What is Las Vegas Sands Corp.'s earnings per share (EPS)?

Las Vegas Sands Corp. (LVS) reported diluted earnings per share of $2.35 for fiscal year 2025. This represents a 19.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Las Vegas Sands Corp. (LVS) Financials

LVS

Trailing 12 months to June 30, 2026

Revenue $13.7B +18.1% YoY

Net Income $1.7B +22.3% YoY

EPS (Diluted) $2.57 +29.8% YoY

Free Cash Flow $2.7B +329.7% YoY

Market Cap $23.5B as of Oct 3, 2026

Price / Sales 1.7x on $13.7B revenue, trailing 12 months to June 30, 2026

Price / Earnings 13.6x on $1.7B net income, trailing 12 months to June 30, 2026

Price / Book 40.4x on $581.0M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 24, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 24, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LVS SEC filings page.

Las Vegas Sands Corp. (LVS) reported $13.7B in revenue over the twelve months to Jun 30, 2026, up 18.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI LVS FY2025 2026-10-03

Las Vegas Sands has restored operating profitability, but FY2025 cash returns came with a thinner equity cushion and heavier leverage.

From FY2023 through FY2025, operating margins stayed within a narrow 21.3%–22.3% band while operating cash flow remained well above net income, pointing to cash conversion rather than a profit-only recovery. Yet FY2025 ended with debt-to-equity of 9.2x and equity of $1.6B, so cash generation has not translated into a comparably stronger capital cushion.

Revenue rose from $4.1B in FY2022 to $10.4B in FY2023 while operating margin moved into positive territory. That simultaneous shift suggests fixed-cost absorption: higher activity changed the economics of the existing asset base, rather than margins improving gradually through small cost reductions.

FY2025 free cash flow was $1.9B after capital spending of $1.2B, so the business was reinvesting meaningfully while still retaining cash. Debt-to-equity rose from 3.7x in FY2024 to 9.2x in FY2025, while the company returned $3.0B through buybacks and dividends, making capital allocation and heavier leverage more relevant to the thinner equity base than weak cash generation.

Financial Health Signals

Financial Health Score 55/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Las Vegas Sands Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Las Vegas Sands Corp. has an operating margin of 21.6%, meaning the company retains $22 of operating profit per $100 of revenue. This strong profitability earns a score of 66/100, reflecting efficient cost management and pricing power. This is up from 21.3% the prior year.

Growth

Las Vegas Sands Corp.'s revenue surged 15.2% year-over-year to $13.0B, reflecting rapid business expansion. This strong growth earns a score of 70/100.

Leverage

Las Vegas Sands Corp. has elevated debt relative to equity (D/E of 9.22), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 25/100, reflecting increased financial risk.

Liquidity

Las Vegas Sands Corp.'s current ratio of 1.14 is below the typical benchmark, resulting in a score of 26/100. However, the company holds substantial cash reserves (91% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow

Las Vegas Sands Corp. converts 14.2% of revenue into free cash flow ($1.9B). This strong cash generation earns a score of 79/100.

Returns

Las Vegas Sands Corp. earns a strong 102.3% return on equity (ROE), meaning it generates $102 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 66/100. This is up from 50.1% the prior year.

Altman Z-Score Grey Zone

2.04

Las Vegas Sands Corp. scores 2.04, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

7/8

Las Vegas Sands Corp. passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.86x

For every $1 of reported earnings, Las Vegas Sands Corp. generates $1.86 in operating cash flow ($3.0B OCF vs $1.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

3.78x

Las Vegas Sands Corp. earns $3.78 in operating income for every $1 of interest expense ($2.8B vs $746.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$3.2B

YoY-0.7%

QoQ-12.0%

5Y CAGR+21.9%

10Y CAGR+1.8%

Las Vegas Sands Corp. generated $3.2B in revenue in Q2 2026. This represents a decrease of 0.7% from the same quarter a year earlier. Against the prior quarter it is down 12.0%.

EBITDA

$968.0M

YoY-16.1%

QoQ-23.2%

5Y CAGR+52.1%

10Y CAGR+2.3%

Las Vegas Sands Corp.'s EBITDA was $968.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 16.1% from the same quarter a year earlier. Against the prior quarter it is down 23.2%.

Net Income

$346.0M

YoY-24.9%

QoQ-39.0%

10Y CAGR+0.5%

Las Vegas Sands Corp. reported $346.0M in net income in Q2 2026. This represents a decrease of 24.9% from the same quarter a year earlier. Against the prior quarter it is down 39.0%.

EPS (Diluted)

$0.53

YoY-19.7%

QoQ-37.6%

10Y CAGR+2.6%

Las Vegas Sands Corp. earned $0.53 per diluted share (EPS) in Q2 2026. This represents a decrease of 19.7% from the same quarter a year earlier. Against the prior quarter it is down 37.6%.

