VICI Properties Inc. (NYSE:VICI) is scheduled to report fourth-quarter 2025 results on Wednesday, February 25, after the market close. The company enters the earnings release with adjusted funds from operations continuing to grow — even as multiple Wall Street firms have lowered ratings or price targets in recent months, citing concentration risk tied to a single tenant lease representing roughly a quarter of the company’s income.
In the third quarter of 2025, VICI reported AFFO per share of $0.60, representing 5.3% year-over-year growth. Management subsequently raised full-year guidance to a range of $2.36 to $2.37 per share, implying approximately 4.6% annual growth. The company also increased its quarterly dividend to $0.45 per share, marking the eighth consecutive year of dividend increases since its 2018 public listing.
Despite those operating trends, shares have traded near $28.85, within range of the 52-week low of $27.48. Since November, several research firms — including Wells Fargo, Evercore ISI, Barclays, and Scotiabank — have either downgraded the stock or lowered ratings or price targets, citing uncertainty related to the Caesars Entertainment Regional Master Lease.
Earnings Expectations And Balance Sheet Position
Consensus estimates project fourth-quarter AFFO per share of approximately $0.60, compared with $0.57 in the prior-year period, representing expected growth of approximately 5.3%. Revenue consensus stands near $1.02 billion, implying approximately 4% year-over-year growth. The AFFO estimate has remained largely unchanged in recent months, reflecting the predictable cash flow structure typical of triple-net lease real estate investment trusts.
For the full year, …