VICI Properties Inc. stock research
FY2025 Q2
VICI Properties (VICI) Gross Margin — Quarter Ended Jun 30, 2025
Revenue and gross profit increased compared to both the preceding quarter and the same quarter last year, while cost of revenue remained nearly stable. As a result, gross margin was essentially unchanged from both periods, staying at a consistently high level.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue and gross profit increased compared to both the preceding quarter and the same quarter last year, while cost of revenue remained nearly stable. As a result, gross margin was essentially unchanged from both periods, staying at a consistently high level.
- The gross margin remained extremely high in all three periods, indicating that cost of revenue was a very small portion of revenue. The slight decrease from the prior quarter was marginal and not material.
- Revenue and gross profit were higher than the immediately preceding quarter and higher than the same quarter one year earlier. Cost of revenue was slightly higher than the prior quarter but slightly lower than a year ago, resulting in gross margin that was essentially stable compared to both periods.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
99.3%
Gross profit
$994.7M
Revenue
$1.0B
Cost of revenue
$6.6M
Quarter-over-quarter change
-0.0 pts
Year-over-year change
+0.1 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, 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% |
| Jun 30, 2025 | $1.0B | $994.7M | $6.6M | 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, 2025
-0.0 pts
Year-over-year change
Jun 30, 2024
+0.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin remained extremely high in all three periods, indicating that cost of revenue was a very small portion of revenue. The slight decrease from the prior quarter was marginal and not material.
Revenue and gross profit were higher than the immediately preceding quarter and higher than the same quarter one year earlier. Cost of revenue was slightly higher than the prior quarter but slightly lower than a year ago, resulting in gross margin that was essentially stable compared to both periods.
Monitor any change in the absolute level of cost of revenue, as even a small shift can affect gross margin when it is at an extreme level.