VICI Properties Inc. stock research
FY2025 Q1
VICI Properties (VICI) Gross Margin — Quarter Ended Mar 31, 2025
Revenue, gross profit, and cost of revenue each showed slight changes compared to the prior quarter and the same quarter last year, while gross margin remained at a high level. The relationship among these metrics indicates that gross profit moved in line with revenue, as cost of revenue held relatively steady.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue, gross profit, and cost of revenue each showed slight changes compared to the prior quarter and the same quarter last year, while gross margin remained at a high level. The relationship among these metrics indicates that gross profit moved in line with revenue, as cost of revenue held relatively steady.
- Gross margin was supported by a cost of revenue that remained small in relation to revenue, resulting in a high margin figure. The stability of this relationship is the most apparent factor.
- Compared to the immediately preceding quarter, revenue was higher and gross profit was higher, while cost of revenue was lower and gross margin was slightly higher. Compared to the same quarter one year earlier, revenue was higher, gross profit was higher, cost of revenue was slightly lower, and gross margin was slightly higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
99.4%
Gross profit
$977.9M
Revenue
$984.2M
Cost of revenue
$6.4M
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 |
|---|---|---|---|---|
| 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% |
| Mar 31, 2025 | $984.2M | $977.9M | $6.4M | 99.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2024
+0.0 pts
Year-over-year change
Mar 31, 2024
+0.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross margin was supported by a cost of revenue that remained small in relation to revenue, resulting in a high margin figure. The stability of this relationship is the most apparent factor.
Compared to the immediately preceding quarter, revenue was higher and gross profit was higher, while cost of revenue was lower and gross margin was slightly higher. Compared to the same quarter one year earlier, revenue was higher, gross profit was higher, cost of revenue was slightly lower, and gross margin was slightly higher.
Monitor the trend in cost of revenue, as its absolute level, though small, directly influences the stability of the high gross margin.