VICI Properties Inc. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $4.0B |
| Gross margin | — not reported |
| Operating income | — not reported |
| Net income | $2.8B |
| Diluted EPS | $2.61 |
| Cash & equivalents | $563.5M |
| Total assets | $46.7B |
| Long-term debt | $16.8B |
Key takeaway
VICI reported $4.01 billion in revenue and $2.78 billion in net income for fiscal 2025, an effective tax rate near zero consistent with its REIT structure.
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Beneath the surface
VICI reports total debt of $17.09 billion (DebtInstrumentCarryingAmount) against only $563 million in cash, leaving a net debt position of roughly $16.5 billion with no separate marketable securities line disclosed.
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This is the free preview. The full analysis explains every line item above and includes 7 more findings — plus insider trades, activist stakes, and 8-K events for VICI.
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