Las Vegas Sands (LVS) financial statements
Las Vegas Sands reported revenue of $13.0B in fiscal 2025, up 1.6% a year over 9 years.
Net income was $1.6B and the operating margin 21.6%, against 22.2% in 2016.
Free cash flow was $1.9B, and the company returned $833M in dividends and $2.2B in net buybacks.
The diluted share count fell 13% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Las Vegas Sands's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.3B | $12.7B | $13.7B | $12.1B | $2.9B | $4.2B | $4.1B | $10.4B | $11.3B | $13.0B |
| Research and development | $9M | $13M | $12M | $24M | $18M | $109M | $143M | $205M | $228M | $269M |
| Selling, general and admin | $1.3B | $1.4B | $1.5B | $1.1B | $798M | $831M | $936M | $1.1B | $1.1B | $1.2B |
| Operating income | $2.5B | $3.5B | $3.8B | $3.4B | -$1.4B | -$689M | -$792M | $2.3B | $2.4B | $2.8B |
| Interest expense | $274M | $327M | $446M | $449M | $523M | $621M | $702M | $818M | $727M | $746M |
| Pre-tax income | $2.3B | $3.1B | $3.3B | $3.6B | -$1.9B | -$1.5B | -$1.4B | $1.8B | $2.0B | $2.2B |
| Income tax | $239M | -$209M | $375M | $432M | $24M | -$5M | $154M | $344M | $208M | $347M |
| Net income | $1.7B | $2.8B | $2.4B | $2.7B | -$1.7B | -$961M | $1.8B | $1.2B | $1.4B | $1.6B |
| EPS (diluted) | $2.11 | $3.55 | $3.07 | $3.50 | -$2.21 | -$1.26 | $2.40 | $1.60 | $1.96 | $2.35 |
| Diluted shares | 795M | 792M | 786M | 771M | 764M | 764M | 764M | 765M | 737M | 693M |
| Operating margin | 22.2% | 27.2% | 27.3% | 27.7% | -47.4% | -16.3% | -19.3% | 22.3% | 21.3% | 21.6% |
| Net margin | 14.9% | 22.1% | 17.6% | 22.2% | -57.3% | -22.7% | 44.6% | 11.8% | 12.8% | 12.5% |
Balance sheet
Fiscal years, from Las Vegas Sands's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.1B | $2.4B | $4.6B | $4.2B | $2.1B | $1.9B | $6.3B | $5.1B | $3.6B | $3.8B |
| Receivables | $776M | $615M | $726M | $844M | $252M | $202M | $267M | $484M | $417M | $742M |
| Inventory | $46M | $37M | $35M | $37M | $22M | $22M | $28M | $38M | $41M | $46M |
| Total current assets | $3.1B | $3.2B | $5.6B | $5.3B | $5.7B | $5.5B | $6.7B | $5.8B | $4.3B | $4.8B |
| Property, plant and equipment | $15.9B | $15.5B | $15.2B | $14.8B | $12.3B | $11.8B | $11.5B | $11.4B | $12.0B | $11.7B |
| Goodwill | — | — | — | — | — | — | $10M | $103M | $102M | $103M |
| Total assets | $20.5B | $20.7B | $22.5B | $23.2B | $20.8B | $20.1B | $22.0B | $21.8B | $20.7B | $21.9B |
| Total current liabilities | $2.8B | $3.0B | $3.2B | $3.2B | $2.8B | $2.6B | $3.9B | $4.4B | $5.8B | $4.2B |
| Long-term debt | $9.4B | $9.3B | $11.9B | $12.4B | $13.9B | $14.7B | $13.9B | $12.1B | $10.6B | $14.7B |
| Total liabilities | $13.0B | $13.1B | $15.8B | $16.7B | $17.3B | $17.8B | $18.4B | $17.7B | $17.5B | $20.0B |
| Shareholders' equity | $6.2B | $6.5B | $5.7B | $5.2B | $3.0B | $2.0B | $3.9B | $4.1B | $2.9B | $1.6B |
| Net debt | $7.3B | $6.9B | $7.2B | $8.2B | $11.8B | $12.9B | $7.6B | $7.0B | $6.9B | $10.8B |
Cash flow
Fiscal years, from Las Vegas Sands's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.0B | $4.5B | $4.7B | $3.0B | -$1.3B | -$243M | -$944M | $3.2B | $3.2B | $3.0B |
| Capital spending | $1.4B | $837M | $949M | $1.0B | $1.2B | $828M | $651M | $1.0B | $1.6B | $1.2B |
| Free cash flow | $2.6B | $3.7B | $3.8B | $2.0B | -$2.5B | -$1.1B | -$1.6B | $2.2B | $1.6B | $1.9B |
| Stock-based compensation | $34M | $34M | $30M | $35M | $22M | $22M | $39M | $44M | $55M | $54M |
| Dividends paid | $2.9B | $2.9B | $3.0B | $3.0B | $911M | $0 | $0 | $305M | $590M | $833M |
| Share buybacks (net) | $0 | -$375M | -$905M | -$754M | $0 | $0 | $0 | -$505M | -$1.8B | -$2.2B |
| Net borrowing | $2.3B | $654M | $7.6B | $4.0B | $1.9B | $2.7B | $1.2B | $0 | $1.7B | $6.8B |
| Free cash flow margin | 23.5% | 29.1% | 27.3% | 16.7% | -86.4% | -25.3% | -38.8% | 21.3% | 14.5% | 14.3% |
| Dividends per share | $3.68 | $3.72 | $3.79 | $3.89 | $1.19 | — | — | $0.40 | $0.80 | $1.20 |
Questions
What was Las Vegas Sands's revenue in 2025?
$13.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Las Vegas Sands generate?
$1.9B in fiscal 2025 (operating cash flow minus capital spending).
From Las Vegas Sands's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.