Las Vegas Sands (LVS) Financials

$52.29 -0.11 (-0.21%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$52.56 +0.27 (+0.53%)

As of 07:03 AM Eastern

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	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
Net Income / (Loss) Attributable to Common Shareholders	-239	-169	147	312	380	382	494	353	275	324	352
Consolidated Net Income / (Loss)	-381	-274	145	368	449	469	583	424	353	392	408
Net Income / (Loss) Continuing Operations	-380	-269	145	368	449	469	583	424	353	392	408
Total Pre-Tax Income	-320	-287	195	417	571	592	600	496	403	461	471
Total Operating Income	-177	-166	378	537	688	710	717	591	504	590	609
Total Gross Profit	420	451	1,032	1,244	1,406	1,481	1,487	1,338	1,274	1,403	1,412
Total Revenue	1,005	1,117	2,120	2,542	2,795	2,915	2,959	2,761	2,682	2,896	2,862
Operating Revenue	1,005	1,117	2,120	2,542	2,795	2,915	2,959	2,761	2,682	2,896	2,862
Total Cost of Revenue	585	666	1,088	1,298	1,389	1,434	1,472	1,423	1,408	1,493	1,450
Operating Cost of Revenue	577	680	1,094	1,298	1,389	1,428	1,461	1,423	1,408	1,504	1,450
Total Operating Expenses	597	617	654	707	718	771	770	747	770	813	803
Selling, General & Admin Expense	291	310	308	339	339	351	364	337	361	378	346
Research & Development Expense	26	35	42	54	44	65	53	61	55	59	69
Depreciation Expense	260	256	274	288	313	333	320	316	324	348	362
Amortization Expense	14	13	14	14	15	15	16	14	15	15	15
Impairment Charge	2.00	1.00	14	4.00	4.00	5.00	14	16	11	9.00	7.00
Other Special Charges / (Income)	4.00	2.00	2.00	8.00	3.00	2.00	3.00	3.00	4.00	4.00	4.00
Total Other Income / (Expense), net	-143	-121	-183	-120	-117	-118	-117	-95	-101	-129	-138
Interest Expense	183	201	218	210	200	190	182	186	179	180	179
Interest & Investment Income	38	60	70	76	79	63	71	80	67	57	42
Other Income / (Expense), net	2.00	20	-35	14	4.00	9.00	-6.00	11	11	-6.00	-1.00
Income Tax Expense	60	-18	50	49	122	123	17	72	50	69	63
Net Income / (Loss) Attributable to Noncontrolling Interest	-142	-105	-2.00	56	69	87	89	71	78	68	56
Basic Earnings per Share	($0.31)	($0.22)	$0.19	$0.41	$0.50	$0.50	$0.66	$0.48	$0.38	$0.45	$0.49
Weighted Average Basic Shares Outstanding	764M	764M	764M	764M	764M	763M	750M	740M	730M	735M	712M
Diluted Earnings per Share	($0.31)	($0.22)	$0.19	$0.41	$0.50	$0.50	$0.66	$0.48	$0.38	$0.44	$0.49
Weighted Average Diluted Shares Outstanding	764M	764M	766M	767M	766M	765M	752M	741M	731M	737M	713M
Weighted Average Basic & Diluted Shares Outstanding	764.17M	764.27M	764.27M	764.45M	764.49M	753.62M	745.05M	736.43M	725.03M	715.93M	706.63M
Cash Dividends to Common per Share	-	-	-	-	$0.20	-	$0.20	$0.20	$0.20	-	$0.25

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	-1,285	-49	292	2,249	-419	-2,081	-212	4,511	-1,207	-1,454
Net Cash From Operating Activities	3,459	4,044	4,543	4,701	2,803	-1,191	-243	-944	3,227	3,204
Net Cash From Continuing Operating Activities	3,459	4,044	4,543	4,701	2,803	-1,191	-243	-944	3,227	3,204
Net Income / (Loss) Continuing Operations	2,386	2,025	3,263	2,951	3,168	-1,900	-1,469	-1,541	1,431	1,752
Depreciation Expense	999	1,111	1,171	1,111	1,020	997	1,041	1,036	1,208	1,308
Amortization Expense	79	78	75	65	81	98	108	112	119	117
Non-Cash Adjustments To Reconcile Net Income	216	267	208	222	-446	127	212	-714	36	4.00
Changes in Operating Assets and Liabilities, net	-222	563	-174	352	-1,020	-513	-135	163	433	23
Net Cash From Investing Activities	-1,528	-1,440	-822	-930	95	-1,226	-832	-721	-1,254	-1,579
Net Cash From Continuing Investing Activities	-1,528	-1,440	-822	-930	95	-1,226	-832	-721	-1,254	-1,579
Purchase of Property, Plant & Equipment	-1,529	-1,398	-837	-949	-1,018	-1,227	-828	-651	-1,017	-1,567
Acquisitions	0.00	-47	0.00	0.00	-53	0.00	-11	-129	-240	-13
Sale of Property, Plant & Equipment	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	-3,216	-2,631	-3,487	-1,522	-3,328	355	863	6,154	-3,188	-3,060
Net Cash From Continuing Financing Activities	-3,216	-2,631	-3,487	-1,522	-3,328	355	863	6,154	-3,188	-3,060
Repayment of Debt	-2,410	-2,020	-863	-5,178	-183	-498	-2,036	-77	-2,130	-2,166
Repurchase of Common Equity	-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	2,089	2,296	654	7,593	4,000	1,945	2,702	1,200	0.00	1,748
Other Financing Activities, net	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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	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
Net Change in Cash & Equivalents	-343	311	220	-764	-194	-469	-149	-244	-503	-558	-614
Net Cash From Operating Activities	-150	-104	441	941	839	1,006	714	814	761	915	526
Net Cash From Continuing Operating Activities	-150	-104	441	941	839	1,006	714	814	761	915	526
Net Income / (Loss) Continuing Operations	-380	-269	145	368	449	469	583	424	353	392	408
Consolidated Net Income / (Loss)	-	-	145	368	449	-	583	424	353	-	408
Depreciation Expense	260	256	274	288	313	333	320	316	324	348	362
Amortization Expense	29	27	29	30	30	30	31	29	29	28	28
Non-Cash Adjustments To Reconcile Net Income	9.00	-785	41	-2.00	-1.00	-2.00	16	-1.00	-17	6.00	24
Changes in Operating Assets and Liabilities, net	-68	667	-48	257	48	176	-236	46	72	141	-296
Net Cash From Investing Activities	-167	-122	-182	-419	-324	-329	-200	-288	-541	-550	-454
Net Cash From Continuing Investing Activities	-167	-122	-182	-419	-324	-329	-200	-288	-541	-550	-454
Purchase of Property, Plant & Equipment	-169	-147	-166	-196	-330	-325	-196	-285	-539	-547	-379
Acquisitions	-1.00	-25	-16	-223	3.00	-4.00	-4.00	-4.00	-2.00	-3.00	-75
Net Cash From Financing Activities	-15	482	-36	-1,271	-703	-1,178	-639	-769	-773	-879	-692
Net Cash From Continuing Financing Activities	-15	482	-36	-1,271	-703	-1,178	-639	-769	-773	-879	-692
Repayment of Debt	-15	-18	-35	-1,274	-551	-270	-36	-1,967	-25	-138	-2,893
Repurchase of Common Equity	-	-	0.00	-	-	-505	-450	-400	-450	-450	-416
Payment of Dividends	-	-	0.00	-	-153	-152	-151	-148	-146	-145	-179
Issuance of Debt	-	500	-	-	-	-	-	-	-	-	2,797
Other Financing Activities, net	-	-	-1.00	3.00	1.00	-251	-2.00	-2.00	-152	-146	-1.00
Other Net Changes in Cash	-	-	-	-	-	24	-	-	50	-25	6.00
Cash Interest Paid	250	86	296	95	279	76	260	94	209	87	246
Cash Income Taxes Paid	150	155	25	61	58	32	31	84	91	16	34

