NYSE : LVS
Las Vegas Sands Corp. — Financial statements
Consumer Discretionary · Resorts & Casinos · United States
Last price 37.04 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 23.22B
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Financial statements
Las Vegas Sands Corp. (LVS) reported revenue of 13.60B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 13.60B | 13.02B | 11.30B | 10.37B | 4.11B | 4.23B |
| Cost of Revenue | 2.91B | 2.61B | 2.33B | 2.14B | 1.52B | 1.41B |
| Gross Profit | 10.70B | 10.41B | 8.97B | 8.23B | 2.58B | 2.83B |
| Selling, General & Admin | 1.88B | 1.84B | 1.73B | 1.60B | 1.37B | 1.21B |
| Other Operating Expenses | 4.23B | 3.93B | 3.45B | 3.06B | 935.00M | 1.22B |
| Operating Expenses | 7.67B | 7.35B | 6.52B | 5.89B | 3.37B | 3.49B |
| Operating Income | 3.02B | 3.06B | 2.45B | 2.34B | -783.00M | -662.00M |
| Interest Expense | -754.00M | -746.00M | -727.00M | -818.00M | -702.00M | -621.00M |
| Interest & Investment Income | 127.00M | 161.00M | 275.00M | 288.00M | 116.00M | 4.00M |
| Currency Exchange Gain (Loss) | -26.00M | -21.00M | ||||
| Other Non Operating Income (Expenses) | 20.00M | 6.00M | 10.00M | -8.00M | -9.00M | -31.00M |
| EBT Excluding Unusual Items | 2.39B | 2.46B | 2.01B | 1.80B | -1.38B | -1.31B |
| Gain (Loss) on Sale of Assets | -3.00M | -6.00M | -9.00M | -8.00M | -3.00M | -27.00M |
| Asset Writedown | -172.00M | -231.00M | -10.00M | -1.00M | -2.00M | |
| Other Unusual Items | -3.00M | -15.00M | -31.00M | -18.00M | -4.00M | -137.00M |
| Pretax Income | 2.21B | 2.21B | 1.96B | 1.77B | -1.39B | -1.47B |
| Income Tax Expense | 400.00M | 347.00M | 208.00M | 344.00M | 154.00M | -5.00M |
| Earnings From Continuing Operations | 1.81B | 1.87B | 1.75B | 1.43B | -1.54B | -1.47B |
| Earnings From Discontinued Operations | 2.90B | 193.00M | ||||
| Net Income to Company | 1.81B | 1.87B | 1.75B | 1.43B | 1.36B | -1.28B |
| Minority Interest in Earnings | -202.00M | -239.00M | -306.00M | -210.00M | 475.00M | 315.00M |
| Net Income | 1.61B | 1.63B | 1.45B | 1.22B | 1.83B | -961.00M |
| Net Income to Common | 1.61B | 1.63B | 1.45B | 1.22B | 1.83B | -961.00M |
| Shares Outstanding (Basic) | 659.50M | 691.00M | 735.00M | 763.00M | 764.00M | 764.00M |
| Shares Outstanding (Diluted) | 660.75M | 693.00M | 737.00M | 765.00M | 764.00M | 764.00M |
| EPS (Basic) | 2.44 | 2.35 | 1.97 | 1.60 | 2.40 | -1.26 |
| EPS (Diluted) | 2.44 | 2.35 | 1.96 | 1.60 | 2.39 | -1.26 |
| Free Cash Flow | 2.41B | 1.85B | 1.64B | 2.21B | -1.45B | -813.00M |
| Free Cash Flow Per Share | 3.64 | 2.68 | 2.22 | 2.89 | -1.89 | -1.06 |
| Dividend Per Share | 1.20 | 1.05 | 0.85 | 0.60 | ||
| Gross Margin | 78.63% | 79.98% | 79.41% | 79.35% | 62.90% | 66.79% |
| Operating Margin | 22.24% | 23.55% | 21.70% | 22.56% | -19.05% | -15.63% |
| Profit Margin | 11.85% | 12.50% | 12.80% | 11.77% | 44.57% | -22.70% |
| Free Cash Flow Margin | 17.69% | 14.25% | 14.49% | 21.31% | -35.18% | -19.20% |
| EBITDA | 4.45B | 4.53B | 3.76B | 3.55B | 253.00M | 379.00M |
| EBITDA Margin | 32.68% | 34.82% | 33.30% | 34.23% | 6.16% | 8.95% |
| D&A For EBITDA | 1.42B | 1.47B | 1.31B | 1.21B | 1.04B | 1.04B |
