Pre-Tax Income | |||||||||||||||||||||||||||||
| Interest Income Expense |
(201)
|
(199)
|
(202)
|
(212)
|
(228)
|
(251)
|
(276)
|
(292)
|
(302)
|
(308)
|
(311)
|
(399)
|
(392)
|
(383)
|
(421)
|
(399)
|
(471)
|
(601)
|
(678)
|
(733)
|
(788)
|
(790)
|
(797)
|
(802)
|
(809)
|
(815)
|
(825)
|
(827)
|
|
| Non-Reccuring Items |
(36)
|
(14)
|
(17)
|
(5)
|
(63)
|
(106)
|
(104)
|
228
|
286
|
320
|
321
|
(26)
|
(26)
|
(18)
|
(34)
|
(20)
|
(23)
|
(21)
|
(5)
|
(7)
|
(8)
|
(9)
|
(9)
|
(6)
|
(5)
|
(4)
|
(11)
|
(10)
|
|
| Pre-Tax Income |
534
N/A
|
573
+7%
|
585
+2%
|
600
+2%
|
556
-7%
|
381
-31%
|
458
+20%
|
708
+54%
|
897
+27%
|
1 191
+33%
|
1 264
+6%
|
1 032
-18%
|
1 026
-1%
|
997
-3%
|
635
-36%
|
808
+27%
|
1 139
+41%
|
1 425
+25%
|
2 186
+53%
|
2 414
+10%
|
2 548
+6%
|
2 621
+3%
|
2 673
+2%
|
2 854
+7%
|
2 731
-4%
|
2 679
-2%
|
2 807
+5%
|
2 838
+1%
|
|
| Net Income | |||||||||||||||||||||||||||||
| Tax Provision |
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(4)
|
(4)
|
(5)
|
6
|
6
|
4
|
3
|
(10)
|
(6)
|
(8)
|
(9)
|
|
| Income from Continuing Operations |
532
|
571
|
584
|
598
|
554
|
379
|
457
|
706
|
896
|
1 190
|
1 262
|
1 030
|
1 023
|
994
|
633
|
805
|
1 136
|
1 422
|
2 181
|
2 410
|
2 555
|
2 627
|
2 678
|
2 857
|
2 721
|
2 674
|
2 799
|
2 828
|
|
| Income to Minority Interest |
(9)
|
(9)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(4)
|
(5)
|
(5)
|
(5)
|
(9)
|
(9)
|
(9)
|
(7)
|
(10)
|
(19)
|
(26)
|
(37)
|
(40)
|
(41)
|
(42)
|
(42)
|
(45)
|
(42)
|
(41)
|
(43)
|
(43)
|
|
| Net Income (Common) |
524
N/A
|
562
+7%
|
575
+2%
|
590
+3%
|
546
-7%
|
371
-32%
|
448
+21%
|
702
+57%
|
892
+27%
|
1 186
+33%
|
1 257
+6%
|
1 020
-19%
|
1 014
-1%
|
985
-3%
|
626
-36%
|
795
+27%
|
1 118
+41%
|
1 396
+25%
|
2 144
+54%
|
2 370
+11%
|
2 514
+6%
|
2 585
+3%
|
2 635
+2%
|
2 812
+7%
|
2 679
-5%
|
2 632
-2%
|
2 756
+5%
|
2 785
+1%
|
|
| EPS (Diluted) |
1.43
N/A
|
1.38
-3%
|
1.39
+1%
|
1.26
-9%
|
1.24
-2%
|
0.79
-36%
|
0.91
+15%
|
1.3
+43%
|
1.75
+35%
|
2.17
+24%
|
2.26
+4%
|
1.78
-21%
|
1.76
-1%
|
1.43
-19%
|
0.69
-52%
|
0.82
+19%
|
1.27
+55%
|
1.39
+9%
|
2.12
+53%
|
2.33
+10%
|
2.47
+6%
|
2.47
N/A
|
2.55
+3%
|
2.7
+6%
|
2.56
-5%
|
2.51
-2%
|
2.61
+4%
|
2.6
0%
|
|