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	20,863	20,469	20,687	22,547	23,199	20,807	20,059	22,039	21,778	20,666
Total Current Assets	3,609	3,098	3,197	5,566	5,305	5,707	5,510	6,744	5,777	4,290
Cash & Equivalents	2,179	2,128	2,419	4,648	4,226	2,082	1,854	6,311	5,105	3,650
Accounts Receivable	1,268	776	615	726	844	252	202	267	484	417
Inventories, net	43	46	37	35	37	22	22	28	38	41
Prepaid Expenses	111	138	115	144	182	113	113	138	150	182
Plant, Property, & Equipment, net	16,994	17,113	16,753	15,154	17,116	14,536	14,016	13,579	13,688	13,995
Total Noncurrent Assets	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	0.00	493	368	282	318	297	131	121	122
Other Noncurrent Operating Assets	165	155	155	189	454	221	217	356	276	325
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	124	125
Total Liabilities & Shareholders' Equity	20,863	20,469	20,687	22,547	23,199	20,807	20,059	22,039	21,778	20,666
Total Liabilities	12,445	12,973	13,060	15,802	16,692	17,269	17,811	18,383	17,674	17,506
Total Current Liabilities	2,464	2,806	2,956	3,157	3,224	2,816	2,565	3,902	4,422	5,801
Short-Term Debt	95	167	296	111	70	75	74	2,031	1,900	3,160
Accounts Payable	111	128	171	178	149	89	77	89	167	164
Current Deferred & Payable Income Tax Liabilities	198	192	261	244	275	87	32	135	261	229
Other Current Liabilities	364	384	152	189	334	1,810	1,561	1,647	2,094	2,248
Total Noncurrent Liabilities	9,981	10,167	10,104	12,645	13,468	14,453	15,246	14,481	13,252	11,705
Long-Term Debt	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	202	200	206	191	183	188	173	152	187	188
Other Noncurrent Operating Liabilities	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
Total Equity & Noncontrolling Interests	8,418	7,496	7,627	6,745	6,507	3,538	2,248	3,656	4,104	3,160
Total Preferred & Common Equity	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	6,817	6,177	6,486	5,684	5,187	2,973	1,996	3,881	4,118	2,884
Common Stock	6,486	6,517	6,581	6,681	6,570	6,612	6,647	6,685	6,482	6,246
Retained Earnings	2,840	2,222	2,709	2,770	3,101	813	-148	1,684	2,600	3,455
Treasury Stock	-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)	-66	-119	14	-40	-3.00	29	-22	-7.00	27	-58
Other Equity Adjustments	-	-	-	-	-	-	-	-	0.00	0.00
Noncontrolling Interest	1,601	1,319	1,141	1,061	1,320	565	252	-225	-14	276

