Las Vegas Sands (LVS) Financials

$51.30 -0.40 (-0.77%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$51.42 +0.11 (+0.22%)

As of 07:35 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	2025
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	12/31/2025
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	1,627
Consolidated Net Income / (Loss)	2,386	2,025	3,263	2,951	3,304	-2,143	-1,276	1,357	1,431	1,752	1,866
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	1,866
Total Pre-Tax Income	2,622	2,264	3,054	3,326	3,600	-1,876	-1,474	-1,387	1,775	1,960	2,213
Total Operating Income	2,841	2,502	3,464	3,751	3,365	-1,393	-689	-792	2,313	2,402	2,818
Total Gross Profit	5,692	5,412	6,303	6,750	6,006	735	1,605	1,635	5,163	5,502	6,396
Total Revenue	11,688	11,271	12,728	13,729	12,127	2,940	4,234	4,110	10,372	11,298	13,017
Operating Revenue	12,414	11,271	12,728	13,729	12,127	2,940	4,234	4,110	10,372	11,298	13,017
Total Cost of Revenue	5,996	5,859	6,425	6,979	6,121	2,205	2,629	2,475	5,209	5,796	6,621
Operating Cost of Revenue	5,840	5,686	6,329	6,974	6,099	2,119	2,626	2,475	5,209	5,796	6,621
Total Operating Expenses	2,851	2,910	2,839	2,999	2,641	2,128	2,294	2,427	2,850	3,100	3,578
Selling, General & Admin Expense	1,443	1,543	1,590	1,685	1,431	966	1,042	1,171	1,337	1,440	1,498
Research & Development Expense	10	9.00	13	12	24	18	109	143	205	228	269
Depreciation Expense	999	1,111	1,171	1,111	1,020	997	1,041	1,036	1,208	1,308	1,464
Amortization Expense	39	38	37	35	51	55	56	55	58	60	76
Impairment Charge	35	79	20	150	81	73	27	9.00	27	50	247
Other Special Charges / (Income)	48	130	8.00	6.00	34	19	19	13	15	14	24
Total Other Income / (Expense), net	-219	-238	-410	-425	235	-483	-785	-595	-538	-442	-600
Interest Expense	265	279	332	510	451	523	758	702	818	727	746
Interest & Investment Income	15	10	16	59	74	21	4.00	116	288	275	161
Other Income / (Expense), net	31	31	-94	26	612	19	-31	-9.00	-8.00	10	-15
Income Tax Expense	236	239	-209	375	432	24	-5.00	154	344	208	347
Net Income / (Loss) Attributable to Noncontrolling Interest	420	346	455	538	606	-458	-315	-475	210	306	239
Basic Earnings per Share	$2.47	$2.11	$3.55	$3.07	$3.50	($2.21)	($1.26)	$2.40	$1.60	$1.97	$2.35
Weighted Average Basic Shares Outstanding	797M	795M	792M	786M	771M	764M	764M	764M	763M	735M	691M
Diluted Earnings per Share	$2.47	$2.11	$3.55	$3.07	$3.50	($2.21)	($1.26)	$2.40	$1.60	$1.96	$2.35
Weighted Average Diluted Shares Outstanding	798M	795M	792M	786M	771M	764M	764M	764M	765M	737M	693M
Weighted Average Basic & Diluted Shares Outstanding	796M	795.20M	788.88M	786M	763.68M	763.84M	763.99M	764.27M	753.62M	715.93M	671.91M
Cash Dividends to Common per Share	$2.60	$2.88	$2.92	$3.00	$3.08	$0.79	-	-	$0.40	$0.80	$1.00

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	380	382	494	353	275	324	352	461	419	395	567
Consolidated Net Income / (Loss)	449	469	583	424	353	392	408	519	491	448	641
Net Income / (Loss) Continuing Operations	449	469	583	424	353	392	408	519	491	448	641
Total Pre-Tax Income	571	592	600	496	403	461	471	609	582	551	748
Total Operating Income	688	710	717	591	504	590	609	783	719	707	904
Total Gross Profit	1,406	1,481	1,487	1,338	1,274	1,403	1,412	1,621	1,641	1,722	1,720
Total Revenue	2,795	2,915	2,959	2,761	2,682	2,896	2,862	3,175	3,331	3,649	3,585
Operating Revenue	2,795	2,915	2,959	2,761	2,682	2,896	2,862	3,175	3,331	3,649	3,585
Total Cost of Revenue	1,389	1,434	1,472	1,423	1,408	1,493	1,450	1,554	1,690	1,927	1,865
Operating Cost of Revenue	1,389	1,428	1,472	1,423	1,408	1,504	1,450	1,554	1,690	1,927	1,865
Total Operating Expenses	718	771	770	747	770	813	803	838	922	1,015	816
Selling, General & Admin Expense	339	351	364	337	361	378	346	361	386	405	385
Research & Development Expense	44	65	53	61	55	59	69	69	72	59	41
Depreciation Expense	313	333	320	316	324	348	362	371	368	363	357
Amortization Expense	15	15	16	14	15	15	15	20	21	20	21
Impairment Charge	4.00	5.00	14	16	11	9.00	7.00	8.00	68	164	8.00
Other Special Charges / (Income)	3.00	2.00	3.00	3.00	4.00	4.00	4.00	9.00	7.00	4.00	4.00
Total Other Income / (Expense), net	-117	-118	-117	-95	-101	-129	-138	-174	-137	-151	-156
Interest Expense	200	190	182	186	179	180	179	194	187	186	188
Interest & Investment Income	79	63	71	80	67	57	42	42	39	38	35
Other Income / (Expense), net	4.00	9.00	-6.00	11	11	-6.00	-1.00	-22	11	-3.00	-3.00
Income Tax Expense	122	123	17	72	50	69	63	90	91	103	107
Net Income / (Loss) Attributable to Noncontrolling Interest	69	87	89	71	78	68	56	58	72	53	74
Basic Earnings per Share	$0.50	$0.50	$0.66	$0.48	$0.38	$0.45	$0.49	$0.66	$0.61	$0.59	$0.85
Weighted Average Basic Shares Outstanding	764M	763M	750M	740M	730M	735M	712M	695M	682M	691M	669M
Diluted Earnings per Share	$0.50	$0.50	$0.66	$0.48	$0.38	$0.44	$0.49	$0.66	$0.61	$0.59	$0.85
Weighted Average Diluted Shares Outstanding	766M	765M	752M	741M	731M	737M	713M	696M	685M	693M	671M
Weighted Average Basic & Diluted Shares Outstanding	764.49M	753.62M	745.05M	736.43M	725.03M	715.93M	706.63M	686.45M	676.13M	671.91M	662.64M
Cash Dividends to Common per Share	$0.20	-	$0.20	$0.20	-	-	$0.25	$0.25	-	-	$0.30

