VICI Properties Inc. stock research
FY2025 Q3
VICI Properties (VICI) Gross Margin — Quarter Ended Sep 30, 2025
Revenue, gross profit, and gross margin remained stable as cost of revenue was negligible relative to revenue. Gross profit and revenue both increased compared to the same quarter last year.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue, gross profit, and gross margin remained stable as cost of revenue was negligible relative to revenue. Gross profit and revenue both increased compared to the same quarter last year.
- The gross margin held steady as revenue and cost of revenue moved in similar proportion compared to the prior quarter.
- Against the immediately preceding quarter, revenue and gross profit were slightly higher while gross margin was unchanged. Compared to the same quarter one year earlier, both revenue and gross profit were higher, with gross margin remaining stable.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
99.3%
Gross profit
$1.0B
Revenue
$1.0B
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 |
|---|---|---|---|---|
| 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% |
| Sep 30, 2025 | $1.0B | $1.0B | $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
Jun 30, 2025
-0.0 pts
Year-over-year change
Sep 30, 2024
+0.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin held steady as revenue and cost of revenue moved in similar proportion compared to the prior quarter.
Against the immediately preceding quarter, revenue and gross profit were slightly higher while gross margin was unchanged. Compared to the same quarter one year earlier, both revenue and gross profit were higher, with gross margin remaining stable.
Monitor the absolute level of cost of revenue, as any material change could affect the gross margin given its current high level.