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	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
Total Assets	21,469	22,039	22,715	22,270	22,124	21,778	21,245	21,113	21,354	20,666	21,247
Total Current Assets	6,207	6,744	7,015	6,290	6,172	5,777	5,556	5,332	4,825	4,290	3,721
Cash & Equivalents	5,836	6,311	6,532	5,768	5,574	5,105	4,956	4,711	4,208	3,650	3,036
Accounts Receivable	210	267	328	336	390	484	420	436	413	417	435
Inventories, net	23	28	28	32	35	38	39	37	41	41	41
Prepaid Expenses	138	138	127	154	173	150	141	148	163	182	209
Plant, Property, & Equipment, net	13,318	13,579	13,464	13,666	13,642	13,688	13,386	13,465	14,168	13,995	14,913
Total Noncurrent Assets	1,944	1,716	2,236	2,314	2,310	2,313	2,303	2,316	2,361	2,381	2,613
Noncurrent Note & Lease Receivables	1,208	1,165	1,172	1,179	1,186	1,194	1,211	1,228	1,246	1,264	1,264
Goodwill	62	64	545	631	609	598	584	572	560	545	660
Noncurrent Deferred & Refundable Income Taxes	165	131	135	136	127	121	121	124	129	122	122
Other Noncurrent Operating Assets	509	356	384	368	388	276	387	392	426	325	442
Other Noncurrent Nonoperating Assets	-	-	-	-	-	124	-	-	-	125	125
Total Liabilities & Shareholders' Equity	21,469	22,039	22,715	22,270	22,124	21,778	21,245	21,113	21,354	20,666	21,247
Total Liabilities	17,688	18,383	18,886	18,111	17,672	17,674	17,220	17,219	17,707	17,506	18,214
Total Current Liabilities	3,391	3,902	3,919	2,275	4,102	4,422	4,267	3,369	5,350	5,801	6,255
Short-Term Debt	1,514	2,031	2,018	71	1,818	1,900	2,043	930	2,728	3,160	2,994
Accounts Payable	91	89	108	135	150	167	156	149	139	164	151
Current Deferred & Payable Income Tax Liabilities	323	135	171	171	213	261	256	244	223	229	279
Other Current Liabilities	1,463	1,647	1,622	1,898	1,921	2,094	1,812	2,046	2,260	2,248	2,831
Total Noncurrent Liabilities	14,297	14,481	14,967	15,836	13,570	13,252	12,953	13,850	12,357	11,705	11,959
Long-Term Debt	13,779	13,947	13,971	14,849	12,576	12,129	11,914	12,808	11,284	10,592	10,857
Noncurrent Deferred & Payable Income Tax Liabilities	150	152	146	145	150	187	175	173	185	188	185
Other Noncurrent Operating Liabilities	368	382	850	842	844	936	864	869	888	925	917
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	3,781	3,656	3,829	4,159	4,452	4,104	4,025	3,894	3,647	3,160	3,033
Total Preferred & Common Equity	3,900	3,881	4,056	4,330	4,553	4,118	3,953	3,754	3,426	2,884	2,699
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	3,900	3,881	4,056	4,330	4,553	4,118	3,953	3,754	3,426	2,884	2,699
Common Stock	6,676	6,685	6,695	6,709	6,721	6,482	6,494	6,509	6,370	6,246	6,308
Retained Earnings	1,853	1,684	1,831	2,143	2,370	2,600	2,943	3,148	3,276	3,455	3,628
Treasury Stock	-4,481	-4,481	-4,481	-4,481	-4,481	-4,991	-5,446	-5,850	-6,304	-6,759	-7,213
Accumulated Other Comprehensive Income / (Loss)	-148	-7.00	11	-41	-57	27	-38	-53	84	-58	-24
Other Equity Adjustments	-	-	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest	-119	-225	-227	-171	-101	-14	72	140	221	276	334

