VICI PROPERTIES INC. (VICI) — payout ratio, four ways
Fiscal year ending 2025-12-31 · sector Real estate · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 67.6% | What most screeners publish, and badly wrong here — depressed by depreciation on buildings that are not losing value. |
| Operating cash flow | 73.8% | Worse than the earnings figure, not better: operating cash flow absorbs working capital — inventory, receivables, payables — that earnings do not. |
| Free cash flow | 73.9% | Counts property acquisitions as though they were maintenance. |
| Funds from operations | 67.5% | The basis the real estate industry uses. Adds back depreciation on buildings that are not losing value. |
Spread between highest and lowest: 6 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $1.76 ÷ diluted EPS $2.61
- Operating cash flow — dividends paid $1,853.5m ÷ operating cash flow $2,510.0m
- Free cash flow — dividends paid $1,853.5m ÷ (operating cash flow $2,510.0m − capex $1.3m)
- Funds from operations — dividends declared per share $1.76 ÷ derived FFO $2.62 per share
- FFO built NAREIT-style: net income, plus real-estate depreciation, less gains on sale, over weighted-average diluted shares
- This is an approximation. Every REIT defines its own adjusted variant in the filing text, so it will not match the earnings release exactly
Where the figures came from
- 10-K filed 2026-02-25 · accession
0001705696-26-000034
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- FFO derived (NAREIT approximation)
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.