VICI PROPERTIES INC. (VICI) closed fiscal year 2025 with a gross margin of 99.3 % and a net margin of 69.3 %.
VICI PROPERTIES INC. (VICI) closed fiscal year 2025 with a gross margin of 99.3 % and a net margin of 69.3 %. The same year shows an EBITDA margin of 91.6 % and an EBIT margin of 91.5 %. The free cash flow margin was 62.6 %. Against the previous year the gross margin moved +0.0 pp and the net margin −0.3 pp. Across the period the gross margin ranges between 97.9 % in 2019 and 99.3 % in 2025. The series covers 9 fiscal years, from 2017 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | — | 98.07 % | 97.89 % | 98.56 % | 98.62 % | 99.13 % | 99.25 % | 99.30 % | 99.33 % |
| EBITDA margin (%) | 77.26 % | 16.00 % | 6.27 % | 26.50 % | — | 64.69 % | 93.32 % | 92.52 % | 91.57 % |
| EBIT margin (%) | 76.86 % | 15.59 % | 5.84 % | 26.19 % | — | 64.56 % | 93.20 % | 92.41 % | 91.47 % |
| Net margin (%) | 23.74 % | 58.31 % | 61.02 % | 72.76 % | 67.16 % | 42.97 % | 69.59 % | 69.59 % | 69.28 % |
| FCF margin (%) | — | 56.04 % | 75.93 % | — | 59.21 % | 74.65 % | 60.27 % | 61.67 % | 62.62 % |