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-1,285	-49	292	2,249	-419	-2,081	-212	4,511	-1,207	-1,454	191
Net Cash From Operating Activities	3,459	4,044	4,543	4,701	2,803	-1,191	-243	-944	3,227	3,204	3,023
Net Cash From Continuing Operating Activities	3,459	4,044	4,543	4,701	2,803	-1,191	-243	-944	3,229	3,204	3,023
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	1,866
Consolidated Net Income / (Loss)	2,386	2,025	3,263	2,951	-	-	-	-	1,431	1,752	1,866
Depreciation Expense	999	1,111	1,171	1,111	1,020	997	1,041	1,036	1,208	1,308	1,464
Amortization Expense	79	78	75	65	81	98	108	112	119	117	134
Non-Cash Adjustments To Reconcile Net Income	216	267	208	222	-446	127	212	-714	36	4.00	403
Changes in Operating Assets and Liabilities, net	-222	563	-174	352	-1,020	-513	-135	163	435	23	-844
Net Cash From Investing Activities	-1,528	-1,440	-822	-930	95	-1,226	-832	-721	-1,254	-1,579	-1,217
Net Cash From Continuing Investing Activities	-1,528	-1,440	-822	-930	95	-1,226	-832	-721	-1,254	-1,579	-1,217
Purchase of Property, Plant & Equipment	-1,529	-1,398	-837	-949	-1,018	-1,227	-828	-651	-1,017	-1,567	-1,168
Acquisitions	0.00	-47	0.00	0.00	-53	0.00	-11	-129	-240	-13	-75
Sale of Property, Plant & Equipment	2.00	5.00	15	19	5.00	1.00	7.00	9.00	3.00	1.00	7.00
Other Investing Activities, net	-	-	-	-	-	0.00	0.00	50	0.00	0.00	19
Net Cash From Financing Activities	-3,216	-2,631	-3,487	-1,522	-3,328	355	863	6,154	-3,188	-3,060	-1,643
Net Cash From Continuing Financing Activities	-3,216	-2,631	-3,487	-1,522	-3,328	355	863	6,154	-3,188	-3,060	-1,643
Repayment of Debt	-2,410	-2,020	-863	-5,178	-183	-498	-2,036	-77	-2,130	-2,214	-5,153
Repurchase of Common Equity	-205	0.00	-375	-905	-754	-	0.00	0.00	-505	-1,750	-2,217
Payment of Dividends	-2,707	-2,924	-2,943	-2,979	-3,000	-911	0.00	0.00	-305	-590	-833
Issuance of Debt	2,089	2,296	654	7,593	4,000	1,945	2,702	1,200	0.00	1,748	6,781
Other Financing Activities, net	17	17	40	-53	-3,391	-181	197	5,031	-248	-254	-221
Other Net Changes in Cash	-	-	58	-	-3.00	-19	16	0.00	-	-	28
Cash Interest Paid	-	-	-	-	-	-	-	614	746	650	710

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-194	-469	-149	-244	-503	-558	-614	414	-97	488	-511
Net Cash From Operating Activities	839	1,006	714	814	761	915	526	178	1,115	1,204	731
Net Cash From Continuing Operating Activities	839	1,006	714	814	761	915	526	178	1,115	1,204	731
Net Income / (Loss) Continuing Operations	449	469	583	424	353	392	408	519	491	448	641
Consolidated Net Income / (Loss)	449	-	583	424	353	-	408	519	491	448	641
Depreciation Expense	313	333	320	316	324	348	362	371	368	363	357
Amortization Expense	30	30	31	29	29	28	28	35	36	35	36
Non-Cash Adjustments To Reconcile Net Income	-1.00	-2.00	16	-1.00	-17	6.00	24	63	88	228	-74
Changes in Operating Assets and Liabilities, net	48	176	-236	46	72	141	-296	-810	132	130	-229
Net Cash From Investing Activities	-324	-329	-200	-288	-541	-550	-454	-286	-211	-266	-186
Net Cash From Continuing Investing Activities	-324	-329	-200	-288	-541	-550	-454	-286	-211	-266	-186
Purchase of Property, Plant & Equipment	-330	-325	-196	-285	-539	-547	-379	-286	-229	-274	-194
Acquisitions	3.00	-4.00	-4.00	-4.00	-2.00	-3.00	-75	-	-	-	0.00
Other Investing Activities, net	-	-	-	-	-	-	0.00	-	-	8.00	8.00
Net Cash From Financing Activities	-703	-1,178	-639	-769	-773	-879	-692	512	-1,012	-451	-1,040
Net Cash From Continuing Financing Activities	-703	-1,178	-639	-769	-773	-879	-692	512	-1,012	-451	-1,040
Repayment of Debt	-551	-270	-36	-1,967	-25	-138	-2,892	-2,188	-36	-36	-880
Repurchase of Common Equity	-	-505	-450	-400	-450	-450	-416	-800	-500	-501	-753
Payment of Dividends	-153	-152	-151	-148	-146	-145	-179	-246	-239	-169	-202
Issuance of Debt	-	-	0.00	-	-	-	2,797	3,984	-	-	797
Other Financing Activities, net	1.00	-251	-2.00	-2.00	-152	-146	-2.00	-238	-237	255	-2.00
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	-	-	-	-16
Cash Interest Paid	279	76	260	94	209	87	246	117	204	143	212
Cash Income Taxes Paid	58	32	31	84	91	16	34	101	97	-	58

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	2025
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	12/31/2025
Total Assets	20,863	20,469	20,687	22,547	23,199	20,807	20,059	22,039	21,778	20,666	21,920
Total Current Assets	3,609	3,098	3,197	5,566	5,305	5,707	5,510	6,744	5,777	4,290	4,832
Cash & Equivalents	2,179	2,128	2,419	4,648	4,226	2,082	1,854	6,311	5,105	3,650	3,841
Accounts Receivable	1,268	776	615	726	844	252	202	267	484	417	742
Inventories, net	43	46	37	35	37	22	22	28	38	41	46
Prepaid Expenses	111	138	115	144	182	113	113	138	150	182	203
Plant, Property, & Equipment, net	16,994	17,113	16,753	15,154	17,116	14,536	14,016	13,579	13,688	13,995	14,580
Total Noncurrent Assets	260	258	737	1,827	778	564	533	1,716	2,313	2,381	2,508
Noncurrent Note & Lease Receivables	-	-	-	1,198	-	-	0.00	1,165	1,194	1,264	1,264
Goodwill	-	-	-	-	-	-	-	64	598	545	573
Noncurrent Deferred & Refundable Income Taxes	24	0.00	493	368	282	318	297	131	121	122	160
Other Noncurrent Operating Assets	165	155	155	189	454	221	217	356	276	325	386
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	124	125	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	21,920
Total Liabilities	12,445	12,973	13,060	15,802	16,692	17,269	17,811	18,383	17,674	17,506	19,986
Total Current Liabilities	2,464	2,806	2,956	3,157	3,224	2,816	2,565	3,902	4,422	5,801	4,222
Short-Term Debt	95	167	296	111	70	75	74	2,031	1,900	3,160	1,128
Accounts Payable	111	128	171	178	149	89	77	89	167	164	190
Current Deferred & Payable Income Tax Liabilities	198	192	261	244	275	87	32	135	261	229	385
Other Current Liabilities	364	384	152	189	334	1,810	1,561	1,647	2,094	2,248	2,519
Total Noncurrent Liabilities	9,981	10,167	10,104	12,645	13,468	14,453	15,246	14,481	13,252	11,705	15,764
Long-Term Debt	9,249	9,428	9,344	11,874	12,422	13,929	14,721	13,947	12,129	10,592	14,656
Noncurrent Deferred & Payable Income Tax Liabilities	202	200	206	191	183	188	173	152	187	188	174
Other Noncurrent Operating Liabilities	113	126	147	179	513	336	352	382	936	925	934
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	8,418	7,496	7,627	6,745	6,507	3,538	2,248	3,656	4,104	3,160	1,934
Total Preferred & Common Equity	6,817	6,177	6,486	5,684	5,187	2,973	1,996	3,881	4,118	2,884	1,590
Preferred Stock	-	0.00	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	1,590
Common Stock	6,486	6,517	6,581	6,681	6,570	6,612	6,647	6,685	6,482	6,246	6,160
Retained Earnings	2,840	2,222	2,709	2,770	3,101	813	-148	1,684	2,600	3,455	4,387
Treasury Stock	-2,443	-2,443	-2,818	-3,727	-4,481	-4,481	-4,481	-4,481	-4,991	-6,759	-9,028
Accumulated Other Comprehensive Income / (Loss)	-66	-119	14	-40	-3.00	29	-22	-7.00	27	-58	71
Other Equity Adjustments	-	-	-	-	-	-	-	-	0.00	0.00	0.00
Noncontrolling Interest	1,601	1,319	1,141	1,061	1,320	565	252	-225	-14	276	344

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	3/31/2026
Total Assets	22,270	22,124	21,778	21,245	21,113	21,354	20,666	21,247	21,850	21,502	21,176
Total Current Assets	6,290	6,172	5,777	5,556	5,332	4,825	4,290	3,721	4,263	4,152	4,266
Cash & Equivalents	5,768	5,574	5,105	4,956	4,711	4,208	3,650	3,036	3,450	3,353	3,330
Accounts Receivable	336	390	484	420	436	413	417	435	533	548	677
Inventories, net	32	35	38	39	37	41	41	41	40	45	46
Prepaid Expenses	154	173	150	141	148	163	182	209	240	206	213
Plant, Property, & Equipment, net	13,666	13,642	13,688	13,386	13,465	14,168	13,995	14,913	15,000	14,821	14,448
Total Noncurrent Assets	2,314	2,310	2,313	2,303	2,316	2,361	2,381	2,613	2,587	2,529	2,462
Noncurrent Note & Lease Receivables	1,179	1,186	1,194	1,211	1,228	1,246	1,264	1,264	1,264	1,264	1,264
Goodwill	631	609	598	584	572	560	545	660	641	592	545
Noncurrent Deferred & Refundable Income Taxes	136	127	121	121	124	129	122	122	140	158	159
Other Noncurrent Operating Assets	368	388	276	387	392	426	325	442	417	390	369
Other Noncurrent Nonoperating Assets	-	-	124	-	-	-	125	125	125	125	125
Total Liabilities & Shareholders' Equity	22,270	22,124	21,778	21,245	21,113	21,354	20,666	21,247	21,850	21,502	21,176
Total Liabilities	18,111	17,672	17,674	17,220	17,219	17,707	17,506	18,214	19,568	19,635	19,568
Total Current Liabilities	2,275	4,102	4,422	4,267	3,369	5,350	5,801	6,255	3,501	4,671	4,633
Short-Term Debt	71	1,818	1,900	2,043	930	2,728	3,160	2,994	923	1,920	1,824
Accounts Payable	135	150	167	156	149	139	164	151	162	168	159
Current Deferred & Payable Income Tax Liabilities	171	213	261	256	244	223	229	279	310	314	442
Other Current Liabilities	1,898	1,921	2,094	1,812	2,046	2,260	2,248	2,831	2,106	2,269	2,208
Total Noncurrent Liabilities	15,836	13,570	13,252	12,953	13,850	12,357	11,705	11,959	16,067	14,964	14,935
Long-Term Debt	14,849	12,576	12,129	11,914	12,808	11,284	10,592	10,857	14,897	13,852	13,900
Noncurrent Deferred & Payable Income Tax Liabilities	145	150	187	175	173	185	188	185	183	174	165
Other Noncurrent Operating Liabilities	842	844	936	864	869	888	925	917	987	938	870
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	4,159	4,452	4,104	4,025	3,894	3,647	3,160	3,033	2,282	1,867	1,608
Total Preferred & Common Equity	4,330	4,553	4,118	3,953	3,754	3,426	2,884	2,699	1,991	1,571	1,198
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	4,330	4,553	4,118	3,953	3,754	3,426	2,884	2,699	1,991	1,571	1,198
Common Stock	6,709	6,721	6,482	6,494	6,509	6,370	6,246	6,308	6,094	5,887	6,181
Retained Earnings	2,143	2,370	2,600	2,943	3,148	3,276	3,455	3,628	3,914	4,161	4,753
Treasury Stock	-4,481	-4,481	-4,991	-5,446	-5,850	-6,304	-6,759	-7,213	-8,021	-8,526	-9,774
Accumulated Other Comprehensive Income / (Loss)	-41	-57	27	-38	-53	84	-58	-24	4.00	49	38
Other Equity Adjustments	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest	-171	-101	-14	72	140	221	276	334	291	296	410

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-19.86%	-3.57%	12.93%	7.86%	-11.67%	-75.76%	44.01%	-2.93%	152.36%	8.93%	15.22%
EBITDA Growth	-24.33%	-5.77%	24.02%	7.30%	2.52%	-105.49%	253.76%	-19.11%	946.69%	5.64%	14.70%
EBIT Growth	-29.97%	-11.80%	33.04%	12.08%	5.30%	-134.55%	47.60%	-11.25%	387.77%	4.64%	16.21%
NOPAT Growth	-32.62%	-13.44%	65.38%	-10.08%	-11.02%	-132.93%	50.54%	-14.95%	436.35%	15.14%	10.67%
Net Income Growth	-33.50%	-15.13%	61.14%	-9.56%	11.96%	-164.86%	40.46%	206.35%	5.45%	22.43%	6.51%
EPS Growth	-29.83%	-14.57%	68.25%	-13.52%	14.01%	-163.14%	42.99%	290.48%	-33.33%	22.50%	19.90%
Operating Cash Flow Growth	-28.43%	16.91%	12.34%	3.48%	-40.37%	-142.49%	79.60%	-288.48%	441.84%	-0.71%	-5.65%
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%	-7.99%
Invested Capital Growth	1.70%	-3.91%	-0.79%	-5.08%	4.40%	-14.10%	-2.20%	4.98%	-3.14%	1.81%	4.68%
Revenue Q/Q Growth	-4.53%	0.67%	3.71%	0.62%	-11.51%	-23.08%	-0.17%	2.72%	20.97%	-0.17%	6.14%
EBITDA Q/Q Growth	-7.76%	3.05%	4.79%	-2.40%	-6.17%	-168.38%	-0.92%	-1.98%	35.17%	-3.08%	3.33%
EBIT Q/Q Growth	-10.19%	1.65%	8.78%	-3.77%	-4.81%	-136.90%	-3.00%	0.50%	60.07%	-5.30%	4.47%
NOPAT Q/Q Growth	-10.17%	-0.27%	31.69%	-31.15%	20.27%	-106.98%	-2.84%	-3.66%	67.78%	-2.67%	3.19%
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%	3.09%
EPS Q/Q Growth	-11.47%	2.93%	32.96%	-36.04%	41.13%	-123.23%	15.44%	-2.04%	81.82%	-2.97%	6.82%
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%	10.57%
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%	10.57%
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%	-2.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.70%	48.02%	49.52%	49.17%	49.53%	25.00%	37.91%	39.78%	49.78%	48.70%	49.14%
EBITDA Margin	33.80%	33.02%	36.27%	36.08%	41.87%	-9.49%	10.13%	8.44%	35.02%	33.96%	33.81%
Operating Margin	24.31%	22.20%	27.22%	27.32%	27.75%	-47.38%	-16.27%	-19.27%	22.30%	21.26%	21.65%
EBIT Margin	24.57%	22.47%	26.48%	27.51%	32.79%	-46.73%	-17.01%	-19.49%	22.22%	21.35%	21.53%
Profit (Net Income) Margin	20.41%	17.97%	25.64%	21.49%	27.25%	-72.89%	-30.14%	33.02%	13.80%	15.51%	14.34%
Tax Burden Percent	91.00%	89.44%	106.84%	88.73%	91.78%	114.23%	86.57%	-97.84%	80.62%	89.39%	84.32%
Interest Burden Percent	91.30%	89.38%	90.62%	88.06%	90.52%	136.54%	204.72%	173.16%	77.01%	81.26%	78.95%
Effective Tax Rate	9.00%	10.56%	-6.84%	11.27%	12.00%	0.00%	0.00%	0.00%	19.38%	10.61%	15.68%
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%	17.67%
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%	12.99%
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%	55.59%
Return on Equity (ROE)	27.36%	25.45%	43.15%	41.07%	49.86%	-42.67%	-44.11%	45.97%	36.88%	48.24%	73.26%
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%	13.10%
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%	13.16%
Return on Assets (ROA)	11.04%	9.80%	15.86%	13.65%	14.45%	-9.74%	-6.24%	6.45%	6.53%	8.26%	8.76%
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%	64.35%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	2,585	2,238	3,701	3,328	2,961	-975	-482	-554	1,865	2,147	2,376
NOPAT Margin	22.12%	19.86%	29.08%	24.24%	24.42%	-33.17%	-11.39%	-13.49%	17.98%	19.00%	18.25%
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%	4.68%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-2.82%	10.28%	12.70%	13.41%
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%	50.86%
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%	11.51%
R&D to Revenue	0.09%	0.08%	0.10%	0.09%	0.20%	0.61%	2.57%	3.48%	1.98%	2.02%	2.07%
Operating Expenses to Revenue	24.39%	25.82%	22.31%	21.84%	21.78%	72.38%	54.18%	59.05%	27.48%	27.44%	27.49%
Earnings before Interest and Taxes (EBIT)	2,872	2,533	3,370	3,777	3,977	-1,374	-720	-801	2,305	2,412	2,803
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	4,401
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	27.68
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	43.27
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	3.38
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	27.05
Dividend Yield	7.51%	6.47%	4.82%	6.32%	4.65%	5.31%	0.00%	0.00%	0.83%	1.56%	1.54%
Earnings Yield	7.14%	4.75%	5.86%	6.48%	5.30%	0.00%	0.00%	5.11%	3.30%	3.88%	3.70%
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	4.09
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	4.32
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	12.79
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	20.08
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	23.69
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	18.62
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	31.97
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	8.16
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	7.58
Financial Leverage	0.82	0.97	1.02	1.07	1.23	1.80	3.44	3.41	2.38	2.58	4.28
Leverage Ratio	2.48	2.60	2.72	3.01	3.45	4.38	7.06	7.13	5.65	5.84	8.36
Compound Leverage Factor	2.26	2.32	2.47	2.65	3.12	5.98	14.46	12.35	4.35	4.75	6.60
Debt to Total Capital	52.61%	56.14%	55.83%	63.99%	65.75%	79.83%	86.81%	81.38%	77.37%	81.32%	89.08%
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%	6.37%
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%	82.72%
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	9.01%	7.72%	6.61%	5.66%	6.95%	3.22%	1.48%	-1.15%	-0.08%	1.63%	1.94%
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%	8.97%
Debt to EBITDA	2.37	2.58	2.09	2.42	2.46	-50.19	34.49	46.05	3.86	3.58	3.59
Net Debt to EBITDA	1.81	2.00	1.56	1.48	1.62	-42.67	30.13	27.86	2.46	2.63	2.71
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	3.33
Debt to NOPAT	3.61	4.29	2.60	3.60	4.22	-14.36	-30.68	-28.82	7.52	6.40	6.64
Net Debt to NOPAT	2.77	3.33	1.95	2.20	2.79	-12.21	-26.80	-17.44	4.79	4.71	5.03
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	6.17
Altman Z-Score	2.60	2.76	3.55	2.88	3.21	1.69	1.21	1.50	2.32	2.35	2.65
Noncontrolling Interest Sharing Ratio	19.54%	18.35%	16.27%	15.32%	17.97%	18.77%	14.12%	0.46%	-3.08%	3.61%	12.17%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.46	1.10	1.08	1.76	1.65	2.03	2.15	1.73	1.31	0.74	1.14
Quick Ratio	1.40	1.03	1.03	1.70	1.57	0.83	0.80	1.69	1.26	0.70	1.09
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	1,761
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%	260.38%
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	2.36
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	4.05
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	2.50
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.55	0.62	0.64	0.53	0.13	0.21	0.20	0.47	0.53	0.61
Accounts Receivable Turnover	8.41	11.03	18.30	20.48	15.45	5.37	18.65	17.53	27.62	25.08	22.46
Inventory Turnover	141.63	131.66	154.82	193.86	170.03	74.75	119.50	99.00	157.85	146.73	152.21
Fixed Asset Turnover	0.69	0.66	0.75	0.86	0.75	0.19	0.30	0.30	0.76	0.82	0.91
Accounts Payable Turnover	53.60	49.03	42.98	39.99	37.44	18.53	31.67	29.82	40.70	35.02	37.41
Days Sales Outstanding (DSO)	43.39	33.10	19.94	17.83	23.63	68.03	19.57	20.83	13.21	14.55	16.25
Days Inventory Outstanding (DIO)	2.58	2.77	2.36	1.88	2.15	4.88	3.05	3.69	2.31	2.49	2.40
Days Payable Outstanding (DPO)	6.81	7.44	8.49	9.13	9.75	19.70	11.52	12.24	8.97	10.42	9.76
Cash Conversion Cycle (CCC)	39.16	28.42	13.81	10.58	16.02	53.22	11.10	12.27	6.56	6.62	8.89
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	13,752
Invested Capital Turnover	0.74	0.72	0.83	0.92	0.82	0.21	0.33	0.32	0.79	0.87	0.97
Increase / (Decrease) in Invested Capital	267	-626	-122	-774	637	-2,130	-286	632	-419	233	615
Enterprise Value (EV)	36,298	44,147	56,251	45,601	60,472	57,044	41,333	45,268	45,880	47,615	56,297
Market Capitalization	27,540	35,371	47,900	37,216	50,902	44,573	28,156	35,826	36,970	37,237	44,010
Book Value per Share	$8.57	$7.77	$8.21	$7.25	$6.75	$3.89	$2.61	$5.08	$5.39	$3.98	$2.35
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	$1.50
Total Capital	17,762	17,091	17,267	18,730	18,999	17,542	17,043	19,634	18,133	16,912	17,718
Total Debt	9,344	9,595	9,640	11,985	12,492	14,004	14,795	15,978	14,029	13,752	15,784
Total Long-Term Debt	9,249	9,428	9,344	11,874	12,422	13,929	14,721	13,947	12,129	10,592	14,656
Net Debt	7,157	7,457	7,210	7,324	8,250	11,906	12,925	9,667	8,924	10,102	11,943
Capital Expenditures (CapEx)	1,527	1,393	822	930	1,013	1,226	821	642	1,014	1,566	1,161
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	-2,103
Debt-free Net Working Capital (DFNWC)	1,240	459	537	2,520	2,151	2,966	3,019	4,873	3,255	1,649	1,738
Net Working Capital (NWC)	1,145	292	241	2,409	2,081	2,891	2,945	2,842	1,355	-1,511	610
Net Nonoperating Expense (NNE)	199	213	438	377	-343	1,168	794	-1,911	434	395	510
Net Nonoperating Obligations (NNO)	7,574	7,870	7,617	7,725	8,600	9,439	10,443	9,667	8,800	9,977	11,818
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	1,598
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%	-16.16%
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%	13.35%
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%	4.69%
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	$2.35
Adjusted Weighted Average Basic Shares Outstanding	796.79M	795M	792M	786M	771M	764M	764M	764M	763M	735M	691M
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	$2.35
Adjusted Weighted Average Diluted Shares Outstanding	797.60M	795M	792M	786M	771M	764M	764M	764M	765M	737M	693M
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	794.69M	793.99M	788.88M	775.05M	763.68M	763.84M	763.99M	764.27M	753.62M	715.93M	671.91M
Normalized Net Operating Profit after Tax (NOPAT)	2,661	2,425	2,444	3,466	3,062	-911	-450	-539	1,899	2,204	2,605
Normalized NOPAT Margin	22.77%	21.51%	19.20%	25.25%	25.25%	-30.98%	-10.63%	-13.11%	18.31%	19.51%	20.01%
Pre Tax Income Margin	22.43%	20.09%	23.99%	24.23%	29.69%	-63.81%	-34.81%	-33.75%	17.11%	17.35%	17.00%
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	3.76
NOPAT to Interest Expense	9.76	8.02	11.15	6.53	6.57	-1.86	-0.64	-0.79	2.28	2.95	3.19
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	2.20
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	1.63
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%	44.64%
Augmented Payout Ratio	122.05%	144.40%	101.69%	131.62%	113.62%	-42.51%	0.00%	0.00%	56.60%	133.56%	163.45%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	671,910,723.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	671,910,723.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.84
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	178.11%	160.97%	39.58%	8.62%	-4.04%	-0.65%	-3.28%	14.99%	24.20%	26.00%	25.26%
EBITDA Growth	807.89%	689.78%	64.40%	8.98%	-16.14%	-11.28%	-6.03%	23.23%	30.65%	14.79%	29.66%
EBIT Growth	495.43%	592.47%	107.29%	9.26%	-25.58%	-18.78%	-14.49%	26.41%	41.75%	20.55%	48.19%
NOPAT Growth	536.64%	584.06%	147.86%	6.61%	-18.40%	-10.81%	-24.28%	32.08%	37.40%	14.58%	46.85%
Net Income Growth	217.85%	271.17%	302.07%	15.22%	-21.38%	-16.42%	-30.02%	22.41%	39.09%	14.29%	57.11%
EPS Growth	261.29%	327.27%	247.37%	17.07%	-24.00%	-12.00%	-25.76%	37.50%	60.53%	34.09%	73.47%
Operating Cash Flow Growth	659.33%	1,067.31%	61.90%	-13.50%	-9.30%	-9.05%	-26.33%	-78.13%	46.52%	31.58%	38.97%
Free Cash Flow Firm Growth	204.34%	231.18%	371.09%	209.87%	-48.23%	-72.62%	-117.71%	-204.86%	-139.40%	-114.95%	466.28%
Invested Capital Growth	0.26%	-3.14%	-1.96%	-2.93%	1.35%	1.81%	5.35%	12.43%	5.28%	4.68%	1.12%
Revenue Q/Q Growth	9.95%	4.29%	1.51%	-6.69%	-2.86%	7.98%	-1.17%	10.94%	4.91%	9.55%	-1.75%
