Analyst Consensus ?
ConsensusBuy28 ratings
Bullish2175.0%
Neutral725.0%
Bearish00.0%
VICI Properties Inc. · VICI · FY2026 Q1 · Calendar Q2 2026
VICI Properties Raises 2026 AFFO Guidance on $1.2B in New Capital Commitments
VICI Properties delivered a strong first quarter, beating consensus EPS by roughly 16% while narrowly topping revenue estimates. The company raised full-year 2026 AFFO guidance to $2.665-$2.695 billion ($2.44-$2.47 per share), up from the prior range of $2.59-$2.625 billion, supported by $1.2 billion in new capital commitments — a second consecutive quarter above $1 billion and a first in company history. Management highlighted the secular shift toward experiential spending, a strengthened partnership with Cain & Eldridge via a $1.5 billion mezzanine loan for One Beverly Hills, and expansion into Canada through the $144 million Pure Casino acquisition. The balance sheet remains well-positioned with net debt at approximately 5x EBITDA and $3.1 billion in liquidity. The stock initially reacted positively with a 1.1% abnormal move but subsequently drifted 3.4% lower on elevated volume…
Reported After market closeNYSEReal Estate
$28.98B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.82
Consensus $0.71
EPS surprise
+16.0%
Reported versus consensus
Reported revenue
$1.02B
Consensus $1.01B
Revenue surprise
+0.4%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+2.1%
Event window
SPY move
+1.0%
Same window
Abnormal move
+1.1%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
-3.4%
Up to 20 sessions
VICISPY benchmark
Ask FN2 about VICI FY2026 Q1
Transcript, numbers and history already loaded
Why did VICI rise 2.1% after beating EPS estimates in FY2026 Q1?What changed in VICI's guidance and outlook in FY2026 Q1?Give me the bull and bear case for VICI after FY2026 Q1 earnings.
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Transcript intelligence
What changed
EPS of $0.82 beat consensus estimate of $0.707 by approximately 16%. Revenue of $1.019B slightly exceeded consensus of $1.014B. 2026 AFFO guidance raised from $2.59-$2.625B to $2.665-$2.695B ($2.44-$2.47 per share). $1.2B in new capital commitments, including $1.5B One Beverly Hills mezzanine loan, $144M Pure Casino Canada acquisition, and closing of $1.16B Golden deal. Forward-starting interest-rate swaps implemented to hedge upcoming refinancing. Capex outlook shifted from stable to increasing while guidance sentiment moved from maintained to raised.
Guidance delta
VICI raised its 2026 AFFO guidance from $2.59-$2.625 billion to $2.665-$2.695 billion ($2.44-$2.47 per share), up from the prior range issued in Q4 2025. Guidance sentiment shifted from maintained to raised, and capex outlook moved from stable to increasing, reflecting $1.2B in new capital commitments and a deepened investment pipeline.
Key takeaways
- EPS of $0.82 beat consensus of $0.707 by ~16%; revenue of $1.019B narrowly exceeded the $1.014B estimate
- 2026 AFFO guidance raised to $2.665-$2.695B ($2.44-$2.47 per share), up from $2.59-$2.625B previously
- $1.2B in new capital commitments marks a second consecutive quarter above $1B, a first in company history
- Balance sheet remains strong with net debt at ~5x EBITDA, low-end of target leverage, and $3.1B in liquidity
- Expansion into Canada via $144M Pure Casino acquisition and deepened Cain & Eldridge partnership with $1.5B One Beverly Hills mezzanine loan
Management priorities
- Continue investing in experiential real estate, especially gaming and sports venues
- Develop the One Beverly Hills project and other large-scale construction initiatives
- Deepen the Cain & Eldridge partnership and explore additional private-capital sources including insurance pools
- Pursue new amenities and capital upgrades at existing properties such as the Venetian
- Diversify the tenant base and seek further acquisitions domestically and internationally
- Implement forward-starting interest-rate swaps to hedge upcoming debt refinancing
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Beat
Miss
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Analyst 52W Price Targets
$23.52Previous close
$24Low
$32.62Average
$40High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 29, 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 previous close $23.52. 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 | +36.1% | Oct 20, 2026 |
| Barclays | Analyst unavailable | $28 | $23.1 | +19.0% | Oct 20, 2026 |
| Wells Fargo | John Kilichowski | $24 | $23.6 | +2.0% | Oct 19, 2026 |
| Scotiabank | Greg McGinniss | $26 | $23.22 | +10.5% | Sep 24, 2026 |
