Las Vegas Sands
LVS · NYSEHotels & Motels · Fiscal year ends Dec 31
Las Vegas Sands reported revenue of $13B in the fiscal year ended Dec 2025, up 15.2% from the year before. Operating income was $2.8B, an operating margin of 21.6%, and net income was $1.6B. Operating cash flow of $3B less capital expenditure of $1.2B left free cash flow of $1.9B. Net debt was $10.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.2B | $4.1B | $10.4B | $11.3B | $13B |
| Research & development | $109M | $143M | $205M | $228M | $269M |
| Selling, general & admin | $831M | $936M | $1.1B | $1.2B | $1.2B |
| Operating income | −$689M | −$792M | $2.3B | $2.4B | $2.8B |
| Interest expense | $621M | $702M | $818M | $727M | $746M |
| Pre-tax income | −$1.5B | −$1.4B | $1.8B | $2B | $2.2B |
| Income tax | −$5M | $154M | $344M | $208M | $347M |
| Net income | −$961M | $1.8B | $1.2B | $1.4B | $1.6B |
| Diluted EPS | −1.26 | 2.40 | 1.60 | 1.96 | 2.35 |
| Diluted shares | 764M | 764M | 765M | 737M | 693M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.9B | $6.3B | $5.1B | $3.7B | $3.8B |
| Receivables | $202M | $267M | $484M | $417M | $742M |
| Inventory | $22M | $28M | $38M | $41M | $46M |
| Current assets | $5.5B | $6.7B | $5.8B | $4.3B | $4.8B |
| Net PP&E | $11.9B | $11.5B | $11.4B | $12B | $11.7B |
| Goodwill | – | $10M | $103M | $102M | $103M |
| Total assets | $20.1B | $22B | $21.8B | $20.7B | $21.9B |
| Payables | $77M | $89M | $167M | $164M | $190M |
| Current liabilities | $2.6B | $3.9B | $4.4B | $5.8B | $4.2B |
| Long-term debt | $14.7B | $13.9B | $12.1B | $10.6B | $14.7B |
| Total liabilities | $17.8B | $18.4B | $17.7B | $17.5B | $20B |
| Shareholders' equity | $2B | $3.9B | $4.1B | $2.9B | $1.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$243M | −$944M | $3.2B | $3.2B | $3B |
| Capital expenditure | $828M | $651M | $1B | $1.6B | $1.2B |
| Free cash flow | −$1.1B | −$1.6B | $2.2B | $1.6B | $1.9B |
| Depreciation & amortisation | $1B | $1B | $1.2B | $1.3B | $1.5B |
| Stock-based compensation | $22M | $39M | $44M | $55M | $54M |
| Share buybacks | $0 | $0 | $505M | $1.8B | $2.2B |
| Dividends paid | $0 | $0 | $305M | $590M | $833M |
| Dividend per share | – | – | 0.40 | 0.80 | 1.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.9% | 152.4% | 8.9% | 15.2% |
| Operating income growth (YoY) | – | – | – | 3.8% | 17.3% |
| EPS growth (YoY) | – | – | −33.3% | 22.5% | 19.9% |
| Operating margin | −16.3% | −19.3% | 22.3% | 21.3% | 21.6% |
| Net margin | −22.7% | 44.6% | 11.8% | 12.8% | 12.5% |
| Return on equityBlank when equity is negative | −48.1% | 47.2% | 29.7% | 50.1% | 102.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −3.9% | −4.4% | 13.3% | 16.2% | 15.9% |
| Free cash flow margin | −25.3% | −38.8% | 21.3% | 14.5% | 14.3% |
| Cash conversion (CFO ÷ net income) | 0.25x | −0.52x | 2.64x | 2.22x | 1.86x |
| Receivable days | 17 | 24 | 17 | 13 | 21 |
| Interest cover | −1.11x | −1.13x | 2.83x | 3.30x | 3.78x |
| Debt ÷ equity | 7.38x | 3.59x | 2.95x | 3.67x | 9.22x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $12.9B | $7.6B | $7B | $6.9B | $10.8B |
| Current ratio | 2.15x | 1.73x | 1.31x | 0.74x | 1.14x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.