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Las Vegas Sands (LVS) Financials

Las Vegas Sands logo
$57.55 +0.66 (+1.17%)
Closing price 10/24/2025 03:59 PM Eastern
Extended Trading
$57.76 +0.20 (+0.36%)
As of 10/24/2025 07:56 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Las Vegas Sands

Annual Income Statements for Las Vegas Sands

This table shows Las Vegas Sands' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 2,841 1,966 1,679 2,808 2,413 2,698 -1,685 -961 1,832 1,221 1,446
Consolidated Net Income / (Loss)		 3,588 2,386 2,025 3,263 2,951 3,304 -2,143 -1,276 1,357 1,431 1,752
Net Income / (Loss) Continuing Operations		 3,588 2,386 2,025 3,263 2,951 3,168 -1,900 -1,469 -1,541 1,431 1,752
Total Pre-Tax Income 		3,833 2,622 2,264 3,054 3,326 3,600 -1,876 -1,474 -1,387 1,775 1,960
Total Operating Income		 4,099 2,841 2,502 3,464 3,751 3,365 -1,393 -689 -792 2,313 2,402
Total Gross Profit		 6,972 5,692 5,412 6,303 6,750 6,006 735 1,605 1,635 5,163 5,502
Total Revenue		 14,584 11,688 11,271 12,728 13,729 12,127 2,940 4,234 4,110 10,372 11,298
Operating Revenue		 15,426 12,414 11,271 12,728 13,729 12,127 2,940 4,234 4,110 10,372 11,298
Total Cost of Revenue		 7,612 5,996 5,859 6,425 6,979 6,121 2,205 2,629 2,475 5,209 5,796
Operating Cost of Revenue		 7,425 5,840 5,686 6,329 6,974 6,099 2,119 2,626 2,475 5,209 5,796
Total Operating Expenses		 2,873 2,851 2,910 2,839 2,999 2,641 2,128 2,294 2,427 2,850 3,100
Selling, General & Admin Expense		 1,433 1,443 1,543 1,590 1,685 1,431 966 1,042 1,171 1,337 1,440
Research & Development Expense		 14 10 9.00 13 12 24 18 109 143 205 228
Depreciation Expense		 1,031 999 1,111 1,171 1,111 1,020 997 1,041 1,036 1,208 1,308
Amortization Expense		 41 39 38 37 35 51 55 56 55 58 60
Impairment Charge		 7.00 35 79 20 150 81 73 27 9.00 27 50
Other Special Charges / (Income)		 26 48 130 8.00 6.00 34 19 19 13 15 14
Total Other Income / (Expense), net		 -266 -219 -238 -410 -425 235 -483 -785 -595 -538 -442
Interest Expense		 294 265 279 332 510 451 523 758 702 818 727
Interest & Investment Income		 26 15 10 16 59 74 21 4.00 116 288 275
Other Income / (Expense), net		 2.00 31 31 -94 26 612 19 -31 -9.00 -8.00 10
Income Tax Expense		 245 236 239 -209 375 432 24 -5.00 154 344 208
Net Income / (Loss) Discontinued Operations		 - - - - - 136 -243 193 2,898 0.00 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 747 420 346 455 538 606 -458 -315 -475 210 306
Basic Earnings per Share		 $3.52 $2.47 $2.11 $3.55 $3.07 $3.50 ($2.21) ($1.26) $2.40 $1.60 $1.97
Weighted Average Basic Shares Outstanding		 806M 797M 795M 792M 786M 771M 764M 764M 764M 763M 735M
Diluted Earnings per Share		 $3.52 $2.47 $2.11 $3.55 $3.07 $3.50 ($2.21) ($1.26) $2.40 $1.60 $1.96
Weighted Average Diluted Shares Outstanding		 808M 798M 795M 792M 786M 771M 764M 764M 764M 765M 737M
Weighted Average Basic & Diluted Shares Outstanding		 807M 796M 795.20M 788.88M 786M 763.68M 763.84M 763.99M 764.27M 753.62M 715.93M
Cash Dividends to Common per Share		 $2.00 $2.60 $2.88 $2.92 $3.00 $3.08 $0.79 - - $0.40 $0.80

Quarterly Income Statements for Las Vegas Sands

This table shows Las Vegas Sands' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 147 312 380 382 494 353 275 324 352 461 419
Consolidated Net Income / (Loss)		 145 368 449 469 583 424 353 392 408 519 491
Net Income / (Loss) Continuing Operations		 145 368 449 469 583 424 353 392 408 519 491
Total Pre-Tax Income 		195 417 571 592 600 496 403 461 471 609 582
Total Operating Income		 378 537 688 710 717 591 504 590 609 783 719
Total Gross Profit		 1,032 1,244 1,406 1,481 1,487 1,338 1,274 1,403 1,412 1,621 1,641
Total Revenue		 2,120 2,542 2,795 2,915 2,959 2,761 2,682 2,896 2,862 3,175 3,331
Operating Revenue		 2,120 2,542 2,795 2,915 2,959 2,761 2,682 2,896 2,862 3,175 3,331
Total Cost of Revenue		 1,088 1,298 1,389 1,434 1,472 1,423 1,408 1,493 1,450 1,554 1,690
Operating Cost of Revenue		 1,094 1,298 1,389 1,428 1,472 1,423 1,408 1,504 1,450 1,554 1,690
Total Operating Expenses		 654 707 718 771 770 747 770 813 803 838 922
Selling, General & Admin Expense		 308 339 339 351 364 337 361 378 346 361 386
Research & Development Expense		 42 54 44 65 53 61 55 59 69 69 72
Depreciation Expense		 274 288 313 333 320 316 324 348 362 371 368
Amortization Expense		 14 14 15 15 16 14 15 15 15 20 21
Impairment Charge		 14 4.00 4.00 5.00 14 16 11 9.00 7.00 8.00 68
Other Special Charges / (Income)		 2.00 8.00 3.00 2.00 3.00 3.00 4.00 4.00 4.00 9.00 7.00
Total Other Income / (Expense), net		 -183 -120 -117 -118 -117 -95 -101 -129 -138 -174 -137
Interest Expense		 218 210 200 190 182 186 179 180 179 194 187
Interest & Investment Income		 70 76 79 63 71 80 67 57 42 42 39
Other Income / (Expense), net		 -35 14 4.00 9.00 -6.00 11 11 -6.00 -1.00 -22 11
Income Tax Expense		 50 49 122 123 17 72 50 69 63 90 91
Net Income / (Loss) Attributable to Noncontrolling Interest		 -2.00 56 69 87 89 71 78 68 56 58 72
Basic Earnings per Share		 $0.19 $0.41 $0.50 $0.50 $0.66 $0.48 $0.38 $0.45 $0.49 $0.66 $0.61
Weighted Average Basic Shares Outstanding		 764M 764M 764M 763M 750M 740M 730M 735M 712M 695M 682M
Diluted Earnings per Share		 $0.19 $0.41 $0.50 $0.50 $0.66 $0.48 $0.38 $0.44 $0.49 $0.66 $0.61
Weighted Average Diluted Shares Outstanding		 766M 767M 766M 765M 752M 741M 731M 737M 713M 696M 685M
Weighted Average Basic & Diluted Shares Outstanding		 764.27M 764.45M 764.49M 753.62M 745.05M 736.43M 725.03M 715.93M 706.63M 686.45M 676.13M

