VICI dividend
MyStockButler's October 2026 analysis: VICI pays $0.46 each quarter, or $1.84 a year. VICI’s operations covered its dividends from 2021 through 2025, while operating cash flow was close to AFFO in 2025.
How much does VICI pay in dividends?
The latest quarterly dividend is $0.46, or $1.84 a year. VICI also authorized up to $2 billion of share repurchases on October 27, 2026, although the authorization is discretionary.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| FFO per share | 2.61 | 2.56 | 2.48 | 1.30 | 1.76 |
| AFFO per share (company's measure) | 2.38 | 2.26 | 2.15 | 1.93 | 1.82 |
| Dividend per share | 1.77 | 1.70 | 1.61 | 1.50 | 1.38 |
| AFFO payout ratio | 74.2% | 75.0% | 74.9% | 77.7% | 75.8% |
What this means. The dividend payout percentage uses the company’s own adjusted profit measure, not its standard profit measure, so it is not simply the dividend divided by standard funds from operations.
Does VICI cover its dividend with cash?
VICI’s operations covered its dividends from 2021 through 2025, but that surplus was too small to fund major purchases on its own. A REIT generally distributes at least 90% of taxable income, so VICI normally returns much of its recurring income instead of retaining it for expansion.
Operating cash flow provides a useful check and was close to AFFO in 2025. Investing cash flow was negative because VICI funded growth as well as other spending. Subtracting every investment outflow makes a growing landlord look temporarily cash-poor; ignoring all investment needs makes distributions look safer than they are.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 2,509,991 | 2,381,498 | 2,181,009 | 1,943,396 | 896,350 |
| − Dividends paid | 1,853,467 | 1,752,991 | 1,583,840 | 1,219,117 | 758,790 |
| = Operating cash after dividends | 656,524 | 628,507 | 597,169 | 724,279 | 137,560 |
| − Acquisitions | 0 | 248 | 2,640,040 | 8,889,055 | 0 |
| + Shares issued | 375,349 | 378,687 | 2,480,105 | 3,219,101 | 2,385,779 |
| + Debt issued | 1,710,461 | 1,853,368 | 419,148 | 5,600,000 | 0 |
What could change VICI’s dividend?
VICI’s weighted forecast points to higher share value by October 2029, but its return hinges on rent collections, investment returns and funding costs supporting the assumed growth. Management guides to $2.47–$2.48 of AFFO per diluted share. It estimates a 1,090.2 million weighted average share count at year-end. The forecast places the share price at $24.76 in October 2027. That implies a 13% total return including dividends. By October 2029, the weighted price is $27.74. That implies a 42% total return including dividends. The forecast assigns 27% probability to the bear case and 55% to the base case. The bull case gets 18%. Caesars’ rent collections and credit outlook are pivotal; about $313.2 million of the Q3 2026 credit-loss increase related to it. The October 29, 2026 results call, February 2027 maturities, St. Croix’s fourth-quarter 2027 reopening and One Beverly Hills’ expected 2028 completion are the checkpoints. VICI’s value rests on rent collection, not occupancy alone.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Adjusted Funds From Operations (AFFO) | 2,820 (2,650 / 2,910) | 2,940 (2,570 / 3,140) | 3,070 (2,500 / 3,380) |
| Shares (millions) | 1,092 (1,117 / 1,077) | 1,083 (1,133 / 1,049) | 1,075 (1,148 / 1,023) |
| Dividends per share | 1.88 (1.84 / 1.92) | 1.92 (1.80 / 2.00) | 1.96 (1.76 / 2.08) |
| Price to Adjusted Funds From Operations (AFFO) | 10.00 (8.50 / 10.50) | 10.25 (8.00 / 11.00) | 10.50 (7.50 / 11.50) |
What is VICI’s dividend yield today?
The reciprocal of that multiple is an AFFO yield of about 10.4%. The latest quarterly dividend is $0.46, or $1.84 a year, so the dividend yield is 7.8%. The difference provides room for interest, capital spending, debt reduction and growth, but AFFO is not unrestricted cash. VICI is a real-estate investment trust and must distribute at least 90% of annual REIT taxable income, while the board still controls the dividend.