VICI PROPERTIES INC.VICI
VICI PROPERTIES INC. Earnings Per Share Disclosure
Earnings Per Share and Earnings Per Unit
Earnings Per Share
Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share reflect the additional dilution for all potentially dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the shares to be issued by us upon settlement of any outstanding forward sale agreements for the period such dilutive security is outstanding. The shares issuable upon settlement of any outstanding forward sale agreements, as described in Note 11 - Stockholders' Equity, are reflected in the diluted earnings per share calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the shares under any outstanding forward sale agreements for the period prior to settlement over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement).
The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share:
| Year Ended December 31, | |||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Determination of shares: | |||||||||||||||||
| Weighted-average shares of common stock outstanding | 1,062,006 | 1,046,740 | 1,014,513 | ||||||||||||||
| Assumed conversion of restricted stock | 501 | 482 | 784 | ||||||||||||||
| Assumed settlement of forward sale agreements | 186 | 453 | 480 | ||||||||||||||
| Diluted weighted-average shares of common stock outstanding | 1,062,693 | 1,047,675 | 1,015,777 | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| (In thousands, except per share data) | 2025 | 2024 | 2023 | ||||||||||||||
| Basic: | |||||||||||||||||
| Net income attributable to common stockholders | $ | 2,775,493 | $ | 2,678,810 | $ | 2,513,540 | |||||||||||
| Weighted-average shares of common stock outstanding | 1,062,006 | 1,046,740 | 1,014,513 | ||||||||||||||
| Basic EPS | $ | 2.61 | $ | 2.56 | $ | 2.48 | |||||||||||
| Diluted: | |||||||||||||||||
| Net income attributable to common stockholders | $ | 2,775,493 | $ | 2,678,810 | $ | 2,513,540 | |||||||||||
| Diluted weighted-average shares of common stock outstanding | 1,062,693 | 1,047,675 | 1,015,777 | ||||||||||||||
| Diluted EPS | $ | 2.61 | $ | 2.56 | $ | 2.47 | |||||||||||
Earnings Per Unit
The following section presents the basic EPU and diluted EPU of VICI OP, our operating partnership and the direct parent and 100% interest holder in VICI LP. VICI LP’s interests are not expressed in units. However, given that VICI OP has a unit ownership structure and the financial information of VICI OP is substantially identical with that of VICI LP, we have elected to present the EPU of VICI OP. Basic EPU is computed by dividing net income attributable to partners’ capital by the weighted-average number of units outstanding during the period. In accordance with the VICI OP limited liability company agreement, for each share of common stock issued at VICI, a corresponding unit is issued by VICI OP. Accordingly, diluted EPU reflects the additional dilution for all potentially dilutive units resulting from potentially dilutive VICI stock issuances, such as options, unvested restricted stock awards, unvested performance-based restricted stock unit awards and the units to be issued by us upon settlement of any outstanding forward sale agreements of VICI for the period such dilutive security is outstanding. The units issuable upon settlement of any outstanding forward sale agreements of VICI are reflected in the diluted EPU calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of units used in calculating diluted EPU is deemed to be increased by the excess, if any, of the number of units that would be issued upon full physical settlement of the units under any outstanding forward sale agreements for the period prior to settlement over the number of shares of VICI common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). Upon VICI’s physical settlement of the shares of VICI common stock under the outstanding forward sale agreement, the delivery of shares of VICI common stock resulted in an increase in the number of VICI OP units outstanding and resulting dilution to EPU.
The following tables reconcile the weighted-average units outstanding used in the calculation of basic EPU to the weighted-average units outstanding used in the calculation of diluted EPU:
| Year Ended December 31, | |||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Determination of units: | |||||||||||||||||
| Weighted-average units outstanding | 1,074,238 | 1,058,971 | 1,026,745 | ||||||||||||||
| Assumed conversion of VICI restricted stock | 501 | 482 | 784 | ||||||||||||||
| Assumed settlement of VICI forward sale agreements | 186 | 453 | 480 | ||||||||||||||
| Diluted weighted-average units outstanding | 1,074,924 | 1,059,906 | 1,028,008 | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| (In thousands, except per share data) | 2025 | 2024 | 2023 | ||||||||||||||
| Basic: | |||||||||||||||||
| Net income attributable to partners | $ | 2,801,482 | $ | 2,704,255 | $ | 2,535,066 | |||||||||||
| Weighted-average units outstanding | 1,074,238 | 1,058,971 | 1,026,745 | ||||||||||||||
| Basic EPU | $ | 2.61 | $ | 2.55 | $ | 2.47 | |||||||||||
| Diluted: | |||||||||||||||||
| Net income attributable to partners | $ | 2,801,482 | $ | 2,704,255 | $ | 2,535,066 | |||||||||||
| Diluted weighted-average units outstanding | 1,074,924 | 1,059,906 | 1,028,008 | ||||||||||||||
| Diluted EPU | $ | 2.61 | $ | 2.55 | $ | 2.47 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2017 | Mar 28, 2018 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.