Annual Cash Flow Statements for Las Vegas Sands

This table details how cash moves in and out of Las Vegas Sands' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 2,328 -1,285 -49 292 2,249 -419 -2,081 -212 4,511 -1,207 -1,454
Net Cash From Operating Activities		 4,833 3,459 4,044 4,543 4,701 2,803 -1,191 -243 -944 3,227 3,204
Net Cash From Continuing Operating Activities		 4,833 3,459 4,044 4,543 4,701 2,803 -1,191 -243 -944 3,227 3,204
Net Income / (Loss) Continuing Operations		 3,588 2,386 2,025 3,263 2,951 3,168 -1,900 -1,469 -1,541 1,431 1,752
Depreciation Expense		 1,031 999 1,111 1,171 1,111 1,020 997 1,041 1,036 1,208 1,308
Amortization Expense		 88 79 78 75 65 81 98 108 112 119 117
Non-Cash Adjustments To Reconcile Net Income		 245 216 267 208 222 -446 127 212 -714 36 4.00
Changes in Operating Assets and Liabilities, net		 -116 -222 563 -174 352 -1,020 -513 -135 163 433 23
Net Cash From Investing Activities		 -1,177 -1,528 -1,440 -822 -930 95 -1,226 -832 -721 -1,254 -1,579
Net Cash From Continuing Investing Activities		 -1,177 -1,528 -1,440 -822 -930 95 -1,226 -832 -721 -1,254 -1,579
Purchase of Property, Plant & Equipment		 -1,179 -1,529 -1,398 -837 -949 -1,018 -1,227 -828 -651 -1,017 -1,567
Acquisitions		 0.00 0.00 -47 0.00 0.00 -53 0.00 -11 -129 -240 -13
Sale of Property, Plant & Equipment		 2.00 2.00 5.00 15 19 5.00 1.00 7.00 9.00 3.00 1.00
Other Investing Activities, net		 - - - - - - 0.00 0.00 50 0.00 0.00
Net Cash From Financing Activities		 -1,328 -3,216 -2,631 -3,487 -1,522 -3,328 355 863 6,154 -3,188 -3,060
Net Cash From Continuing Financing Activities		 -3,721 -3,216 -2,631 -3,487 -1,522 -3,328 355 863 6,154 -3,188 -3,060
Repayment of Debt		 -2,205 -2,410 -2,020 -863 -5,178 -183 -498 -2,036 -77 -2,130 -2,166
Repurchase of Common Equity		 -1,677 -205 0.00 -375 -905 -754 - 0.00 0.00 -505 -1,750
Payment of Dividends		 - -2,707 -2,924 -2,943 -2,979 -3,000 -911 0.00 0.00 -305 -590
Issuance of Debt		 2,498 2,089 2,296 654 7,593 4,000 1,945 2,702 1,200 0.00 1,748
Other Financing Activities, net		 56 17 17 40 -53 -3,391 -181 197 5,031 -248 -302
Effect of Exchange Rate Changes		 - - -22 - - 14 - -16 22 8.00 -19
Other Net Changes in Cash		 - - - 58 - -3.00 -19 16 0.00 0.00 0.00
Cash Interest Paid		 - - - - - - - - 614 746 650
Cash Income Taxes Paid		 - - - - - - - - 649 176 222

Quarterly Cash Flow Statements for Las Vegas Sands

This table details how cash moves in and out of Las Vegas Sands' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Net Change in Cash & Equivalents		 220 -764 -194 -469 -149 -244 -503 -558 -614 414 -97
Net Cash From Operating Activities		 441 941 839 1,006 714 814 761 915 526 178 1,115
Net Cash From Continuing Operating Activities		 441 941 839 1,006 714 814 761 915 526 178 1,115
Net Income / (Loss) Continuing Operations		 145 368 449 469 583 424 353 392 408 519 491
Consolidated Net Income / (Loss)		 145 368 449 - 583 424 353 - 408 519 491
Depreciation Expense		 274 288 313 333 320 316 324 348 362 371 368
Amortization Expense		 29 30 30 30 31 29 29 28 28 35 36
Non-Cash Adjustments To Reconcile Net Income		 41 -2.00 -1.00 -2.00 16 -1.00 -17 6.00 24 63 88
Changes in Operating Assets and Liabilities, net		 -48 257 48 176 -236 46 72 141 -296 -810 132
Net Cash From Investing Activities		 -182 -419 -324 -329 -200 -288 -541 -550 -454 -286 -211
Net Cash From Continuing Investing Activities		 -182 -419 -324 -329 -200 -288 -541 -550 -454 -286 -211
Purchase of Property, Plant & Equipment		 -166 -196 -330 -325 -196 -285 -539 -547 -379 -286 -229
Sale of Property, Plant & Equipment		 - - 3.00 - - - - - - - 7.00
Net Cash From Financing Activities		 -36 -1,271 -703 -1,178 -639 -769 -773 -879 -692 512 -1,012
Net Cash From Continuing Financing Activities		 -36 -1,271 -703 -1,178 -639 -769 -773 -879 -692 512 -1,012
Repayment of Debt		 -35 -1,274 -551 -270 -36 -1,967 -25 -138 -2,893 -2,188 -36
Repurchase of Common Equity		 0.00 - - -505 -450 -400 -450 -450 -416 -800 -500
Payment of Dividends		 0.00 - -153 -152 -151 -148 -146 -145 -179 -246 -239
Other Financing Activities, net		 -1.00 3.00 1.00 -251 -2.00 -2.00 -152 -146 -1.00 -238 -237
Other Net Changes in Cash		 - - - 24 -24 - 50 -25 6.00 10 11
Cash Interest Paid		 296 95 279 76 260 94 209 87 246 117 204
Cash Income Taxes Paid		 25 61 58 32 31 84 91 16 34 101 97

Annual Balance Sheets for Las Vegas Sands

This table presents Las Vegas Sands' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 22,354 20,863 20,469 20,687 22,547 23,199 20,807 20,059 22,039 21,778 20,666
Total Current Assets		 5,190 3,609 3,098 3,197 5,566 5,305 5,707 5,510 6,744 5,777 4,290
Cash & Equivalents		 3,506 2,179 2,128 2,419 4,648 4,226 2,082 1,854 6,311 5,105 3,650
Accounts Receivable		 1,511 1,268 776 615 726 844 252 202 267 484 417
Inventories, net		 42 43 46 37 35 37 22 22 28 38 41
Prepaid Expenses		 125 111 138 115 144 182 113 113 138 150 182
Plant, Property, & Equipment, net		 16,726 16,994 17,113 16,753 15,154 17,116 14,536 14,016 13,579 13,688 13,995
Total Noncurrent Assets		 438 260 258 737 1,827 778 564 533 1,716 2,313 2,381
Noncurrent Note & Lease Receivables		 - - - - 1,198 - - 0.00 1,165 1,194 1,264
Goodwill		 - - - - - - - - 64 598 545
Noncurrent Deferred & Refundable Income Taxes		 24 24 0.00 493 368 282 318 297 131 121 122
Other Noncurrent Operating Assets		 122 165 155 155 189 454 221 217 356 276 325
Other Noncurrent Nonoperating Assets		 206 - - - - - - - - 124 125
Total Liabilities & Shareholders' Equity		 22,354 20,863 20,469 20,687 22,547 23,199 20,807 20,059 22,039 21,778 20,666
Total Liabilities		 13,333 12,445 12,973 13,060 15,802 16,692 17,269 17,811 18,383 17,674 17,506
Total Current Liabilities		 2,700 2,464 2,806 2,956 3,157 3,224 2,816 2,565 3,902 4,422 5,801
Short-Term Debt		 100 95 167 296 111 70 75 74 2,031 1,900 3,160
Accounts Payable		 113 111 128 171 178 149 89 77 89 167 164
Current Deferred & Payable Income Tax Liabilities		 224 198 192 261 244 275 87 32 135 261 229
Other Current Liabilities		 271 364 384 152 189 334 1,810 1,561 1,647 2,094 2,248
Total Noncurrent Liabilities		 10,633 9,981 10,167 10,104 12,645 13,468 14,453 15,246 14,481 13,252 11,705
Long-Term Debt		 9,893 9,249 9,428 9,344 11,874 12,422 13,929 14,721 13,947 12,129 10,592
Noncurrent Deferred & Payable Income Tax Liabilities		 194 202 200 206 191 183 188 173 152 187 188
Other Noncurrent Operating Liabilities		 125 113 126 147 179 513 336 352 382 936 925
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 9,021 8,418 7,496 7,627 6,745 6,507 3,538 2,248 3,656 4,104 3,160
Total Preferred & Common Equity		 7,214 6,817 6,177 6,486 5,684 5,187 2,973 1,996 3,881 4,118 2,884
Preferred Stock		 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 7,214 6,817 6,177 6,486 5,684 5,187 2,973 1,996 3,881 4,118 2,884
Common Stock		 6,430 6,486 6,517 6,581 6,681 6,570 6,612 6,647 6,685 6,482 6,246
Retained Earnings		 2,946 2,840 2,222 2,709 2,770 3,101 813 -148 1,684 2,600 3,455
Treasury Stock		 -2,238 -2,443 -2,443 -2,818 -3,727 -4,481 -4,481 -4,481 -4,481 -4,991 -6,759
Accumulated Other Comprehensive Income / (Loss)		 76 -66 -119 14 -40 -3.00 29 -22 -7.00 27 -58
Other Equity Adjustments		 - - - - - - - - - 0.00 0.00
Noncontrolling Interest		 1,807 1,601 1,319 1,141 1,061 1,320 565 252 -225 -14 276

