Vici Properties (VICI) FY2022 results: revenue $2.6 billion, up 72.3% on the year

Vici Properties Inc. (VICI) reported revenue of $2.6 billion for fiscal 2022, the year ended 31 December 2022, up 72.3% on the year before. Net income was $1.1 billion, up 10.2%, and diluted earnings per share $1.27. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$2.6 billion

+72.3% on the year

FY2017FY2022

Operating margin

n/a

FY2017FY2022

Net income

$1.1 billion

+10.2% on the year

FY2017FY2022

Diluted EPS

$1.27

-27.8% on the year

FY2017FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,601	1,510	1,226	+72.3%
Cost of revenue	22.6	20.8	17.6	+8.9%
Gross profit	2,578	1,489	1,208	+73.2%
Gross margin	99.1%	98.6%	98.6%
Operating income	n/a	n/a	321
Operating margin	n/a	n/a	26.2%
Interest expense	540	392	309	+37.6%
Pre-tax income	1,139	1,026	897	+11.0%
Income tax	2.9	2.9	0.8	-0.4%
Effective tax rate	0.3%	0.3%	0.1%
Net income	1,118	1,014	892	+10.2%
Net margin	43.0%	67.2%	72.8%
Diluted EPS	$1.27	$1.76	$1.75	-27.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	1,943	896	884	+116.8%
Capital expenditure	1.9	2.5	2.8	-25.1%
Free cash flow	1,942	894	881	+117.2%
Free cash flow margin	74.7%	59.2%	71.9%
Cash from investing	-9,304	41.4	-4,549
Cash from financing	6,830	-514	2,879
Depreciation	3.2	3.1	3.7	+2.9%
Share-based compensation	13.0	9.4	7.4	+38.6%
Dividends paid	1,219	759	612	+60.7%
Dividend per share	$1.50	$1.38	$1.25	+8.7%
Diluted shares, weighted	880m	577m	511m	+52.4%
Shares outstanding at period end	963m	629m	537m	+53.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	21,934	12,108	9,416	+81.1%
Non-controlling interest	356	78.9	77.9	+351.8%
Debt	13,740	4,695	6,766	+192.7%
Other liabilities	1,546	716	804	+116.0%
Total liabilities and equity	37,576	17,597	17,064	+113.5%
Fixed assets	67.2	68.5	69.2	-1.9%
Investments	217	0.0	20.0
Loans	n/a	n/a	537
Cash and equivalents	209	740	316	-71.8%
Other assets	37,082	16,789	16,122	+120.9%
Total assets	37,576	17,597	17,064	+113.5%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.