Cash & Balance Sheet

Free Cash Flow

$350.0M

YoY+424.1%

QoQ-34.8%

10Y CAGR-5.6%

Las Vegas Sands Corp. generated $350.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 424.1% from the same quarter a year earlier. Against the prior quarter it is down 34.8%.

Cash & Debt

$3.4B

YoY-2.1%

QoQ+1.4%

5Y CAGR+10.4%

10Y CAGR+4.3%

Las Vegas Sands Corp. held $3.4B in cash against $13.7B in long-term debt as of Q2 2026.

Dividends Per Share

$0.30

YoY+20.0%

QoQ0.0%

Las Vegas Sands Corp. paid $0.30 per share in dividends in Q2 2026. This represents an increase of 20.0% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

648M

YoY-5.6%

QoQ-2.3%

5Y CAGR-3.2%

10Y CAGR-2.0%

Las Vegas Sands Corp. had 648M shares outstanding in Q2 2026. This represents a decrease of 5.6% from the same quarter a year earlier. Against the prior quarter it is down 2.3%.

Margins & Returns

Operating Margin

19.6%

YoY-5.1pp

QoQ-5.6pp

5Y change+31.4pp

10Y change0.0pp

Las Vegas Sands Corp.'s operating margin was 19.6% in Q2 2026, reflecting core business profitability. This is down 5.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.6 percentage points.

Net Margin

11.0%

YoY-3.5pp

QoQ-4.9pp

5Y change+27.3pp

10Y change-1.4pp

Las Vegas Sands Corp.'s net profit margin was 11.0% in Q2 2026, showing the share of revenue converted to profit. This is down 3.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.9 percentage points.

Return on Equity

59.6%

YoY+36.4pp

QoQ+12.2pp

5Y change+67.3pp

10Y change+54.4pp

Las Vegas Sands Corp.'s ROE was 59.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 36.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 12.2 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$43.0M

YoY-37.7%

QoQ+4.9%

Las Vegas Sands Corp. invested $43.0M in research and development in Q2 2026. This represents a decrease of 37.7% from the same quarter a year earlier. Against the prior quarter it is up 4.9%.

Share Buybacks

$788.0M

YoY-1.5%

QoQ+4.6%

Las Vegas Sands Corp. spent $788.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 1.5% from the same quarter a year earlier. Against the prior quarter it is up 4.6%.

Capital Expenditures

$332.0M

YoY+16.1%

QoQ+71.1%

5Y CAGR+16.2%

10Y CAGR-0.9%

Las Vegas Sands Corp. invested $332.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 16.1% from the same quarter a year earlier. Against the prior quarter it is up 71.1%.