Quarterly Balance Sheets for Las Vegas Sands

This table presents Las Vegas Sands' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets		 22,715 22,270 22,124 21,778 21,245 21,113 21,354 20,666 21,247 21,850 21,502
Total Current Assets		 7,015 6,290 6,172 5,777 5,556 5,332 4,825 4,290 3,721 4,263 4,152
Cash & Equivalents		 6,532 5,768 5,574 5,105 4,956 4,711 4,208 3,650 3,036 3,450 3,353
Accounts Receivable		 328 336 390 484 420 436 413 417 435 533 548
Inventories, net		 28 32 35 38 39 37 41 41 41 40 45
Prepaid Expenses		 127 154 173 150 141 148 163 182 209 240 206
Plant, Property, & Equipment, net		 13,464 13,666 13,642 13,688 13,386 13,465 14,168 13,995 14,913 15,000 14,821
Total Noncurrent Assets		 2,236 2,314 2,310 2,313 2,303 2,316 2,361 2,381 2,613 2,587 2,529
Noncurrent Note & Lease Receivables		 1,172 1,179 1,186 1,194 1,211 1,228 1,246 1,264 1,264 1,264 1,264
Goodwill		 545 631 609 598 584 572 560 545 660 641 592
Noncurrent Deferred & Refundable Income Taxes		 135 136 127 121 121 124 129 122 122 140 158
Other Noncurrent Operating Assets		 384 368 388 276 387 392 426 325 442 417 390
Other Noncurrent Nonoperating Assets		 - - - 124 - - - 125 125 125 125
Total Liabilities & Shareholders' Equity		 22,715 22,270 22,124 21,778 21,245 21,113 21,354 20,666 21,247 21,850 21,502
Total Liabilities		 18,886 18,111 17,672 17,674 17,220 17,219 17,707 17,506 18,214 19,568 19,635
Total Current Liabilities		 3,919 2,275 4,102 4,422 4,267 3,369 5,350 5,801 6,255 3,501 4,671
Short-Term Debt		 2,018 71 1,818 1,900 2,043 930 2,728 3,160 2,994 923 1,920
Accounts Payable		 108 135 150 167 156 149 139 164 151 162 168
Current Deferred & Payable Income Tax Liabilities		 171 171 213 261 256 244 223 229 279 310 314
Other Current Liabilities		 1,622 1,898 1,921 2,094 1,812 2,046 2,260 2,248 2,831 2,106 2,269
Total Noncurrent Liabilities		 14,967 15,836 13,570 13,252 12,953 13,850 12,357 11,705 11,959 16,067 14,964
Long-Term Debt		 13,971 14,849 12,576 12,129 11,914 12,808 11,284 10,592 10,857 14,897 13,852
Noncurrent Deferred & Payable Income Tax Liabilities		 146 145 150 187 175 173 185 188 185 183 174
Other Noncurrent Operating Liabilities		 850 842 844 936 864 869 888 925 917 987 938
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,829 4,159 4,452 4,104 4,025 3,894 3,647 3,160 3,033 2,282 1,867
Total Preferred & Common Equity		 4,056 4,330 4,553 4,118 3,953 3,754 3,426 2,884 2,699 1,991 1,571
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 4,056 4,330 4,553 4,118 3,953 3,754 3,426 2,884 2,699 1,991 1,571
Common Stock		 6,695 6,709 6,721 6,482 6,494 6,509 6,370 6,246 6,308 6,094 5,887
Retained Earnings		 1,831 2,143 2,370 2,600 2,943 3,148 3,276 3,455 3,628 3,914 4,161
Treasury Stock		 -4,481 -4,481 -4,481 -4,991 -5,446 -5,850 -6,304 -6,759 -7,213 -8,021 -8,526
Accumulated Other Comprehensive Income / (Loss)		 11 -41 -57 27 -38 -53 84 -58 -24 4.00 49
Other Equity Adjustments		 - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Noncontrolling Interest		 -227 -171 -101 -14 72 140 221 276 334 291 296

