LVSLas Vegas Sands

Consumer discretionary · Hotels · NYSE

Employees: 41,500
Headquarters: Las Vegas, NV
Next results: around Jan 27, 2027

RevenueFY2016–25 $13.0B+15.2% FY2024: $11.3B 10-K FY2025 · XBRL Net incomeFY2016–25 $1.6B+12.5% FY2024: $1.4B 10-K FY2025 · XBRL Free cash flowFY2016–25 $1.9B+13.3% FY2024: $1.6B 10-K FY2025 · XBRL Operating marginFY2016–25 21.6%+0.4 pts 21.9% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 6, 2026 against Feb 7, 2025

Area	What changed	Source
Risk factors	1 new paragraph, nothing like it in the previous 10-K	10-K Item 1A
Receivables growing faster than revenue	Receivables +77.9% vs revenue +15.2% (+62.7 pts)	10-K · XBRL
Critical audit matters changed	New this year: Table of Conte n ts (“Auditing the provision of expected credit losses on casino receivables involved a high degree of auditor’s subjectivity and an increased extent of effort related to the collectability of the casino patron accounts receivable, especially as it relates to management’s judgments in evaluating the quali”)	10-K · XBRL
Accounting checks	9 other checks clear, 2 worth a look	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	6 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 6, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-07. Quoted as filed.

Korea and Vietnam. In addition, certain countries, such as Japan, have legalized casino gaming, while others, such as Thailand, may in the future legalize casino gaming.
10-K, Item 1A

Accounting checks

latest 10-K

9 of 11 clear 2 worth a look. Checks, not verdicts.

!
Receivables growing faster than revenueReceivables +77.9% vs revenue +15.2% (+62.7 pts)
!
Critical audit matters changedNew this year: Table of Conte n ts (“Auditing the provision of expected credit losses on casino receivables involved a high degree of auditor’s subjectivity and an increased extent of effort related to the collectability of the casino patron accounts receivable, especially as it relates to management’s judgments in evaluating the quali”)
✓
Cash from operations $3.0B vs net income $1.6B (FY ending 2025-12-31)
✓
Inventory +12.2% vs revenue +15.2% (-3.0 pts)
✓
Same auditor in both 10-Ks: Deloitte & Touche LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Nov 3, 2026Offering Shelf registration: shares and other securities, amount not fixed S-3ASR · Under this procedure, we may offer and sell from time to time, any of the following securities, in one or more series: • debt securities, • preferred stock, • common stock, • depositary shares, • warrants, • purchase contracts and • units.
Nov 3, 20268-K Material agreement signed, New debt or obligation 8-K items 1.01, 2.03
Oct 28, 20268-K Other events 8-K item 8.01
Oct 27, 20268-K Other events 8-K item 8.01
Oct 23, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026

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