VICI Properties' fourth quarter 2025 AFFO grew 6.8% as it deployed over $2.1B in capital for the full year.

VICI Properties reported fourth quarter 2025 total revenue of $1.0 billion, a 3.8% increase year-over-year, and diluted EPS of $0.57, which missed estimates due to a change in the non-cash credit loss allowance. The company's core metric, Adjusted Funds from Operations (AFFO), grew to $0.60 per share.

Key Highlights

• Adjusted Funds from Operations (AFFO) for the quarter increased 6.8% year-over-year to $642.5 million, translating to a 5.6% increase on a per-share basis to $0.60.
• For the full year 2025, the company announced approximately $2.1 billion in new capital commitments at a weighted average initial yield of 8.9%.
• Management established full year 2026 guidance, estimating AFFO to be between $2.42 and $2.45 per diluted share.