Annual Metrics And Ratios for Las Vegas Sands

This table displays calculated financial ratios and metrics derived from Las Vegas Sands' official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.91% -19.86% -3.57% 12.93% 7.86% -11.67% -75.76% 44.01% -2.93% 152.36% 8.93%
EBITDA Growth		 15.69% -24.33% -5.77% 24.02% 7.30% 2.52% -105.49% 253.76% -19.11% 946.69% 5.64%
EBIT Growth		 20.17% -29.97% -11.80% 33.04% 12.08% 5.30% -134.55% 47.60% -11.25% 387.77% 4.64%
NOPAT Growth		 19.78% -32.62% -13.44% 65.38% -10.08% -11.02% -132.93% 50.54% -14.95% 436.35% 15.14%
Net Income Growth		 21.43% -33.50% -15.13% 61.14% -9.56% 11.96% -164.86% 40.46% 206.35% 5.45% 22.43%
EPS Growth		 26.16% -29.83% -14.57% 68.25% -13.52% 14.01% -163.14% 42.99% 290.48% -33.33% 22.50%
Operating Cash Flow Growth		 7.74% -28.43% 16.91% 12.34% 3.48% -40.37% -142.49% 79.60% -288.48% 441.84% -0.71%
Free Cash Flow Firm Growth		 2.77% -42.22% 23.54% 33.49% 7.30% -43.34% -50.31% -117.00% -504.38% 292.49% -16.19%
Invested Capital Growth		 -1.10% 1.70% -3.91% -0.79% -5.08% 4.40% -14.10% -2.20% 4.98% -3.14% 1.81%
Revenue Q/Q Growth		 -1.62% -4.53% 0.67% 3.71% 0.62% -11.51% -23.08% -0.17% 2.72% 20.97% -0.17%
EBITDA Q/Q Growth		 2.73% -7.76% 3.05% 4.79% -2.40% -6.17% -168.38% -0.92% -1.98% 35.17% -3.08%
EBIT Q/Q Growth		 3.57% -10.19% 1.65% 8.78% -3.77% -4.81% -136.90% -3.00% 0.50% 60.07% -5.30%
NOPAT Q/Q Growth		 2.22% -10.17% -0.27% 31.69% -31.15% 20.27% -106.98% -2.84% -3.66% 67.78% -2.67%
Net Income Q/Q Growth		 3.11% -11.26% 2.05% 29.59% -32.19% 33.17% -117.78% 12.30% -5.37% 107.99% -4.21%
EPS Q/Q Growth		 6.34% -11.47% 2.93% 32.96% -36.04% 41.13% -123.23% 15.44% -2.04% 81.82% -2.97%
Operating Cash Flow Q/Q Growth		 -2.22% -5.39% 5.05% 2.44% -0.42% -9.49% -413.36% 18.18% -27.91% 52.43% -2.76%
Free Cash Flow Firm Q/Q Growth		 4.82% -17.87% 29.80% -0.58% -5.54% -19.30% 196.80% -108.34% -32.29% 111.96% -5.57%
Invested Capital Q/Q Growth		 -0.76% 0.57% -3.59% 2.28% -6.01% 0.87% -17.34% -1.44% 0.64% -2.77% -2.33%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 47.81% 48.70% 48.02% 49.52% 49.17% 49.53% 25.00% 37.91% 39.78% 49.78% 48.70%
EBITDA Margin		 35.79% 33.80% 33.02% 36.27% 36.08% 41.87% -9.49% 10.13% 8.44% 35.02% 33.96%
Operating Margin		 28.11% 24.31% 22.20% 27.22% 27.32% 27.75% -47.38% -16.27% -19.27% 22.30% 21.26%
EBIT Margin		 28.12% 24.57% 22.47% 26.48% 27.51% 32.79% -46.73% -17.01% -19.49% 22.22% 21.35%
Profit (Net Income) Margin		 24.60% 20.41% 17.97% 25.64% 21.49% 27.25% -72.89% -30.14% 33.02% 13.80% 15.51%
Tax Burden Percent		 93.61% 91.00% 89.44% 106.84% 88.73% 91.78% 114.23% 86.57% -97.84% 80.62% 89.39%
Interest Burden Percent		 93.47% 91.30% 89.38% 90.62% 88.06% 90.52% 136.54% 204.72% 173.16% 77.01% 81.26%
Effective Tax Rate		 6.39% 9.00% 10.56% -6.84% 11.27% 12.00% 0.00% 0.00% 0.00% 19.38% 10.61%
Return on Invested Capital (ROIC)		 24.27% 16.30% 14.27% 24.18% 22.40% 20.02% -6.94% -3.76% -4.26% 14.22% 16.49%
ROIC Less NNEP Spread (ROIC-NNEP)		 20.47% 13.51% 11.52% 18.52% 17.49% 24.22% -19.89% -11.74% 14.75% 9.52% 12.28%
Return on Net Nonoperating Assets (RNNOA)		 14.48% 11.06% 11.18% 18.97% 18.67% 29.84% -35.72% -40.35% 50.23% 22.66% 31.75%
Return on Equity (ROE)		 38.75% 27.36% 25.45% 43.15% 41.07% 49.86% -42.67% -44.11% 45.97% 36.88% 48.24%
Cash Return on Invested Capital (CROIC)		 25.37% 14.62% 18.27% 24.98% 27.61% 15.72% 8.22% -1.53% -9.12% 17.42% 14.70%
Operating Return on Assets (OROA)		 18.20% 13.29% 12.26% 16.38% 17.47% 17.39% -6.24% -3.52% -3.81% 10.52% 11.37%
Return on Assets (ROA)		 15.92% 11.04% 9.80% 15.86% 13.65% 14.45% -9.74% -6.24% 6.45% 6.53% 8.26%
Return on Common Equity (ROCE)		 31.13% 22.02% 20.78% 36.13% 34.77% 40.91% -34.66% -37.88% 45.76% 38.02% 46.50%
Return on Equity Simple (ROE_SIMPLE)		 49.74% 35.00% 32.78% 50.31% 51.92% 63.70% -72.08% -63.93% 34.97% 34.75% 60.75%
Net Operating Profit after Tax (NOPAT)		 3,837 2,585 2,238 3,701 3,328 2,961 -975 -482 -554 1,865 2,147
NOPAT Margin		 26.31% 22.12% 19.86% 29.08% 24.24% 24.42% -33.17% -11.39% -13.49% 17.98% 19.00%
Net Nonoperating Expense Percent (NNEP)		 3.80% 2.79% 2.76% 5.66% 4.92% -4.20% 12.95% 7.98% -19.01% 4.70% 4.21%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -2.82% 10.28% 12.70%
Cost of Revenue to Revenue		 52.19% 51.30% 51.98% 50.48% 50.83% 50.47% 75.00% 62.09% 60.22% 50.22% 51.30%
SG&A Expenses to Revenue		 9.83% 12.35% 13.69% 12.49% 12.27% 11.80% 32.86% 24.61% 28.49% 12.89% 12.75%
R&D to Revenue		 0.10% 0.09% 0.08% 0.10% 0.09% 0.20% 0.61% 2.57% 3.48% 1.98% 2.02%
Operating Expenses to Revenue		 19.70% 24.39% 25.82% 22.31% 21.84% 21.78% 72.38% 54.18% 59.05% 27.48% 27.44%
Earnings before Interest and Taxes (EBIT)		 4,101 2,872 2,533 3,370 3,777 3,977 -1,374 -720 -801 2,305 2,412
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 5,220 3,950 3,722 4,616 4,953 5,078 -279 429 347 3,632 3,837
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.84 4.04 5.73 7.39 6.55 9.81 14.99 14.11 9.23 8.98 12.91
Price to Tangible Book Value (P/TBV)		 4.90 4.08 5.82 7.49 6.63 9.89 15.12 14.24 9.39 10.50 15.92
Price to Revenue (P/Rev)		 2.39 2.36 3.14 3.76 2.71 4.20 15.16 6.65 8.72 3.56 3.30
Price to Earnings (P/E)		 12.28 14.01 21.07 17.06 15.42 18.87 0.00 0.00 19.56 30.28 25.75
Dividend Yield		 4.60% 7.51% 6.47% 4.82% 6.32% 4.65% 5.31% 0.00% 0.00% 0.83% 1.56%
Earnings Yield		 8.14% 7.14% 4.75% 5.86% 6.48% 5.30% 0.00% 0.00% 5.11% 3.30% 3.88%
Enterprise Value to Invested Capital (EV/IC)		 2.75 2.27 2.87 3.69 3.15 4.00 4.40 3.26 3.40 3.56 3.62
Enterprise Value to Revenue (EV/Rev)		 2.96 3.11 3.92 4.42 3.32 4.99 19.40 9.76 11.01 4.42 4.21
Enterprise Value to EBITDA (EV/EBITDA)		 8.27 9.19 11.86 12.19 9.21 11.91 0.00 96.35 130.46 12.63 12.41
Enterprise Value to EBIT (EV/EBIT)		 10.53 12.64 17.43 16.69 12.07 15.21 0.00 0.00 0.00 19.90 19.74
Enterprise Value to NOPAT (EV/NOPAT)		 11.25 14.04 19.73 15.20 13.70 20.42 0.00 0.00 0.00 24.60 22.18
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.93 10.49 10.92 12.38 9.70 21.57 0.00 0.00 0.00 14.22 14.86
Enterprise Value to Free Cash Flow (EV/FCFF)		 10.76 15.66 15.42 14.71 11.12 26.02 49.39 0.00 0.00 20.09 24.88
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.11 1.11 1.28 1.26 1.78 1.92 3.96 6.58 4.37 3.42 4.35
Long-Term Debt to Equity		 1.10 1.10 1.26 1.23 1.76 1.91 3.94 6.55 3.81 2.96 3.35
Financial Leverage		 0.71 0.82 0.97 1.02 1.07 1.23 1.80 3.44 3.41 2.38 2.58
Leverage Ratio		 2.43 2.48 2.60 2.72 3.01 3.45 4.38 7.06 7.13 5.65 5.84
Compound Leverage Factor		 2.27 2.26 2.32 2.47 2.65 3.12 5.98 14.46 12.35 4.35 4.75
