Analyst Consensus ?
ConsensusBuy28 ratings
Bullish2175.0%
Neutral725.0%
Bearish00.0%
VICI Properties Inc. · VICI · FY2026 Q3 · Calendar Q4 2026
VICI raises AFFO outlook as Caesars lease risk persists
VICI's raised AFFO outlook, higher gaming revenues, and broader tenant base strengthen the operating case, but the thesis is tempered by Caesars lease uncertainty, the CECL charge, and competing capital-allocation demands.
Reported After market closeNYSEReal Estate
$25.90B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.72
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.06B
Revenue surprise
—
Reported versus consensus
Market reaction
close-to-close (session unavailable)
Stock move
+4.3%
Event window
SPY move
-0.4%
Same window
Abnormal move
+4.6%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
VICISPY benchmark
Ask FN2 about VICI FY2026 Q3
Transcript, numbers and history already loaded
What drove VICI's +4.3% move after FY2026 Q3 earnings?What changed in VICI's guidance and outlook in FY2026 Q3?Give me the bull and bear case for VICI after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The supplied Q3 analysis highlights $221 million of capital deployment, four new tenants, a first-ever authorization for up to $2 billion of share repurchases, and a $458 million CECL charge, including $313 million attributable to the Caesars lease.
Guidance delta
Management raised 2026 AFFO guidance to $2.47-$2.48 per share, according to the supplied transcript analysis.
Key takeaways
- The supplied analysis says Q3 revenue increased 5.8% and AFFO per share rose 4.3% to $0.62 year over year.
- VICI deployed $221 million and added four tenants, while authorizing up to $2 billion for share repurchases.
- Gaming revenue trends and tenant diversification support the outlook, but the Caesars regional lease and CECL charge remain key uncertainties.
Management priorities
- Selective acquisitions and tenant diversification.
- Sports-arena and greenfield development opportunities, including alternative financing structures.
- Dividend growth with a 75% payout-ratio target, alongside flexible capital allocation.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$24.52Current
$24Low
$32.62Average
$40High
Latest persisted target per named analyst; persisted current price 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 current price $24.52. 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 | +30.5% | Oct 20, 2026 |
| Barclays | Analyst unavailable | $28 | $23.1 | +14.2% | Oct 20, 2026 |
| Wells Fargo | John Kilichowski | $24 | $23.6 | -2.1% | Oct 19, 2026 |
| Scotiabank | Greg McGinniss | $26 | $23.22 | +6.0% | Sep 24, 2026 |
| Evercore ISI | Analyst unavailable | $30 | $23.9 | +22.3% | Sep 21, 2026 |
| Morgan Stanley | Analyst unavailable | $29 | $25.04 | +18.3% | Sep 15, 2026 |
| Mizuho Securities | Analyst unavailable | $27 | $25.54 | +10.1% | Sep 2, 2026 |
| Wells Fargo | Analyst unavailable | $26 | $25.65 | +6.0% | Sep 1, 2026 |
| Raymond James | Analyst unavailable | $29 | $26.36 | +18.3% | Aug 13, 2026 |
| Deutsche Bank | Analyst unavailable | $30 | $26.24 | +22.3% | Jul 31, 2026 |
| Robert W. Baird | Analyst unavailable | $32 | $26.22 | +30.5% | Jul 30, 2026 |
| Barclays | Analyst unavailable | $31 | $26.58 | +26.4% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $27 | $26.28 | +10.1% | Jul 15, 2026 |
| Morgan Stanley | Analyst unavailable | $31 | $26.77 | +26.4% | Jul 8, 2026 |
| RBC Capital | Brad Heffern | $29 | $26.73 | +18.3% | Jun 25, 2026 |
| Scotiabank | Greg McGinniss | $29 | $26.8 | +18.3% | Jun 18, 2026 |
| Scotiabank | Greg McGinniss | $32 | $28.92 | +30.5% | May 12, 2026 |
| Deutsche Bank | Analyst unavailable | $31 | $28.46 | +26.4% | May 4, 2026 |
