VICI Properties Inc. stock research
FY2024 Q2
VICI Properties (VICI) Gross Margin — Quarter Ended Jun 30, 2024
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue also rose slightly. Gross margin remained unchanged at the same level across all three periods, indicating that the growth in gross profit exactly matched the increase in revenue.
Gross margin takeaway
Quarter ended Jun 30, 2024 · FY2024 Q2
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue also rose slightly. Gross margin remained unchanged at the same level across all three periods, indicating that the growth in gross profit exactly matched the increase in revenue.
- The strongest observable driver is the extremely low cost of revenue in relation to revenue, which consistently yields a very high gross margin. This relationship is stable across the compared periods.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, and cost of revenue was also slightly higher; gross margin was identical. Versus the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was slightly higher, and gross margin again remained the same.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
99.3%
Gross profit
$950.2M
Revenue
$957.0M
Cost of revenue
$6.8M
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 |
|---|---|---|---|---|
| Sep 30, 2023 | $904.3M | $898.0M | $6.3M | 99.3% |
| Dec 31, 2023 | $931.9M | $923.6M | $8.2M | 99.1% |
| Mar 31, 2024 | $951.5M | $945.0M | $6.5M | 99.3% |
| Jun 30, 2024 | $957.0M | $950.2M | $6.8M | 99.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2024
-0.0 pts
Year-over-year change
Jun 30, 2023
+0.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver is the extremely low cost of revenue in relation to revenue, which consistently yields a very high gross margin. This relationship is stable across the compared periods.
Compared to the immediately preceding quarter, revenue and gross profit were higher, and cost of revenue was also slightly higher; gross margin was identical. Versus the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was slightly higher, and gross margin again remained the same.
Monitor cost of revenue for any material change that could affect the otherwise stable gross margin.