Las Vegas Sands Corp. (LVS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.76	$0.59	-22.4%	—	$3.2B	—
Q1 26	$0.76	$0.91	+19.7%	—	$3.6B	—
Q4 25	$0.77	$0.85	+10.4%	—	$3.6B	—
Q3 25	$0.62	$0.78	+25.8%	—	$3.3B	—
Q2 25	$0.53	$0.79	+49.1%	—	$3.2B	—
Q1 25	$0.57	$0.59	+3.5%	—	$2.9B	—
Q4 24	$0.58	$0.54	-6.9%	—	$2.9B	—
Q3 24	$0.53	$0.44	-17.0%	—	$2.7B	—
Q2 24	$0.56	$0.55	-1.8%	—	$2.8B	—
Q1 24	$0.62	$0.75	+21.0%	—	$3B	—
Q4 23	$0.61	$0.57	-6.6%	—	$2.9B	—
Q3 23	$0.54	$0.55	+1.9%	—	$2.8B	—
Q2 23	$0.43	$0.46	+7.0%	—	$2.5B	—
Q1 23	$0.2	$0.28	+40.0%	—	$2.1B	—
Q4 22	-$0.09	-$0.19	-111.1%	—	$1.1B	—
Q3 22	-$0.24	-$0.27	-12.5%	—	$1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.35	—	—	$13B	—
FY24	—	$1.97	—	—	$11.3B	—
FY23	—	$1.6	—	—	$10.4B	—
FY22	—	$2.4	—	—	$4.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$11.3B	$12.7B	$13.7B	$12.1B	$2.9B	$4.2B	$4.1B	$10.4B	$11.3B	$13B
YoY change	-3.57%	+12.9%	+7.86%	-11.7%	-75.8%	+44%	-2.93%	+152.4%	+8.93%	+15.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	11.3B	12.7B	13.7B	12.1B	2.9B	4.2B	4.1B	10.4B	11.3B	13B
Cost of revenue	5.7B	6.3B	7B	6.1B	2.1B	2.6B	2.5B	5.2B	5.8B	6.5B
Gross profit	5.6B	6.4B	6.8B	6B	821M	1.6B	1.6B	5.2B	5.5B	6.5B
Gross margin	49.6%	50.3%	49.2%	49.7%	27.9%	38%	40.1%	49.8%	48.9%	49.8%
Research & development	9M	13M	12M	24M	18M	109M	143M	205M	228M	269M
Selling, general & administrative	1.3B	1.4B	1.5B	1.1B	798M	831M	936M	1.1B	1.1B	1.2B
Operating expenses	1.6B	1.6B	1.7B	1.5B	984M	1.2B	1.3B	1.5B	1.7B	1.8B
Operating income	2.7B	3.5B	3.9B	3.5B	-1.3B	-643M	-770M	2.4B	2.5B	3.1B
Operating margin	24.1%	27.4%	28.5%	28.7%	-44.3%	-15.2%	-18.7%	22.7%	21.8%	23.7%
Non-operating income, net	-183M	-127M	-194M	495M	-73M	-214M	-31M	-50M	-54M	-291M
Pretax income	2.3B	3.1B	3.3B	3.6B	-1.9B	-1.5B	-1.4B	1.8B	2B	2.2B
Income tax	239M	-209M	375M	432M	24M	-5M	154M	344M	208M	347M
Net income	2B	3.3B	3B	3.3B	-2.1B	-1.3B	1.4B	1.4B	1.8B	1.9B
Net margin	18%	25.6%	21.5%	27.2%	-72.9%	-30.1%	33%	13.8%	15.5%	14.3%
EBITDA	3.9B	4.6B	5.1B	4.7B	-209M	427M	428M	3.9B	4.1B	4.8B
EPS	2.1	3.54	3.07	3.5	-2.21	-1.26	2.4	1.6	1.97	2.35
Diluted EPS	2.1	3.54	3.07	3.5	-2.21	-1.26	2.4	1.6	1.96	2.35

