VICI Q2 2026: revenue up 5.7%, AFFO per share $0.62 on higher rents
VICI's rent collection engine kept humming in Q2 2026: revenue rose 5.7% to $1.06 billion and AFFO climbed 7.8% to $679.6 million, even as GAAP net income fell 39.1% to $526.5 million on a non-cash credit-loss allowance swing. The headline miss — AFFO per share of $0.62 versus the $0.725 estimate — reflects acquisition timing and a bigger share count more than tenant stress. Read the quarter through AFFO and rent growth, not GAAP net income.
1 · Expected vs. Actual
Free preview belowGAAP EPS fell 41.0% to $0.48 and net income dropped 39.1% to $526.5 million, driven by the CECL allowance change rather than rent collection. On the metric REIT investors use, AFFO per share rose 4.6% to $0.62 from $0.60, but that missed the $0.725 consensus estimate. AFFO dollars rose 7.8% to $679.6 million, so the per-share shortfall came largely from dilution.
Total revenues were $1.06 billion, up 5.7% from $1.00 billion a year ago. New tenants did the heavy lifting: the Clairvest Northfield Park lease contributed $10.5 million, the Golden Entertainment master lease $14.5 million, and the Gamehost Portfolio was folded into the PURE master lease. Gross margin stayed at 99.3%, which is normal for a triple-net landlord that books almost all revenue as rent.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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