EarningsQ2 2026 Earnings Report
MX:VICI Q2 2026 EPS Results
Actual EPS$8.43
Consensus EPS$12.52
Beat/MissMissed by -$4.09
One Year Ago EPS$14.39
MX:VICI Q2 2026 Revenue Results
Actual Revenue$18.58B
Expected Revenue$18.24B
Beat/MissBeat by +$344.69M
YoY Revenue Growth+5.71%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
MX:VICI Upcoming Earnings
VICI Properties's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:VICI Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call balanced positive operational and financial momentum—AFFO growth, raised full-year guidance, strong liquidity, attractive loan yields, active deal execution including strategic experiential expansion (Club Med), and favorable Las Vegas trends—against manageable credit and capital-allocation cautions such as a large absolute debt balance, a remaining nonaccrual loan from prior periods, CECL allowance sensitivity for a private tenant, and uncertainty around large-tenant M&A. Management emphasized disciplined capital deployment into high-return loans and partner investments rather than buybacks and highlighted active asset management practices.Company Guidance
AFFO Per Share Growth
AFFO per diluted share was $0.62 for Q2 2026, up 4.6% from $0.60 in Q2 2025.
Raised 2026 AFFO Guidance
Updated full-year 2026 AFFO guidance to $2.675 billion–$2.695 billion, or $2.45–$2.47 per diluted share (low end of per-share range raised by $0.01). Midpoint implies year-over-year AFFO-per-share growth of approximately 3.4%.
Strong Liquidity Position
Total liquidity of approximately $2.5 billion as of June 30, 2026, comprised of $288 million cash and $2.2 billion available under revolving credit facility.
Leverage and Cost of Debt
Total debt of $17.2 billion with net debt to annualized Q2 adjusted EBITDA of ~4.9x (below the stated target leverage range of 5.0x–5.5x). Weighted average interest rate of 4.45% (adjusted for hedging) and weighted average maturity of 5.5 years.
Transaction and Tenant Growth
Closed several significant transactions in the quarter: $1.16 billion Golden Entertainment sale-leaseback; commencement of new lease with Clairvest at Northfield Park; acquisition of Gamehost real estate in Alberta for ~C$200 million. Added Clairvest, Golden Entertainment and Club Med as the 14th–16th tenants.
Strategic Experiential Expansion (Club Med/St. Croix)
Entered first build-to-suit and first Caribbean property: acquired Carambola Beach Resort for $20.3 million and committed to funding Club Med’s ~$55 million redevelopment (total projected investment ~$75 million) targeting a Q4 2027 opening under Club Med’s Exclusive Collection brand.
Attractive Loan/Yield Opportunities
Loan book demonstrates attractive returns (CFO cited loan book yield close to ~9.5% and an example loan at SOFR +525 basis points), supporting management’s preference to deploy capital into loans and partner investments over buybacks.
Robust Las Vegas Market Trends
Strip gaming revenue year-to-date is running ahead of last year; room rates show pricing power. MGM reported 93% occupancy on its Strip assets in Q2. Las Vegas named the #1 convention city with VICI owning ~6 million sq. ft. of conference/convention/trade show space on the Strip.
Active Asset Management Examples
Constructive loan modification executed on a $90 million senior secured leisure/hospitality loan: extended maturity, reduced rate, additional collateral, and amortization with cash interest payments—illustrating proactive asset management.
MX:VICI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed