L 
Las Vegas Sands LVS · USD
Consumer Discretionary · Hotels, Restaurants & Leisure · US listing · 🇺🇸 United States
S&P 500
40.18
-1.35%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$13.02bn
FY2016FY2025
Net income
$1.63bn
FY2016FY2025
Free cash flow
$1.78bn
FY2016FY2025
Shareholders' equity
$1.59bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.02bn | $11.30bn | $10.37bn | $4.11bn | $4.23bn | $2.94bn | $12.13bn | $13.73bn | $12.73bn | $11.27bn |
| Gross profit | $6.48bn | $5.52bn | $5.17bn | $1.65bn | $1.61bn | $821.0m | $6.03bn | $6.75bn | $6.40bn | $5.58bn |
| Research and development | $269.0m | $228.0m | $205.0m | $143.0m | $109.0m | $18.0m | $24.0m | $12.0m | $13.0m | $9.0m |
| Operating income | $3.09bn | $2.47bn | $2.35bn | −$770.0m | −$689.0m | −$1.35bn | $3.85bn | $3.75bn | $3.46bn | $2.50bn |
| Net income | $1.63bn | $1.45bn | $1.22bn | $1.83bn | −$961.0m | −$1.69bn | $2.70bn | $2.41bn | $2.81bn | $1.68bn |
| Diluted earnings per share | 2.40 | 1.96 | 1.61 | 2.40 | -1.26 | -2.21 | 3.51 | 3.09 | 3.55 | 2.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $21.92bn | $20.67bn | $21.78bn | $22.04bn | $20.06bn | $20.81bn | $23.20bn | $22.55bn | $20.69bn | $20.47bn |
| Cash and short-term investments | $3.84bn | $3.65bn | $5.11bn | $6.31bn | $1.85bn | $2.08bn | $4.23bn | $4.65bn | $2.42bn | $2.13bn |
| Total liabilities | $19.99bn | $17.51bn | $17.67bn | $18.38bn | $17.81bn | $17.27bn | $16.69bn | $15.80bn | $13.06bn | $12.97bn |
| Debt | $15.78bn | $13.75bn | $14.03bn | $15.98bn | $14.79bn | $14.00bn | $12.49bn | $11.98bn | $9.64bn | $9.60bn |
| Shareholders' equity | $1.59bn | $2.88bn | $4.12bn | $3.66bn | $2.25bn | $3.54bn | $6.51bn | $6.75bn | $7.63bn | $6.18bn |
| Shares outstanding | 678m | 737m | 760m | 764m | 764m | 764m | 768m | 780m | 791m | 795m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $3.02bn | $3.20bn | $3.23bn | −$795.0m | $15.0m | −$1.31bn | $3.04bn | $4.70bn | $4.54bn | $4.04bn |
| Capital spending | −$1.24bn | −$1.58bn | −$1.26bn | −$780.0m | −$839.0m | −$1.23bn | −$1.02bn | −$949.0m | −$837.0m | −$1.45bn |
| Free cash flow | $1.78bn | $1.62bn | $1.97bn | −$1.57bn | −$824.0m | −$2.54bn | $2.02bn | $3.75bn | $3.71bn | $2.60bn |
| Dividends paid | −$833.0m | −$590.0m | −$305.0m | — | — | −$603.0m | −$2.37bn | −$2.35bn | −$2.31bn | −$2.92bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.15bn | $3.58bn | $3.65bn | $3.33bn | $3.17bn | $2.86bn | $2.90bn | $2.68bn |
| Gross profit | −$1.75bn | $1.75bn | $1.77bn | $1.66bn | $1.64bn | $1.42bn | $1.41bn | $1.27bn |
| Operating income | $606.0m | $916.0m | $875.0m | $794.0m | $800.0m | $620.0m | $603.0m | $504.0m |
| Net income | $763.0m | $567.0m | $395.0m | $419.0m | $461.0m | $352.0m | $324.0m | $275.0m |
| Diluted earnings per share | 1.15 | 0.86 | 0.58 | 0.62 | 0.68 | 0.52 | 0.44 | 0.37 |
| Cash from operations | — | $731.0m | $1.20bn | $1.11bn | $178.0m | $526.0m | $915.0m | $761.0m |
| Capital spending | — | −$194.0m | −$274.0m | −$154.0m | −$286.0m | −$379.0m | −$547.0m | −$539.0m |
| Free cash flow | — | $537.0m | $930.0m | $961.0m | −$108.0m | $147.0m | $368.0m | $222.0m |
| Total assets | — | $21.18bn | $21.92bn | $21.50bn | $21.85bn | $21.25bn | $20.67bn | $21.35bn |
| Cash and short-term investments | — | $3.33bn | $3.84bn | $3.48bn | $3.45bn | $3.04bn | $3.65bn | $4.21bn |
| Debt | — | $15.72bn | $15.80bn | $15.77bn | $15.82bn | $13.85bn | $13.75bn | $14.01bn |
| Shareholders' equity | — | $1.20bn | $1.59bn | $1.57bn | $1.99bn | $2.70bn | $2.88bn | $3.43bn |
Financial ratios
Data as of 20 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 49.8% | 48.9% | 49.8% | 40.1% | 38.0% | 27.9% |
| Operating margin | 23.7% | 21.8% | 22.7% | -18.7% | -16.3% | -46.0% |
| Net margin | 12.5% | 12.8% | 11.8% | 44.6% | -22.7% | -57.3% |
| Return on equity | 102.3% | 50.1% | 29.7% | 50.1% | -42.7% | -47.6% |
| Return on assets | 7.4% | 7.0% | 5.6% | 8.3% | -4.8% | -8.1% |
| Free cash flow yield | 15.8% | 16.4% | 14.9% | -0.0% | 2.8% | -0.3% |
| Revenue growth | 15.2% | 8.9% | 152.4% | -2.9% | 44.0% | -75.8% |
| Earnings growth | 12.5% | 18.4% | -33.4% | -290.6% | -43.0% | -162.5% |
| Current ratio | 1.14x | 0.74x | 1.31x | 1.73x | 2.15x | 2.03x |
| Debt to equity | 9.94x | 4.77x | 3.41x | 4.37x | 6.57x | 3.96x |
| Equity ratio | 7.3% | 14.0% | 18.9% | 16.6% | 11.2% | 17.0% |
| Interest coverage | 4.14x | 3.39x | 2.88x | -1.10x | -1.11x | -2.59x |
| R&D as a share of sales | 2.1% | 2.0% | 2.0% | 3.5% | 2.6% | 0.6% |
| Buybacks as a share of market value | 8.0% | 3.0% | 0.5% | 0.0% | -0.0% | 0.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 46.9% | 34.7% | 1.1% |
| Operating income | — | — | 0.8% |
| Net income | -3.9% | — | -1.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 49.4% | 48.5% | 46.2% | 48.0% |
| Operating margin | 22.8% | 18.4% | 11.1% | 20.0% |
| Net margin | 12.6% | 15.8% | 7.6% | 14.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 27.1 | 26.2 | 30.6 | 20.1 | -29.9 | -27.0 | 19.6 | 16.8 | 19.6 | 25.3 |
| Price to sales | 3.4 | 3.4 | 3.6 | 8.9 | 6.8 | 15.5 | 4.4 | 3.0 | 4.3 | 3.8 |
Market value over time
31 Oct 2016 to 18 Sept 2026, in USD
$46.01bn$26.51bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 31% | 4% | 6% | 36% | -40% | -17% | 36% | -29% | 30% | 25% |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 4 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.90 | 1.00 | 0.80 | 0.40 | 0.79 | 3.08 | 3.00 | 2.92 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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