LVS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LVS quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$13.7B	$13.0B+15.2%	$11.3B+8.9%	$10.4B+152.4%	$4.1B-2.9%	$4.2B+44.0%	$2.9B-75.8%	$12.1B-11.7%	$13.7B+7.9%	$12.7B+12.9%	$11.3B-3.6%	$11.7B-19.9%	$14.6B+5.9%	$13.8B+23.7%	$11.1B+18.3%	$9.4B
R&D Expenses	N/A	$269.0M+18.0%	$228.0M+11.2%	$205.0M+43.4%	$143.0M+31.2%	$109.0M+505.6%	$18.0M-25.0%	$24.0M+100.0%	$12.0M-7.7%	$13.0M+44.4%	$9.0M-10.0%	$10.0M-28.6%	$14.0M-11.4%	$15.8M-20.8%	$20.0M+76.5%	$11.3M
SG&A Expenses	N/A	$1.2B+3.3%	$1.1B+3.9%	$1.1B+18.3%	$936.0M+12.6%	$831.0M+4.1%	$798.0M-28.6%	$1.1B-24.6%	$1.5B+4.7%	$1.4B+10.1%	$1.3B+1.6%	$1.3B+0.7%	$1.3B-5.4%	$1.3B+25.2%	$1.1B+26.9%	$836.9M
Operating Income	$2.9B	$2.8B+17.3%	$2.4B+3.8%	$2.3B+392.0%	-$792.0M-14.9%	-$689.0M+50.5%	-$1.4B-141.4%	$3.4B-10.3%	$3.8B+8.3%	$3.5B+38.4%	$2.5B-11.9%	$2.8B-30.7%	$4.1B+20.3%	$3.4B+47.5%	$2.3B-3.3%	$2.4B
EBITDA	N/A	$4.3B+15.4%	$3.7B+5.4%	$3.5B+1343.0%	$244.0M-30.7%	$352.0M+188.9%	-$396.0M-109.0%	$4.4B-9.8%	$4.9B+4.9%	$4.6B+28.3%	$3.6B-5.9%	$3.8B-25.1%	$5.1B+16.2%	$4.4B+37.8%	$3.2B+0.6%	$3.2B
Interest Expense	N/A	$746.0M+2.6%	$727.0M-11.1%	$818.0M+16.5%	$702.0M+13.0%	$621.0M+18.7%	$523.0M+16.5%	$449.0M+0.7%	$446.0M+36.4%	$327.0M+19.3%	$274.0M+3.4%	$265.0M-3.3%	$274.0M+1.0%	$271.2M+4.9%	$258.6M-8.6%	$282.9M
Income Tax	N/A	$347.0M+66.8%	$208.0M-39.5%	$344.0M+123.4%	$154.0M+3180.0%	-$5.0M-120.8%	$24.0M-94.4%	$432.0M+15.2%	$375.0M+279.4%	-$209.0M-187.4%	$239.0M+1.3%	$236.0M-3.7%	$245.0M+29.7%	$188.8M+4.5%	$180.8M-14.6%	$211.7M
Net Income	$1.7B	$1.6B+12.5%	$1.4B+18.4%	$1.2B-33.4%	$1.8B+290.6%	-$961.0M+43.0%	-$1.7B-162.5%	$2.7B+11.8%	$2.4B-14.1%	$2.8B+67.2%	$1.7B-14.6%	$2.0B-30.8%	$2.8B+23.2%	$2.3B+51.3%	$1.5B-2.3%	$1.6B
EPS (Basic)	N/A	$2.35+19.3%	$1.97+23.1%	$1.60-33.3%	$2.40+290.5%	-$1.26+43.0%	-$2.21-163.1%	$3.50+14.0%	$3.07-13.5%	$3.55+68.2%	$2.11-14.6%	$2.47-29.8%	$3.52+25.7%	$2.80+48.1%	$1.89+8.6%	$1.74
EPS (Diluted)	$2.57	$2.35+19.9%	$1.96+22.5%	$1.60-33.3%	$2.40+290.5%	-$1.26+43.0%	-$2.21-163.1%	$3.50+14.0%	$3.07-13.5%	$3.55+68.2%	$2.11-14.6%	$2.47-29.8%	$3.52+26.2%	$2.79+50.8%	$1.85+18.6%	$1.56
Diluted Shares (Avg)	N/A	693M-6.0%	737M-3.7%	765M+0.1%	764M0.0%	764M0.0%	764M-0.9%	771M-1.9%	786M-0.8%	792M-0.4%	795M-0.4%	798M-1.2%	808M-2.2%	826M+0.2%	825M+1.6%	812M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Revenue	$3.2B-0.7%	$3.6B+25.3%	$3.6B+26.0%	$3.3B+24.2%	$3.2B+15.0%	$2.9B-3.3%	$2.9B-0.7%	$2.7B-4.0%
R&D Expenses	$43.0M-37.7%	$41.0M-40.6%	N/A	$72.0M+30.9%	$69.0M+13.1%	$69.0M+30.2%	N/A	$55.0M+25.0%
SG&A Expenses	$331.0M+13.4%	$302.0M+10.6%	N/A	$308.0M+5.1%	$292.0M+9.0%	$273.0M-4.5%	N/A	$293.0M+1.0%
Operating Income	$618.0M-21.1%	$904.0M+48.4%	$707.0M+19.8%	$719.0M+42.7%	$783.0M+32.5%	$609.0M-15.1%	$590.0M-16.9%	$504.0M-26.7%
EBITDA	$968.0M-16.1%	$1.3B+29.9%	$1.1B+14.1%	$1.1B+31.3%	$1.2B+27.2%	$971.0M-6.4%	$938.0M-10.1%	$828.0M-17.3%
Interest Expense	$189.0M-2.6%	$188.0M+8.0%	N/A	$187.0M+4.5%	$194.0M+4.3%	$174.0M-4.4%	N/A	$179.0M-10.5%
Income Tax	$88.0M-2.2%	$107.0M+69.8%	N/A	$91.0M+82.0%	$90.0M+25.0%	$63.0M+270.6%	N/A	$50.0M-59.0%
Net Income	$346.0M-24.9%	$567.0M+61.1%	$395.0M+21.9%	$419.0M+52.4%	$461.0M+30.6%	$352.0M-28.7%	$324.0M-15.2%	$275.0M-27.6%
EPS (Basic)	$0.53-19.7%	$0.85+73.5%	$0.59+31.1%	$0.61+60.5%	$0.66+37.5%	$0.49-25.8%	$0.45-10.0%	$0.38-24.0%
EPS (Diluted)	$0.53-19.7%	$0.85+73.5%	$0.58+28.9%	$0.61+60.5%	$0.66+37.5%	$0.49-25.8%	$0.45-10.0%	$0.38-24.0%
Diluted Shares (Avg)	656M-5.7%	671M-5.9%	N/A	685M-6.3%	696M-6.1%	713M-5.2%	N/A	731M-4.6%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.

LVS Balance Sheet

LVS quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$21.9B+6.1%	$20.7B-5.1%	$21.8B-1.2%	$22.0B+9.9%	$20.1B-3.6%	$20.8B-10.3%	$23.2B+2.9%	$22.5B+9.0%	$20.7B+1.1%	$20.5B-1.9%	$20.9B-6.1%	$22.2B-2.3%	$22.7B+2.5%	$22.2B-0.4%	$22.2B
Current Assets	$4.8B+12.6%	$4.3B-25.7%	$5.8B-14.3%	$6.7B+22.4%	$5.5B-3.5%	$5.7B+7.6%	$5.3B-4.7%	$5.6B+74.1%	$3.2B+3.2%	$3.1B-14.2%	$3.6B-30.5%	$5.2B-5.9%	$5.5B+23.2%	$4.5B-17.0%	$5.4B
Cash & Equivalents	$3.8B+5.2%	$3.6B-28.5%	$5.1B-19.1%	$6.3B+240.4%	$1.9B-11.0%	$2.1B-50.7%	$4.2B-9.1%	$4.6B+92.1%	$2.4B+13.7%	$2.1B-2.3%	$2.2B-37.8%	$3.5B-2.6%	$3.6B+43.3%	$2.5B-35.6%	$3.9B
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$46.0M+12.2%	$41.0M+7.9%	$38.0M+35.7%	$28.0M+27.3%	$22.0M0.0%	$22.0M-40.5%	$37.0M+5.7%	$35.0M-5.4%	$37.0M-19.6%	$46.0M+7.0%	$43.0M+3.2%	$41.7M-0.6%	$41.9M-4.4%	$43.9M+25.4%	$35.0M
Accounts Receivable	$742.0M+77.9%	$417.0M-13.8%	$484.0M+81.3%	$267.0M+32.2%	$202.0M-19.8%	$252.0M-70.1%	$844.0M+16.3%	$726.0M+18.0%	$615.0M-20.7%	$776.0M-38.8%	$1.3B-16.1%	$1.5B-14.3%	$1.8B	N/A	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$103.0M+1.0%	$102.0M-1.0%	$103.0M+930.0%	$10.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$20.0B+14.2%	$17.5B-1.0%	$17.7B-3.9%	$18.4B+3.2%	$17.8B+3.1%	$17.3B+3.5%	$16.7B+5.6%	$15.8B+21.0%	$13.1B+0.7%	$13.0B+4.2%	$12.4B-6.7%	$13.3B+0.8%	$13.2B-2.1%	$13.5B+5.5%	$12.8B
Current Liabilities	$4.2B-27.2%	$5.8B+31.2%	$4.4B+13.3%	$3.9B+52.1%	$2.6B-8.9%	$2.8B-12.7%	$3.2B+2.1%	$3.2B+6.8%	$3.0B+5.3%	$2.8B+13.9%	$2.5B-8.7%	$2.7B-13.7%	$3.1B+19.3%	$2.6B+5.0%	$2.5B
Non-Current Liabilities	$15.8B+34.7%	$11.7B-11.7%	$13.3B-8.5%	$14.5B-5.0%	$15.2B+5.5%	$14.5B+7.3%	$13.5B+6.5%	$12.6B+25.1%	$10.1B-0.6%	$10.2B+1.9%	$10.0B-6.1%	$10.6B+5.3%	$10.1B-7.2%	$10.9B+5.6%	$10.3B
Long-Term Debt	$14.7B+38.4%	$10.6B-12.7%	$12.1B-13.0%	$13.9B-5.3%	$14.7B+5.7%	$13.9B+12.1%	$12.4B+4.6%	$11.9B+27.1%	$9.3B-0.9%	$9.4B+1.9%	$9.2B-6.5%	$9.9B+5.4%	$9.4B-7.4%	$10.1B+5.8%	$9.6B
Total Equity	$1.6B-44.9%	$2.9B-30.0%	$4.1B+6.1%	$3.9B+94.4%	$2.0B-32.9%	$3.0B-42.7%	$5.2B-8.7%	$5.7B-12.4%	$6.5B+5.0%	$6.2B-9.4%	$6.8B-5.5%	$7.2B-5.9%	$7.7B+8.5%	$7.1B-10.0%	$7.9B
Retained Earnings	$4.4B+27.0%	$3.5B+32.9%	$2.6B+54.4%	$1.7B+1237.8%	-$148.0M-118.2%	$813.0M-73.8%	$3.1B+11.9%	$2.8B+2.3%	$2.7B+21.9%	$2.2B-21.8%	$2.8B-3.6%	$2.9B+71.9%	$1.7B+205.7%	$560.5M-73.9%	$2.1B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Total Assets	$19.9B-8.9%	$21.2B-0.3%	$21.9B+6.1%	$21.5B+0.7%	$21.9B+3.5%	$21.2B0.0%	$20.7B-5.1%	$21.4B-3.5%
Current Assets	$4.3B+0.8%	$4.3B+14.6%	$4.8B+12.6%	$4.2B-13.9%	$4.3B-20.0%	$3.7B-33.0%	$4.3B-25.7%	$4.8B-21.8%
Cash & Equivalents	$3.4B-2.1%	$3.3B+9.7%	$3.8B+5.2%	$3.4B-20.3%	$3.5B-26.8%	$3.0B-38.7%	$3.6B-28.5%	$4.2B-24.5%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$46.0M+15.0%	$46.0M+12.2%	$46.0M+12.2%	$45.0M+9.8%	$40.0M+8.1%	$41.0M+5.1%	$41.0M+7.9%	$41.0M+17.1%
Accounts Receivable	$622.0M+16.7%	$677.0M+55.6%	$742.0M+77.9%	$548.0M+32.7%	$533.0M+22.2%	$435.0M+3.6%	$417.0M-13.8%	$413.0M+5.9%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	$103.0M+1.0%	$103.0M	$103.0M	$102.0M	$102.0M-1.0%	N/A
Total Liabilities	$19.0B-2.8%	$19.6B+7.4%	$20.0B+14.2%	$19.6B+10.9%	$19.6B+13.6%	$18.2B+5.8%	$17.5B-1.0%	$17.7B+0.2%
Current Liabilities	$4.3B+23.1%	$4.6B-25.9%	$4.2B-27.2%	$4.7B-12.7%	$3.5B+3.9%	$6.3B+46.6%	$5.8B+31.2%	$5.3B+30.4%
Non-Current Liabilities	$14.7B-8.5%	$14.9B+24.9%	$15.8B+34.7%	$15.0B+21.1%	$16.1B+16.0%	$12.0B-7.7%	$11.7B-11.7%	$12.4B-8.9%
Long-Term Debt	$13.7B-8.1%	$13.9B+28.0%	$14.7B+38.4%	$13.9B+22.8%	$14.9B+16.3%	$10.9B-8.9%	$10.6B-12.7%	$11.3B-10.3%
Total Equity	$581.0M-70.8%	$1.2B-55.6%	$1.6B-44.9%	$1.6B-54.1%	$2.0B-47.0%	$2.7B-31.7%	$2.9B-30.0%	$3.4B-24.8%
Retained Earnings	$4.9B+25.2%	$4.8B+31.0%	$4.4B+27.0%	$4.2B+27.0%	$3.9B+24.3%	$3.6B+23.3%	$3.5B+32.9%	$3.3B+38.2%

