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Earnings Per Share and Earnings Per Unit | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Share and Earnings Per Unit | 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 reflects 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 – Stockholder’s 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:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Determination of shares: |  |  |  |  |  |  |
Weighted-average shares of common stock outstanding | 1,067,254 |  |  | 1,046,627 |  |  | 1,059,871 |  |  | 1,043,922 |
Assumed conversion of restricted stock | 779 |  |  | 681 |  |  | 613 |  |  | 467 |
Assumed settlement of forward sale agreements | 337 |  |  | 1,031 |  |  | 248 |  |  | 508 |
Diluted weighted-average shares of common stock outstanding | 1,068,369 |  |  | 1,048,338 |  |  | 1,060,732 |  |  | 1,044,897 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands, except per share data) | 2025 |  | 2024 |  | 2025 |  | 2024
Basic: |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 762,040 |  |  | $ | 732,898 |  |  | $ | 2,170,726 |  |  | $ | 2,064,216 |
Weighted-average shares of common stock outstanding | 1,067,254 |  |  | 1,046,627 |  |  | 1,059,871 |  |  | 1,043,922 |
Basic EPS | $ | 0.71 |  |  | $ | 0.70 |  |  | $ | 2.05 |  |  | $ | 1.98 |
Diluted: |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 762,040 |  |  | $ | 732,898 |  |  | $ | 2,170,726 |  |  | $ | 2,064,216 |
Diluted weighted-average shares of common stock outstanding | 1,068,369 |  |  | 1,048,338 |  |  | 1,060,732 |  |  | 1,044,897 |
Diluted EPS | $ | 0.71 |  |  | $ | 0.70 |  |  | $ | 2.05 |  |  | $ | 1.98 |
Earnings Per Unit The following section presents the basic earnings per unit (“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 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:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Determination of units: |  |  |  |  |  |  |
Weighted-average units outstanding | 1,079,485 |  |  | 1,058,858 |  |  | 1,072,102 |  |  | 1,056,153 |
Assumed conversion of VICI restricted stock | 779 |  |  | 681 |  |  | 613 |  |  | 467 |
Assumed settlement of VICI forward sale agreements | 337 |  |  | 1,031 |  |  | 248 |  |  | 508 |
Diluted weighted-average units outstanding | 1,080,601 |  |  | 1,060,570 |  |  | 1,072,963 |  |  | 1,057,129 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands, except per unit data) | 2025 |  | 2024 |  | 2025 |  | 2024
Basic: |  |  |  |  |  |  |
Net income attributable to partners | $ | 770,281 |  |  | $ | 741,519 |  |  | $ | 2,190,024 |  |  | $ | 2,081,840 |
Weighted-average units outstanding | 1,079,485 |  |  | 1,058,858 |  |  | 1,072,102 |  |  | 1,056,153 |
Basic EPU | $ | 0.71 |  |  | $ | 0.70 |  |  | $ | 2.04 |  |  | $ | 1.97 |
Diluted: |  |  |  |  |  |  |
Net income attributable to partners | $ | 770,281 |  |  | $ | 741,519 |  |  | $ | 2,190,024 |  |  | $ | 2,081,840 |
Weighted-average units outstanding | 1,080,601 |  |  | 1,060,570 |  |  | 1,072,963 |  |  | 1,057,129 |
Diluted EPU | $ | 0.71 |  |  | $ | 0.70 |  |  | $ | 2.04 |  |  | $ | 1.97 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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