VICI Properties Inc. stock research
FY2025 Q4
VICI Properties (VICI) Gross Margin — Quarter Ended Dec 31, 2025
Revenue, gross profit, and cost of revenue were each at consistent levels compared with the immediately preceding quarter, resulting in an unchanged gross margin. Relative to the same quarter one year earlier, revenue and gross profit were higher while cost of revenue was slightly higher, yet gross margin remained stable.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue, gross profit, and cost of revenue were each at consistent levels compared with the immediately preceding quarter, resulting in an unchanged gross margin. Relative to the same quarter one year earlier, revenue and gross profit were higher while cost of revenue was slightly higher, yet gross margin remained stable.
- The gross margin was at a very high level, supported by a low cost of revenue relative to revenue. This relationship was the most significant factor in the margin structure.
- Both quarter-over-quarter and year-over-year comparisons showed stable gross margins, with no material change in the ratio of gross profit to revenue.
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
$7.0M
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 |
|---|---|---|---|---|
| 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% |
| Dec 31, 2025 | $1.0B | $1.0B | $7.0M | 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, 2025
-0.0 pts
Year-over-year change
Dec 31, 2024
+0.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin was at a very high level, supported by a low cost of revenue relative to revenue. This relationship was the most significant factor in the margin structure.
Both quarter-over-quarter and year-over-year comparisons showed stable gross margins, with no material change in the ratio of gross profit to revenue.
Monitor any change in cost of revenue that could affect the gross margin, given its current low proportion relative to revenue.