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.8B	2.9B	3B	2.8B	2.7B	2.9B	2.9B	3.2B	3.3B	3.6B	3.6B	3.2B
Cost of revenue	1.4B	1.4B	1.5B	1.4B	1.4B	1.5B	1.4B	1.5B	1.7B	1.9B	1.8B	1.7B
Gross profit	1.4B	1.5B	1.5B	1.3B	1.3B	1.4B	1.4B	1.6B	1.7B	1.8B	1.7B	1.5B
Gross margin	50.4%	50.9%	50.6%	48.6%	47.3%	48.8%	49.5%	51.6%	49.8%	48.5%	48.8%	46.9%
Research & development	44M	65M	53M	61M	55M	59M	69M	69M	72M	59M	41M	43M
Selling, general & administrative	290M	287M	286M	268M	293M	303M	273M	292M	308M	315M	302M	331M
Operating expenses	383M	416M	417M	398M	416M	437M	415M	430M	458M	464M	426M	448M
Operating income	695M	717M	734M	610M	519M	603M	620M	800M	794M	875M	916M	625M
Operating margin	24.9%	24.6%	24.8%	22.1%	19.4%	20.8%	21.7%	25.2%	23.8%	24%	25.6%	19.8%
Non-operating income, net	-3M	2M	-23M	-8M	-4M	-19M	-17M	-39M	-64M	-171M	-15M	-6M
Pretax income	571M	592M	600M	496M	403M	461M	471M	609M	582M	551M	748M	461M
Income tax	122M	123M	17M	72M	50M	69M	63M	90M	91M	103M	107M	88M
Net income	449M	469M	583M	424M	353M	392M	408M	519M	491M	448M	641M	373M
Net margin	16.1%	16.1%	19.7%	15.4%	13.2%	13.5%	14.3%	16.3%	14.7%	12.3%	17.9%	11.8%
EBITDA	1.1B	1.1B	1.1B	1B	936M	1B	1B	1.2B	1.2B	1.3B	1.3B	1B
EPS	0.5	0.5	0.66	0.48	0.38	0.45	0.49	0.66	0.61	0.59	0.85	0.53
Diluted EPS	0.5	0.5	0.66	0.48	0.38	0.45	0.49	0.66	0.61	0.58	0.85	0.53

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	42.4B	55B	40.9B	53.2B	45.5B	28.8B	36.7B	37.5B	37.7B	45B	25.1B
Enterprise value	49.9B	62.3B	48.2B	61.5B	57.5B	41.7B	46.4B	46.5B	47.9B	56.9B	37.5B
Shares outstanding	794.6M	792M	786M	771M	764M	764M	764M	763M	735M	691M	691M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21	16.9	13.9	16.1	—	—	27.1	26.2	21.5	24.1	15.1
P/S	3.77	4.32	2.98	4.39	15.5	6.79	8.94	3.62	3.34	3.46	1.84
P/B	5.66	7.22	6.07	8.18	12.9	12.8	10	9.15	11.9	23.3	43.5
EV/EBITDA	12.8	13.5	9.39	13.1	-274.9	97.7	108.4	11.9	11.6	11.9	8.08
EV/Sales	4.43	4.89	3.51	5.07	19.5	9.85	11.3	4.48	4.24	4.37	2.73
Earnings yield	4.77%	5.93%	7.21%	6.21%	—	—	3.69%	3.81%	4.64%	4.15%	6.62%
FCF yield	6.12%	6.73%	9.17%	3.7%	-5.58%	-2.87%	-4.29%	5.25%	4.3%	3.96%	8.81%
PEG	—	—	—	—	—	—	—	—	—	—	-0.77

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	49.6%	50.3%	49.2%	49.7%	27.9%	38%	40.1%	49.8%	48.9%	49.8%	46.9%
Operating margin	24.1%	27.4%	28.5%	28.7%	-44.3%	-15.2%	-18.7%	22.7%	21.8%	23.7%	19.7%
Net margin	18%	25.6%	21.5%	27.2%	-72.9%	-30.1%	33%	13.8%	15.5%	14.3%	12.6%
ROE	27%	42.8%	43.8%	50.8%	-60.6%	-56.8%	37.1%	34.9%	55.4%	96.5%	122.9%
ROA	9.89%	15.8%	13.1%	14.2%	-10.3%	-6.36%	6.16%	6.57%	8.48%	8.51%	9.55%
ROIC	16.2%	23.5%	24.6%	20.7%	-8.42%	-4.23%	-5.78%	14.6%	16.6%	18.8%	20.9%
Return on tangible assets	9.99%	15.9%	13.2%	14.3%	-10.3%	-6.37%	6.19%	6.95%	8.95%	8.98%	10.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.1	1.08	1.76	1.65	2.03	2.15	1.73	1.31	0.74	1.14	1
Quick ratio	1.09	1.07	1.75	1.63	2.02	2.14	1.72	1.3	0.73	1.13	0.99
Debt / equity	1.28	1.26	1.78	1.92	3.96	6.58	4.37	3.42	4.35	8.16	17
Debt / assets	0.47	0.47	0.53	0.54	0.67	0.74	0.72	0.64	0.67	0.72	0.77
Net debt / EBITDA	1.91	1.56	1.43	1.77	-57	30.3	22.6	2.29	2.45	2.5	2.44
Interest coverage	9.26	10.3	8.46	9.02	-2.59	-1.37	-0.98	3.17	3.7	3.97	3.97
Effective tax rate	10.6%	0%	11.3%	12%	0%	0%	0%	19.4%	10.6%	15.7%	16.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	14.2	16.1	17.5	15.7	3.85	5.54	5.38	13.6	15.4	18.8	20.5
EPS (basic)	2.1	3.54	3.07	3.5	-2.21	-1.26	2.4	1.6	1.97	2.35	2.35
EPS (diluted)	2.1	3.54	3.07	3.5	-2.21	-1.26	2.4	1.6	1.96	2.35	2.58
Book value per share	9.43	9.63	8.58	8.44	4.63	2.94	4.79	5.38	4.3	2.8	0.9
FCF per share	3.27	4.68	4.77	2.55	-3.32	-1.08	-2.06	2.58	2.21	2.58	4.12
Cash per share	2.68	3.05	5.91	5.48	2.73	2.43	8.26	6.69	4.97	5.56	5.21
Capex per share	0.01	0.02	0.02	0.01	0	0.01	0.01	0	0	1.69	1.57

