Analyst Consensus ?
ConsensusBuy28 ratings
Bullish2175.0%
Neutral725.0%
Bearish00.0%
VICI Properties Inc. · VICI · FY2025 Q2 · Calendar Q3 2025
VICI raises AFFO outlook while funding experiential real-estate growth
The supplied analysis supports a constructive but conditional view: raised AFFO guidance, resilient same-store NOI, strong liquidity, retained cash flow, and experiential development provide evidence for durable growth, while leverage, project exposure, visitation softness, and regulatory uncertainty argue for continued monitoring.
Reported After market closeNYSEReal Estate
$24.93B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.82
Consensus $0.60
EPS surprise
+36.7%
Reported versus consensus
Reported revenue
$1.00B
Consensus $993.9M
Revenue surprise
+0.7%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+0.2%
Event window
SPY move
-0.4%
Same window
Abnormal move
+0.6%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
+2.8%
Up to 20 sessions
VICISPY benchmark
Ask FN2 about VICI FY2025 Q2
Transcript, numbers and history already loaded
Why did VICI rise 0.2% after beating EPS estimates in FY2025 Q2?What changed in VICI's guidance and outlook in FY2025 Q2?Give me the bull and bear case for VICI after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior analysis, the current call adds emphasis on dividend-driven total returns, internal funding from retained cash flow, and larger commitments to One Beverly Hills alongside the North Fork Mono development. The analysis also records raised AFFO guidance and continued confidence in Las Vegas demand despite short-term visitation softness.
Guidance delta
Raised; the analysis cites 2025 AFFO guidance targeting 4.4% per-share growth.
Key takeaways
- Management emphasized the dividend as a cornerstone of total return.
- Growth initiatives include North Fork Mono with Red Rock and increased One Beverly Hills investment.
- The analysis highlights $2.9 billion of liquidity, 5.1x net debt to EBITDA, and more than $600 million of retained annual cash flow.
Management priorities
- Advance the North Fork Mono Casino Resort with Red Rock Resorts.
- Continue investment in One Beverly Hills and assess additional experiential real-estate opportunities.
- Use retained cash flow to fund acquisitions and development while limiting reliance on external capital.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$22.79Current
$26Low
$33.16Average
$40High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 9, 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 |
|---|---|---|---|---|
| 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 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 1, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Aug 10, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 22, 2026 |
| Baird | Outperform | Outperform | Maintain | Mar 2, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Nov 28, 2025 |
| Stifel | Buy | Buy | Maintain | Oct 31, 2025 |
| Truist Securities | Buy | Buy | Maintain | Apr 23, 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 $22.79. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Scotiabank | Greg McGinniss | $26 | $23.22 | +14.1% | Sep 24, 2026 |
| Evercore ISI | Analyst unavailable | $30 | $23.9 | +31.6% | Sep 21, 2026 |
| Morgan Stanley | Analyst unavailable | $29 | $25.04 | +27.2% | Sep 15, 2026 |
| Mizuho Securities | Analyst unavailable | $27 | $25.54 | +18.5% | Sep 2, 2026 |
| Wells Fargo | Analyst unavailable | $26 | $25.65 | +14.1% | Sep 1, 2026 |
| Raymond James | Analyst unavailable | $29 | $26.36 | +27.2% | Aug 13, 2026 |
| Deutsche Bank | Analyst unavailable | $30 | $26.24 | +31.6% | Jul 31, 2026 |
| Robert W. Baird | Analyst unavailable | $32 | $26.22 | +40.4% | Jul 30, 2026 |
| Barclays | Analyst unavailable | $31 | $26.58 | +36.0% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $27 | $26.28 | +18.5% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $31 | $26.77 | +36.0% | Jul 8, 2026 |
| RBC Capital | Brad Heffern | $29 | $26.73 | +27.2% | Jun 25, 2026 |
| Scotiabank | Greg McGinniss | $29 | $26.8 | +27.2% | Jun 18, 2026 |
| Scotiabank | Greg McGinniss | $32 | $28.92 | +40.4% | May 12, 2026 |
| Deutsche Bank | Analyst unavailable | $31 | $28.46 | +36.0% | May 4, 2026 |
| Barclays | Analyst unavailable | $34 | $28.8 | +49.2% | Apr 21, 2026 |
| Cantor Fitzgerald | Richard Anderson | $34 | $29.5 | +49.2% | Mar 9, 2026 |
| Scotiabank | Greg McGinniss | $30 | $27.68 | +31.6% | Jan 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $33 | $27.86 | +44.8% | Jan 5, 2026 |
| Mizuho Securities | Analyst unavailable | $30 | $28.31 | +31.6% | Dec 17, 2025 |
| Barclays | Analyst unavailable | $33 | $28.45 | +44.8% | Dec 3, 2025 |
| Evercore ISI | Analyst unavailable | $32 | $28.82 | +40.4% | Dec 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $35 | $30.22 | +53.6% | Nov 6, 2025 |
| Barclays | Analyst unavailable | $37 | $30.86 | +62.4% | Oct 20, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $37 | $32.61 | +62.4% | Oct 1, 2025 |
| Scotiabank | Greg McGinniss | $36 | $33.39 | +58.0% | Aug 28, 2025 |
| JMP Securities | Mitch Germain | $35 | $32.75 | +53.6% | Jul 22, 2025 |
| Stifel Nicolaus | Simon Yarmak | $34.25 | $31.88 | +50.3% | Mar 27, 2025 |
| Barclays | Richard Hightower | $36 | $28.21 | +58.0% | Jan 10, 2025 |
| Wedbush | Richard Anderson | $33 | $28.79 | +44.8% | Jan 2, 2025 |
| Wells Fargo | John Kilichowski | $36 | $33.31 | +58.0% | Oct 1, 2024 |
| Evercore ISI | Steve Sakwa | $36 | $33.15 | +58.0% | Aug 28, 2024 |
| Morgan Stanley | Analyst unavailable | $32 | $33.01 | +40.4% | Dec 16, 2022 |
| Truist Financial | Barry Jonas | $40 | $34.19 | +75.5% | Jul 30, 2022 |
| Raymond James | Analyst unavailable | $38 | $31.31 | +66.7% | Jul 8, 2022 |
| Goldman Sachs | Analyst unavailable | $39 | $29.38 | +71.1% | May 19, 2022 |
| CBRE | John DeCree | $35 | $27.48 | +53.6% | Dec 7, 2021 |
| Jefferies | David Katz | $38 | $29.39 | +66.7% | Oct 17, 2021 |
| KeyBanc | Todd Thomas | $33 | $28.77 | +44.8% | Oct 6, 2021 |
| Capital One Financial | Neil Malkin | $37 | $30.19 | +62.4% | Sep 1, 2021 |
| Evercore ISI | Richard Hightower | $34 | $29.13 | +49.2% | Aug 3, 2021 |
| Raymond James | RJ Milligan | $36 | $30.29 | +58.0% | Jun 4, 2021 |
| Bank of America Securities | Shaun Kelley | $36 | $30.2 | +58.0% | May 4, 2021 |
| Goldman Sachs | Stephen Grambling | $34 | $30.54 | +49.2% | May 3, 2021 |
| Ladenburg Thalmann & Co. | John Massocca | $33.5 | $29.45 | +47.0% | 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 earningsLatest beats and misses
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-10-09T02:50:42.340437+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-09T02:50:42.337805+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 2026-10-09. For educational purposes only; not investment advice.