Analyst Consensus ?
ConsensusBuy27 ratings
Bullish2074.1%
Neutral725.9%
Bearish00.0%
VICI Properties Inc. · VICI · FY2025 Q3 · Calendar Q4 2025
VICI: AFFO Growth, Tenant Diversification and New Platforms
The current analysis supports a constructive but qualified view of VICI's earnings trajectory: AFFO growth, slightly higher guidance, tenant diversification and potential new experiential-real-estate platforms provide support, while leverage, tenant credit quality and competitive acquisition markets remain important constraints.
Reported After market closeNYSEReal Estate
$24.94B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.71
Consensus $0.59
EPS surprise
+20.3%
Reported versus consensus
Reported revenue
$1.02B
Consensus $1.01B
Revenue surprise
+0.3%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+1.6%
Event window
SPY move
+0.3%
Same window
Abnormal move
+1.3%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
-4.7%
Up to 20 sessions
VICISPY benchmark
Ask FN2 about VICI FY2025 Q3
Transcript, numbers and history already loaded
Why did VICI rise 1.6% after beating EPS estimates in FY2025 Q3?What changed in VICI's guidance and outlook in FY2025 Q3?Give me the bull and bear case for VICI after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis adds a new Clairvest tenant through the MGM Northfield Park lease, continued exploration of university sports and theme-park opportunities, and evaluation of the Caesars Forum Convention Center. Compared with the prior quarter, the emphasis remains on gaming and experiential real estate, with capital allocation and tenant-credit risks still central.
Guidance delta
Management raised 2025 AFFO guidance at the lower end by $0.01.
Key takeaways
- Management said AFFO per share grew 5.3% year over year to $0.60.
- VICI raised 2025 AFFO guidance slightly and increased its dividend for the eighth consecutive year.
- Clairvest became a new tenant through the MGM Northfield Park lease, leaving total rent unchanged.
- Management is evaluating university sports facilities, theme-park assets and additional convention-center acquisitions.
Management priorities
- Maintain gaming as the core portfolio focus.
- Assess the Caesars Forum Convention Center opportunity.
- Build university sports facility partnerships and evaluate theme-park opportunities.
- Pursue tenant diversification with disciplined capital allocation and leverage monitoring.
Follow VICI with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$22.65Previous close
$26Low
$33.16Average
$40High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 5, 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 |
|---|---|---|---|---|
| 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 previous close $22.65. 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 | +14.8% | Sep 24, 2026 |
| Evercore ISI | Analyst unavailable | $30 | $23.9 | +32.5% | Sep 21, 2026 |
| Morgan Stanley | Analyst unavailable | $29 | $25.04 | +28.0% | Sep 15, 2026 |
| Mizuho Securities | Analyst unavailable | $27 | $25.54 | +19.2% | Sep 2, 2026 |
| Wells Fargo | Analyst unavailable | $26 | $25.65 | +14.8% | Sep 1, 2026 |
| Raymond James | Analyst unavailable | $29 | $26.36 | +28.0% | Aug 13, 2026 |
| Deutsche Bank | Analyst unavailable | $30 | $26.24 | +32.5% | Jul 31, 2026 |
| Robert W. Baird | Analyst unavailable | $32 | $26.22 | +41.3% | Jul 30, 2026 |
| Barclays | Analyst unavailable | $31 | $26.58 | +36.9% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $27 | $26.28 | +19.2% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $31 | $26.77 | +36.9% | Jul 8, 2026 |
| RBC Capital | Brad Heffern | $29 | $26.73 | +28.0% | Jun 25, 2026 |
| Scotiabank | Greg McGinniss | $29 | $26.8 | +28.0% | Jun 18, 2026 |
| Scotiabank | Greg McGinniss | $32 | $28.92 | +41.3% | May 12, 2026 |
| Deutsche Bank | Analyst unavailable | $31 | $28.46 | +36.9% | May 4, 2026 |
| Barclays | Analyst unavailable | $34 | $28.8 | +50.1% | Apr 21, 2026 |
| Cantor Fitzgerald | Richard Anderson | $34 | $29.5 | +50.1% | Mar 9, 2026 |
| Scotiabank | Greg McGinniss | $30 | $27.68 | +32.5% | Jan 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $33 | $27.86 | +45.7% | Jan 5, 2026 |
| Mizuho Securities | Analyst unavailable | $30 | $28.31 | +32.5% | Dec 17, 2025 |
| Barclays | Analyst unavailable | $33 | $28.45 | +45.7% | Dec 3, 2025 |
| Evercore ISI | Analyst unavailable | $32 | $28.82 | +41.3% | Dec 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $35 | $30.22 | +54.5% | Nov 6, 2025 |
| Barclays | Analyst unavailable | $37 | $30.86 | +63.4% | Oct 20, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $37 | $32.61 | +63.4% | Oct 1, 2025 |
| Scotiabank | Greg McGinniss | $36 | $33.39 | +58.9% | Aug 28, 2025 |
| JMP Securities | Mitch Germain | $35 | $32.75 | +54.5% | Jul 22, 2025 |
| Stifel Nicolaus | Simon Yarmak | $34.25 | $31.88 | +51.2% | Mar 27, 2025 |
| Barclays | Richard Hightower | $36 | $28.21 | +58.9% | Jan 10, 2025 |
| Wedbush | Richard Anderson | $33 | $28.79 | +45.7% | Jan 2, 2025 |
| Wells Fargo | John Kilichowski | $36 | $33.31 | +58.9% | Oct 1, 2024 |
| Evercore ISI | Steve Sakwa | $36 | $33.15 | +58.9% | Aug 28, 2024 |
| Morgan Stanley | Analyst unavailable | $32 | $33.01 | +41.3% | Dec 16, 2022 |
| Truist Financial | Barry Jonas | $40 | $34.19 | +76.6% | Jul 30, 2022 |
| Raymond James | Analyst unavailable | $38 | $31.31 | +67.8% | Jul 8, 2022 |
| Goldman Sachs | Analyst unavailable | $39 | $29.38 | +72.2% | May 19, 2022 |
| CBRE | John DeCree | $35 | $27.48 | +54.5% | Dec 7, 2021 |
| Jefferies | David Katz | $38 | $29.39 | +67.8% | Oct 17, 2021 |
| KeyBanc | Todd Thomas | $33 | $28.77 | +45.7% | Oct 6, 2021 |
| Capital One Financial | Neil Malkin | $37 | $30.19 | +63.4% | Sep 1, 2021 |
| Evercore ISI | Richard Hightower | $34 | $29.13 | +50.1% | Aug 3, 2021 |
| Raymond James | RJ Milligan | $36 | $30.29 | +58.9% | Jun 4, 2021 |
| Bank of America Securities | Shaun Kelley | $36 | $30.2 | +58.9% | May 4, 2021 |
| Goldman Sachs | Stephen Grambling | $34 | $30.54 | +50.1% | May 3, 2021 |
| Ladenburg Thalmann & Co. | John Massocca | $33.5 | $29.45 | +47.9% | 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
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the VICI recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-05T08:10:42.847683+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-05T08:10:42.844804+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 2026-10-05. For educational purposes only; not investment advice.