LVS Cash Flow Statement

LVS quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$3.7B	$3.0B-5.6%	$3.2B-0.7%	$3.2B+441.8%	-$944.0M-288.5%	-$243.0M+81.5%	-$1.3B-143.2%	$3.0B-35.4%	$4.7B+3.5%	$4.5B+12.3%	$4.0B+16.9%	$3.5B-28.4%	$4.8B+8.9%	$4.4B+45.2%	$3.1B+14.8%	$2.7B
Depreciation & Amortization	N/A	$1.5B+11.9%	$1.3B+8.3%	$1.2B+16.6%	$1.0B-0.5%	$1.0B+4.4%	$997.0M-2.3%	$1.0B-8.2%	$1.1B-5.1%	$1.2B+5.4%	$1.1B+11.2%	$999.0M-3.1%	$1.0B+2.3%	$1.0B+12.9%	$892.0M+12.3%	$794.4M
Stock-Based Compensation	N/A	$54.0M-1.8%	$55.0M+25.0%	$44.0M+12.8%	$39.0M+77.3%	$22.0M0.0%	$22.0M-37.1%	$35.0M+16.7%	$30.0M-11.8%	$34.0M0.0%	$34.0M-26.1%	$46.0M-4.2%	$48.0M-10.1%	$53.4M-18.4%	$65.4M+4.3%	$62.7M
Capital Expenditures	$1.0B	$1.2B-25.5%	$1.6B+54.1%	$1.0B+56.2%	$651.0M-21.4%	$828.0M-32.5%	$1.2B+20.5%	$1.0B+7.3%	$949.0M+13.4%	$837.0M-40.1%	$1.4B-8.6%	$1.5B+29.7%	$1.2B+31.3%	$898.1M-38.0%	$1.4B-3.9%	$1.5B
Free Cash Flow	$2.7B	$1.9B+13.3%	$1.6B-25.9%	$2.2B+238.6%	-$1.6B-48.9%	-$1.1B+57.8%	-$2.5B-225.7%	$2.0B-46.2%	$3.8B+1.2%	$3.7B+40.1%	$2.6B+37.1%	$1.9B-47.2%	$3.7B+3.2%	$3.5B+120.2%	$1.6B+39.4%	$1.2B
Investing Cash Flow	$283.0M	-$1.2B+22.9%	-$1.6B-25.9%	-$1.3B	N/A	N/A	-$1.3B-1190.3%	-$103.0M+88.9%	-$930.0M-13.1%	-$822.0M+42.9%	-$1.4B	N/A	N/A	-$912.2M+36.9%	-$1.4B-107.1%	-$698.1M
Financing Cash Flow	-$4.1B	-$1.6B+46.3%	-$3.1B+4.0%	-$3.2B	N/A	N/A	$560.0M+116.6%	-$3.4B-121.3%	-$1.5B+56.4%	-$3.5B-32.5%	-$2.6B	N/A	N/A	-$2.4B+20.1%	-$3.0B-178.5%	-$1.1B
Dividends Paid	$938.0M	$833.0M+41.2%	$590.0M+93.4%	$305.0M	$0	$0-100.0%	$911.0M-69.6%	$3.0B+0.7%	$3.0B+1.2%	$2.9B+0.6%	$2.9B+8.0%	$2.7B	N/A	N/A	N/A	N/A
Share Buybacks	$2.5B	$2.2B+26.7%	$1.8B+246.5%	$505.0M	$0	$0	$0-100.0%	$754.0M-16.7%	$905.0M+141.3%	$375.0M	$0-100.0%	$205.0M-87.8%	$1.7B+198.9%	$561.1M	$0	$0

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Operating Cash Flow	$682.0M+283.1%	$731.0M+39.0%	$1.2B+31.6%	$1.1B+46.5%	$178.0M-78.1%	$526.0M-26.3%	$915.0M-9.0%	$761.0M-9.3%
Depreciation & Amortization	$350.0M-5.7%	$357.0M-1.4%	$363.0M+4.3%	$368.0M+13.6%	$371.0M+17.4%	$362.0M+13.1%	$348.0M+4.5%	$324.0M+3.5%
Stock-Based Compensation	$15.0M-11.8%	$24.0M+118.2%	N/A	$26.0M+8.3%	$17.0M+21.4%	$11.0M-21.4%	N/A	$24.0M+50.0%
Capital Expenditures	$332.0M+16.1%	$194.0M-48.8%	$274.0M-49.9%	$229.0M-57.5%	$286.0M+0.4%	$379.0M+93.4%	$547.0M+68.3%	$539.0M+63.3%
Free Cash Flow	$350.0M+424.1%	$537.0M+265.3%	$930.0M+152.7%	$886.0M+299.1%	-$108.0M-120.4%	$147.0M-71.6%	$368.0M-46.0%	$222.0M-56.4%
Investing Cash Flow	$946.0M+430.8%	-$186.0M+59.0%	-$266.0M+51.6%	-$211.0M+61.0%	-$286.0M+0.7%	-$454.0M-127.0%	-$550.0M-67.2%	-$541.0M-67.0%
Financing Cash Flow	-$1.6B-409.2%	-$1.0B-50.3%	-$451.0M+48.7%	-$1.0B-30.9%	$512.0M+166.6%	-$692.0M-8.3%	-$879.0M+25.4%	-$773.0M-10.0%
Dividends Paid	$328.0M+33.3%	$202.0M+12.8%	$169.0M+16.6%	$239.0M+63.7%	$246.0M+66.2%	$179.0M+18.5%	$145.0M-4.6%	$146.0M-4.6%
Share Buybacks	$788.0M-1.5%	$753.0M+81.0%	$501.0M+11.3%	$500.0M+11.1%	$800.0M+100.0%	$416.0M-7.6%	$450.0M-10.9%	$450.0M

