It has been about a month since the last earnings report for VICI Properties Inc. (VICI Quick QuoteVICI - Free Report) . Shares have lost about 2.1% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is VICI Properties due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.

VICI Properties' Q2 FFO Meets Estimates, Revenues Beat on Lease Growth

VICI Properties reported second-quarter 2026 AFFO per share of 62 cents, in line with the Zacks Consensus Estimate. The figure increased 4.6% year over year.

Total revenues rose 5.7% to $1.06 billion and surpassed the consensus mark of $1.04 billion by 1.57%. The top line benefited from sales-type leases and lease financing receivables, loans and securities.

VICI Properties Revenue Mix Strengthens

Income from sales-type leases increased 3.6% year over year to $549.2 million. Growth reflected contributions from the new Northfield Park lease and contractual rent escalations across the company’s portfolio.

Income from lease financing receivables, loans and securities rose 8.7% year over year to $478.4 million. Within this category, income from loans and securities surged 30.9% to $71.6 million, aided by higher returns from senior secured loans, mezzanine loans and preferred equity investments.

VICI Properties Investments Broaden Beyond Gaming

VICI Properties acquired the Carambola Beach Resort in St. Croix for $20.3 million and leased it to Club Med under a triple-net lease. The company also committed to providing about $55.2 million for redevelopment through a build-to-suit structure. The resort is expected to reopen in the fourth quarter of 2027.

The company also completed the acquisition of two gaming assets and two hotel assets in Alberta, Canada, for C$200.6 million. The properties were added to the PURE Master Lease, increasing annual rent by C$16.1 million. The lease was extended, leaving 25 years in its initial term.

VICI Properties Balance Sheet Supports Capital Deployment

VICI Properties ended the second-quarter with $288.1 million in cash and cash equivalents. Total liquidity was approximately $2.5 billion, including about $2.2 billion available under its revolving credit facility.

Total debt stood at roughly $17.2 billion, while the last-quarter annualized net leverage ratio was 4.9 times. The company maintained investment-grade credit ratings with stable outlooks from Moody’s, S&P and Fitch.

VICI Properties Updates 2026 AFFO Outlook

Management now expects full-year 2026 AFFO between $2.675-$2.695 billion compared with the previous range of $2.665-$2.695 billion. The updated range raises the lower end while retaining the upper end.

AFFO per share is projected between $2.45 and $2.47, up from the prior lower-end estimate of $2.44.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates revision.

VGM Scores

At this time, VICI Properties has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. Charting a somewhat similar path, the stock has a grade of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, VICI Properties has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.