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.04%	0.12%	0.14%	0.04%	0.03%	0.17%	0.22%	0.03%	0.01%	8.97%	7.5%
Capex / operating cash flow	0.12%	0.34%	0.42%	0.15%	-0.05%	-1.62%	-0.94%	0.09%	0.03%	38.6%	27.6%
Payout ratio	144.4%	90.2%	100.9%	90.8%	-42.5%	0%	0%	21.3%	33.7%	44.6%	42.6%
Dividend yield	6.89%	5.35%	7.28%	5.64%	2%	0%	0%	0.81%	1.56%	1.85%	3.09%

Yield

3.09%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.30

ex-dividend Aug 4, 2026

Payout ratio

43%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 4, 2026	$0.30
May 5, 2026	$0.30
Feb 9, 2026	$0.30
Nov 4, 2025	$0.25
Aug 5, 2025	$0.25
May 6, 2025	$0.25

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.8B	$2.9B	$3B	$2.8B	$2.7B	$2.9B	$2.9B	$3.2B	$3.3B	$3.6B	$3.6B	$3.2B
YoY change	+178.1%	+161%	+39.6%	+8.62%	-4.04%	-0.65%	-3.28%	+15%	+24.2%	+26%	+25.3%	-0.66%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.1B	2.4B	4.6B	4.2B	2.1B	1.9B	6.3B	5.1B	3.6B	3.8B
Receivables	776M	615M	726M	844M	252M	202M	267M	484M	417M	742M
Inventory	46M	37M	35M	37M	22M	22M	28M	38M	41M	46M
Total current assets	3.1B	3.2B	5.6B	5.3B	5.7B	5.5B	6.7B	5.8B	4.3B	4.8B
Property, plant & equipment	-365M	-950M	-1.5B	-546M	301M	-824M	-1.9B	-2.5B	-2.4B	-2.2B
Goodwill & intangibles	206M	178M	144M	84M	50M	38M	128M	1.2B	1.1B	1.1B
Total assets	20.5B	20.7B	22.5B	23.2B	20.8B	20.1B	22B	21.8B	20.7B	21.9B
Accounts payable	128M	171M	178M	149M	89M	77M	89M	167M	164M	190M
Short-term debt	167M	296M	111M	70M	75M	74M	2B	1.9B	3.2B	1.1B
Total current liabilities	2.8B	3B	3.2B	3.2B	2.8B	2.6B	3.9B	4.4B	5.8B	4.2B
Long-term debt	9.4B	9.3B	11.9B	12.4B	13.9B	14.7B	13.9B	12.1B	10.6B	14.7B
Total liabilities	13B	13.1B	15.8B	16.7B	17.3B	17.8B	18.4B	17.7B	17.5B	20B
Shareholders' equity	7.5B	7.6B	6.7B	6.5B	3.5B	2.2B	3.7B	4.1B	3.2B	1.9B
Total debt	9.6B	9.6B	12B	12.5B	14B	14.8B	16B	14B	13.8B	15.8B
Net debt	7.5B	7.2B	7.3B	8.3B	11.9B	12.9B	9.7B	8.9B	10.1B	11.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	5.6B	5.1B	5B	4.7B	4.2B	3.6B	3B	3.5B	3.4B	3.8B	3.3B	3.4B
Receivables	390M	484M	420M	436M	413M	417M	435M	533M	548M	742M	677M	622M
Inventory	35M	38M	39M	37M	41M	41M	41M	40M	45M	46M	46M	46M
Total current assets	6.2B	5.8B	5.6B	5.3B	4.8B	4.3B	3.7B	4.3B	4.2B	4.8B	4.3B	4.3B
Property, plant & equipment	13.6B	-2.5B	13.4B	13.5B	14.2B	-2.4B	14.9B	15B	14.8B	-2.2B	14.4B	14.5B
Goodwill & intangibles	1.2B	1.2B	584M	572M	560M	1.1B	1.3B	1.3B	1.2B	1.1B	545M	529M
