VICI Properties Inc.

VICINYSEReal Estate● Active

$27.42

$-0.45(-1.60%)

Market Cap$29.5B

P/E Ratio—

52W High$34.01

52W Low$26.55

Avg Volume8.4M

Open$27.73

Beta0.68

Free Cash Flow Financials Revenue

VICI Properties Inc. (VICI) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

VICI · free cash flow · updated Jun 8, 2026

Core FCF metrics

VICI · FCF · TTM · margin & CAGR

Free cash flow was $2.51B for FY2025 (fiscal year ending 2025-12-31), up 5.7% year-over-year The FCF margin was 62.6%. Five-year CAGR stands at +23.3%.

FY2025 Free Cash Flow$2.51B▲ +5.7% YoY

Trailing 12M (TTM)$2.55Btrailing 4 quarters sum

FCF Margin62.6%$2.51B ÷ revenue

3-Year CAGR+8.9%FY2022 → FY2025

5-Year CAGR+23.3%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

VICI · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$2.51B(1M)$2.51B▲ +5.7%62.6%

FY2024$2.38B(8M)$2.37B▲ +9.0%61.7%

FY2023$2.18B(4M)$2.18B▲ +12.1%60.3%

FY2022$1.94B(2M)$1.94B▲ +117.2%74.7%

FY2021$896.4M(3M)$893.8M▲ +1.5%59.2%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

VICI · P/FCF · FCF yield · FCF per share

VICI Properties Inc. (VICI) trades at a FCF yield of 8.64% and a price-to-free-cash-flow ratio of 11.4x. FCF per share stands at $2.40, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

8.64%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$2.40

TTM FCF ÷ Shares Outstanding

Price / FCF

x11.4

Share Price ÷ FCF per Share

EV / FCF (TTM)

x18.3

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

VICI · cash flow statement · operating / investing / financing

For FY2025, VICI Properties Inc. generated $2.51B in operating cash flow and spent 1M in capital expenditures, yielding $2.51B in free cash flow.

Operating Activities

+$2.51B

Cash from core business operations

2025-12-31

Investing Activities

−$904.8M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$1.57B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($2.51B) − |CapEx| (1M) = FCF ($2.51B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

VICI vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

VICI Properties Inc.YOU

VICI

$2.51B+5.7%62.6%

50%

American Tower Corporation

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

VICI Properties Inc. (VICI) reported free cash flow of $2.51B for FY2025 (fiscal year ending 2025-12-31), up 5.7% year-over-year. The FCF margin was 62.6%.

Based on available data, VICI Properties Inc. has maintained positive free cash flow for at least 12 fiscal year(s). FCF peaked at $2.51B in FY2025. The 5-year CAGR stands at +23.3%.

VICI Properties Inc.'s FCF yield is 8.64% and price-to-FCF ratio is 11.4x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

VICI free cash flow · 8 questions

VICI Properties Inc. free cash flow was $2.51B for FY2025, up 5.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $2.55B.

VICI free cash flowVICI FCFVICI FCF 2025VICI free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · VICI Properties Inc. · VICI Properties Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026