| EBIT | 3.02B | 3.06B | 2.45B | 2.34B | -783.00M | -662.00M |
| EBIT Margin | 22.24% | 23.55% | 21.70% | 22.56% | -19.05% | -15.63% |
| Effective Tax Rate | 18.07% | 15.68% | 10.61% | 19.38% | ||
| Revenue as Reported | 13.60B | 13.02B | 11.30B | 10.37B | 4.11B | 4.23B |
| Advertising Expenses | 36.00M | 34.00M | 47.00M | 29.00M | 31.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.86B | 3.84B | 3.65B | 5.11B | 6.31B | 1.85B |
| Cash & Short-Term Investments | 2.86B | 3.84B | 3.65B | 5.11B | 6.31B | 1.85B |
| Accounts Receivable | 622.00M | 705.00M | 367.00M | 441.00M | 222.00M | 185.00M |
| Other Receivables | 42.00M | 37.00M | 50.00M | 43.00M | 45.00M | 17.00M |
| Receivables | 664.00M | 742.00M | 417.00M | 484.00M | 267.00M | 202.00M |
| Inventory | 49.00M | 46.00M | 41.00M | 38.00M | 28.00M | 22.00M |
| Prepaid Expenses | 248.00M | 203.00M | 182.00M | 150.00M | 138.00M | 113.00M |
| Restricted Cash | 16.00M | |||||
| Other Current Assets | 3.30B | |||||
| Total Current Assets | 3.82B | 4.83B | 4.29B | 5.78B | 6.74B | 5.51B |
| Property, Plant & Equipment | 11.48B | 11.72B | 12.04B | 11.49B | 11.47B | 11.87B |
| Goodwill | 103.00M | 102.00M | 103.00M | 10.00M | ||
| Other Intangible Assets | 513.00M | 470.00M | 443.00M | 495.00M | 54.00M | 19.00M |
| Long-Term Deferred Tax Assets | 148.00M | 160.00M | 122.00M | 121.00M | 131.00M | 297.00M |
| Long-Term Deferred Charges | 81.00M | |||||
| Other Long-Term Assets | 3.46B | 3.37B | 2.40B | 2.60B | 2.46B | 2.28B |
| Total Assets | 19.42B | 21.92B | 20.67B | 21.78B | 22.04B | 20.06B |
| Accounts Payable | 146.00M | 190.00M | 164.00M | 167.00M | 89.00M | 77.00M |
| Accrued Expenses | 2.40B | 1.39B | 1.25B | 1.25B | 893.00M | 776.00M |
| Current Portion of Long-Term Debt | 1.39B | 1.11B | 3.15B | 1.89B | 2.02B | 64.00M |
| Current Portion of Leases | 38.00M | 26.00M | 28.00M | 21.00M | 24.00M | |
| Current Income Taxes Payable | 323.00M | 385.00M | 229.00M | 261.00M | 135.00M | 32.00M |
| Current Unearned Revenue | 181.00M | 112.00M | 135.00M | 81.00M | 74.00M | |
| Other Current Liabilities | 191.00M | 933.00M | 871.00M | 689.00M | 660.00M | 1.52B |
| Total Current Liabilities | 4.62B | 4.22B | 5.80B | 4.42B | 3.90B | 2.56B |
| Long-Term Debt | 13.75B | 14.58B | 10.53B | 12.12B | 13.93B | 14.71B |
| Long-Term Leases | 147.00M | 306.00M | 290.00M | 261.00M | 170.00M | 169.00M |
| Long-Term Deferred Tax Liabilities | 157.00M | 174.00M | 188.00M | 187.00M | 152.00M | 173.00M |
| Other Long-Term Liabilities | 861.00M | 704.00M | 701.00M | 684.00M | 225.00M | 198.00M |
| Total Liabilities | 19.53B | 19.99B | 17.51B | 17.67B | 18.38B | 17.81B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Additional Paid-In Capital | 6.11B | 6.16B | 6.25B | 6.48B | 6.68B | 6.65B |
| Retained Earnings | 5.01B | 4.39B | 3.46B | 2.60B | 1.68B | -148.00M |
| Treasury Stock | -11.53B | -9.03B | -6.76B | -4.99B | -4.48B | -4.48B |
| Comprehensive Income & Other | 61.00M | 71.00M | -58.00M | 27.00M | -7.00M | -22.00M |
| Total Common Equity | -344.00M | 1.59B | 2.88B | 4.12B | 3.88B | 2.00B |
| Minority Interest | 229.00M | 344.00M | 276.00M | -14.00M | -225.00M | 252.00M |