Debt to Total Capital		 52.56% 52.61% 56.14% 55.83% 63.99% 65.75% 79.83% 86.81% 81.38% 77.37% 81.32%
Short-Term Debt to Total Capital		 0.52% 0.53% 0.98% 1.71% 0.59% 0.37% 0.43% 0.43% 10.34% 10.48% 18.69%
Long-Term Debt to Total Capital		 52.03% 52.07% 55.16% 54.11% 63.40% 65.38% 79.40% 86.38% 71.03% 66.89% 62.63%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 9.50% 9.01% 7.72% 6.61% 5.66% 6.95% 3.22% 1.48% -1.15% -0.08% 1.63%
Common Equity to Total Capital		 37.94% 38.38% 36.14% 37.56% 30.35% 27.30% 16.95% 11.71% 19.77% 22.71% 17.05%
Debt to EBITDA		 1.91 2.37 2.58 2.09 2.42 2.46 -50.19 34.49 46.05 3.86 3.58
Net Debt to EBITDA		 1.24 1.81 2.00 1.56 1.48 1.62 -42.67 30.13 27.86 2.46 2.63
Long-Term Debt to EBITDA		 1.90 2.34 2.53 2.02 2.40 2.45 -49.92 34.31 40.19 3.34 2.76
Debt to NOPAT		 2.60 3.61 4.29 2.60 3.60 4.22 -14.36 -30.68 -28.82 7.52 6.40
Net Debt to NOPAT		 1.69 2.77 3.33 1.95 2.20 2.79 -12.21 -26.80 -17.44 4.79 4.71
Long-Term Debt to NOPAT		 2.58 3.58 4.21 2.52 3.57 4.19 -14.28 -30.52 -25.16 6.50 4.93
Altman Z-Score		 3.15 2.60 2.76 3.55 2.88 3.21 1.69 1.21 1.50 2.32 2.35
Noncontrolling Interest Sharing Ratio		 19.66% 19.54% 18.35% 16.27% 15.32% 17.97% 18.77% 14.12% 0.46% -3.08% 3.61%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.92 1.46 1.10 1.08 1.76 1.65 2.03 2.15 1.73 1.31 0.74
Quick Ratio		 1.86 1.40 1.03 1.03 1.70 1.57 0.83 0.80 1.69 1.26 0.70
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 4,012 2,318 2,864 3,823 4,102 2,324 1,155 -196 -1,186 2,284 1,914
Operating Cash Flow to CapEx		 410.62% 226.52% 290.31% 552.68% 505.48% 276.70% -97.15% -29.60% -147.04% 318.24% 204.60%
Free Cash Flow to Firm to Interest Expense		 13.65 8.75 10.26 11.52 8.04 5.15 2.21 -0.26 -1.69 2.79 2.63
Operating Cash Flow to Interest Expense		 16.44 13.05 14.49 13.68 9.22 6.22 -2.28 -0.32 -1.34 3.95 4.41
Operating Cash Flow Less CapEx to Interest Expense		 12.44 7.29 9.50 11.21 7.39 3.97 -4.62 -1.40 -2.26 2.71 2.25
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.65 0.54 0.55 0.62 0.64 0.53 0.13 0.21 0.20 0.47 0.53
Accounts Receivable Turnover		 8.91 8.41 11.03 18.30 20.48 15.45 5.37 18.65 17.53 27.62 25.08
Inventory Turnover		 182.06 141.63 131.66 154.82 193.86 170.03 74.75 119.50 99.00 157.85 146.73
Fixed Asset Turnover		 0.87 0.69 0.66 0.75 0.86 0.75 0.19 0.30 0.30 0.76 0.82
Accounts Payable Turnover		 65.64 53.60 49.03 42.98 39.99 37.44 18.53 31.67 29.82 40.70 35.02
Days Sales Outstanding (DSO)		 40.96 43.39 33.10 19.94 17.83 23.63 68.03 19.57 20.83 13.21 14.55
Days Inventory Outstanding (DIO)		 2.00 2.58 2.77 2.36 1.88 2.15 4.88 3.05 3.69 2.31 2.49
Days Payable Outstanding (DPO)		 5.56 6.81 7.44 8.49 9.13 9.75 19.70 11.52 12.24 8.97 10.42
Cash Conversion Cycle (CCC)		 37.40 39.16 28.42 13.81 10.58 16.02 53.22 11.10 12.27 6.56 6.62
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 15,725 15,992 15,366 15,244 14,470 15,107 12,977 12,691 13,323 12,904 13,137
Invested Capital Turnover		 0.92 0.74 0.72 0.83 0.92 0.82 0.21 0.33 0.32 0.79 0.87
Increase / (Decrease) in Invested Capital		 -175 267 -626 -122 -774 637 -2,130 -286 632 -419 233
Enterprise Value (EV)		 43,179 36,298 44,147 56,251 45,601 60,472 57,044 41,333 45,268 45,880 47,615
Market Capitalization		 34,893 27,540 35,371 47,900 37,216 50,902 44,573 28,156 35,826 36,970 37,237
Book Value per Share		 $8.99 $8.57 $7.77 $8.21 $7.25 $6.75 $3.89 $2.61 $5.08 $5.39 $3.98
Tangible Book Value per Share		 $8.89 $8.48 $7.64 $8.09 $7.16 $6.70 $3.86 $2.59 $5.00 $4.60 $3.23
Total Capital		 19,013 17,762 17,091 17,267 18,730 18,999 17,542 17,043 19,634 18,133 16,912
Total Debt		 9,993 9,344 9,595 9,640 11,985 12,492 14,004 14,795 15,978 14,029 13,752
Total Long-Term Debt		 9,893 9,249 9,428 9,344 11,874 12,422 13,929 14,721 13,947 12,129 10,592
Net Debt		 6,480 7,157 7,457 7,210 7,324 8,250 11,906 12,925 9,667 8,924 10,102
Capital Expenditures (CapEx)		 1,177 1,527 1,393 822 930 1,013 1,226 821 642 1,014 1,566
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -923 -947 -1,679 -1,893 -2,141 -2,091 868 1,149 -1,438 -1,850 -2,001
Debt-free Net Working Capital (DFNWC)		 2,590 1,240 459 537 2,520 2,151 2,966 3,019 4,873 3,255 1,649
Net Working Capital (NWC)		 2,491 1,145 292 241 2,409 2,081 2,891 2,945 2,842 1,355 -1,511
Net Nonoperating Expense (NNE)		 249 199 213 438 377 -343 1,168 794 -1,911 434 395
Net Nonoperating Obligations (NNO)		 6,704 7,574 7,870 7,617 7,725 8,600 9,439 10,443 9,667 8,800 9,977
Total Depreciation and Amortization (D&A)		 1,119 1,078 1,189 1,246 1,176 1,101 1,095 1,149 1,148 1,327 1,425
Debt-free, Cash-free Net Working Capital to Revenue		 -6.33% -8.10% -14.90% -14.87% -15.59% -17.24% 29.52% 27.14% -34.99% -17.84% -17.71%
Debt-free Net Working Capital to Revenue		 17.76% 10.61% 4.07% 4.22% 18.36% 17.74% 100.88% 71.30% 118.56% 31.38% 14.60%
Net Working Capital to Revenue		 17.08% 9.80% 2.59% 1.89% 17.55% 17.16% 98.33% 69.56% 69.15% 13.06% -13.37%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.52 $2.47 $2.10 $3.54 $3.07 $3.50 ($2.21) ($1.26) $2.40 $1.60 $1.97
Adjusted Weighted Average Basic Shares Outstanding		 806.13M 796.79M 795M 792M 786M 771M 764M 764M 764M 763M 735M
Adjusted Diluted Earnings per Share		 $3.52 $2.47 $2.10 $3.54 $3.07 $3.50 ($2.21) ($1.26) $2.40 $1.60 $1.96
Adjusted Weighted Average Diluted Shares Outstanding		 808.02M 797.60M 795M 792M 786M 771M 764M 764M 764M 765M 737M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 798.51M 794.69M 793.99M 788.88M 775.05M 763.68M 763.84M 763.99M 764.27M 753.62M 715.93M
Normalized Net Operating Profit after Tax (NOPAT)		 3,868 2,661 2,425 2,444 3,466 3,062 -911 -450 -539 1,899 2,204
Normalized NOPAT Margin		 26.52% 22.77% 21.51% 19.20% 25.25% 25.25% -30.98% -10.63% -13.11% 18.31% 19.51%
Pre Tax Income Margin		 26.28% 22.43% 20.09% 23.99% 24.23% 29.69% -63.81% -34.81% -33.75% 17.11% 17.35%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 13.95 10.84 9.08 10.15 7.41 8.82 -2.63 -0.95 -1.14 2.82 3.32
NOPAT to Interest Expense		 13.05 9.76 8.02 11.15 6.53 6.57 -1.86 -0.64 -0.79 2.28 2.95
EBIT Less CapEx to Interest Expense		 9.95 5.08 4.09 7.67 5.58 6.57 -4.97 -2.03 -2.06 1.58 1.16
NOPAT Less CapEx to Interest Expense		 9.05 3.99 3.03 8.67 4.70 4.32 -4.21 -1.72 -1.70 1.04 0.80
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 113.45% 144.40% 90.19% 100.95% 90.80% -42.51% 0.00% 0.00% 21.31% 33.68%
Augmented Payout Ratio		 46.74% 122.05% 144.40% 101.69% 131.62% 113.62% -42.51% 0.00% 0.00% 56.60% 133.56%