Total assets	22.1B	21.8B	21.2B	21.1B	21.4B	20.7B	21.2B	21.9B	21.5B	21.9B	21.2B	19.9B
Accounts payable	150M	167M	156M	149M	139M	164M	151M	162M	168M	190M	159M	150M
Short-term debt	1.8B	1.9B	2B	930M	2.7B	3.2B	3B	923M	1.9B	1.1B	1.8B	1.6B
Total current liabilities	4.1B	4.4B	4.3B	3.4B	5.3B	5.8B	6.3B	3.5B	4.7B	4.2B	4.6B	4.3B
Long-term debt	12.6B	12.1B	11.9B	12.8B	11.3B	10.6B	10.9B	14.9B	13.9B	14.7B	13.9B	13.7B
Total liabilities	17.7B	17.7B	17.2B	17.2B	17.7B	17.5B	18.2B	19.6B	19.6B	20B	19.6B	19B
Shareholders' equity	4.5B	4.1B	4B	3.9B	3.6B	3.2B	3B	2.3B	1.9B	1.9B	1.6B	897M
Total debt	14.4B	14B	14B	13.7B	14B	13.8B	13.9B	15.8B	15.8B	15.8B	15.7B	15.3B
Net debt	8.8B	8.9B	9B	9B	9.8B	10.1B	10.8B	12.4B	12.4B	11.9B	12.4B	11.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2B	3.3B	3B	3.2B	-1.9B	-1.5B	-1.5B	1.4B	1.8B	1.9B
Depreciation & amortization	1.1B	1.2B	1.1B	1.1B	1.1B	1.1B	1.1B	1.3B	1.4B	1.5B
Stock-based compensation	34M	34M	30M	35M	22M	22M	39M	44M	55M	54M
Change in working capital	776M	323M	239M	-1.2B	-1.4B	-89M	164M	390M	19M	-784M
Operating cash flow	4B	4.4B	4.5B	3.3B	-2.2B	-432M	-957M	3.2B	3.2B	3B
Capital expenditure	5M	15M	19M	5M	1M	7M	9M	3M	1M	-1.2B
Investing cash flow	3M	14M	19M	1.2B	1M	7M	59M	3M	1M	-1.1B
Dividends paid	-2.9B	-2.9B	-3B	-3B	-911M	0	0	-305M	-590M	-833M
Share repurchases	0	-375M	-905M	-754M	0	0	0	-505M	-1.8B	-2.2B
Financing cash flow	-352M	-2.9B	6B	4.1B	2.5B	3.4B	1.1B	-3.2B	-3B	-1.2B
Net change in cash	3.7B	1.5B	10.5B	8.5B	305M	2.9B	224M	17M	184M	687M
Free cash flow	2.6B	3.7B	3.8B	2B	-2.5B	-824M	-1.6B	2B	1.6B	1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	491M	448M	641M	373M
Depreciation & amortization	328M	348M	336M	330M	339M	363M	377M	391M	389M	383M	378M	371M
Stock-based compensation	—	—	—	—	—	—	—	—	14M	15M	24M	13M
Change in working capital	—	—	—	—	—	—	—	—	156M	134M	-360M	-129M
Operating cash flow	328M	348M	336M	330M	339M	363M	377M	391M	1.1B	1.2B	731M	682M
Capital expenditure	—	—	—	—	—	—	—	—	-229M	-274M	-194M	-332M
Investing cash flow	—	—	—	—	—	—	—	—	-229M	-266M	-186M	943M
Dividends paid	—	—	—	—	—	—	—	—	-239M	-169M	-202M	-328M
Share repurchases	—	—	—	—	—	—	—	—	-500M	-501M	-753M	-788M
Financing cash flow	—	—	—	—	—	—	—	—	-1B	-513M	-1B	-1.6B
Net change in cash	328M	348M	336M	330M	339M	363M	377M	391M	-127M	425M	-499M	42M
Free cash flow	—	—	—	—	—	—	—	—	886M	930M	537M	347M

Las Vegas Sands Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement