VICI Properties Inc. stock research
FY2023 Q3
VICI Properties (VICI) Gross Margin — Quarter Ended Sep 30, 2023
Revenue and gross profit both increased compared with the previous quarter and the same quarter one year earlier. Cost of revenue changed only slightly, so the gross margin remained stable at the same level in all three periods.
Gross margin takeaway
Quarter ended Sep 30, 2023 · FY2023 Q3
Revenue and gross profit both increased compared with the previous quarter and the same quarter one year earlier. Cost of revenue changed only slightly, so the gross margin remained stable at the same level in all three periods.
- The gross margin of over ninety-nine percent indicates that cost of revenue is a very small portion of revenue. The absolute increase in gross profit closely tracked the absolute increase in revenue, showing that margin was unaffected by the small changes in cost.
- Compared with the immediately preceding quarter, revenue and gross profit were slightly higher while cost of revenue was slightly lower, leaving gross margin unchanged. Versus the same quarter one year earlier, revenue and gross profit were substantially higher while cost of revenue was also higher, but the gross margin was again unchanged.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
99.3%
Gross profit
$898.0M
Revenue
$904.3M
Cost of revenue
$6.3M
Quarter-over-quarter change
+0.0 pts
Year-over-year change
-0.0 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $877.6M | $871.7M | $6.0M | 99.3% |
| Jun 30, 2023 | $898.2M | $891.6M | $6.6M | 99.3% |
| Sep 30, 2023 | $904.3M | $898.0M | $6.3M | 99.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2023
+0.0 pts
Year-over-year change
Sep 30, 2022
-0.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin of over ninety-nine percent indicates that cost of revenue is a very small portion of revenue. The absolute increase in gross profit closely tracked the absolute increase in revenue, showing that margin was unaffected by the small changes in cost.
Compared with the immediately preceding quarter, revenue and gross profit were slightly higher while cost of revenue was slightly lower, leaving gross margin unchanged. Versus the same quarter one year earlier, revenue and gross profit were substantially higher while cost of revenue was also higher, but the gross margin was again unchanged.
Monitor whether cost of revenue remains at a nominal level relative to revenue, as any material increase could compress the current gross margin.