Quarterly Metrics And Ratios for Las Vegas Sands

This table displays calculated financial ratios and metrics derived from Las Vegas Sands' official financial filings.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 124.81% 143.25% 178.11% 160.97% 39.58% 8.62% -4.04% -0.65% -3.28% 14.99% 24.20%
EBITDA Growth		 2,118.75% 578.91% 807.89% 689.78% 64.40% 8.98% -16.14% -11.28% -6.03% 23.23% 30.65%
EBIT Growth		 205.86% 453.21% 495.43% 592.47% 107.29% 9.26% -25.58% -18.78% -14.49% 26.41% 41.75%
NOPAT Growth		 232.96% 560.54% 536.64% 584.06% 147.86% 6.61% -18.40% -10.81% -24.28% 32.08% 37.40%
Net Income Growth		 -94.03% 188.25% 217.85% 271.17% 302.07% 15.22% -21.38% -16.42% -30.02% 22.41% 39.09%
EPS Growth		 -94.26% 207.89% 261.29% 327.27% 247.37% 17.07% -24.00% -12.00% -25.76% 37.50% 60.53%
Operating Cash Flow Growth		 188.20% 595.26% 659.33% 1,067.31% 61.90% -13.50% -9.30% -9.05% -26.33% -78.13% 46.52%
Free Cash Flow Firm Growth		 165.85% 197.97% 204.34% 231.18% 371.09% 209.87% -48.23% -72.62% -117.71% -204.86% -139.40%
Invested Capital Growth		 0.59% 1.41% 0.26% -3.14% -1.96% -2.93% 1.35% 1.81% 5.35% 12.43% 5.28%
Revenue Q/Q Growth		 89.79% 19.91% 9.95% 4.29% 1.51% -6.69% -2.86% 7.98% -1.17% 10.94% 4.91%
EBITDA Q/Q Growth		 371.53% 34.52% 19.10% 4.54% -1.85% -10.83% -8.34% 10.60% 3.96% 16.93% -2.83%
EBIT Q/Q Growth		 334.93% 60.64% 25.59% 3.90% -1.11% -15.33% -14.45% 13.40% 4.11% 25.16% -4.07%
NOPAT Q/Q Growth		 341.89% 68.60% 14.16% 3.97% 23.86% -27.48% -12.62% 13.64% 5.15% 26.49% -9.10%
Net Income Q/Q Growth		 152.92% 153.79% 22.01% 4.45% 24.31% -27.27% -16.75% 11.05% 4.08% 27.21% -5.40%
EPS Q/Q Growth		 186.36% 115.79% 21.95% 0.00% 32.00% -27.27% -20.83% 15.79% 11.36% 34.69% -7.58%
Operating Cash Flow Q/Q Growth		 524.04% 113.38% -10.84% 19.90% -29.03% 14.01% -6.51% 20.24% -42.51% -66.16% 526.40%
Free Cash Flow Firm Q/Q Growth		 127.14% 42.26% 75.49% 93.59% 11.57% -6.43% -70.68% 2.37% -163.07% -453.95% 88.98%
Invested Capital Q/Q Growth		 -0.28% 0.19% -0.29% -2.77% -0.02% -0.81% 4.10% -2.33% 4.46% 5.86% -2.52%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 48.68% 48.94% 50.30% 50.81% 50.25% 48.46% 47.50% 48.45% 49.34% 51.06% 49.26%
EBITDA Margin		 30.47% 34.19% 37.03% 37.12% 35.89% 34.30% 32.36% 33.15% 34.87% 36.76% 34.04%
Operating Margin		 17.83% 21.13% 24.62% 24.36% 24.23% 21.41% 18.79% 20.37% 21.28% 24.66% 21.59%
EBIT Margin		 16.18% 21.68% 24.76% 24.67% 24.03% 21.80% 19.20% 20.17% 21.24% 23.97% 21.92%
Profit (Net Income) Margin		 6.84% 14.48% 16.06% 16.09% 19.70% 15.36% 13.16% 13.54% 14.26% 16.35% 14.74%
Tax Burden Percent		 74.36% 88.25% 78.63% 79.22% 97.17% 85.48% 87.59% 85.03% 86.62% 85.22% 84.36%
Interest Burden Percent		 56.85% 75.68% 82.51% 82.34% 84.39% 82.39% 78.25% 78.94% 77.47% 80.03% 79.73%
Effective Tax Rate		 25.64% 11.75% 21.37% 20.78% 2.83% 14.52% 12.41% 14.97% 13.38% 14.78% 15.64%
Return on Invested Capital (ROIC)		 5.29% 9.57% 12.52% 15.26% 20.06% 15.95% 13.94% 15.03% 15.44% 17.79% 16.18%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.78% 8.40% 11.51% 14.25% 18.83% 15.05% 12.99% 13.86% 14.22% 16.39% 15.13%
Return on Net Nonoperating Assets (RNNOA)		 7.99% 18.11% 25.56% 33.91% 44.26% 33.98% 29.88% 35.84% 39.68% 56.46% 60.64%
Return on Equity (ROE)		 13.28% 27.68% 38.08% 49.17% 64.32% 49.93% 43.82% 50.87% 55.12% 74.25% 76.81%
Cash Return on Invested Capital (CROIC)		 -1.18% -119.10% 8.13% 17.42% 19.26% 20.55% 15.17% 14.70% 9.56% 3.88% 11.54%
Operating Return on Assets (OROA)		 3.81% 6.63% 9.74% 11.68% 12.26% 11.49% 10.00% 10.74% 11.20% 12.96% 12.54%
Return on Assets (ROA)		 1.61% 4.43% 6.32% 7.62% 10.05% 8.09% 6.85% 7.21% 7.52% 8.84% 8.44%
Return on Common Equity (ROCE)		 13.41% 28.16% 39.10% 50.69% 65.59% 50.12% 43.17% 49.03% 51.95% 69.07% 69.61%
Return on Equity Simple (ROE_SIMPLE)		 -22.86% -3.28% 15.11% 0.00% 47.28% 51.28% 53.39% 0.00% 58.43% 83.98% 0.00%
Net Operating Profit after Tax (NOPAT)		 281 474 541 562 697 505 441 502 528 667 607
NOPAT Margin		 13.26% 18.64% 19.36% 19.30% 23.54% 18.30% 16.46% 17.32% 18.43% 21.02% 18.21%
Net Nonoperating Expense Percent (NNEP)		 1.51% 1.17% 1.01% 1.01% 1.23% 0.89% 0.95% 1.17% 1.21% 1.39% 1.05%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 3.10% - - - 2.97% 3.12% 3.69% 3.44%
Cost of Revenue to Revenue		 51.32% 51.06% 49.70% 49.19% 49.75% 51.54% 52.50% 51.55% 50.66% 48.94% 50.74%
SG&A Expenses to Revenue		 14.53% 13.34% 12.13% 12.04% 12.30% 12.21% 13.46% 13.05% 12.09% 11.37% 11.59%
R&D to Revenue		 1.98% 2.12% 1.57% 2.23% 1.79% 2.21% 2.05% 2.04% 2.41% 2.17% 2.16%
Operating Expenses to Revenue		 30.85% 27.81% 25.69% 26.45% 26.02% 27.06% 28.71% 28.07% 28.06% 26.39% 27.68%
Earnings before Interest and Taxes (EBIT)		 343 551 692 719 711 602 515 584 608 761 730
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 646 869 1,035 1,082 1,062 947 868 960 998 1,167 1,134
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 10.60 10.02 7.56 8.98 9.90 8.74 10.82 12.91 10.25 15.44 23.50
Price to Tangible Book Value (P/TBV)		 12.24 11.73 8.73 10.50 11.62 10.31 12.94 15.92 13.56 22.77 37.72
Price to Revenue (P/Rev)		 8.13 6.40 4.02 3.56 3.49 2.87 3.28 3.30 2.47 2.65 3.01
Price to Earnings (P/E)		 0.00 851.02 51.39 30.28 24.97 20.38 24.65 25.75 21.21 21.77 23.73
Dividend Yield		 0.00% 0.00% 0.44% 0.83% 1.17% 1.82% 1.59% 1.56% 2.20% 2.07% 1.77%
Earnings Yield		 0.00% 0.12% 1.95% 3.30% 4.01% 4.91% 4.06% 3.88% 4.72% 4.59% 4.21%
Enterprise Value to Invested Capital (EV/IC)		 3.93 3.94 3.25 3.56 3.70 3.25 3.50 3.62 2.83 2.99 3.51
Enterprise Value to Revenue (EV/Rev)		 9.88 7.72 5.03 4.42 4.30 3.67 4.16 4.21 3.46 3.74 4.05
Enterprise Value to EBITDA (EV/EBITDA)		 50.95 29.66 16.06 12.63 11.91 10.17 11.90 12.41 10.29 10.87 11.66
Enterprise Value to EBIT (EV/EBIT)		 0.00 91.42 29.96 19.90 18.04 15.40 18.49 19.74 16.81 17.59 18.50
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 38.82 24.60 21.21 18.20 21.35 22.18 19.64 20.30 21.56
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 46.44 20.38 14.22 13.78 12.44 14.29 14.86 12.87 18.24 18.16
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 40.05 20.09 19.03 15.56 23.23 24.88 30.35 81.57 31.17
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 4.18 3.59 3.23 3.42 3.47 3.53 3.84 4.35 4.57 6.93 8.45
Long-Term Debt to Equity		 3.65 3.57 2.82 2.96 2.96 3.29 3.09 3.35 3.58 6.53 7.42
Financial Leverage		 2.11 2.16 2.22 2.38 2.35 2.26 2.30 2.58 2.79 3.44 4.01
Leverage Ratio		 5.29 5.29 5.29 5.65 5.60 5.39 5.37 5.84 6.02 6.96 7.77