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	-19.86%	-3.57%	12.93%	7.86%	-11.67%	-75.76%	44.01%	-2.93%	152.36%	8.93%
EBITDA Growth	-24.33%	-5.77%	24.02%	7.30%	2.52%	-105.49%	253.76%	-19.11%	946.69%	5.64%
EBIT Growth	-29.97%	-11.80%	33.04%	12.08%	5.30%	-134.55%	47.60%	-11.25%	387.77%	4.64%
NOPAT Growth	-32.62%	-13.44%	65.38%	-10.08%	-11.02%	-132.93%	50.54%	-14.95%	436.35%	15.14%
Net Income Growth	-33.50%	-15.13%	61.14%	-9.56%	11.96%	-164.86%	40.46%	206.35%	5.45%	22.43%
EPS Growth	-29.83%	-14.57%	68.25%	-13.52%	14.01%	-163.14%	42.99%	290.48%	-33.33%	22.50%
Operating Cash Flow Growth	-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	-42.22%	23.54%	33.49%	7.30%	-43.34%	-50.31%	-117.00%	-504.38%	292.49%	-16.19%
Invested Capital Growth	1.70%	-3.91%	-0.79%	-5.08%	4.40%	-14.10%	-2.20%	4.98%	-3.14%	1.81%
Revenue Q/Q Growth	-4.53%	0.67%	3.71%	0.62%	-11.51%	-23.08%	-0.17%	2.72%	20.97%	-0.17%
EBITDA Q/Q Growth	-7.76%	3.05%	4.79%	-2.40%	-6.17%	-168.38%	-0.92%	-1.98%	35.17%	-3.08%
EBIT Q/Q Growth	-10.19%	1.65%	8.78%	-3.77%	-4.81%	-136.90%	-3.00%	0.50%	60.07%	-5.30%
NOPAT Q/Q Growth	-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	-11.26%	2.05%	29.59%	-32.19%	33.17%	-117.78%	12.30%	-5.37%	107.99%	-4.21%
EPS Q/Q Growth	-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	-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	-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	0.57%	-3.59%	2.28%	-6.01%	0.87%	-17.34%	-1.44%	0.64%	-2.77%	-2.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.70%	48.02%	49.52%	49.17%	49.53%	25.00%	37.91%	39.78%	49.78%	48.70%
EBITDA Margin	33.80%	33.02%	36.27%	36.08%	41.87%	-9.49%	10.13%	8.44%	35.02%	33.96%
Operating Margin	24.31%	22.20%	27.22%	27.32%	27.75%	-47.38%	-16.27%	-19.27%	22.30%	21.26%
EBIT Margin	24.57%	22.47%	26.48%	27.51%	32.79%	-46.73%	-17.01%	-19.49%	22.22%	21.35%
Profit (Net Income) Margin	20.41%	17.97%	25.64%	21.49%	27.25%	-72.89%	-30.14%	33.02%	13.80%	15.51%
Tax Burden Percent	91.00%	89.44%	106.84%	88.73%	91.78%	114.23%	86.57%	-97.84%	80.62%	89.39%
Interest Burden Percent	91.30%	89.38%	90.62%	88.06%	90.52%	136.54%	204.72%	173.16%	77.01%	81.26%
Effective Tax Rate	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)	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)	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)	11.06%	11.18%	18.97%	18.67%	29.84%	-35.72%	-40.35%	50.23%	22.66%	31.75%
Return on Equity (ROE)	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)	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)	13.29%	12.26%	16.38%	17.47%	17.39%	-6.24%	-3.52%	-3.81%	10.52%	11.37%
Return on Assets (ROA)	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)	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)	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)	2,585	2,238	3,701	3,328	2,961	-975	-482	-554	1,865	2,147
NOPAT Margin	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)	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	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	12.35%	13.69%	12.49%	12.27%	11.80%	32.86%	24.61%	28.49%	12.89%	12.75%
R&D to Revenue	0.09%	0.08%	0.10%	0.09%	0.20%	0.61%	2.57%	3.48%	1.98%	2.02%
Operating Expenses to Revenue	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)	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)	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)	4.04	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)	4.08	5.82	7.49	6.63	9.89	15.12	14.24	9.39	10.50	15.92
Price to Revenue (P/Rev)	2.36	3.14	3.76	2.71	4.20	15.16	6.65	8.72	3.56	3.30
Price to Earnings (P/E)	14.01	21.07	17.06	15.42	18.87	0.00	0.00	19.56	30.28	25.75
Dividend Yield	7.51%	6.47%	4.82%	6.32%	4.65%	5.31%	0.00%	0.00%	0.83%	1.56%
Earnings Yield	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)	2.27	2.87	3.69	3.15	4.00	4.40	3.26	3.40	3.56	3.62
Enterprise Value to Revenue (EV/Rev)	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)	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)	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)	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)	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)	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	1.28	1.26	1.78	1.92	3.96	6.58	4.37	3.42	4.35
Long-Term Debt to Equity	1.10	1.26	1.23	1.76	1.91	3.94	6.55	3.81	2.96	3.35
Financial Leverage	0.82	0.97	1.02	1.07	1.23	1.80	3.44	3.41	2.38	2.58
Leverage Ratio	2.48	2.60	2.72	3.01	3.45	4.38	7.06	7.13	5.65	5.84
Compound Leverage Factor	2.26	2.32	2.47	2.65	3.12	5.98	14.46	12.35	4.35	4.75
Debt to Total Capital	52.61%	56.14%	55.83%	63.99%	65.75%	79.83%	86.81%	81.38%	77.37%	81.32%
Short-Term Debt to Total Capital	0.53%	0.98%	1.71%	0.59%	0.37%	0.43%	0.43%	10.34%	10.48%	18.69%
Long-Term Debt to Total Capital	52.07%	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%
Noncontrolling Interests to Total Capital	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	38.38%	36.14%	37.56%	30.35%	27.30%	16.95%	11.71%	19.77%	22.71%	17.05%
Debt to EBITDA	2.37	2.58	2.09	2.42	2.46	-50.19	34.49	46.05	3.86	3.58
Net Debt to EBITDA	1.81	2.00	1.56	1.48	1.62	-42.67	30.13	27.86	2.46	2.63
Long-Term Debt to EBITDA	2.34	2.53	2.02	2.40	2.45	-49.92	34.31	40.19	3.34	2.76
Debt to NOPAT	3.61	4.29	2.60	3.60	4.22	-14.36	-30.68	-28.82	7.52	6.40
Net Debt to NOPAT	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	3.58	4.21	2.52	3.57	4.19	-14.28	-30.52	-25.16	6.50	4.93
Altman Z-Score	2.60	2.76	3.55	2.88	3.21	1.69	1.21	1.50	2.32	2.35
Noncontrolling Interest Sharing Ratio	19.54%	18.35%	16.27%	15.32%	17.97%	18.77%	14.12%	0.46%	-3.08%	3.61%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.46	1.10	1.08	1.76	1.65	2.03	2.15	1.73	1.31	0.74
Quick Ratio	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)	2,318	2,864	3,823	4,102	2,324	1,155	-196	-1,186	2,284	1,914
Operating Cash Flow to CapEx	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	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	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	7.29	9.50	11.21	7.39	3.97	-4.62	-1.40	-2.26	2.71	2.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.55	0.62	0.64	0.53	0.13	0.21	0.20	0.47	0.53
Accounts Receivable Turnover	8.41	11.03	18.30	20.48	15.45	5.37	18.65	17.53	27.62	25.08
Inventory Turnover	141.63	131.66	154.82	193.86	170.03	74.75	119.50	99.00	157.85	146.73
Fixed Asset Turnover	0.69	0.66	0.75	0.86	0.75	0.19	0.30	0.30	0.76	0.82
Accounts Payable Turnover	53.60	49.03	42.98	39.99	37.44	18.53	31.67	29.82	40.70	35.02
Days Sales Outstanding (DSO)	43.39	33.10	19.94	17.83	23.63	68.03	19.57	20.83	13.21	14.55
Days Inventory Outstanding (DIO)	2.58	2.77	2.36	1.88	2.15	4.88	3.05	3.69	2.31	2.49
Days Payable Outstanding (DPO)	6.81	7.44	8.49	9.13	9.75	19.70	11.52	12.24	8.97	10.42
Cash Conversion Cycle (CCC)	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	15,992	15,366	15,244	14,470	15,107	12,977	12,691	13,323	12,904	13,137
Invested Capital Turnover	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	267	-626	-122	-774	637	-2,130	-286	632	-419	233
Enterprise Value (EV)	36,298	44,147	56,251	45,601	60,472	57,044	41,333	45,268	45,880	47,615
Market Capitalization	27,540	35,371	47,900	37,216	50,902	44,573	28,156	35,826	36,970	37,237
Book Value per Share	$8.57	$7.77	$8.21	$7.25	$6.75	$3.89	$2.61	$5.08	$5.39	$3.98
Tangible Book Value per Share	$8.48	$7.64	$8.09	$7.16	$6.70	$3.86	$2.59	$5.00	$4.60	$3.23
Total Capital	17,762	17,091	17,267	18,730	18,999	17,542	17,043	19,634	18,133	16,912
Total Debt	9,344	9,595	9,640	11,985	12,492	14,004	14,795	15,978	14,029	13,752
Total Long-Term Debt	9,249	9,428	9,344	11,874	12,422	13,929	14,721	13,947	12,129	10,592
Net Debt	7,157	7,457	7,210	7,324	8,250	11,906	12,925	9,667	8,924	10,102
Capital Expenditures (CapEx)	1,527	1,393	822	930	1,013	1,226	821	642	1,014	1,566
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-947	-1,679	-1,893	-2,141	-2,091	868	1,149	-1,438	-1,850	-2,001
Debt-free Net Working Capital (DFNWC)	1,240	459	537	2,520	2,151	2,966	3,019	4,873	3,255	1,649
Net Working Capital (NWC)	1,145	292	241	2,409	2,081	2,891	2,945	2,842	1,355	-1,511
Net Nonoperating Expense (NNE)	199	213	438	377	-343	1,168	794	-1,911	434	395
Net Nonoperating Obligations (NNO)	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)	1,078	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	-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	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	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	$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	796.79M	795M	792M	786M	771M	764M	764M	764M	763M	735M
Adjusted Diluted Earnings per Share	$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	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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	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)	2,661	2,425	2,444	3,466	3,062	-911	-450	-539	1,899	2,204
Normalized NOPAT Margin	22.77%	21.51%	19.20%	25.25%	25.25%	-30.98%	-10.63%	-13.11%	18.31%	19.51%
Pre Tax Income Margin	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	10.84	9.08	10.15	7.41	8.82	-2.63	-0.95	-1.14	2.82	3.32
NOPAT to Interest Expense	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	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	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	113.45%	144.40%	90.19%	100.95%	90.80%	-42.51%	0.00%	0.00%	21.31%	33.68%
Augmented Payout Ratio	122.05%	144.40%	101.69%	131.62%	113.62%	-42.51%	0.00%	0.00%	56.60%	133.56%