LVS Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LVS quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	21.6%+0.4pp	21.3%-1.0pp	22.3%+41.6pp	-19.3%-3.0pp	-16.3%+31.1pp	-47.4%-75.1pp	27.8%+0.4pp	27.3%+0.1pp	27.2%+5.0pp	22.2%-2.1pp	24.3%-3.8pp	28.1%+3.4pp	24.8%+4.0pp	20.8%-4.6pp	25.4%
Net Margin	12.5%-0.3pp	12.8%+1.0pp	11.8%-32.8pp	44.6%+67.3pp	-22.7%+34.6pp	-57.3%-79.6pp	22.3%+4.7pp	17.6%-4.5pp	22.1%+7.2pp	14.9%-1.9pp	16.8%-2.7pp	19.5%+2.7pp	16.8%+3.1pp	13.7%-2.9pp	16.6%
Return on Equity	102.3%+52.2pp	50.1%+20.5pp	29.6%-17.5pp	47.2%+95.3pp	-48.1%+8.5pp	-56.7%-108.7pp	52.0%+9.6pp	42.4%-0.8pp	43.3%+16.1pp	27.2%-1.7pp	28.8%-10.5pp	39.4%+9.3pp	30.1%+8.5pp	21.6%+1.7pp	19.9%
Return on Assets	7.4%+0.4pp	7.0%+1.4pp	5.6%-2.7pp	8.3%+13.1pp	-4.8%+3.3pp	-8.1%-19.7pp	11.6%+0.9pp	10.7%-2.9pp	13.6%+5.4pp	8.2%-1.2pp	9.4%-3.4pp	12.8%+2.6pp	10.2%+3.3pp	6.9%-0.1pp	7.0%
Current Ratio	1.14+0.4x	0.74-0.6x	1.31-0.4x	1.73-0.4x	2.15+0.1x	2.03+0.4x	1.65-0.1x	1.76+0.7x	1.080.0x	1.10-0.4x	1.46-0.5x	1.92+0.2x	1.76+0.1x	1.71-0.5x	2.16
Debt-to-Equity	9.22+5.5x	3.67+0.7x	2.95-0.6x	3.59-3.8x	7.38+2.7x	4.69+2.3x	2.39+0.3x	2.09+0.6x	1.44-0.1x	1.53+0.2x	1.360.0x	1.37+0.1x	1.22-0.2x	1.43+0.2x	1.22
Asset Turnover	0.590.0x	0.55+0.1x	0.48+0.3x	0.190.0x	0.21+0.1x	0.14-0.4x	0.52-0.1x	0.610.0x	0.62+0.1x	0.550.0x	0.56-0.1x	0.66+0.1x	0.61+0.1x	0.50+0.1x	0.42
FCF Margin	14.2%-0.2pp	14.5%-6.8pp	21.3%+60.1pp	-38.8%-13.5pp	-25.3%+61.1pp	-86.4%-103.0pp	16.7%-10.7pp	27.3%-1.8pp	29.1%+5.6pp	23.5%+7.0pp	16.5%-8.5pp	25.1%-0.7pp	25.7%+11.3pp	14.4%+2.2pp	12.3%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Operating Margin	19.6%-5.1pp	25.2%+3.9pp	19.4%-1.0pp	21.6%+2.8pp	24.7%+3.3pp	21.3%-2.9pp	20.4%-4.0pp	18.8%-5.8pp
Net Margin	11.0%-3.5pp	15.8%+3.5pp	10.8%-0.4pp	12.6%+2.3pp	14.5%+1.7pp	12.3%-4.4pp	11.2%-1.9pp	10.3%-3.4pp
Return on Equity	59.6%+36.4pp	47.3%+34.3pp	24.8%+13.6pp	26.7%+18.6pp	23.2%+13.8pp	13.0%+0.5pp	11.2%+2.0pp	8.0%-0.3pp
Return on Assets	1.7%-0.4pp	2.7%+1.0pp	1.8%+0.2pp	1.9%+0.7pp	2.1%+0.4pp	1.7%-0.7pp	1.6%-0.2pp	1.3%-0.4pp
Current Ratio	1.00-0.2x	0.92+0.3x	1.14+0.4x	0.890.0x	1.22-0.4x	0.59-0.7x	0.74-0.6x	0.90-0.6x
Debt-to-Equity	23.57+16.1x	11.60+7.6x	9.22+5.5x	8.82+5.5x	7.48+4.1x	4.02+1.0x	3.67+0.7x	3.29+0.5x
Asset Turnover	0.160.0x	0.170.0x	0.170.0x	0.150.0x	0.150.0x	0.130.0x	0.140.0x	0.130.0x
FCF Margin	11.1%+14.5pp	15.0%+9.8pp	25.5%+12.8pp	26.6%+18.3pp	-3.4%-22.6pp	5.1%-12.4pp	12.7%-10.7pp	8.3%-9.9pp

Not reported in any period shown, so not listed: Gross Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Las Vegas Sands Corp. LVS	FY2025	$13.0B	$1.6B	12.5%	$23.5B	55/100
Wynn Resorts Ltd WYNN	FY2025	$7.1B	$327.3M	4.6%	$7.8B	49/100
MGM RESORTS INTERNATIONAL MGM	FY2025	$17.5B	$205.9M	1.2%	$7.7B	47/100
Red Rock Resorts, Inc. RRR	FY2025	$2.0B	$355.7M	17.7%	$3.0B	55/100
Vail Resorts, Inc. MTN	FY2026	$2.8B	$147.5M	5.2%	$5.0B	47/100
Hilton Grand Vacations Inc. HGV	FY2025	$5.0B	$81.0M	1.6%	$2.7B	23/100

Where Las Vegas Sands Corp. Ranks

Frequently Asked Questions

What is Las Vegas Sands Corp.'s annual revenue?

