VICI Properties Inc. stock research
FY2026 Q1
VICI Properties (VICI) Gross Margin — Quarter Ended Mar 31, 2026
Revenue and gross profit both improved compared to the same quarter one year earlier, while cost of revenue remained relatively stable. As a result, gross margin was essentially unchanged versus a year ago and showed a slight improvement relative to the immediately preceding quarter.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue and gross profit both improved compared to the same quarter one year earlier, while cost of revenue remained relatively stable. As a result, gross margin was essentially unchanged versus a year ago and showed a slight improvement relative to the immediately preceding quarter.
- The relationship between revenue and cost of revenue shows that gross profit moved nearly in line with revenue, keeping the margin highly consistent. The strongest observable driver is revenue growth, as cost of revenue did not increase proportionally, allowing gross profit to grow without margin compression.
- Compared to the immediately preceding quarter, revenue was higher while cost of revenue was slightly lower, resulting in a modestly improved gross margin. Relative to the same quarter one year earlier, revenue and gross profit were higher, but cost of revenue also increased, leaving gross margin essentially stable.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
99.4%
Gross profit
$1.0B
Revenue
$1.0B
Cost of revenue
$6.5M
Quarter-over-quarter change
+0.1 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, 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% |
| Mar 31, 2026 | $1.0B | $1.0B | $6.5M | 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, 2025
+0.1 pts
Year-over-year change
Mar 31, 2025
+0.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The relationship between revenue and cost of revenue shows that gross profit moved nearly in line with revenue, keeping the margin highly consistent. The strongest observable driver is revenue growth, as cost of revenue did not increase proportionally, allowing gross profit to grow without margin compression.
Compared to the immediately preceding quarter, revenue was higher while cost of revenue was slightly lower, resulting in a modestly improved gross margin. Relative to the same quarter one year earlier, revenue and gross profit were higher, but cost of revenue also increased, leaving gross margin essentially stable.
Monitor the trend in cost of revenue, as even small changes could affect the currently stable gross margin.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| VICI Properties Inc. (VICI) | 99.4% |