VICI

Miss

Earnings Call

Jul 29, 2026

Q2 FY2026

EPS Estimate

0.71

EPS Actual

0.48

Post-Earnings Close

$26.31

Earnings Reaction

-3.0%

Overview

VICI Properties posted AFFO per share of $0.62 for Q2 2026, a 4.6% year-over-year increase, with full-year guidance raised modestly at the low end to a range of $2.45, $2.47 per diluted share, implying approximately 3.4% AFFO-per-share growth for the year. The headline numbers were steady rather than spectacular, but the more substantive story this quarter was the pace and character of VICI's portfolio evolution, three new tenants added (Clairvest at Northfield Park, Golden Entertainment via a $1.16 billion sale-leaseback, and Club Med in St. Croix), a first build-to-suit structure, and a first Caribbean asset, all while leverage remained below the low end of the 5.0, 5.5x target range at 4.9x net debt to annualized EBITDA.

Key Themes

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Notable Quotes

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Chief Executive Officer

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Report generated on Jul 30, 2026

AI-generated earnings analysis. Not investment advice.

Q&A Summary

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.

VICI

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Overview

Q&A Summary