| Barclays | Analyst unavailable | $34 | $28.8 | +38.7% | Apr 21, 2026 |
| Cantor Fitzgerald | Richard Anderson | $34 | $29.5 | +38.7% | Mar 9, 2026 |
| Scotiabank | Greg McGinniss | $30 | $27.68 | +22.3% | Jan 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $33 | $27.86 | +34.6% | Jan 5, 2026 |
| Mizuho Securities | Analyst unavailable | $30 | $28.31 | +22.3% | Dec 17, 2025 |
| Barclays | Analyst unavailable | $33 | $28.45 | +34.6% | Dec 3, 2025 |
| Evercore ISI | Analyst unavailable | $32 | $28.82 | +30.5% | Dec 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $35 | $30.22 | +42.7% | Nov 6, 2025 |
| Barclays | Analyst unavailable | $37 | $30.86 | +50.9% | Oct 20, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $37 | $32.61 | +50.9% | Oct 1, 2025 |
| Scotiabank | Greg McGinniss | $36 | $33.39 | +46.8% | Aug 28, 2025 |
| JMP Securities | Mitch Germain | $35 | $32.75 | +42.7% | Jul 22, 2025 |
| Stifel Nicolaus | Simon Yarmak | $34.25 | $31.88 | +39.7% | Mar 27, 2025 |
| Barclays | Richard Hightower | $36 | $28.21 | +46.8% | Jan 10, 2025 |
| Wedbush | Richard Anderson | $33 | $28.79 | +34.6% | Jan 2, 2025 |
| Wells Fargo | John Kilichowski | $36 | $33.31 | +46.8% | Oct 1, 2024 |
| Evercore ISI | Steve Sakwa | $36 | $33.15 | +46.8% | Aug 28, 2024 |
| Morgan Stanley | Analyst unavailable | $32 | $33.01 | +30.5% | Dec 16, 2022 |
| Truist Financial | Barry Jonas | $40 | $34.19 | +63.1% | Jul 30, 2022 |
| Raymond James | Analyst unavailable | $38 | $31.31 | +55.0% | Jul 8, 2022 |
| Goldman Sachs | Analyst unavailable | $39 | $29.38 | +59.1% | May 19, 2022 |
| CBRE | John DeCree | $35 | $27.48 | +42.7% | Dec 7, 2021 |
| Jefferies | David Katz | $38 | $29.39 | +55.0% | Oct 17, 2021 |
| KeyBanc | Todd Thomas | $33 | $28.77 | +34.6% | Oct 6, 2021 |
| Capital One Financial | Neil Malkin | $37 | $30.19 | +50.9% | Sep 1, 2021 |
| Evercore ISI | Richard Hightower | $34 | $29.13 | +38.7% | Aug 3, 2021 |
| Raymond James | RJ Milligan | $36 | $30.29 | +46.8% | Jun 4, 2021 |
| Bank of America Securities | Shaun Kelley | $36 | $30.2 | +46.8% | May 4, 2021 |
| Goldman Sachs | Stephen Grambling | $34 | $30.54 | +38.7% | May 3, 2021 |
| Ladenburg Thalmann & Co. | John Massocca | $33.5 | $29.45 | +36.6% | 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 |
|---|---|---|---|---|
| MAA Mid-America Apartment Communities, Inc. | FY2026 Q3 · Calendar Q4 2026 | -5.9% | +1.3% | MAA lowers full-year guidance as new-lease pricing remains soft |
| INVH Invitation Homes Inc. | FY2026 Q3 · Calendar Q4 2026 | +49.5% | -0.4% | Invitation Homes pairs steady rent growth with higher guidance |
| EQIX Equinix, Inc. | FY2026 Q3 · Calendar Q4 2026 | +20.0% | +5.4% | Equinix raises guidance as AI demand drives capacity expansion |
| EXR Extra Space Storage Inc. | FY2026 Q3 · Calendar Q4 2026 | -1.7% | +0.1% | Extra Space Storage raises Core FFO guidance as occupancy holds at 94% |
Latest beats and misses
Who reports nextBeat on EPS
- AGIFY2026 Q3 · October 28, 20260.0% EPS-9.0% move
- ARFY2026 Q3 · October 28, 2026+22.3% EPS-2.2% move
- INVHFY2026 Q3 · October 28, 2026+49.5% EPS-0.4% move
- AEMFY2026 Q3 · October 28, 2026+5.7% EPS-3.9% move
- ORLYFY2026 Q3 · October 28, 2026+4.3% EPS-2.7% move
- STRLFY2026 Q3 · October 28, 2026+22.3% EPS-0.4% 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 · 2026-10-29T19:10:26.773134+00:00
- FN2 earnings calendar · 2026-10-01T01:23:12.786685+00:00
- Polygon adjusted daily market bars · 2026-10-29T22:30:45.023576+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-29T22:30:45.020462+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 2026-10-29. For educational purposes only; not investment advice.