VICI Properties Inc. · VICI · FY2024 Q4 · Calendar Q1 2025
VICI emphasizes selective capital deployment and experiential partnerships
The supplied analysis supports a measured growth thesis for VICI: earnings momentum, balance-sheet improvement, and experiential partnerships provide support, but the outlook depends on disciplined deployment, financing conditions, and regulatory execution.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Compared with the prior-quarter analysis, VICI's narrative shifted toward a new luxury-hospitality partnership, investment-grade ratings, and development financing as deal flow for high-quality acquisitions remained limited.
Guidance delta
Management's 2025 guidance indicated a 3.3% increase, while the supplied analysis characterizes guidance sentiment as maintained.
Key takeaways
- Management highlighted a new Cain International and Eldridge Industries partnership for the One Beverly Hills Aman development.
- The supplied analysis cites 5.1% year-over-year AFFO-per-share growth and 2025 guidance indicating a 3.3% increase.
- Investment-grade ratings and leverage within the target range support funding flexibility.
- Capital deployment remains focused on experiential assets, development financing, and long-term partnerships.
Management priorities
- Fund and potentially expand the Cain and Eldridge partnership, including Aman global growth.
- Deploy capital selectively to high-quality assets while maintaining an 8%+ yield target.
- Use investment-grade ratings to pursue refinancing and new credit facilities.
- Explore international lending and acquisition opportunities.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Buy | Buy | Maintain | Oct 20, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 20, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 19, 2026 |
| Macquarie | Outperform | Outperform | Maintain | Oct 7, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Oct 2, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Sep 24, 2026 |
| JP Morgan | Neutral | Overweight | Downgrade | Sep 24, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 21, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 15, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Sep 2, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Aug 10, 2026 |
| Baird | Outperform | Outperform | Maintain | Mar 2, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Nov 28, 2025 |
| Stifel | Buy | Buy | Maintain | Oct 31, 2025 |
| Citizens Capital Markets | Market Outperform | Market Outperform | Maintain | Feb 24, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Jan 27, 2025 |
| Wedbush | Outperform | Neutral | Upgrade | Jan 2, 2025 |
| Keybanc | Overweight | Overweight | Maintain | Dec 13, 2023 |
| Deutsche Bank | Hold | Buy | Downgrade | Jul 5, 2023 |
| Raymond James | Outperform | Outperform | Maintain | Apr 6, 2023 |
| Wolfe Research | Outperform | Outperform | Maintain | Mar 22, 2023 |
| Jefferies | Buy | Buy | Maintain | May 3, 2021 |
| Nomura Instinet | Buy | Buy | Maintain | Jun 25, 2020 |
| Nomura | Buy | Buy | Maintain | Jun 25, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 22, 2020 |
| Citigroup | Buy | Buy | Maintain | Apr 7, 2020 |
| Bank of America | Buy | Neutral | Upgrade | Oct 15, 2018 |
| B of A Securities | Buy | Neutral | Upgrade | Oct 15, 2018 |
Named analyst price targets
Upside is calculated against the persisted current price $23.76. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Analyst unavailable | $32 | $23.47 | +34.7% | Oct 20, 2026 |
| Barclays | Analyst unavailable | $28 | $23.1 | +17.8% | Oct 20, 2026 |
| Wells Fargo | John Kilichowski | $24 | $23.6 | +1.0% | Oct 19, 2026 |
| Scotiabank | Greg McGinniss | $26 | $23.22 | +9.4% | Sep 24, 2026 |
| Evercore ISI | Analyst unavailable | $30 | $23.9 | +26.3% | Sep 21, 2026 |
| Morgan Stanley | Analyst unavailable | $29 | $25.04 | +22.1% | Sep 15, 2026 |
| Mizuho Securities | Analyst unavailable | $27 | $25.54 | +13.6% | Sep 2, 2026 |
| Wells Fargo | Analyst unavailable | $26 | $25.65 | +9.4% | Sep 1, 2026 |
| Raymond James | Analyst unavailable | $29 | $26.36 | +22.1% | Aug 13, 2026 |
| Deutsche Bank | Analyst unavailable | $30 | $26.24 | +26.3% | Jul 31, 2026 |
| Robert W. Baird | Analyst unavailable | $32 | $26.22 | +34.7% | Jul 30, 2026 |
| Barclays | Analyst unavailable | $31 | $26.58 | +30.5% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $27 | $26.28 | +13.6% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $31 | $26.77 | +30.5% | Jul 8, 2026 |