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.27%	10.81%	124.81%	143.25%	178.11%	160.97%	39.58%	8.62%	-4.04%	-0.65%	-3.28%
EBITDA Growth	392.31%	-4.86%	2,118.75%	578.91%	807.89%	689.78%	64.40%	8.98%	-16.14%	-11.28%	-6.03%
EBIT Growth	46.65%	2.67%	205.86%	453.21%	495.43%	592.47%	107.29%	9.26%	-25.58%	-18.78%	-14.49%
NOPAT Growth	43.99%	-20.29%	232.96%	560.54%	536.64%	584.06%	147.86%	6.61%	-18.40%	-10.81%	-24.28%
Net Income Growth	23.03%	-39.09%	-94.03%	188.25%	217.85%	271.17%	302.07%	15.22%	-21.38%	-16.42%	-30.02%
EPS Growth	35.42%	-29.41%	-94.26%	207.89%	261.29%	327.27%	247.37%	17.07%	-24.00%	-12.00%	-25.76%
Operating Cash Flow Growth	37.50%	-201.96%	188.20%	595.26%	659.33%	1,067.31%	61.90%	-13.50%	-9.30%	-9.05%	-26.33%
Free Cash Flow Firm Growth	-118.68%	-495.04%	165.85%	197.97%	204.34%	231.18%	371.09%	209.87%	-48.23%	-72.62%	-117.71%
Invested Capital Growth	2.81%	4.98%	0.59%	1.41%	0.26%	-3.14%	-1.96%	-2.93%	1.35%	1.81%	5.35%
Revenue Q/Q Growth	-3.83%	11.14%	89.79%	19.91%	9.95%	4.29%	1.51%	-6.69%	-2.86%	7.98%	-1.17%
EBITDA Q/Q Growth	-10.94%	20.18%	371.53%	34.52%	19.10%	4.54%	-1.85%	-10.83%	-8.34%	10.60%	3.96%
EBIT Q/Q Growth	-12.18%	16.57%	334.93%	60.64%	25.59%	3.90%	-1.11%	-15.33%	-14.45%	13.40%	4.11%
NOPAT Q/Q Growth	-20.41%	6.21%	341.89%	68.60%	14.16%	3.97%	23.86%	-27.48%	-12.62%	13.64%	5.15%
Net Income Q/Q Growth	8.63%	28.08%	152.92%	153.79%	22.01%	4.45%	24.31%	-27.27%	-16.75%	11.05%	4.08%
EPS Q/Q Growth	18.42%	29.03%	186.36%	115.79%	21.95%	0.00%	32.00%	-27.27%	-20.83%	15.79%	11.36%
Operating Cash Flow Q/Q Growth	21.05%	30.67%	524.04%	113.38%	-10.84%	19.90%	-29.03%	14.01%	-6.51%	20.24%	-42.51%
Free Cash Flow Firm Q/Q Growth	-64.77%	-53.98%	127.14%	42.26%	75.49%	93.59%	11.57%	-6.43%	-70.68%	2.37%	-163.07%
Invested Capital Q/Q Growth	0.85%	0.64%	-0.28%	0.19%	-0.29%	-2.77%	-0.02%	-0.81%	4.10%	-2.33%	4.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.79%	40.38%	48.68%	48.94%	50.30%	50.81%	50.25%	48.46%	47.50%	48.45%	49.34%
EBITDA Margin	11.34%	12.27%	30.47%	34.19%	37.03%	37.12%	35.89%	34.30%	32.36%	33.15%	34.87%
Operating Margin	-17.61%	-14.86%	17.83%	21.13%	24.62%	24.36%	24.23%	21.41%	18.79%	20.37%	21.28%
EBIT Margin	-17.41%	-13.07%	16.18%	21.68%	24.76%	24.67%	24.03%	21.80%	19.20%	20.17%	21.24%
Profit (Net Income) Margin	-37.91%	-24.53%	6.84%	14.48%	16.06%	16.09%	19.70%	15.36%	13.16%	13.54%	14.26%
Tax Burden Percent	119.06%	95.47%	74.36%	88.25%	78.63%	79.22%	97.17%	85.48%	87.59%	85.03%	86.62%
Interest Burden Percent	182.86%	196.58%	56.85%	75.68%	82.51%	82.34%	84.39%	82.39%	78.25%	78.94%	77.47%
Effective Tax Rate	0.00%	0.00%	25.64%	11.75%	21.37%	20.78%	2.83%	14.52%	12.41%	14.97%	13.38%
Return on Invested Capital (ROIC)	-3.78%	-3.29%	5.29%	9.57%	12.52%	15.26%	20.06%	15.95%	13.94%	15.03%	15.44%
ROIC Less NNEP Spread (ROIC-NNEP)	-6.36%	-4.86%	3.78%	8.40%	11.51%	14.25%	18.83%	15.05%	12.99%	13.86%	14.22%
Return on Net Nonoperating Assets (RNNOA)	-20.39%	-16.54%	7.99%	18.11%	25.56%	33.91%	44.26%	33.98%	29.88%	35.84%	39.68%
Return on Equity (ROE)	-24.17%	-19.83%	13.28%	27.68%	38.08%	49.17%	64.32%	49.93%	43.82%	50.87%	55.12%
Cash Return on Invested Capital (CROIC)	-6.87%	-9.12%	-1.18%	-119.10%	8.13%	17.42%	19.26%	20.55%	15.17%	14.70%	9.56%
Operating Return on Assets (OROA)	-3.37%	-2.55%	3.81%	6.63%	9.74%	11.68%	12.26%	11.49%	10.00%	10.74%	11.20%
Return on Assets (ROA)	-7.33%	-4.79%	1.61%	4.43%	6.32%	7.62%	10.05%	8.09%	6.85%	7.21%	7.52%
Return on Common Equity (ROCE)	-23.36%	-19.74%	13.41%	28.16%	39.10%	50.69%	65.59%	50.12%	43.17%	49.03%	51.95%
Return on Equity Simple (ROE_SIMPLE)	36.77%	0.00%	-22.86%	-3.28%	15.11%	0.00%	47.28%	51.28%	53.39%	0.00%	58.43%
Net Operating Profit after Tax (NOPAT)	-124	-116	281	474	541	562	697	505	441	502	528
NOPAT Margin	-12.33%	-10.40%	13.26%	18.64%	19.36%	19.30%	23.54%	18.30%	16.46%	17.32%	18.43%
Net Nonoperating Expense Percent (NNEP)	2.58%	1.57%	1.51%	1.17%	1.01%	1.01%	1.23%	0.89%	0.95%	1.17%	1.21%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.59%	-	-	-	3.10%	-	-	-	2.97%	3.12%
Cost of Revenue to Revenue	58.21%	59.62%	51.32%	51.06%	49.70%	49.19%	49.75%	51.54%	52.50%	51.55%	50.66%
SG&A Expenses to Revenue	28.96%	27.75%	14.53%	13.34%	12.13%	12.04%	12.30%	12.21%	13.46%	13.05%	12.09%
