What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does VICI Properties (VICI) spend its free cash flow?

For TTM through Q1 2026, VICI Properties generated $2.55B of operating cash flow and $2.55B of free cash flow — a free cash flow margin of 100% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did VICI Properties (VICI) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent VICI Properties's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

VICI Properties (VICI) Cash Flow Waterfall

Operating CF

$2.55B

Capex

-$774K

Free Cash Flow

$2.55B

FCF Margin

+100.0%

Cash flow waterfall for VICI Properties (VICI) — TTM through Q1 2026

Free cash flow: $2.55B

Cash flow breakdown for VICI Properties (VICI) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$2.55B	$2.55B
Capital Expenditure	-$774K	$2.55B
Free Cash Flow	$2.55B	$2.55B
Other Investing	-$741M	$1.81B
Dividends Paid	-$1.88B	-$67.3M
Net Debt Change	-$126M	-$193M
Other Financing & FX	$340M	$147M
Net Cash Increase	$146M	$146M

Operating Cash Flow$2.55B
Capital Expenditure-$774K
Free Cash Flow$2.55B
Other Investing-$741M
Dividends Paid-$1.88B
Net Debt Change-$126M
Other Financing & FX$340M
Net Cash Increase$146M

Want to see what drove the FCF change?Free Cash Flow Bridge

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VICI Properties (VICI) Key Financials

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Income Statement

Balance Sheet

Profitability

Operating Margin98.7%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees28.0

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