Analyst Consensus ?
ConsensusBuy26 ratings
Bullish1973.1%
Neutral726.9%
Bearish00.0%
VICI Properties Inc. · VICI · FY2025 Q4 · Calendar Q1 2026
VICI emphasizes partnership growth while maintaining 2026 AFFO guidance
The current call supports a constructive but qualified view: management described AFFO growth, new partnership capital and multiple expansion avenues, while maintained guidance and identified concentration, refinancing and macro risks limit the strength of the case.
Reported After market closeNYSEReal Estate
$25.54B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.57
Consensus $0.70
EPS surprise
-18.1%
Reported versus consensus
Reported revenue
$1.01B
Consensus $1.01B
Revenue surprise
+0.4%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-1.5%
Event window
SPY move
-0.6%
Same window
Abnormal move
-1.0%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
-8.8%
Up to 20 sessions
VICISPY benchmark
Ask FN2 about VICI FY2025 Q4
Transcript, numbers and history already loaded
Why did VICI fall 1.5% after missing EPS estimates in FY2025 Q4?What changed in VICI's guidance and outlook in FY2025 Q4?Give me the bull and bear case for VICI after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior quarter, VICI highlighted $2.1 billion of new partnership-driven capital, a $1.16 billion Golden Entertainment sale-leaseback and a broader sports and live-entertainment pipeline. The strategic direction remains focused on experiential real estate and disciplined triple-net leasing.
Guidance delta
Management maintained 2026 AFFO guidance of $2.59-$2.625 billion, excluding unclosed transactions.
Key takeaways
- Management highlighted 6.6% year-over-year AFFO growth to $2.5 billion for full-year 2025.
- VICI entered $2.1 billion of new partnership-driven capital at an 8.9% weighted-average yield.
- A $1.16 billion sale-leaseback of seven Nevada casinos with Golden Entertainment was highlighted.
- The growth strategy is broadening into sports infrastructure, live entertainment and potential New York casino projects.
- The main watchpoints are Caesars concentration, debt refinancing and the non-accrual golf loan.
Management priorities
- Pursue sale-leaseback and mezzanine-loan partnerships.
- Build a pipeline of sports-facility and live-entertainment projects.
- Evaluate whether the Venetian transformation model can be replicated in other assets.
- Maintain focus on high-quality triple-net leases with experienced operators.
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Beat
Miss
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Analyst 52W Price Targets
$23.2Previous close
$26Low
$33.16Average
$40High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 30, 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 |
|---|---|---|---|---|
| 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 $23.2. 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 | +12.1% | Sep 24, 2026 |
| Evercore ISI | Analyst unavailable | $30 | $23.9 | +29.3% | Sep 21, 2026 |
| Morgan Stanley | Analyst unavailable | $29 | $25.04 | +25.0% | Sep 15, 2026 |
| Mizuho Securities | Analyst unavailable | $27 | $25.54 | +16.4% | Sep 2, 2026 |
| Wells Fargo | Analyst unavailable | $26 | $25.65 | +12.1% | Sep 1, 2026 |
| Raymond James | Analyst unavailable | $29 | $26.36 | +25.0% | Aug 13, 2026 |
| Deutsche Bank | Analyst unavailable | $30 | $26.24 | +29.3% | Jul 31, 2026 |
| Robert W. Baird | Analyst unavailable | $32 | $26.22 | +37.9% | Jul 30, 2026 |
| Barclays | Analyst unavailable | $31 | $26.58 | +33.6% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $27 | $26.28 | +16.4% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $31 | $26.77 | +33.6% | Jul 8, 2026 |
| RBC Capital | Brad Heffern | $29 | $26.73 | +25.0% | Jun 25, 2026 |
| Scotiabank | Greg McGinniss | $29 | $26.8 | +25.0% | Jun 18, 2026 |
| Scotiabank | Greg McGinniss | $32 | $28.92 | +37.9% | May 12, 2026 |
| Deutsche Bank | Analyst unavailable | $31 | $28.46 | +33.6% | May 4, 2026 |
| Barclays | Analyst unavailable | $34 | $28.8 | +46.6% | Apr 21, 2026 |
| Cantor Fitzgerald | Richard Anderson | $34 | $29.5 | +46.6% | Mar 9, 2026 |
| Scotiabank | Greg McGinniss | $30 | $27.68 | +29.3% | Jan 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $33 | $27.86 | +42.2% | Jan 5, 2026 |
| Mizuho Securities | Analyst unavailable | $30 | $28.31 | +29.3% | Dec 17, 2025 |
| Barclays | Analyst unavailable | $33 | $28.45 | +42.2% | Dec 3, 2025 |
| Evercore ISI | Analyst unavailable | $32 | $28.82 | +37.9% | Dec 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $35 | $30.22 | +50.9% | Nov 6, 2025 |
| Barclays | Analyst unavailable | $37 | $30.86 | +59.5% | Oct 20, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $37 | $32.61 | +59.5% | Oct 1, 2025 |
| Scotiabank | Greg McGinniss | $36 | $33.39 | +55.2% | Aug 28, 2025 |
| JMP Securities | Mitch Germain | $35 | $32.75 | +50.9% | Jul 22, 2025 |
| Stifel Nicolaus | Simon Yarmak | $34.25 | $31.88 | +47.6% | Mar 27, 2025 |
| Barclays | Richard Hightower | $36 | $28.21 | +55.2% | Jan 10, 2025 |
| Wedbush | Richard Anderson | $33 | $28.79 | +42.2% | Jan 2, 2025 |
| Wells Fargo | John Kilichowski | $36 | $33.31 | +55.2% | Oct 1, 2024 |
| Evercore ISI | Steve Sakwa | $36 | $33.15 | +55.2% | Aug 28, 2024 |
| Morgan Stanley | Analyst unavailable | $32 | $33.01 | +37.9% | Dec 16, 2022 |
| Truist Financial | Barry Jonas | $40 | $34.19 | +72.4% | Jul 30, 2022 |
| Raymond James | Analyst unavailable | $38 | $31.31 | +63.8% | Jul 8, 2022 |
| Goldman Sachs | Analyst unavailable | $39 | $29.38 | +68.1% | May 19, 2022 |
| CBRE | John DeCree | $35 | $27.48 | +50.9% | Dec 7, 2021 |
| Jefferies | David Katz | $38 | $29.39 | +63.8% | Oct 17, 2021 |
| KeyBanc | Todd Thomas | $33 | $28.77 | +42.2% | Oct 6, 2021 |
| Capital One Financial | Neil Malkin | $37 | $30.19 | +59.5% | Sep 1, 2021 |
| Evercore ISI | Richard Hightower | $34 | $29.13 | +46.6% | Aug 3, 2021 |
| Raymond James | RJ Milligan | $36 | $30.29 | +55.2% | Jun 4, 2021 |
| Bank of America Securities | Shaun Kelley | $36 | $30.2 | +55.2% | May 4, 2021 |
| Goldman Sachs | Stephen Grambling | $34 | $30.54 | +46.6% | May 3, 2021 |
| Ladenburg Thalmann & Co. | John Massocca | $33.5 | $29.45 | +44.4% | 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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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 · 2026-09-30T09:06:14.587510+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T09:06:14.584781+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 2026-09-30. For educational purposes only; not investment advice.