What to Expect From VICI Properties’ Next Quarterly Earnings Report

Headquartered in New York, VICI Properties Inc. (VICI) is an experiential real estate investment trust (REIT) that owns a diversified portfolio of gaming, hospitality, entertainment, wellness, and leisure properties. The company generates revenue by leasing its properties to leading operators under long-term agreements, while pursuing growth through strategic developments, partnerships, and acquisitions. VICI has a market capitalization of approximately $25.2 billion.

VICI is set to report its Q3 2026 earnings on Wednesday, October 28, after the market closes. Analysts expect diluted EPS of $0.61, up 1.7% from $0.60 in the year-ago quarter. The company has also met or exceeded Wall Street’s EPS estimates in each of the past four quarters.

For fiscal 2026, analysts project EPS of $2.47, an increase of 3.8% from $2.38 in fiscal 2025. Earnings are expected to continue growing in fiscal 2027, with EPS forecast to rise another 1.6% year over year to $2.51.

VICI stock has declined 26.2% over the past 52 weeks, significantly underperforming the S&P 500 Index ($SPX), which gained 16%, and the State Street Real Estate Select Sector SPDR ETF (XLRE), which advanced 1.2% over the same period.

VICI’s underperformance reflects moderating growth in adjusted funds from operations (AFFO) and concerns about its largest tenant, Caesars Entertainment. The company’s 2026 AFFO-per-share growth guidance of 3.4% at the midpoint marks a slowdown from 5.1% in 2025, while potential rent reductions from Caesars pose a risk to rental income. However, strong occupancy at MGM Resorts’ Las Vegas Strip properties and a dividend yield of approximately 7.7% offer positive counterpoints. 

On September 28, VICI also agreed to lease the Century Mile and Century Downs racetrack properties to Highfield under a new 20-year lease, maintaining its aggregate rental income while diversifying its tenant base. The transaction remains subject to customary closing conditions and regulatory approvals.

Analysts remain moderately bullish on VICI, with the stock carrying a consensus “Moderate Buy” rating. Of the 24 analysts covering the stock, 13 recommend a “Strong Buy,” one assigns a “Moderate Buy,” and the remaining 10 rate it a “Hold.” Meanwhile, the average analyst price target of $30.91 implies potential upside of 35.1% from the current share price.

On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.