R&D to Revenue	2.59%	3.13%	1.98%	2.12%	1.57%	2.23%	1.79%	2.21%	2.05%	2.04%	2.41%
Operating Expenses to Revenue	59.40%	55.24%	30.85%	27.81%	25.69%	26.45%	26.02%	27.06%	28.71%	28.07%	28.06%
Earnings before Interest and Taxes (EBIT)	-175	-146	343	551	692	719	711	602	515	584	608
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	114	137	646	869	1,035	1,082	1,062	947	868	960	998
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.20	9.23	10.60	10.02	7.56	8.98	9.90	8.74	10.82	12.91	10.25
Price to Tangible Book Value (P/TBV)	7.31	9.39	12.24	11.73	8.73	10.50	11.62	10.31	12.94	15.92	13.56
Price to Revenue (P/Rev)	7.02	8.72	8.13	6.40	4.02	3.56	3.49	2.87	3.28	3.30	2.47
Price to Earnings (P/E)	14.95	19.56	0.00	851.02	51.39	30.28	24.97	20.38	24.65	25.75	21.21
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.44%	0.83%	1.17%	1.82%	1.59%	1.56%	2.20%
Earnings Yield	6.69%	5.11%	0.00%	0.12%	1.95%	3.30%	4.01%	4.91%	4.06%	3.88%	4.72%
Enterprise Value to Invested Capital (EV/IC)	2.83	3.40	3.93	3.94	3.25	3.56	3.70	3.25	3.50	3.62	2.83
Enterprise Value to Revenue (EV/Rev)	9.35	11.01	9.88	7.72	5.03	4.42	4.30	3.67	4.16	4.21	3.46
Enterprise Value to EBITDA (EV/EBITDA)	105.68	130.46	50.95	29.66	16.06	12.63	11.91	10.17	11.90	12.41	10.29
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	91.42	29.96	19.90	18.04	15.40	18.49	19.74	16.81
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	38.82	24.60	21.21	18.20	21.35	22.18	19.64
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	46.44	20.38	14.22	13.78	12.44	14.29	14.86	12.87
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	40.05	20.09	19.03	15.56	23.23	24.88	30.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.04	4.37	4.18	3.59	3.23	3.42	3.47	3.53	3.84	4.35	4.57
Long-Term Debt to Equity	3.64	3.81	3.65	3.57	2.82	2.96	2.96	3.29	3.09	3.35	3.58
Financial Leverage	3.21	3.41	2.11	2.16	2.22	2.38	2.35	2.26	2.30	2.58	2.79
Leverage Ratio	6.66	7.13	5.29	5.29	5.29	5.65	5.60	5.39	5.37	5.84	6.02
Compound Leverage Factor	12.18	14.02	3.01	4.01	4.37	4.65	4.72	4.44	4.20	4.61	4.66
Debt to Total Capital	80.18%	81.38%	80.68%	78.20%	76.38%	77.37%	77.62%	77.92%	79.35%	81.32%	82.04%
Short-Term Debt to Total Capital	7.94%	10.34%	10.18%	0.37%	9.65%	10.48%	11.36%	5.27%	15.45%	18.69%	17.73%
Long-Term Debt to Total Capital	72.24%	71.03%	70.50%	77.83%	66.73%	66.89%	66.26%	72.64%	63.90%	62.63%	64.30%
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	-0.62%	-1.15%	-1.15%	-0.90%	-0.54%	-0.08%	0.40%	0.79%	1.25%	1.63%	1.98%
Common Equity to Total Capital	20.45%	19.77%	20.47%	22.70%	24.16%	22.71%	21.98%	21.29%	19.40%	17.05%	15.99%
Debt to EBITDA	43.20	46.05	15.60	8.45	5.36	3.86	3.45	3.33	3.54	3.58	3.67
Net Debt to EBITDA	26.71	27.86	9.23	5.18	3.28	2.46	2.22	2.19	2.48	2.63	2.87
Long-Term Debt to EBITDA	38.92	40.19	13.63	8.41	4.68	3.34	2.94	3.10	2.85	2.76	2.88
Debt to NOPAT	-28.60	-28.82	-203.94	-0.96	12.95	7.52	6.14	5.96	6.35	6.40	7.01
Net Debt to NOPAT	-17.68	-17.44	-120.63	-0.59	7.94	4.79	3.96	3.91	4.44	4.71	5.47
Long-Term Debt to NOPAT	-25.76	-25.16	-178.20	-0.95	11.32	6.50	5.24	5.55	5.12	4.93	5.50
Altman Z-Score	1.39	1.60	1.92	2.18	1.92	2.08	2.27	2.10	2.05	2.06	1.63
Noncontrolling Interest Sharing Ratio	3.35%	0.46%	-0.93%	-1.76%	-2.67%	-3.08%	-1.97%	-0.38%	1.48%	3.61%	5.75%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.83	1.73	1.79	2.76	1.50	1.31	1.30	1.58	0.90	0.74	0.59
Quick Ratio	1.78	1.69	1.75	2.68	1.45	1.26	1.26	1.53	0.86	0.70	0.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-486	-748	203	289	507	981	957	895	262	269	-169
Operating Cash Flow to CapEx	-90.36%	-70.75%	265.66%	480.10%	256.57%	309.54%	364.29%	285.61%	141.19%	167.28%	138.79%
Free Cash Flow to Firm to Interest Expense	-2.66	-3.72	0.93	1.38	2.54	5.17	5.26	4.81	1.47	1.49	-0.95
Operating Cash Flow to Interest Expense	-0.82	-0.52	2.02	4.48	4.20	5.29	3.92	4.38	4.25	5.08	2.94
Operating Cash Flow Less CapEx to Interest Expense	-1.73	-1.25	1.26	3.55	2.56	3.58	2.85	2.84	1.24	2.04	0.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.20	0.24	0.31	0.39	0.47	0.51	0.53	0.52	0.53	0.53
Accounts Receivable Turnover	21.23	17.53	22.26	27.47	28.58	27.62	29.98	29.61	28.19	25.08	26.20
