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VICI US S&P 500Russell 1000 Earnings call

Vici Properties (VICI) · Q2 2026 results and valuation

Share price: $24.94 · 2026-11-11

Vici Properties owns and manages gaming, hospitality, wellness, entertainment, and leisure destinations across the United States and Canada. The company operates as a real estate investment trust, leasing its properties to various brands under long-term triple-net leases. Source: 10-K annual report (2026-02-25)

Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026

Net income down 40.6% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.

1 · Numbers

−40.6%

Net income vs Q1 2026

Outlook given

Net income 526.5M vs 886.0M

Revenue +3.9%

Against the same quarter last year (Q2 2025) it is −39.1%, so it is not just seasonal.

2 · How management spoke

Restrained

Less upbeat than 70% of company calls

Answers to analysts: restrained, in line with the script.

Similar to last call.

3 · What stood out

VICI expects AFFO for the year ending December 31, 2026, to be between $2.675 billion and $2.695 billion, or between $2.45 and $2.47 per diluted common share.

Valuation

Is Vici Properties undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 15.5% growth a year (3-year revenue growth), the model's fair value is $65.64 a share — the stock trades 62% below it. Today's price assumes 6.0% growth a year.

Current price

$24.94

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+6.0% for 10 yrs

Fair value / share

$65.64

Buy below

$49.23

Price vs fair value

Undervalued 62%

Price vs buy-below price

Undervalued 49%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Guidance

    VICI's net debt to annualized second quarter adjusted EBITDA is approximately 4.9 times, which is below the target leverage range of 5.0 to 5.5 times.

  2. Guidance

    VICI funded the $20.3 million acquisition of the Carambola Beach Resort and will fund a $55 million redevelopment for a targeted opening in the fourth quarter of 2027.

  3. Key theme

    VICI expects AFFO for the year ending December 31, 2026, to be between $2.675 billion and $2.695 billion, or between $2.45 and $2.47 per diluted common share.

    Source quote
    “AFFO for the year ending December 31, 2026, is expected to be between $2.675 billion and $2.695 billion, or between $2.45 and $2.47 per diluted common share.”
  4. Key theme

    VICI and Caesars own 50 acres of land behind the Horseshoe and Planet Hollywood to develop a plan for a potential arena for a new NBA team.

    Source quote
    “We own, in conjunction with our partner Caesars, 50 acres of land behind the Horseshoe and Planet Hollywood, and we are working with them—Sean McBurney in particular, who runs Las Vegas—to develop a plan to house the arena that could be built for the new NBA team." — notable figure this quarter (salience: 95) We own, in conjunction with our partner Caesars, 50 acres of land behind the Horseshoe and Planet Hollywood, and we are working with them—Sean McBurney in particular, who runs Las Vegas—to develop a plan to house the arena that could be built for the new NBA team.”
  5. Key theme

    I would like to take you deeper inside its approach to relationship building, and to do that, I will tell you the story of its new relationship with Club Med, which Vici Properties announced back in June with the news of its…

    Source quote
    “Today, I would like to take you deeper inside our approach to relationship building, and to do that, I will tell you the story of our new relationship with Club Med, which we announced back in June with the news of our investment in St. Croix, where we have acquired the Carambola Beach Resort.”
4 more
  1. Figure

    VICI closed a $1.16 billion Golden Entertainment sale-leaseback, started a new lease with Clairvest at Northfield Park, and acquired Gamehost real estate in Alberta for approximately C$200 million.

    Source quote
    “During the quarter, we also brought several previously announced transactions across the finish line: the closing of our $1.16 billion Golden Entertainment sale-leaseback, the commencement of our new lease with Clairvest at Northfield Park, and the completion of the acquisition of the Gamehost real estate in Alberta for approximately C$200 million alongside our existing partners at PURE.”
  2. Key theme

    You have heard us say before, frequently, Vici Properties grows its business by growing its relationships, by growing new relationships and growing the scale of existing relationships.

  3. Key theme

    Strip gaming revenue is running ahead of last year on a year-to-date basis as room rates continue to demonstrate the pricing power of the market.

    Source quote
    “On a year-to-date basis, Strip gaming revenue is running ahead of last year, with room rates continuing to demonstrate the pricing power of this market.”
  4. Key theme

    U.S. News & World Report ranked Las Vegas as the number-one convention city in America and The Venetian as the top conference hotel on the list.

    Source quote
    “Last month, U.S. News & World Report named Las Vegas the number-one convention city in America, with The Venetian ranked the top conference hotel on the entire list.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Restrained (was restrained)
Answers to analysts Restrained (was typical)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“And with Club Med having a stated goal of growing its portfolio of destinations from 60 to 100 over the next few years, I am hopeful and excited that VICI...”
“If we do, it is because we will continue to grow our relationship with Club Med, with that growth relying on our working every day to understand and better serve...”
“Croix made me proud of the new partnership we have created with Club Med and excited for what, together, we will contribute to St.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric Q2 2026period end 2026-06-30 Q1 2026period end 2026-03-31 Change Q2 2025 YoY
Revenue 1.06B 1.02B +3.9% 1.00B +5.7%
Gross profit 1.05B 1.01B +3.9% 994.7M +5.7%
Operating income 534.9M 889.9M −39.9% 883.9M −39.5%
Net income 526.5M 886.0M −40.6% 865.1M −39.1%
EPS 0.48 0.82 −41.5% 0.82 −41.5%
P/E today 11.5 10.3 9.4 +0.9 12.5 −2.2

Topics

Most discussed now

  • Compared to Vici Properties' prior AFFO-per-share guidance, the updated guidance represents an increase at the low end of the range of...
  • In terms of the balance sheet, Vici Properties' total debt is $17.2 billion, and its net debt to annualized second quarter...

Faded since Q1 2026

  • Fading If anybody has walked The Venetian over the last couple of years, you can see the transformation that the team...
  • Fading I refer you to the company's SEC filings for a more detailed discussion of the risks that could impact future...
  • Fading As of March 31, 2026, Vici Properties has approximately $3.1 billion in total liquidity comprised of approximately $480 million in cash...
  • Fading They are obviously an example, Chris, of the power of insurance capital pools at this particular moment in time and...

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

  1. fourth quarter of 2027

    targeted opening of the resort under Club Med’s premium Exclusive Collection brand

    Source quote
    “and we will fund Club Med’s approximately $55 million redevelopment of the resort, which Club Med will operate under its premium Exclusive Collection brand following a targeted opening in the fourth quarter of 2027.”
  2. 2026

    updated AFFO guidance in absolute dollars and on a per-share basis

    Source quote
    “Turning to guidance, we are updating AFFO guidance for 2026 in absolute dollars as well as on a per-share basis.”
  3. year ending December 31, 2026

    expected AFFO between $2.675 billion and $2.695 billion

    Source quote
    “AFFO for the year ending December 31, 2026, is expected to be between $2.675 billion and $2.695 billion, or between $2.45 and $2.47 per diluted common share.”
  4. 12-month time frame

    completion of that transaction

    Source quote
    “So there are so many moving pieces. It would be very difficult for anybody to predict with precision a timetable for any conversations that we might have. Okay. Thank you. Thank you. This does conclude the question-and-answer session of today’s program. I would like to hand the program back to Edward for any further remarks. Well, again, we will just thank everybody for their time today, both from the sell side and the buy side. We realize it is a very, very busy time of year. We wish you a good rest of the summer, and we will see you again in late October. Thank you, ladies and gentlemen, for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day.”
  5. late October

    next meeting/appearance

    Source quote
    “We wish you a good rest of the summer, and we will see you again in late October.”

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