EBITDA Q/Q Growth	19.10%	4.54%	-1.85%	-10.83%	-8.34%	10.60%	3.96%	16.93%	-2.83%	-2.82%	17.42%
EBIT Q/Q Growth	25.59%	3.90%	-1.11%	-15.33%	-14.45%	13.40%	4.11%	25.16%	-4.07%	-3.56%	27.98%
NOPAT Q/Q Growth	14.16%	3.97%	23.86%	-27.48%	-12.62%	13.64%	5.15%	26.49%	-9.10%	-5.23%	34.77%
Net Income Q/Q Growth	22.01%	4.45%	24.31%	-27.27%	-16.75%	11.05%	4.08%	27.21%	-5.40%	-8.76%	43.08%
EPS Q/Q Growth	21.95%	0.00%	32.00%	-27.27%	-20.83%	15.79%	11.36%	34.69%	-7.58%	-3.28%	44.07%
Operating Cash Flow Q/Q Growth	-10.84%	19.90%	-29.03%	14.01%	-6.51%	20.24%	-42.51%	-66.16%	526.40%	7.98%	-39.29%
Free Cash Flow Firm Q/Q Growth	75.49%	93.59%	11.57%	-6.43%	-70.68%	2.37%	-163.07%	-453.95%	88.98%	61.17%	1,645.47%
Invested Capital Q/Q Growth	-0.29%	-2.77%	-0.02%	-0.81%	4.10%	-2.33%	4.46%	5.86%	-2.52%	-2.89%	0.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.30%	50.81%	50.25%	48.46%	47.50%	48.45%	49.34%	51.06%	49.26%	47.19%	47.98%
EBITDA Margin	37.03%	37.12%	35.89%	34.30%	32.36%	33.15%	34.87%	36.76%	34.04%	30.20%	36.09%
Operating Margin	24.62%	24.36%	24.23%	21.41%	18.79%	20.37%	21.28%	24.66%	21.59%	19.38%	25.22%
EBIT Margin	24.76%	24.67%	24.03%	21.80%	19.20%	20.17%	21.24%	23.97%	21.92%	19.29%	25.13%
Profit (Net Income) Margin	16.06%	16.09%	19.70%	15.36%	13.16%	13.54%	14.26%	16.35%	14.74%	12.28%	17.88%
Tax Burden Percent	78.63%	79.22%	97.17%	85.48%	87.59%	85.03%	86.62%	85.22%	84.36%	81.31%	85.70%
Interest Burden Percent	82.51%	82.34%	84.39%	82.39%	78.25%	78.94%	77.47%	80.03%	79.73%	78.27%	83.02%
Effective Tax Rate	21.37%	20.78%	2.83%	14.52%	12.41%	14.97%	13.38%	14.78%	15.64%	18.69%	14.30%
Return on Invested Capital (ROIC)	12.52%	15.26%	20.06%	15.95%	13.94%	15.03%	15.44%	17.79%	16.18%	15.25%	21.52%
ROIC Less NNEP Spread (ROIC-NNEP)	11.51%	14.25%	18.83%	15.05%	12.99%	13.86%	14.22%	16.39%	15.13%	14.09%	20.35%
Return on Net Nonoperating Assets (RNNOA)	25.56%	33.91%	44.26%	33.98%	29.88%	35.84%	39.68%	56.46%	60.64%	60.28%	100.67%
Return on Equity (ROE)	38.08%	49.17%	64.32%	49.93%	43.82%	50.87%	55.12%	74.25%	76.81%	75.53%	122.19%
Cash Return on Invested Capital (CROIC)	8.13%	17.42%	19.26%	20.55%	15.17%	14.70%	9.56%	3.88%	11.54%	13.10%	17.90%
Operating Return on Assets (OROA)	9.74%	11.68%	12.26%	11.49%	10.00%	10.74%	11.20%	12.96%	12.54%	11.79%	16.28%
Return on Assets (ROA)	6.32%	7.62%	10.05%	8.09%	6.85%	7.21%	7.52%	8.84%	8.44%	7.51%	11.58%
Return on Common Equity (ROCE)	39.10%	50.69%	65.59%	50.12%	43.17%	49.03%	51.95%	69.07%	69.61%	66.34%	102.60%
Return on Equity Simple (ROE_SIMPLE)	15.11%	0.00%	47.28%	51.28%	53.39%	0.00%	58.43%	83.98%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	541	562	697	505	441	502	528	667	607	575	775
NOPAT Margin	19.36%	19.30%	23.54%	18.30%	16.46%	17.32%	18.43%	21.02%	18.21%	15.75%	21.61%
Net Nonoperating Expense Percent (NNEP)	1.01%	1.01%	1.23%	0.89%	0.95%	1.17%	1.21%	1.39%	1.05%	1.16%	1.16%
Return On Investment Capital (ROIC_SIMPLE)	-	3.10%	-	-	-	2.97%	3.12%	3.69%	3.44%	3.24%	4.47%
Cost of Revenue to Revenue	49.70%	49.19%	49.75%	51.54%	52.50%	51.55%	50.66%	48.94%	50.74%	52.81%	52.02%
SG&A Expenses to Revenue	12.13%	12.04%	12.30%	12.21%	13.46%	13.05%	12.09%	11.37%	11.59%	11.10%	10.74%
R&D to Revenue	1.57%	2.23%	1.79%	2.21%	2.05%	2.04%	2.41%	2.17%	2.16%	1.62%	1.14%
Operating Expenses to Revenue	25.69%	26.45%	26.02%	27.06%	28.71%	28.07%	28.06%	26.39%	27.68%	27.82%	22.76%
Earnings before Interest and Taxes (EBIT)	692	719	711	602	515	584	608	761	730	704	901
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,035	1,082	1,062	947	868	960	998	1,167	1,134	1,102	1,294
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.56	8.98	9.90	8.74	10.82	12.91	10.25	15.44	23.50	27.68	30.22
Price to Tangible Book Value (P/TBV)	8.73	10.50	11.62	10.31	12.94	15.92	13.56	22.77	37.72	43.27	55.44
Price to Revenue (P/Rev)	4.02	3.56	3.49	2.87	3.28	3.30	2.47	2.65	3.01	3.38	2.63
Price to Earnings (P/E)	51.39	30.28	24.97	20.38	24.65	25.75	21.21	21.77	23.73	27.05	19.65
Dividend Yield	0.44%	0.83%	1.17%	1.82%	1.59%	1.56%	2.20%	2.07%	1.77%	1.54%	1.95%
Earnings Yield	1.95%	3.30%	4.01%	4.91%	4.06%	3.88%	4.72%	4.59%	4.21%	3.70%	5.09%
Enterprise Value to Invested Capital (EV/IC)	3.25	3.56	3.70	3.25	3.50	3.62	2.83	2.99	3.51	4.09	3.53
Enterprise Value to Revenue (EV/Rev)	5.03	4.42	4.30	3.67	4.16	4.21	3.46	3.74	4.05	4.32	3.57
Enterprise Value to EBITDA (EV/EBITDA)	16.06	12.63	11.91	10.17	11.90	12.41	10.29	10.87	11.66	12.79	10.43
Enterprise Value to EBIT (EV/EBIT)	29.96	19.90	18.04	15.40	18.49	19.74	16.81	17.59	18.50	20.08	15.83
Enterprise Value to NOPAT (EV/NOPAT)	38.82	24.60	21.21	18.20	21.35	22.18	19.64	20.30	21.56	23.69	18.68
Enterprise Value to Operating Cash Flow (EV/OCF)	20.38	14.22	13.78	12.44	14.29	14.86	12.87	18.24	18.16	18.62	15.18
Enterprise Value to Free Cash Flow (EV/FCFF)	40.05	20.09	19.03	15.56	23.23	24.88	30.35	81.57	31.17	31.97	19.84
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.23	3.42	3.47	3.53	3.84	4.35	4.57	6.93	8.45	8.16	9.78
Long-Term Debt to Equity	2.82	2.96	2.96	3.29	3.09	3.35	3.58	6.53	7.42	7.58	8.64
Financial Leverage	2.22	2.38	2.35	2.26	2.30	2.58	2.79	3.44	4.01	4.28	4.95
Leverage Ratio	5.29	5.65	5.60	5.39	5.37	5.84	6.02	6.96	7.77	8.36	9.14
Compound Leverage Factor	4.37	4.65	4.72	4.44	4.20	4.61	4.66	5.57	6.20	6.54	7.59
Debt to Total Capital	76.38%	77.37%	77.62%	77.92%	79.35%	81.32%	82.04%	87.39%	89.42%	89.08%	90.72%
Short-Term Debt to Total Capital	9.65%	10.48%	11.36%	5.27%	15.45%	18.69%	17.73%	5.10%	10.89%	6.37%	10.52%
Long-Term Debt to Total Capital	66.73%	66.89%	66.26%	72.64%	63.90%	62.63%	64.30%	82.29%	78.53%	82.72%	80.20%
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	-0.54%	-0.08%	0.40%	0.79%	1.25%	1.63%	1.98%	1.61%	1.68%	1.94%	2.37%
Common Equity to Total Capital	24.16%	22.71%	21.98%	21.29%	19.40%	17.05%	15.99%	11.00%	8.91%	8.97%	6.91%
Debt to EBITDA	5.36	3.86	3.45	3.33	3.54	3.58	3.67	3.96	3.70	3.59	3.35
Net Debt to EBITDA	3.28	2.46	2.22	2.19	2.48	2.63	2.87	3.10	2.92	2.71	2.64
Long-Term Debt to EBITDA	4.68	3.34	2.94	3.10	2.85	2.76	2.88	3.73	3.25	3.33	2.96
Debt to NOPAT	12.95	7.52	6.14	5.96	6.35	6.40	7.01	7.40	6.85	6.64	5.99
Net Debt to NOPAT	7.94	4.79	3.96	3.91	4.44	4.71	5.47	5.79	5.39	5.03	4.72
Long-Term Debt to NOPAT	11.32	6.50	5.24	5.55	5.12	4.93	5.50	6.97	6.02	6.17	5.30
Altman Z-Score	1.92	2.08	2.27	2.10	2.05	2.06	1.63	1.88	2.05	2.33	2.19
Noncontrolling Interest Sharing Ratio	-2.67%	-3.08%	-1.97%	-0.38%	1.48%	3.61%	5.75%	6.98%	9.38%	12.17%	16.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.50	1.31	1.30	1.58	0.90	0.74	0.59	1.22	0.89	1.14	0.92
Quick Ratio	1.45	1.26	1.26	1.53	0.86	0.70	0.55	1.14	0.84	1.09	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	507	981	957	895	262	269	-169	-939	-103	-40	621
Operating Cash Flow to CapEx	256.57%	309.54%	364.29%	285.61%	141.19%	167.28%	138.79%	62.24%	502.25%	439.42%	376.80%
Free Cash Flow to Firm to Interest Expense	2.54	5.17	5.26	4.81	1.47	1.49	-0.95	-4.84	-0.55	-0.22	3.30
Operating Cash Flow to Interest Expense	4.20	5.29	3.92	4.38	4.25	5.08	2.94	0.92	5.96	6.47	3.89
Operating Cash Flow Less CapEx to Interest Expense	2.56	3.58	2.85	2.84	1.24	2.04	0.82	-0.56	4.78	5.00	2.86
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.39	0.47	0.51	0.53	0.52	0.53	0.53	0.54	0.57	0.61	0.65
Accounts Receivable Turnover	28.58	27.62	29.98	29.61	28.19	25.08	26.20	23.97	25.52	22.46	24.71
Inventory Turnover	153.14	157.85	166.96	165.74	150.97	146.73	144.35	153.38	143.88	152.21	161.75
Fixed Asset Turnover	0.64	0.76	0.84	0.84	0.81	0.82	0.79	0.82	0.85	0.91	0.94
Accounts Payable Turnover	36.85	40.70	42.37	40.27	39.70	35.02	37.62	37.97	40.31	37.41	45.39
Days Sales Outstanding (DSO)	12.77	13.21	12.18	12.33	12.95	14.55	13.93	15.23	14.30	16.25	14.77
Days Inventory Outstanding (DIO)	2.38	2.31	2.19	2.20	2.42	2.49	2.53	2.38	2.54	2.40	2.26
Days Payable Outstanding (DPO)	9.90	8.97	8.61	9.06	9.19	10.42	9.70	9.61	9.06	9.76	8.04
Cash Conversion Cycle (CCC)	5.25	6.56	5.75	5.46	6.17	6.62	6.76	7.99	7.78	8.89	8.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	13,272	12,904	13,026	12,921	13,451	13,137	13,723	14,527	14,161	13,752	13,877
Invested Capital Turnover	0.65	0.79	0.85	0.87	0.85	0.87	0.84	0.85	0.89	0.97	1.00
Increase / (Decrease) in Invested Capital	34	-419	-260	-390	179	233	697	1,606	710	615	154
Enterprise Value (EV)	43,148	45,880	48,221	41,961	47,097	47,615	38,806	43,406	49,639	56,297	49,007
Market Capitalization	34,429	36,970	39,148	32,794	37,072	37,237	27,657	30,745	36,924	44,010	36,203
Book Value per Share	$5.96	$5.39	$5.27	$5.04	$4.65	$3.98	$3.77	$2.82	$2.29	$2.35	$1.78
Tangible Book Value per Share	$5.16	$4.60	$4.49	$4.27	$3.89	$3.23	$2.85	$1.91	$1.43	$1.50	$0.97
Total Capital	18,846	18,133	17,982	17,632	17,659	16,912	16,884	18,102	17,639	17,718	17,332
Total Debt	14,394	14,029	13,957	13,738	14,012	13,752	13,851	15,820	15,772	15,784	15,724
Total Long-Term Debt	12,576	12,129	11,914	12,808	11,284	10,592	10,857	14,897	13,852	14,656	13,900
Net Debt	8,820	8,924	9,001	9,027	9,804	10,102	10,815	12,370	12,419	11,943	12,394
Capital Expenditures (CapEx)	327	325	196	285	539	547	379	286	222	274	194
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,686	-1,850	-1,624	-1,818	-2,005	-2,001	-2,576	-1,765	-1,952	-2,103	-1,873
Debt-free Net Working Capital (DFNWC)	3,888	3,255	3,332	2,893	2,203	1,649	460	1,685	1,401	1,738	1,457
Net Working Capital (NWC)	2,070	1,355	1,289	1,963	-525	-1,511	-2,534	762	-519	610	-367
Net Nonoperating Expense (NNE)	92	93	114	81	88	110	120	148	116	127	134
Net Nonoperating Obligations (NNO)	8,820	8,800	9,001	9,027	9,804	9,977	10,690	12,245	12,294	11,818	12,269
Total Depreciation and Amortization (D&A)	343	363	351	345	353	376	390	406	404	398	393
Debt-free, Cash-free Net Working Capital to Revenue	-19.66%	-17.84%	-14.49%	-15.91%	-17.72%	-17.71%	-23.00%	-15.20%	-15.92%	-16.16%	-13.63%
Debt-free Net Working Capital to Revenue	45.35%	31.38%	29.72%	25.31%	19.47%	14.60%	4.11%	14.51%	11.42%	13.35%	10.60%
Net Working Capital to Revenue	24.14%	13.06%	11.50%	17.17%	-4.64%	-13.37%	-22.62%	6.56%	-4.23%	4.69%	-2.67%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.50	$0.50	$0.66	$0.48	$0.38	$0.45	$0.49	$0.66	$0.61	$0.59	$0.85
Adjusted Weighted Average Basic Shares Outstanding	764M	763M	750M	740M	730M	735M	712M	695M	682M	691M	669M
Adjusted Diluted Earnings per Share	$0.50	$0.50	$0.66	$0.48	$0.38	$0.44	$0.49	$0.66	$0.61	$0.59	$0.85
Adjusted Weighted Average Diluted Shares Outstanding	766M	765M	752M	741M	731M	737M	713M	696M	685M	693M	671M
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	764.49M	753.62M	745.05M	736.43M	725.03M	715.93M	706.63M	686.45M	676.13M	671.91M	662.64M
Normalized Net Operating Profit after Tax (NOPAT)	547	568	713	521	455	513	537	682	670	711	785
Normalized NOPAT Margin	19.55%	19.49%	24.10%	18.89%	16.95%	17.71%	18.77%	21.47%	20.11%	19.50%	21.90%
Pre Tax Income Margin	20.43%	20.31%	20.28%	17.96%	15.03%	15.92%	16.46%	19.18%	17.47%	15.10%	20.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.46	3.78	3.91	3.24	2.88	3.24	3.40	3.92	3.90	3.78	4.79
NOPAT to Interest Expense	2.71	2.96	3.83	2.72	2.47	2.79	2.95	3.44	3.24	3.09	4.12
EBIT Less CapEx to Interest Expense	1.83	2.07	2.83	1.70	-0.13	0.21	1.28	2.45	2.72	2.31	3.76
NOPAT Less CapEx to Interest Expense	1.07	1.25	2.75	1.18	-0.54	-0.25	0.83	1.97	2.06	1.62	3.09
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	22.24%	21.31%	24.40%	31.38%	32.64%	33.68%	39.19%	42.82%	44.70%	44.64%	40.78%
Augmented Payout Ratio	22.24%	56.60%	75.49%	101.77%	131.33%	133.56%	148.00%	169.38%	164.36%	163.45%	162.46%