| Shareholders' Equity | -115.00M | 1.93B | 3.16B | 4.10B | 3.66B | 2.25B |
| Total Liabilities & Equity | 19.42B | 21.92B | 20.67B | 21.78B | 22.04B | 20.06B |
| Total Debt | 15.46B | 16.03B | 13.99B | 14.30B | 16.15B | 14.96B |
| Net Cash (Debt) | -12.60B | -12.19B | -10.34B | -9.20B | -9.84B | -13.11B |
| Net Cash Per Share | -19.07 | -17.59 | -14.03 | -12.02 | -12.88 | -17.16 |
| Filing Date Shares Outstanding | 626.96M | 671.88M | 715.91M | 753.60M | 764.23M | 763.96M |
| Total Common Shares Outstanding | 626.97M | 674.88M | 716.28M | 753.43M | 764.21M | 763.96M |
| Working Capital | -802.00M | 610.00M | -1.51B | 1.35B | 2.84B | 2.94B |
| Book Value Per Share | -0.55 | 2.36 | 4.03 | 5.47 | 5.08 | 2.61 |
| Tangible Book Value | -857.00M | 1.02B | 2.34B | 3.52B | 3.82B | 1.98B |
| Tangible Book Value Per Share | -1.37 | 1.51 | 3.27 | 4.67 | 4.99 | 2.59 |
| Land | 722.00M | 756.00M | 593.00M | 450.00M | 449.00M | |
| Buildings | 16.77B | 16.41B | 16.21B | 15.49B | 14.84B | |
| Machinery | 6.65B | 6.03B | 5.35B | 4.64B | 4.49B | |
| Construction In Progress | 745.00M | 629.00M | 491.00M | 1.12B | 1.51B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.61B | 1.63B | 1.45B | 1.22B | 1.83B | -961.00M |
| Depreciation & Amortization | 1.49B | 1.54B | 1.37B | 1.27B | 1.09B | 1.10B |
| Other Amortization | 61.00M | 58.00M | 57.00M | 61.00M | 57.00M | 52.00M |
| Loss (Gain) From Sale of Assets | 170.00M | 236.00M | 19.00M | 11.00M | 7.00M | 16.00M |
| Stock-Based Compensation | 66.00M | 54.00M | 55.00M | 44.00M | 39.00M | 22.00M |
| Provision & Write-off of Bad Debts | 132.00M | 85.00M | 19.00M | 4.00M | 15.00M | 3.00M |
| Other Operating Activities | 212.00M | 207.00M | 221.00M | 230.00M | -4.15B | -383.00M |
| Change in Accounts Receivable | -246.00M | -392.00M | 43.00M | -217.00M | -78.00M | 43.00M |
| Change in Accounts Payable | -24.00M | 22.00M | -1.00M | 76.00M | 11.00M | -11.00M |
| Change in Other Net Operating Assets | 11.00M | -414.00M | -23.00M | 531.00M | 231.00M | -121.00M |
| Operating Cash Flow | 3.49B | 3.02B | 3.20B | 3.23B | -795.00M | 15.00M |
| Capital Expenditures | -1.08B | -1.17B | -1.57B | -1.02B | -651.00M | -828.00M |
| Sale of Property, Plant & Equipment | 6.00M | 7.00M | 1.00M | 3.00M | 9.00M | 7.00M |
| Sale (Purchase) of Intangibles | -5.00M | -75.00M | -13.00M | -240.00M | -129.00M | -11.00M |
| Other Investing Activities | 37.00M | 19.00M | 4.88B | -63.00M | ||
| Investing Cash Flow | 221.00M | -1.22B | -1.58B | -1.25B | 4.16B | -895.00M |
| Long-Term Debt Issued | 6.78B | 1.75B | 1.20B | 2.70B | ||
| Long-Term Debt Repaid | -4.92B | -2.07B | -2.07B | -66.00M | -1.87B | |
| Net Debt Issued (Repaid) | -385.00M | 1.86B | -326.00M | -2.07B | 1.13B | 835.00M |
| Issuance of Common Stock | 268.00M | 264.00M | 1.00M | 4.00M | 19.00M | |
| Repurchase of Common Stock | -3.00B | -2.22B | -1.75B | -507.00M | -1.00M | |
| Common Dividends Paid | -892.00M | -695.00M | -590.00M | -305.00M | ||
| Other Financing Activities | -185.00M | -856.00M | -390.00M | -311.00M | -11.00M | -170.00M |
| Financing Cash Flow | -4.19B | -1.64B | -3.06B | -3.19B | 1.12B | 684.00M |