Compound Leverage Factor		 3.01 4.01 4.37 4.65 4.72 4.44 4.20 4.61 4.66 5.57 6.20
Debt to Total Capital		 80.68% 78.20% 76.38% 77.37% 77.62% 77.92% 79.35% 81.32% 82.04% 87.39% 89.42%
Short-Term Debt to Total Capital		 10.18% 0.37% 9.65% 10.48% 11.36% 5.27% 15.45% 18.69% 17.73% 5.10% 10.89%
Long-Term Debt to Total Capital		 70.50% 77.83% 66.73% 66.89% 66.26% 72.64% 63.90% 62.63% 64.30% 82.29% 78.53%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 -1.15% -0.90% -0.54% -0.08% 0.40% 0.79% 1.25% 1.63% 1.98% 1.61% 1.68%
Common Equity to Total Capital		 20.47% 22.70% 24.16% 22.71% 21.98% 21.29% 19.40% 17.05% 15.99% 11.00% 8.91%
Debt to EBITDA		 15.60 8.45 5.36 3.86 3.45 3.33 3.54 3.58 3.67 3.96 3.70
Net Debt to EBITDA		 9.23 5.18 3.28 2.46 2.22 2.19 2.48 2.63 2.87 3.10 2.92
Long-Term Debt to EBITDA		 13.63 8.41 4.68 3.34 2.94 3.10 2.85 2.76 2.88 3.73 3.25
Debt to NOPAT		 -203.94 -0.96 12.95 7.52 6.14 5.96 6.35 6.40 7.01 7.40 6.85
Net Debt to NOPAT		 -120.63 -0.59 7.94 4.79 3.96 3.91 4.44 4.71 5.47 5.79 5.39
Long-Term Debt to NOPAT		 -178.20 -0.95 11.32 6.50 5.24 5.55 5.12 4.93 5.50 6.97 6.02
Altman Z-Score		 1.92 2.18 1.92 2.08 2.27 2.10 2.05 2.06 1.63 1.88 2.05
Noncontrolling Interest Sharing Ratio		 -0.93% -1.76% -2.67% -3.08% -1.97% -0.38% 1.48% 3.61% 5.75% 6.98% 9.38%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.79 2.76 1.50 1.31 1.30 1.58 0.90 0.74 0.59 1.22 0.89
Quick Ratio		 1.75 2.68 1.45 1.26 1.26 1.53 0.86 0.70 0.55 1.14 0.84
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 203 289 507 981 957 895 262 269 -169 -939 -103
Operating Cash Flow to CapEx		 265.66% 480.10% 256.57% 309.54% 364.29% 285.61% 141.19% 167.28% 138.79% 62.24% 502.25%
Free Cash Flow to Firm to Interest Expense		 0.93 1.38 2.54 5.17 5.26 4.81 1.47 1.49 -0.95 -4.84 -0.55
Operating Cash Flow to Interest Expense		 2.02 4.48 4.20 5.29 3.92 4.38 4.25 5.08 2.94 0.92 5.96
Operating Cash Flow Less CapEx to Interest Expense		 1.26 3.55 2.56 3.58 2.85 2.84 1.24 2.04 0.82 -0.56 4.78
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.24 0.31 0.39 0.47 0.51 0.53 0.52 0.53 0.53 0.54 0.57
Accounts Receivable Turnover		 22.26 27.47 28.58 27.62 29.98 29.61 28.19 25.08 26.20 23.97 25.52
Inventory Turnover		 115.41 129.89 153.14 157.85 166.96 165.74 150.97 146.73 144.35 153.38 143.88
Fixed Asset Turnover		 0.39 0.50 0.64 0.76 0.84 0.84 0.81 0.82 0.79 0.82 0.85
Accounts Payable Turnover		 33.25 34.47 36.85 40.70 42.37 40.27 39.70 35.02 37.62 37.97 40.31
Days Sales Outstanding (DSO)		 16.40 13.29 12.77 13.21 12.18 12.33 12.95 14.55 13.93 15.23 14.30
Days Inventory Outstanding (DIO)		 3.16 2.81 2.38 2.31 2.19 2.20 2.42 2.49 2.53 2.38 2.54
Days Payable Outstanding (DPO)		 10.98 10.59 9.90 8.97 8.61 9.06 9.19 10.42 9.70 9.61 9.06
Cash Conversion Cycle (CCC)		 8.58 5.51 5.25 6.56 5.75 5.46 6.17 6.62 6.76 7.99 7.78
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 13,286 13,311 13,272 12,904 13,026 12,921 13,451 13,137 13,723 14,527 14,161
Invested Capital Turnover		 0.40 0.51 0.65 0.79 0.85 0.87 0.85 0.87 0.84 0.85 0.89
Increase / (Decrease) in Invested Capital		 78 185 34 -419 -260 -390 179 233 697 1,606 710
Enterprise Value (EV)		 52,221 52,383 43,148 45,880 48,221 41,961 47,097 47,615 38,806 43,406 49,639
Market Capitalization		 42,991 43,402 34,429 36,970 39,148 32,794 37,072 37,237 27,657 30,745 36,924
Book Value per Share		 $5.31 $5.67 $5.96 $5.39 $5.27 $5.04 $4.65 $3.98 $3.77 $2.82 $2.29
Tangible Book Value per Share		 $4.59 $4.84 $5.16 $4.60 $4.49 $4.27 $3.89 $3.23 $2.85 $1.91 $1.43
Total Capital		 19,818 19,079 18,846 18,133 17,982 17,632 17,659 16,912 16,884 18,102 17,639
Total Debt		 15,989 14,920 14,394 14,029 13,957 13,738 14,012 13,752 13,851 15,820 15,772
Total Long-Term Debt		 13,971 14,849 12,576 12,129 11,914 12,808 11,284 10,592 10,857 14,897 13,852
Net Debt		 9,457 9,152 8,820 8,924 9,001 9,027 9,804 10,102 10,815 12,370 12,419
Capital Expenditures (CapEx)		 166 196 327 325 196 285 539 547 379 286 222
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1,418 -1,682 -1,686 -1,850 -1,624 -1,818 -2,005 -2,001 -2,576 -1,765 -1,952
Debt-free Net Working Capital (DFNWC)		 5,114 4,086 3,888 3,255 3,332 2,893 2,203 1,649 460 1,685 1,401
Net Working Capital (NWC)		 3,096 4,015 2,070 1,355 1,289 1,963 -525 -1,511 -2,534 762 -519
Net Nonoperating Expense (NNE)		 136 106 92 93 114 81 88 110 120 148 116
Net Nonoperating Obligations (NNO)		 9,457 9,152 8,820 8,800 9,001 9,027 9,804 9,977 10,690 12,245 12,294
Total Depreciation and Amortization (D&A)		 303 318 343 363 351 345 353 376 390 406 404
Debt-free, Cash-free Net Working Capital to Revenue		 -26.82% -24.79% -19.66% -17.84% -14.49% -15.91% -17.72% -17.71% -23.00% -15.20% -15.92%
Debt-free Net Working Capital to Revenue		 96.73% 60.23% 45.35% 31.38% 29.72% 25.31% 19.47% 14.60% 4.11% 14.51% 11.42%
Net Working Capital to Revenue		 58.56% 59.18% 24.14% 13.06% 11.50% 17.17% -4.64% -13.37% -22.62% 6.56% -4.23%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.19 $0.41 $0.50 $0.50 $0.66 $0.48 $0.38 $0.45 $0.49 $0.66 $0.61
Adjusted Weighted Average Basic Shares Outstanding		 764M 764M 764M 763M 750M 740M 730M 735M 712M 695M 682M
Adjusted Diluted Earnings per Share		 $0.19 $0.41 $0.50 $0.50 $0.66 $0.48 $0.38 $0.44 $0.49 $0.66 $0.61
Adjusted Weighted Average Diluted Shares Outstanding		 766M 767M 766M 765M 752M 741M 731M 737M 713M 696M 685M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 764.27M 764.45M 764.49M 753.62M 745.05M 736.43M 725.03M 715.93M 706.63M 686.45M 676.13M
Normalized Net Operating Profit after Tax (NOPAT)		 293 484 547 568 713 521 455 513 537 682 670
Normalized NOPAT Margin		 13.82% 19.06% 19.55% 19.49% 24.10% 18.89% 16.95% 17.71% 18.77% 21.47% 20.11%
Pre Tax Income Margin		 9.20% 16.40% 20.43% 20.31% 20.28% 17.96% 15.03% 15.92% 16.46% 19.18% 17.47%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.57 2.62 3.46 3.78 3.91 3.24 2.88 3.24 3.40 3.92 3.90
NOPAT to Interest Expense		 1.29 2.26 2.71 2.96 3.83 2.72 2.47 2.79 2.95 3.44 3.24
EBIT Less CapEx to Interest Expense		 0.81 1.69 1.83 2.07 2.83 1.70 -0.13 0.21 1.28 2.45 2.72
NOPAT Less CapEx to Interest Expense		 0.53 1.32 1.07 1.25 2.75 1.18 -0.54 -0.25 0.83 1.97 2.06
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 22.24% 21.31% 24.40% 31.38% 32.64% 33.68% 39.19% 42.82% 44.70%
Augmented Payout Ratio		 0.00% 0.00% 22.24% 56.60% 75.49% 101.77% 131.33% 133.56% 148.00% 169.38% 164.36%

