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Arphra AIPlain-English read on VICI Properties Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.51B | $2.6B | $3.61B | $3.85B | $4.01B | $4.16B | $4.27B | $4.46B | $4.67B |
| Cost of revenue | $20.76M | $22.6M | $27.09M | $26.9M | $34M | $32.06M | $32.68M | $34.86M | $35.84M |
| Gross profit | $1.49B | $2.58B | $3.58B | $3.82B | $3.97B | $4.12B | $4.16B | $4.37B | $4.67B |
| Gross margin | +98.62% | +99.13% | +99.25% | +99.30% | +99.15% | +99.10% | +97.45% | +97.98% | +99.99% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $33.12M | $48.34M | $59.6M | $69.11M | $65.08M | $69.15M | $70.66M | $73.44M | $79.54M |
| Total operating expenses | $44.47M | $945.65M | $240.05M | $277.38M | $324.54M | $309.68M | $318.85M | $322.93M | $339.53M |
| Operating income | $1.44B | $1.63B | $3.34B | $3.54B | $3.65B | $3.71B | $3.94B | $4.12B | $4.18B |
| Operating margin | +95.68% | +62.77% | +92.60% | +92.10% | +91.05% | +89.20% | +92.27% | +92.51% | +89.68% |
| EBITDA | $1.42B | $1.68B | $3.37B | $3.56B | $3.64B | $3.84B | $3.83B | $4.14B | $4.4B |
| EBIT | $1.42B | $1.68B | $3.37B | $3.56B | $3.64B | $3.86B | $3.88B | $4.19B | $4.31B |
| Below the line | |||||||||
| Interest expense | $392.39M | $539.95M | $818.06M | $826.1M | $818.11M | $899.96M | $898.46M | $937.9M | $1B |
| Interest income | $120K | $9.53M | $23.97M | $16.1M | $232.76M | $95.07M | $98.15M | $101.93M | $107.27M |
| Other income / expense | -$418.29M | -$493.31M | -$796.37M | -$813.99M | -$826.59M | — | — | — | — |
| Pre-tax income | $1.03B | $1.14B | $2.55B | $2.73B | $2.82B | $2.85B | $3.05B | $3.13B | $3.3B |
| Income tax expense | $2.89M | $2.88M | -$6.14M | $9.7M | $2.44M | $1.94M | $2.05M | $2.1M | $2.24M |
| Earnings | |||||||||
| Net income | $1.01B | $1.12B | $2.51B | $2.68B | $2.78B | $2.8B | $2.92B | $3.05B | $3.16B |
| Net income · continuing ops | $1.02B | $1.14B | $2.55B | $2.72B | $2.82B | $2.97B | $2.93B | $3.12B | $3.25B |
| Net margin | +67.16% | +42.97% | +69.59% | +69.59% | +69.28% | +67.45% | +68.34% | +68.51% | +67.78% |
| EPS · basic | $1.80 | $1.27 | $2.48 | $2.56 | $2.61 | $2.96 | $2.90 | $3.04 | $0.00 |
| EPS · diluted | $1.76 | $1.27 | $2.47 | $2.56 | $2.61 | $2.93 | $2.94 | $3.03 | $0.00 |
| EPS · low estimate | — | — | — | — | — | $2.90 | $2.73 | $2.98 | $0.00 |
| EPS · high estimate | — | — | — | — | — | $2.94 | $3.02 | $3.08 | $0.00 |
| Shares · basic | 564.47M | 877.51M | 1.01B | 1.05B | 1.06B | 1.05B | 1.07B | 1.06B | 1.07B |
| Shares · diluted | 577.07M | 879.68M | 1.02B | 1.05B | 1.06B | 1.06B | 1.06B | 1.07B | 1.06B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 8 | 4 | 3 |
| Analysts (EPS) | — | — | — | — | — | 5 | 5 | 3 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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