Inventory Turnover	106.93	99.00	115.41	129.89	153.14	157.85	166.96	165.74	150.97	146.73	144.35
Fixed Asset Turnover	0.29	0.30	0.39	0.50	0.64	0.76	0.84	0.84	0.81	0.82	0.79
Accounts Payable Turnover	29.16	29.82	33.25	34.47	36.85	40.70	42.37	40.27	39.70	35.02	37.62
Days Sales Outstanding (DSO)	17.20	20.83	16.40	13.29	12.77	13.21	12.18	12.33	12.95	14.55	13.93
Days Inventory Outstanding (DIO)	3.41	3.69	3.16	2.81	2.38	2.31	2.19	2.20	2.42	2.49	2.53
Days Payable Outstanding (DPO)	12.52	12.24	10.98	10.59	9.90	8.97	8.61	9.06	9.19	10.42	9.70
Cash Conversion Cycle (CCC)	8.09	12.27	8.58	5.51	5.25	6.56	5.75	5.46	6.17	6.62	6.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	13,238	13,323	13,286	13,311	13,272	12,904	13,026	12,921	13,451	13,137	13,723
Invested Capital Turnover	0.31	0.32	0.40	0.51	0.65	0.79	0.85	0.87	0.85	0.87	0.84
Increase / (Decrease) in Invested Capital	362	632	78	185	34	-419	-260	-390	179	233	697
Enterprise Value (EV)	37,410	45,268	52,221	52,383	43,148	45,880	48,221	41,961	47,097	47,615	38,806
Market Capitalization	28,072	35,826	42,991	43,402	34,429	36,970	39,148	32,794	37,072	37,237	27,657
Book Value per Share	$5.10	$5.08	$5.31	$5.67	$5.96	$5.39	$5.27	$5.04	$4.65	$3.98	$3.77
Tangible Book Value per Share	$5.02	$5.00	$4.59	$4.84	$5.16	$4.60	$4.49	$4.27	$3.89	$3.23	$2.85
Total Capital	19,074	19,634	19,818	19,079	18,846	18,133	17,982	17,632	17,659	16,912	16,884
Total Debt	15,293	15,978	15,989	14,920	14,394	14,029	13,957	13,738	14,012	13,752	13,851
Total Long-Term Debt	13,779	13,947	13,971	14,849	12,576	12,129	11,914	12,808	11,284	10,592	10,857
Net Debt	9,457	9,667	9,457	9,152	8,820	8,924	9,001	9,027	9,804	10,102	10,815
Capital Expenditures (CapEx)	166	147	166	196	327	325	196	285	539	547	379
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,506	-1,438	-1,418	-1,682	-1,686	-1,850	-1,624	-1,818	-2,005	-2,001	-2,576
Debt-free Net Working Capital (DFNWC)	4,330	4,873	5,114	4,086	3,888	3,255	3,332	2,893	2,203	1,649	460
Net Working Capital (NWC)	2,816	2,842	3,096	4,015	2,070	1,355	1,289	1,963	-525	-1,511	-2,534
Net Nonoperating Expense (NNE)	257	158	136	106	92	93	114	81	88	110	120
Net Nonoperating Obligations (NNO)	9,457	9,667	9,457	9,152	8,820	8,800	9,001	9,027	9,804	9,977	10,690
Total Depreciation and Amortization (D&A)	289	283	303	318	343	363	351	345	353	376	390
Debt-free, Cash-free Net Working Capital to Revenue	-37.64%	-34.99%	-26.82%	-24.79%	-19.66%	-17.84%	-14.49%	-15.91%	-17.72%	-17.71%	-23.00%
Debt-free Net Working Capital to Revenue	108.22%	118.56%	96.73%	60.23%	45.35%	31.38%	29.72%	25.31%	19.47%	14.60%	4.11%
Net Working Capital to Revenue	70.38%	69.15%	58.56%	59.18%	24.14%	13.06%	11.50%	17.17%	-4.64%	-13.37%	-22.62%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.31)	($0.22)	$0.19	$0.41	$0.50	$0.50	$0.66	$0.48	$0.38	$0.45	$0.49
Adjusted Weighted Average Basic Shares Outstanding	764M	764M	764M	764M	764M	763M	750M	740M	730M	735M	712M
Adjusted Diluted Earnings per Share	($0.31)	($0.22)	$0.19	$0.41	$0.50	$0.50	$0.66	$0.48	$0.38	$0.44	$0.49
Adjusted Weighted Average Diluted Shares Outstanding	764M	764M	766M	767M	766M	765M	752M	741M	731M	737M	713M
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	764.17M	764.27M	764.27M	764.45M	764.49M	753.62M	745.05M	736.43M	725.03M	715.93M	706.63M
Normalized Net Operating Profit after Tax (NOPAT)	-120	-114	293	484	547	568	713	521	455	513	537
Normalized NOPAT Margin	-11.91%	-10.21%	13.82%	19.06%	19.55%	19.49%	24.10%	18.89%	16.95%	17.71%	18.77%
Pre Tax Income Margin	-31.84%	-25.69%	9.20%	16.40%	20.43%	20.31%	20.28%	17.96%	15.03%	15.92%	16.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.96	-0.73	1.57	2.62	3.46	3.78	3.91	3.24	2.88	3.24	3.40
NOPAT to Interest Expense	-0.68	-0.58	1.29	2.26	2.71	2.96	3.83	2.72	2.47	2.79	2.95
EBIT Less CapEx to Interest Expense	-1.86	-1.46	0.81	1.69	1.83	2.07	2.83	1.70	-0.13	0.21	1.28
NOPAT Less CapEx to Interest Expense	-1.58	-1.31	0.53	1.32	1.07	1.25	2.75	1.18	-0.54	-0.25	0.83
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	22.24%	21.31%	24.40%	31.38%	32.64%	33.68%	39.19%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	22.24%	56.60%	75.49%	101.77%	131.33%	133.56%	148.00%

