VICI Q3 2026: revenue up 5.8%, AFFO per share up 4.3%, guidance raised
VICI grew revenue 5.8% and AFFO per share 4.3%, raised full-year AFFO guidance and lifted the dividend for a ninth straight year — a steady quarter for a triple-net landlord. The ugly GAAP line, net income down 55.1%, is a non-cash credit-loss charge, not a rent-collection problem. The catch: AFFO per share of $0.62 landed 14.9% below the $0.7282 consensus figure, so read the guidance raise before the net income drop.
1 · Expected vs. Actual
Free preview belowGAAP earnings fell to $0.31 a share from $0.71 on a $478.2 million swing in the CECL credit-loss allowance, while the cash-like AFFO measure rose to $0.62 from $0.60. Against the $0.7282 consensus figure, $0.62 is a 14.9% shortfall and the weakest line in this release. The filing never reconciles that consensus number to VICI's own AFFO definition, so treat the gap as an open question rather than a verdict.
Revenue of $1.065 billion rose 5.8% from $1.007 billion a year earlier, split between $556.7 million of sales-type lease income and $482.6 million from lease financing receivables, loans and securities. The top line included $132.0 million of non-cash leasing and financing adjustments plus $19.0 million of other income. Strip those out and the contractual rent base is still growing, just less dramatically than the headline.
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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 2026-11-03
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