| RBC Capital | Brad Heffern | $29 | $26.73 | +22.1% | Jun 25, 2026 |
| Scotiabank | Greg McGinniss | $29 | $26.8 | +22.1% | Jun 18, 2026 |
| Scotiabank | Greg McGinniss | $32 | $28.92 | +34.7% | May 12, 2026 |
| Deutsche Bank | Analyst unavailable | $31 | $28.46 | +30.5% | May 4, 2026 |
| Barclays | Analyst unavailable | $34 | $28.8 | +43.1% | Apr 21, 2026 |
| Cantor Fitzgerald | Richard Anderson | $34 | $29.5 | +43.1% | Mar 9, 2026 |
| Scotiabank | Greg McGinniss | $30 | $27.68 | +26.3% | Jan 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $33 | $27.86 | +38.9% | Jan 5, 2026 |
| Mizuho Securities | Analyst unavailable | $30 | $28.31 | +26.3% | Dec 17, 2025 |
| Barclays | Analyst unavailable | $33 | $28.45 | +38.9% | Dec 3, 2025 |
| Evercore ISI | Analyst unavailable | $32 | $28.82 | +34.7% | Dec 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $35 | $30.22 | +47.3% | Nov 6, 2025 |
| Barclays | Analyst unavailable | $37 | $30.86 | +55.7% | Oct 20, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $37 | $32.61 | +55.7% | Oct 1, 2025 |
| Scotiabank | Greg McGinniss | $36 | $33.39 | +51.5% | Aug 28, 2025 |
| JMP Securities | Mitch Germain | $35 | $32.75 | +47.3% | Jul 22, 2025 |
| Stifel Nicolaus | Simon Yarmak | $34.25 | $31.88 | +44.1% | Mar 27, 2025 |
| Barclays | Richard Hightower | $36 | $28.21 | +51.5% | Jan 10, 2025 |
| Wedbush | Richard Anderson | $33 | $28.79 | +38.9% | Jan 2, 2025 |
| Wells Fargo | John Kilichowski | $36 | $33.31 | +51.5% | Oct 1, 2024 |
| Evercore ISI | Steve Sakwa | $36 | $33.15 | +51.5% | Aug 28, 2024 |
| Morgan Stanley | Analyst unavailable | $32 | $33.01 | +34.7% | Dec 16, 2022 |
| Truist Financial | Barry Jonas | $40 | $34.19 | +68.4% | Jul 30, 2022 |
| Raymond James | Analyst unavailable | $38 | $31.31 | +59.9% | Jul 8, 2022 |
| Goldman Sachs | Analyst unavailable | $39 | $29.38 | +64.1% | May 19, 2022 |
| CBRE | John DeCree | $35 | $27.48 | +47.3% | Dec 7, 2021 |
| Jefferies | David Katz | $38 | $29.39 | +59.9% | Oct 17, 2021 |
| KeyBanc | Todd Thomas | $33 | $28.77 | +38.9% | Oct 6, 2021 |
| Capital One Financial | Neil Malkin | $37 | $30.19 | +55.7% | Sep 1, 2021 |
| Evercore ISI | Richard Hightower | $34 | $29.13 | +43.1% | Aug 3, 2021 |
| Raymond James | RJ Milligan | $36 | $30.29 | +51.5% | Jun 4, 2021 |
| Bank of America Securities | Shaun Kelley | $36 | $30.2 | +51.5% | May 4, 2021 |
| Goldman Sachs | Stephen Grambling | $34 | $30.54 | +43.1% | May 3, 2021 |
| Ladenburg Thalmann & Co. | John Massocca | $33.5 | $29.45 | +41.0% | Apr 26, 2021 |
Track every rating change on VICI the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationVICI Properties functions as a specialized real estate investment trust dedicated to experiential properties. The company boasts an extensive collection of premier gaming, hospitality, and entertainment venues, notably including the globally recognized Caesars Palace. Its diverse and nationally distributed portfolio encompasses 29 gaming facilities, spanning over 48 million square feet. These sites collectively feature approximately 19,200 hotel rooms and more than 200 distinct dining, bar, and nightlife establishments. VICI's assets are leased to leading operators in the gaming and hospitality sectors, such as Caesars Entertainment, Century Casinos, Hard Rock International, JACK Entertainment, and Penn National Gaming. Beyond its core properties, VICI also holds four championship golf courses and possesses 34 acres of undeveloped land strategically located adjacent to the Las Vegas Strip. The company's fundamental objective is to cultivate the United States' most valuable and high-performing experiential real estate portfolio.
Historical context
All VICI earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| RITM-PD Rithm Capital Corp. | FY2026 Q3 · Calendar Q4 2026 | +10.2% | — | Rithm highlights servicing, inflows and technology-led efficiency |
| CBRE CBRE Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.6% | -2.5% | CBRE: Infrastructure Growth Offsets Capital-Markets Headwinds |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-02-06T00:01:56.136176+00:00
- Polygon adjusted daily market bars · 2026-10-25T13:10:44.695750+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-25T13:10:44.692871+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-25. For educational purposes only; not investment advice.