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The Zacks Consensus Estimate for third-quarter revenues is pegged at $1.06 billion, indicating an increase of 5.7% from the year-ago quarter’s reported figure.
The consensus mark for funds from operations (FFO) per share is pinned at 62 cents and remains unchanged over the past two months. It indicates a rise of 3.3% from the figure reported in the year-ago quarter.
Image Source: Zacks Investment Research
The company’s FFO per share met the Zacks Consensus Estimate in three of the trailing four quarters and beat once, with the average surprise being 0.42%. The graph below depicts this surprising history:
However, our proprietary model does not conclusively predict an earnings beat for VICI Properties this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
VICI Properties has an Earnings ESP of 0.00% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Factors Likely to Shape VICI’s Q3 Results
In the third quarter, VICI's long-term triple-net leases with its established operators are likely to have contributed to stable revenue generation, supporting its top-line growth.
VICI Properties has been expanding its portfolio beyond gaming through investments in other non-gaming experiential assets, including Chelsea Piers and Lucky Strike Entertainment. This diversification strategy is expected to have supported the company's growth prospects by expanding its rental income sources and strengthening its presence in the experiential real estate market.
VICI Properties’ lease agreements feature contractual rent escalations, including CPI-linked increases, which are likely to have supported rental income and cash flow growth in the third quarter of 2026. However, a portion of its rent roll remains subject to fixed escalations, while certain CPI-linked increases are capped, limiting the extent of inflation protection.
Q3 Projections for VICI
The Zacks Consensus Estimate for VICI Properties’ income from sales-type leases is currently pegged at $549.4 million, which indicates an increase from $531.8 million in the year-ago quarter.
The consensus mark for income from lease financing receivables and loans and securities is pinned at $489.2 million, up from $448 million in the year-ago period.
The consensus mark for revenues from golf operations is pegged at $9.5 million, up from the $8.2 million reported in the year-ago period.
However, the Zacks Consensus Estimate for other income currently is pinned at $19 million, slightly down from $19.6 million in the prior-year period.
VICI’s Price Performance & Valuation
VICI Properties’ shares have gained 3.6% in the past month, outperforming the Zacks REIT and Equity Trust’s 2.6% increase and the S&P 500 Index’s 1.1% decline over the same period. The stock also outperformed industry peers Gaming and Leisure Properties (GLPI - Free Report) and EPR Properties (EPR - Free Report) , whose shares gained 2% and declined 1%, respectively.
While GLPI competes directly with VICI in gaming real estate, EPR operates primarily in the broader experiential real estate segment, presenting competition in certain non-gaming investment categories. Both companies continue to pursue portfolio expansion, highlighting the competitive investment landscape in which VICI operates.
Image Source: Zacks Investment Research
From a valuation standpoint, VICI Properties’ shares are trading cheaply, as suggested by the Value Score of B. In terms of forward 12-month P/E, VICI stock is trading at 9.58X compared with the Zacks REIT and Equity Trust industry’s 15.8X.
Shares of EPR and GLPI are currently trading at P/E ratios of 10.30X and 9.48X, respectively.
Image Source: Zacks Investment Research
What Should Investors Do?
VICI Properties’ long-term triple-net leases, expanding experiential real estate portfolio and contractual rent escalations are expected to have supported steady revenue and FFO growth. Year-over-year earnings growth expectations, along with the stock’s discounted valuation relative to the industry, further enhance its investment appeal. Although significant tenant concentration remains a concern, the company’s stable rental income and ongoing diversification efforts offer long-term growth opportunities.
Given these positives, investors may consider buying VICI stock ahead of its third-quarter earnings release to capitalize on its growth prospects and attractive valuation.
View the Zacks #1 Rank List
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VICI Properties to Report Q3 Earnings: What Should Investors Do?
Key Takeaways
VICI Properties (VICI - Free Report) is set to report its third-quarter 2026 results on Oct. 28, after the market close.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $1.06 billion, indicating an increase of 5.7% from the year-ago quarter’s reported figure.
The consensus mark for funds from operations (FFO) per share is pinned at 62 cents and remains unchanged over the past two months. It indicates a rise of 3.3% from the figure reported in the year-ago quarter.
Image Source: Zacks Investment Research
The company’s FFO per share met the Zacks Consensus Estimate in three of the trailing four quarters and beat once, with the average surprise being 0.42%. The graph below depicts this surprising history:
VICI Properties Inc. Price and EPS Surprise
VICI Properties Inc. price-eps-surprise | VICI Properties Inc. Quote
Q3 Earnings Whispers for VICI
However, our proprietary model does not conclusively predict an earnings beat for VICI Properties this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
VICI Properties has an Earnings ESP of 0.00% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Factors Likely to Shape VICI’s Q3 Results
In the third quarter, VICI's long-term triple-net leases with its established operators are likely to have contributed to stable revenue generation, supporting its top-line growth.
VICI Properties has been expanding its portfolio beyond gaming through investments in other non-gaming experiential assets, including Chelsea Piers and Lucky Strike Entertainment. This diversification strategy is expected to have supported the company's growth prospects by expanding its rental income sources and strengthening its presence in the experiential real estate market.
VICI Properties’ lease agreements feature contractual rent escalations, including CPI-linked increases, which are likely to have supported rental income and cash flow growth in the third quarter of 2026. However, a portion of its rent roll remains subject to fixed escalations, while certain CPI-linked increases are capped, limiting the extent of inflation protection.
Q3 Projections for VICI
The Zacks Consensus Estimate for VICI Properties’ income from sales-type leases is currently pegged at $549.4 million, which indicates an increase from $531.8 million in the year-ago quarter.
The consensus mark for income from lease financing receivables and loans and securities is pinned at $489.2 million, up from $448 million in the year-ago period.
The consensus mark for revenues from golf operations is pegged at $9.5 million, up from the $8.2 million reported in the year-ago period.
However, the Zacks Consensus Estimate for other income currently is pinned at $19 million, slightly down from $19.6 million in the prior-year period.
VICI’s Price Performance & Valuation
VICI Properties’ shares have gained 3.6% in the past month, outperforming the Zacks REIT and Equity Trust’s 2.6% increase and the S&P 500 Index’s 1.1% decline over the same period. The stock also outperformed industry peers Gaming and Leisure Properties (GLPI - Free Report) and EPR Properties (EPR - Free Report) , whose shares gained 2% and declined 1%, respectively.
While GLPI competes directly with VICI in gaming real estate, EPR operates primarily in the broader experiential real estate segment, presenting competition in certain non-gaming investment categories. Both companies continue to pursue portfolio expansion, highlighting the competitive investment landscape in which VICI operates.
Image Source: Zacks Investment Research
From a valuation standpoint, VICI Properties’ shares are trading cheaply, as suggested by the Value Score of B. In terms of forward 12-month P/E, VICI stock is trading at 9.58X compared with the Zacks REIT and Equity Trust industry’s 15.8X.
Shares of EPR and GLPI are currently trading at P/E ratios of 10.30X and 9.48X, respectively.
Image Source: Zacks Investment Research
What Should Investors Do?
VICI Properties’ long-term triple-net leases, expanding experiential real estate portfolio and contractual rent escalations are expected to have supported steady revenue and FFO growth. Year-over-year earnings growth expectations, along with the stock’s discounted valuation relative to the industry, further enhance its investment appeal. Although significant tenant concentration remains a concern, the company’s stable rental income and ongoing diversification efforts offer long-term growth opportunities.
Given these positives, investors may consider buying VICI stock ahead of its third-quarter earnings release to capitalize on its growth prospects and attractive valuation.