Financials Breakdown Chart

Key Financial Trends

Las Vegas Sands (LVS) has posted a multi-year recovery in revenue and improving cash generation, with current quarterly results showing healthy profitability and consistent earnings per share. Here are the key trends from the last four years, based on the provided quarterly statements.

Revenue rebound and growth: Operating revenue rose from about $1.12B in 2022 Q4 to $3.65B in 2025 Q4, indicating a substantial rebound and ongoing expansion through 2025.
Healthy gross margins: The company has maintained gross margins in the mid-40s to upper-40s range, with Q4 2025 gross profit of $1.722B on $3.649B in revenue (approximately 47% gross margin).
Strength in net income to common shareholders: Net income attributable to common shareholders was $395M in 2025 Q4, up from about $324M in 2024 Q4, signaling improving profitability on a quarterly basis.
Solid cash generation from operations: Net cash from continuing operating activities reached about $1.204B in 2025 Q4, up from about $0.915B in 2024 Q4, highlighting stronger operating cash flow.
Stability in earnings per share: Basic and diluted earnings per share in 2025 Q4 were $0.59, indicating consistent profitability per share at recent levels.

Balance sheet expansion: Total assets grew to roughly $21.5B by 2025 (with 2025 Q3 reporting about $21.50B) versus about $20.7B at 2024 year-end, reflecting an expanding asset base.
Liquidity held steady: Cash & equivalents hovered around $3.3B in recent quarters (e.g., $3.353B in 2025 Q3), suggesting ongoing liquidity to fund operations and investments.

Elevated leverage and financing activity: Long-term debt stood at about $13.85B in 2025 Q3, up from roughly $10.59B in 2024 Q4, indicating higher leverage. The financing mix also shows notable debt issuances and related financing outflows, which could weigh on future earnings if interest costs rise or liquidity needs shift.

05/14/26 05:54 AM ETAI Generated. May Contain Errors.

Las Vegas Sands Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Las Vegas Sands' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Las Vegas Sands' net income appears to be on a downward trend, with a most recent value of $1.87 billion in 2025, falling from $2.39 billion in 2015. The previous period was $1.75 billion in 2024. See Las Vegas Sands' forecast for analyst expectations on what's next for the company.

Las Vegas Sands' total operating income in 2025 was $2.82 billion, based on the following breakdown:

Total Gross Profit: $6.40 billion
Total Operating Expenses: $3.58 billion

Over the last 10 years, Las Vegas Sands' total revenue changed from $11.69 billion in 2015 to $13.02 billion in 2025, a change of 11.4%.

Las Vegas Sands' total liabilities were at $19.99 billion at the end of 2025, a 14.2% increase from 2024, and a 60.6% increase since 2015.

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 $3.84 billion as of their latest financial filing in 2025.

Over the last 10 years, Las Vegas Sands' book value per share changed from 8.57 in 2015 to 2.35 in 2025, a change of -72.5%.

Related Companies

Financial statements for NYSE:LVS last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Las Vegas Sands (LVS) Financials

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Las Vegas Sands (LVS) Financials

Annual Income Statements for Las Vegas Sands

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Quarterly Metrics And Ratios for Las Vegas Sands

Financials Breakdown Chart

Key Financial Trends

Las Vegas Sands Financials - Frequently Asked Questions

When does Las Vegas Sands' fiscal year end?

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

What is Las Vegas Sands' operating income?

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

How much debt does Las Vegas Sands have?

How much cash does Las Vegas Sands have?

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

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