Las Vegas Sands Corp. (LVS) reported $13.0B in total revenue for fiscal year 2025. This represents a 15.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Las Vegas Sands Corp.'s revenue growing?

Las Vegas Sands Corp. (LVS) revenue grew by 15.2% year-over-year, from $11.3B to $13.0B in fiscal year 2025.

Is Las Vegas Sands Corp. profitable?

Yes, Las Vegas Sands Corp. (LVS) reported a net income of $1.6B in fiscal year 2025, with a net profit margin of 12.5%.

What is Las Vegas Sands Corp.'s EBITDA?

Las Vegas Sands Corp. (LVS) had EBITDA of $4.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Las Vegas Sands Corp. have?

As of fiscal year 2025, Las Vegas Sands Corp. (LVS) had $3.8B in cash and equivalents against $14.7B in long-term debt.

What is Las Vegas Sands Corp.'s operating margin?

Las Vegas Sands Corp. (LVS) had an operating margin of 21.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Las Vegas Sands Corp.'s net profit margin?

Las Vegas Sands Corp. (LVS) had a net profit margin of 12.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Las Vegas Sands Corp. pay dividends?

Yes, Las Vegas Sands Corp. (LVS) paid $1.00 per share in dividends during fiscal year 2025.

What is Las Vegas Sands Corp.'s return on equity (ROE)?

Las Vegas Sands Corp. (LVS) has a return on equity of 102.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Las Vegas Sands Corp.'s free cash flow?

Las Vegas Sands Corp. (LVS) generated $1.9B in free cash flow during fiscal year 2025. This represents a 13.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Las Vegas Sands Corp.'s operating cash flow?

Las Vegas Sands Corp. (LVS) generated $3.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Las Vegas Sands Corp.'s total assets?

Las Vegas Sands Corp. (LVS) had $21.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Las Vegas Sands Corp.'s capital expenditures?

Las Vegas Sands Corp. (LVS) invested $1.2B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Las Vegas Sands Corp. spend on research and development?

Las Vegas Sands Corp. (LVS) invested $269.0M in research and development during fiscal year 2025.

Does Las Vegas Sands Corp. buy back shares?

Yes, Las Vegas Sands Corp. (LVS) spent $2.2B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Las Vegas Sands Corp. have outstanding?

Las Vegas Sands Corp. (LVS) had 672M shares outstanding as of fiscal year 2025.

What is Las Vegas Sands Corp.'s current ratio?

Las Vegas Sands Corp. (LVS) had a current ratio of 1.14 as of fiscal year 2025, which is considered adequate.

What is Las Vegas Sands Corp.'s debt-to-equity ratio?

Las Vegas Sands Corp. (LVS) had a debt-to-equity ratio of 9.22 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Las Vegas Sands Corp.'s return on assets (ROA)?

Las Vegas Sands Corp. (LVS) had a return on assets of 7.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Las Vegas Sands Corp.'s P/E ratio?

Las Vegas Sands Corp. (LVS) trades at 13.6x earnings, its market capitalization divided by net income of $1.7B net income, trailing 12 months to June 30, 2026. The market capitalization is $23.5B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Las Vegas Sands Corp.'s price-to-sales ratio?

Las Vegas Sands Corp. (LVS) trades at 1.7x sales, its market capitalization divided by revenue of $13.7B revenue, trailing 12 months to June 30, 2026. The market capitalization is $23.5B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Las Vegas Sands Corp.'s Altman Z-Score?

Las Vegas Sands Corp. (LVS) has an Altman Z-Score of 2.04, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Las Vegas Sands Corp.'s Piotroski F-Score?

Las Vegas Sands Corp. (LVS) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Las Vegas Sands Corp.'s earnings high quality?

Las Vegas Sands Corp. (LVS) has an earnings quality ratio of 1.86x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Las Vegas Sands Corp. cover its interest payments?

Las Vegas Sands Corp. (LVS) has an interest coverage ratio of 3.78x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Las Vegas Sands Corp.?

Las Vegas Sands Corp. (LVS) scores 55 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.