| Foreign Exchange Rate Adjustments | -10.00M | 28.00M | -19.00M | 8.00M | 22.00M | -16.00M |
| Net Cash Flow | -495.00M | 191.00M | -1.45B | -1.21B | 4.51B | -212.00M |
| Free Cash Flow | 2.41B | 1.85B | 1.64B | 2.21B | -1.45B | -813.00M |
| Free Cash Flow Margin | 17.69% | 14.25% | 14.49% | 21.31% | -35.18% | -19.20% |
| Free Cash Flow Per Share | 3.64 | 2.68 | 2.22 | 2.89 | -1.89 | -1.06 |
| Levered Free Cash Flow | 2.11B | 1.97B | 1.16B | 1.50B | 2.11B | -743.88M |
| Unlevered Free Cash Flow | 2.52B | 2.38B | 1.55B | 1.95B | 2.50B | -407.75M |
| Cash Interest Paid | 675.00M | 710.00M | 650.00M | 746.00M | 614.00M | 591.00M |
| Cash Income Tax Paid | 401.00M | 271.00M | 222.00M | 176.00M | 649.00M | 86.00M |
| Change in Working Capital | -259.00M | -784.00M | 19.00M | 390.00M | 164.00M | -89.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 23.18B | 44.01B | 37.24B | 37.07B | 36.73B | 28.76B |
| Enterprise Value | 35.78B | 56.77B | 47.26B | 45.79B | 46.07B | 41.97B |
| Last Close Price | 36.97 | 63.97 | 49.42 | 46.53 | 45.11 | 35.32 |
| PE Ratio | 15.16 | 27.05 | 25.75 | 30.36 | 20.05 | |
| Forward PE | 12.75 | 22.04 | 20.04 | 17.91 | 81.09 | 101.07 |
| PS Ratio | 1.70 | 3.38 | 3.30 | 3.57 | 8.94 | 6.79 |
| PB Ratio | 22.75 | 11.78 | 9.03 | 10.05 | 12.79 | |
| P/TBV Ratio | 43.27 | 15.92 | 10.53 | 9.62 | 14.54 | |
| P/FCF Ratio | 9.63 | 23.72 | 22.75 | 16.77 | ||
| P/OCF Ratio | 6.65 | 14.56 | 11.62 | 11.49 | 1,917.07 | |
| PEG Ratio | 1.71 | 1.14 | 21.12 | 21.12 | 20.21 | |
| EV/Sales Ratio | 2.63 | 4.36 | 4.18 | 4.42 | 11.21 | 9.91 |
| EV/EBITDA Ratio | 8.05 | 12.53 | 12.56 | 12.90 | 182.10 | 110.75 |
| EV/EBIT Ratio | 11.83 | 18.52 | 19.27 | 19.57 | ||
| EV/FCF Ratio | 14.87 | 30.61 | 28.87 | 20.72 | ||
| Debt / Equity Ratio | -134.44 | 8.29 | 4.43 | 3.48 | 4.42 | 6.66 |
| Debt / EBITDA Ratio | 3.40 | 3.46 | 3.63 | 3.93 | 48.20 | 33.10 |
| Debt / FCF Ratio | 6.43 | 8.64 | 8.55 | 6.47 | ||
| Net Debt / Equity Ratio | -109.58 | 6.30 | 3.27 | 2.24 | 2.69 | 5.83 |
| Net Debt / EBITDA Ratio | 2.83 | 2.69 | 2.75 | 2.59 | 38.88 | 34.59 |
| Net Debt / FCF Ratio | 5.24 | 6.57 | 6.32 | 4.16 | -6.80 | -16.12 |
| Asset Turnover | 0.67 | 0.61 | 0.53 | 0.47 | 0.20 | 0.21 |
| Inventory Turnover | 61.85 | 59.91 | 58.89 | 64.91 | 61.00 | 63.91 |
| Quick Ratio | 0.76 | 1.09 | 0.70 | 1.26 | 1.69 | 0.80 |
| Current Ratio | 0.83 | 1.14 | 0.74 | 1.31 | 1.73 | 2.15 |
| Return on Equity (ROE) | 207.08% | 73.26% | 48.24% | 36.88% | -52.20% | -50.78% |
| Return on Assets (ROA) | 9.24% | 9.00% | 7.22% | 6.68% | -2.33% | -2.02% |
| Return on Invested Capital (ROIC) | 17.96% | 18.71% | 16.36% | 14.08% | -5.43% | -4.27% |
| Return on Capital Employed (ROCE) | 20.40% | 17.30% | 16.50% | 13.50% | -4.30% | -3.80% |
| Earnings Yield | 6.60% | 3.70% | 3.88% | 3.29% | 4.99% | -3.34% |
| FCF Yield | 10.38% | 4.21% | 4.40% | 5.96% | -3.94% | -2.83% |
| Dividend Yield | 3.25% | 1.61% | 1.64% | 1.22% | ||
| Payout Ratio | 49.21% | 42.72% | 40.80% | 24.98% | ||
| Buyback Yield / Dilution | 6.14% | 5.97% | 3.66% | -0.13% | ||
| Total Shareholder Return | 9.39% | 7.58% | 5.29% | 1.09% |