Key Financial Trends

Las Vegas Sands (NYSE: LVS) continues to show steady operational performance into Q1 2025, with some notable trends across its recent financial statements over the past four years.

Income Statement Highlights:

Operating revenue in Q1 2025 is $2.86 billion, roughly stable compared to Q4 2024 ($2.90 billion), indicating consistent demand.
Net income attributable to common shareholders in Q1 2025 rose to $352 million from $324 million in Q4 2024, showing modest growth.
Diluted earnings per share improved to $0.49 in Q1 2025 versus $0.44 in Q4 2024, reflecting earnings growth alongside stable share count.
Gross profit margin remains strong at about 49%, with gross profit around $1.41 billion in Q1 2025, steady versus prior quarter.
Operating expenses decreased slightly to $803 million in Q1 2025 from $813 million in Q4 2024, but depreciation and amortization expenses remain substantial ($362 million depreciation).
Interest expense remains high at $179 million in Q1 2025, slightly reducing net operating income.
Income tax expense in Q1 2025 decreased to $63 million, in line with pre-tax income changes.

Cash Flow Observations:

Net cash from operating activities was strong at $526 million in Q1 2025, supporting liquidity and operational health.
Significant capital expenditures continue, with property, plant, and equipment purchases totaling $379 million in Q1 2025, consistent with prior quarters indicating ongoing investment.
Financing activities showed a net cash outflow of $692 million in Q1 2025, driven by large debt repayments ($2.89 billion) and equity repurchases ($416 million).
Issuance of debt $2.79 billion in Q1 2025 partially offsets repayments, suggesting refinancing or restructuring efforts.
Cash dividends paid are steady at $0.25 per share in Q1 2025, showing a commitment to shareholder returns.

Balance Sheet Analysis:

Total assets in Q1 2025 stand at $21.25 billion, relatively flat compared to preceding quarters, reflecting stable asset base.
Cash & equivalents decreased to $3.04 billion in Q1 2025 from $3.65 billion in Q4 2024, partially due to investing and financing cash outflows.
Total liabilities increased slightly to $18.21 billion, with long-term debt at $10.86 billion, a focus area for financial leverage.
Total equity declined marginally to $2.70 billion in Q1 2025, impacted by treasury stock transactions and net income variations.

Trend Summary Over Last Four Years to Q1 2025:

Revenue and net income have gradually improved from losses in 2022 Q4, with net income turning positive and growing steadily through 2023 and 2024.
Earnings per share increased from negative territory in late 2022 (-$0.22 in Q4 2022) to around $0.49 in Q1 2025, raising shareholder value.
Consistent capital investment (average ~$300-$400 million quarterly) demonstrates commitment to facility upgrades and expansion.
High and persistent interest expense reflects significant debt burden, requiring monitoring due to impact on profitability.
Debt levels remain elevated but seem actively managed through refinancing and repayments.

Overall, Las Vegas Sands has made a strong recovery from 2022 losses with stable revenue and improving profitability, supported by solid operating cash flow. Continued capital expenditure points to growth investments, though leverage and associated interest costs should be watched closely. The company’s ability to sustain dividend payouts alongside strategic debt management presents a balanced approach for shareholders.

08/04/25 06:11 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Las Vegas Sands' Financials

When does Las Vegas Sands' financial year end?

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

How has Las Vegas Sands' net income changed over the last 9 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 $2.39 billion in 2015. The previous period was $1.43 billion in 2023. Check out Las Vegas Sands' forecast to explore projected trends and price targets.

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 9 years?

Over the last 9 years, Las Vegas Sands' total revenue changed from $11.69 billion in 2015 to $11.30 billion in 2024, a change of -3.3%.

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 40.7% increase since 2015.

How much cash does Las Vegas Sands have?

In the past 9 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 9 years?

Over the last 9 years, Las Vegas Sands' book value per share changed from 8.57 in 2015 to 3.98 in 2024, a change of -53.6%.

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This page (NYSE:LVS) was last updated on 8/4/2025 by MarketBeat.com Staff

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