| Evercore ISI | Analyst unavailable | $30 | $23.9 | +27.6% | Sep 21, 2026 |
| Morgan Stanley | Analyst unavailable | $29 | $25.04 | +23.3% | Sep 15, 2026 |
| Mizuho Securities | Analyst unavailable | $27 | $25.54 | +14.8% | Sep 2, 2026 |
| Wells Fargo | Analyst unavailable | $26 | $25.65 | +10.5% | Sep 1, 2026 |
| Raymond James | Analyst unavailable | $29 | $26.36 | +23.3% | Aug 13, 2026 |
| Deutsche Bank | Analyst unavailable | $30 | $26.24 | +27.6% | Jul 31, 2026 |
| Robert W. Baird | Analyst unavailable | $32 | $26.22 | +36.1% | Jul 30, 2026 |
| Barclays | Analyst unavailable | $31 | $26.58 | +31.8% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $27 | $26.28 | +14.8% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $31 | $26.77 | +31.8% | Jul 8, 2026 |
| RBC Capital | Brad Heffern | $29 | $26.73 | +23.3% | Jun 25, 2026 |
| Scotiabank | Greg McGinniss | $29 | $26.8 | +23.3% | Jun 18, 2026 |
| Scotiabank | Greg McGinniss | $32 | $28.92 | +36.1% | May 12, 2026 |
| Deutsche Bank | Analyst unavailable | $31 | $28.46 | +31.8% | May 4, 2026 |
| Barclays | Analyst unavailable | $34 | $28.8 | +44.6% | Apr 21, 2026 |
| Cantor Fitzgerald | Richard Anderson | $34 | $29.5 | +44.6% | Mar 9, 2026 |
| Scotiabank | Greg McGinniss | $30 | $27.68 | +27.6% | Jan 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $33 | $27.86 | +40.3% | Jan 5, 2026 |
| Mizuho Securities | Analyst unavailable | $30 | $28.31 | +27.6% | Dec 17, 2025 |
| Barclays | Analyst unavailable | $33 | $28.45 | +40.3% | Dec 3, 2025 |
| Evercore ISI | Analyst unavailable | $32 | $28.82 | +36.1% | Dec 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $35 | $30.22 | +48.8% | Nov 6, 2025 |
| Barclays | Analyst unavailable | $37 | $30.86 | +57.3% | Oct 20, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $37 | $32.61 | +57.3% | Oct 1, 2025 |
| Scotiabank | Greg McGinniss | $36 | $33.39 | +53.1% | Aug 28, 2025 |
| JMP Securities | Mitch Germain | $35 | $32.75 | +48.8% | Jul 22, 2025 |
| Stifel Nicolaus | Simon Yarmak | $34.25 | $31.88 | +45.6% | Mar 27, 2025 |
| Barclays | Richard Hightower | $36 | $28.21 | +53.1% | Jan 10, 2025 |
| Wedbush | Richard Anderson | $33 | $28.79 | +40.3% | Jan 2, 2025 |
| Wells Fargo | John Kilichowski | $36 | $33.31 | +53.1% | Oct 1, 2024 |
| Evercore ISI | Steve Sakwa | $36 | $33.15 | +53.1% | Aug 28, 2024 |
| Morgan Stanley | Analyst unavailable | $32 | $33.01 | +36.1% | Dec 16, 2022 |
| Truist Financial | Barry Jonas | $40 | $34.19 | +70.1% | Jul 30, 2022 |
| Raymond James | Analyst unavailable | $38 | $31.31 | +61.6% | Jul 8, 2022 |
| Goldman Sachs | Analyst unavailable | $39 | $29.38 | +65.8% | May 19, 2022 |
| CBRE | John DeCree | $35 | $27.48 | +48.8% | Dec 7, 2021 |
| Jefferies | David Katz | $38 | $29.39 | +61.6% | Oct 17, 2021 |
| KeyBanc | Todd Thomas | $33 | $28.77 | +40.3% | Oct 6, 2021 |
| Capital One Financial | Neil Malkin | $37 | $30.19 | +57.3% | Sep 1, 2021 |
| Evercore ISI | Richard Hightower | $34 | $29.13 | +44.6% | Aug 3, 2021 |
| Raymond James | RJ Milligan | $36 | $30.29 | +53.1% | Jun 4, 2021 |
| Bank of America Securities | Shaun Kelley | $36 | $30.2 | +53.1% | May 4, 2021 |
| Goldman Sachs | Stephen Grambling | $34 | $30.54 | +44.6% | May 3, 2021 |
| Ladenburg Thalmann & Co. | John Massocca | $33.5 | $29.45 | +42.4% | 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 earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| JLL Jones Lang LaSalle Incorporated | FY2026 Q3 · Calendar Q4 2026 | +9.9% | +11.1% | JLL Q3: Record Results, Raised Outlook and AI-Led Efficiency |
Latest beats and misses
Who reports nextBeat on EPS
- LHFY2026 Q3 · October 28, 2026+3.0% EPS+8.8% move
- AUROWFY2026 Q3 · October 28, 2026+3.6% EPS0.0% move
- CHRWFY2026 Q3 · October 28, 2026+2.9% EPS-11.1% move
- AURFY2026 Q3 · October 28, 2026+3.6% EPS-0.6% move
- IPFY2026 Q3 · October 28, 2026+29.5% EPS+3.3% move
- FLEXFY2027 Q2 · October 28, 2026+11.3% EPS+11.6% move
Missed on EPS
- NOWFY2026 Q3 · October 28, 2026-2.0% EPS-3.0% move
- CMGFY2026 Q3 · October 28, 2026-7.1% EPS+2.7% move
- GOOGFY2026 Q3 · October 28, 2026-11.3% EPS+1.6% move
- MGMFY2026 Q3 · October 28, 2026-405.6% EPS-2.6% move
- CVNAFY2026 Q3 · October 28, 2026-11.6% EPS-0.3% move
- GOOGMFY2026 Q3 · October 28, 2026-29.6% EPS+1.0% move
Get the VICI recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T13:41:20.092967+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T13:41:20.089532+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 2026-07-30. For educational purposes only; not investment advice.