VICI Properties Inc. stock research
FY2024 Q4
VICI Properties (VICI) Gross Margin — Quarter Ended Dec 31, 2024
Gross margin remained stable as revenue increased and cost of revenue declined slightly, allowing gross profit to rise in tandem with revenue. The relationship among the metrics shows that growth in revenue translated directly into gross profit improvement, with cost of revenue accounting for a minimal share.
Gross margin takeaway
Quarter ended Dec 31, 2024 · FY2024 Q4
Gross margin remained stable as revenue increased and cost of revenue declined slightly, allowing gross profit to rise in tandem with revenue. The relationship among the metrics shows that growth in revenue translated directly into gross profit improvement, with cost of revenue accounting for a minimal share.
- The strongest observable margin driver is the increase in revenue accompanied by a decrease in cost of revenue, which together supported the gross margin at its high level.
- Compared with the immediately preceding quarter, revenue and gross profit were higher while cost of revenue was slightly lower, and gross margin was stable. Versus the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was lower, and gross margin improved modestly.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
99.3%
Gross profit
$969.3M
Revenue
$976.1M
Cost of revenue
$6.7M
Quarter-over-quarter change
+0.0 pts
Year-over-year change
+0.2 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, 2024 | $951.5M | $945.0M | $6.5M | 99.3% |
| Jun 30, 2024 | $957.0M | $950.2M | $6.8M | 99.3% |
| Sep 30, 2024 | $964.7M | $957.8M | $6.8M | 99.3% |
| Dec 31, 2024 | $976.1M | $969.3M | $6.7M | 99.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2024
+0.0 pts
Year-over-year change
Dec 31, 2023
+0.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the increase in revenue accompanied by a decrease in cost of revenue, which together supported the gross margin at its high level.
Compared with the immediately preceding quarter, revenue and gross profit were higher while cost of revenue was slightly lower, and gross margin was stable. Versus the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was lower, and gross margin improved modestly.
Monitor the trend in cost of revenue, as any increase could pressure gross margin despite revenue growth.