VICI Properties (VICI) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and VICI Properties published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. VICI Properties reports EPS two ways: GAAP, under the accounting rules every US filer follows, and AFFO per diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• VICI Properties is a real estate investment trust. Revenue on this page is the line VICI calls total revenues, and the adjusted figure is AFFO (adjusted funds from operations) per diluted share, the measure VICI guides on. The release reports in thousands; this page shows millions.
• GAAP net income in Q3 2026 includes a $458.0 million non-cash increase in the allowance for credit losses (CECL), against a $20.2 million release a year earlier. AFFO excludes it.

Source: VICI Properties Q3 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How VICI Properties splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• VICI Properties's Income from sales-type leases revenue was $557 million in Q3 2026, up 5% from $532 million in Q3 2025, 52% of total revenue.
• VICI Properties's Income from lease financing receivables, loans and securities revenue was $483 million in Q3 2026, up 8% from $448 million in Q3 2025, 45% of total revenue.
• VICI Properties's Other income revenue was $19.0 million in Q3 2026, down 3% from $19.5 million in Q3 2025, 2% of total revenue.
• VICI Properties's Golf revenues revenue was $7.1 million in Q3 2026, down 13% from $8.2 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

VICI Properties guides AFFO only. It does not give guidance for GAAP net income, because it cannot predict the non-cash change in its allowance for credit losses.

In its Q3 2026 release, VICI Properties said:

“The Company estimates AFFO for the year ending December 31, 2026 will be between $2,695 million and $2,705 million, or between $2.47 and $2.48 per diluted common share.”

“Guidance does not include the impact on operating results from any pending acquisitions without announced expected closing dates, possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions.”

Source: VICI Properties Q3 2026 release, Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the VICI forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted net income per share, each as first reported in that quarter's release. GAAP EPS swings with the non-cash CECL allowance; AFFO per diluted share over the same quarters was $0.62, $0.62, $0.61, $0.60 and $0.60.

We do not hold a confirmed date for VICI Properties's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

VICI Properties owns casinos and other experiential real estate and leases them to operators on long-term triple net leases. Its Q3 2026 total revenues were $1,065.5 million, up 5.8% from $1,007.5 million: $556.7 million of income from sales-type leases, $482.6 million from lease financing receivables, loans and securities, $19.0 million of other income and $7.1 million of golf revenues. (VICI Properties Q3 2026 release, Oct 28, 2026; VICI Properties Form 10-K, 2025, Feb 25, 2026)

Two tenants account for most of VICI's lease revenue. In Q3 2026 MGM was 35% of lease revenue and 32% of contractual rent, and Caesars 35% of lease revenue and 38% of contractual rent. Properties on the Las Vegas Strip, including Caesars Palace, MGM Grand and the Venetian Resort, generated about 48% of lease revenues. (VICI Properties Form 10-Q, Q3 2026, Oct 28, 2026; VICI Properties Form 10-K, 2025, Feb 25, 2026)

VICI booked $21.8 million of contractual income from the Golden Entertainment Master Lease, which had no year-ago figure, after issuing 24,296,255 shares in the Golden Entertainment transaction this year. The Clairvest Northfield Park Lease added $13.5 million; it took over Northfield Park from the MGM Master Lease, whose contractual income fell to $184.0 million from $193.7 million. (VICI Properties Q3 2026 release, Oct 28, 2026; VICI Properties Form 10-Q, Q3 2026, Oct 28, 2026)

VICI's Q3 2026 total revenues included $132.0 million of non-cash leasing and financing adjustments and $19.0 million of other income, which is matched by the same amount of other expenses. (VICI Properties Q3 2026 release, Oct 28, 2026)

VICI Properties' GAAP net income attributable to common stockholders fell 55.1% to $342.5 million, or $0.31 per share, from $762.0 million, or $0.71. VICI attributes the fall to a $478.2 million aggregate change in its CECL allowance for credit losses between the two quarters: a $458.0 million increase in Q3 2026 against a $20.2 million release a year earlier. (VICI Properties Q3 2026 release, Oct 28, 2026)

Of the $458.0 million increase, about $313.2 million related to Caesars. The 10-Q says it reflects a rating agency's downgrade of Caesars' senior secured debt, tied to Caesars' capital structure after its pending acquisition, and revised estimates of credit losses during the tenant renewal periods of the Caesars Regional Master Lease and Joliet Lease starting August 1, 2035. (VICI Properties Form 10-Q, Q3 2026, Oct 28, 2026)

AFFO strips out the CECL change and other non-cash items. AFFO attributable to common stockholders rose 7.5% to $685.2 million, and AFFO per share rose 4.3% to $0.62 from $0.60. Diluted weighted-average shares rose to 1,100,625 thousand from 1,068,369 thousand, so AFFO per share grew more slowly than total AFFO. FFO equals net income for VICI in both quarters, with no real estate depreciation in the reconciliation. (VICI Properties Q3 2026 release, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

VICI Properties gives full-year AFFO guidance in its release and no guidance for GAAP net income. After Q3 2026 it raised its 2026 AFFO estimate to $2,695 million to $2,705 million, or $2.47 to $2.48 per diluted share, from $2,675 million to $2,695 million, or $2.45 to $2.47. (VICI Properties Q3 2026 release, Oct 28, 2026)

The guidance leaves out pending acquisitions without announced expected closing dates, future acquisitions or dispositions and capital markets activity. VICI expects the Highfield Master Lease for two Alberta racetracks, with initial annual base rent of C$10.7 million, to close in Q4 2026 or Q1 2027, with no change to the aggregate rent it collects. (VICI Properties Q3 2026 release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover VICI Properties, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones VICI Properties's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning VICI is on is VICI a buy or a sell?, what analysts expect next is on the VICI forecast, and what the company does is on the VICI Properties (VICI) stock page.

Every number on this page can be traced to a document VICI Properties published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.