Financials Breakdown Chart

Key Financial Trends

Las Vegas Sands (NYSE:LVS) has demonstrated a solid financial recovery with improving profitability and operational cash flow over the last several years, especially notable in the most recent quarters of 2024 and into 2025.

Revenue and Profitability Trends:

  • Total revenue has steadily increased from approximately $1.12 billion in Q4 2022 to $3.18 billion in Q2 2025, reflecting strong business growth and recovery.
  • Gross profit has risen consistently, reaching $1.62 billion in Q2 2025 from $451 million in Q4 2022, indicating improving margins.
  • Net income attributable to common shareholders has grown from a loss of $169 million in Q4 2022 to a profit of $461 million in Q2 2025.
  • Earnings per share (diluted) improved from a loss of $0.22 in Q4 2022 to $0.66 in Q2 2025, showing strong earnings growth on a per-share basis.

Cash Flow and Capital Structure:

  • Net cash from operating activities increased substantially to $178 million in Q2 2025, up from negative cash flow in the same period of 2022, indicating stronger core business cash generation.
  • Investments in property, plant, and equipment remain significant, with $286 million spent in Q2 2025, signaling ongoing commitment to asset modernization and expansion.
  • Las Vegas Sands has been actively managing its debt, with an issuance of $3.98 billion offset by repayments totaling roughly $2.19 billion in Q2 2025, demonstrating efforts to optimize leverage.
  • Despite increased cash flow, long-term debt remains high at approximately $14.9 billion as of Q2 2025, which may pose leverage risks.
  • Share repurchases continue, with $800 million spent in Q2 2025, which supports shareholder returns but also uses cash resources.
  • Dividend payments have been consistent at $0.25 per share in recent quarters, illustrating a commitment to returning value to shareholders.

Balance Sheet Strength:

  • Cash and equivalents remain robust at $3.45 billion as of Q2 2025, providing liquidity to cover financial commitments.
  • Total assets have grown steadily to $21.85 billion in Q2 2025 from $22.04 billion in Q3 2023, reflecting stable asset base.
  • Total liabilities are high at $19.57 billion in Q2 2025, with significant current liabilities indicating near-term obligations.
  • Total equity has improved to $2.28 billion in Q2 2025, reflecting improving retained earnings and equity position.

Summary: Las Vegas Sands shows positive momentum with increasing revenues, profitability, and cash flows over the last two years. The company is investing in growth and returning capital to shareholders while managing sizeable debt levels. Investors should monitor the credit risk due to high leverage despite strong cash flow generation.

10/25/25 02:42 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Las Vegas Sands' Financials

When does Las Vegas Sands' fiscal year end?

According to the most recent income statement we have on file, Las Vegas Sands' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Las Vegas Sands' net income changed over the last 10 years?

Las Vegas Sands' net income appears to be on a downward trend, with a most recent value of $1.75 billion in 2024, falling from $3.59 billion in 2014. The previous period was $1.43 billion in 2023. View Las Vegas Sands' forecast to see where analysts expect Las Vegas Sands to go next.

What is Las Vegas Sands' operating income?
Las Vegas Sands' total operating income in 2024 was $2.40 billion, based on the following breakdown:
  • Total Gross Profit: $5.50 billion
  • Total Operating Expenses: $3.10 billion
How has Las Vegas Sands' revenue changed over the last 10 years?

Over the last 10 years, Las Vegas Sands' total revenue changed from $14.58 billion in 2014 to $11.30 billion in 2024, a change of -22.5%.

How much debt does Las Vegas Sands have?

Las Vegas Sands' total liabilities were at $17.51 billion at the end of 2024, a 1.0% decrease from 2023, and a 31.3% increase since 2014.

How much cash does Las Vegas Sands have?

In the past 10 years, Las Vegas Sands' cash and equivalents has ranged from $1.85 billion in 2021 to $6.31 billion in 2022, and is currently $3.65 billion as of their latest financial filing in 2024.

How has Las Vegas Sands' book value per share changed over the last 10 years?

Over the last 10 years, Las Vegas Sands' book value per share changed from 8.99 in 2014 to 3.98 in 2024, a change of -55.8%.


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This page (NYSE:LVS) was last updated on 10/25/2025 by MarketBeat.com Staff
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