LVSLas Vegas Sands

Consumer discretionary · Hotels · NYSE

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

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	2.44	Sales (ttm)	13.6B	Net income (ttm)	1.6B	Sales growth	+15.2%	EPS growth	+19.9%	Sales Q/Q	-3.5%
Free cash flow	2.4B	Gross margin	-	Oper. margin	20.9%	Net margin	11.8%	FCF margin	17.7%	ROE	n/m
ROA	8.3%	R&D / sales	2.1%	Dividend	1.00	Debt/Eq	n/m	Curr. ratio	0.83	Cash	2.9B
Op. cash flow (ttm)	3.5B	EBITDA	4.3B	EBITDA margin	32.9%	Net debt	12.6B	Quick ratio	0.82	Interest cover	3.78
Payout ratio	42.6%	Tax rate	15.7%	Stock pay / sales	0.4%	Shares out.	627.0M	Shares Y/Y	-6.0%	Book / share	-0.55
Cash / share	4.56	Sales / share	21.70	Asset turnover	0.70	Days sales out.	21	Sales 3Y CAGR	+46.8%	Sales 5Y CAGR	+34.7%
EPS 3Y CAGR	-0.7%	Employees	41,500	Sales / employee	328K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Revenue growth sped up to +15.2%+8.9% → +15.2% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

LVS against Consumer discretionary peers

Ten years, side by side → · All 47 →

LVSPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth

+15.2%3rd of 47 · median +5.4%

Net margin

11.8%20th of 47 · median 10.8%

Free cash flow margin

17.7%10th of 45 · median 9.4%

LVS and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
LVS Las Vegas Sands	$13.6B	+15.2%	-	11.8%	-	17.7%	-
ABNB Airbnb	$13.9B	+10.3%	83.1%	23.0%	34.4%	-	0.25
DRI Darden Restaurants	$13.4B	+9.4%	20.3%	8.8%	57.2%	7.9%	1.26
ULTA Ulta Beauty	$13.0B	+9.7%	39.3%	9.3%	45.8%	8.9%	0.13
CMG Chipotle Mexican Grill	$12.7B	+5.4%	-	10.8%	56.1%	11.9%	0.00
HLT Hilton Worldwide	$12.7B	+7.7%	-	13.4%	-	15.2%	-

Profitability

1 of 2

✓
Net margin above the peer median11.8% vs 10.8%
!
A profit in 8 of 10 years

Net margin, FY2016 to FY2025: 14.7% → 12.5%

Balance sheet

0 of 4

!
Interest covered less than 5 timesOperating income is 3.8× interest expense
!
Equity below zeroDebt $15.4B, equity −$344.0M
!
Current ratio below 1Current ratio 0.83
!
Net debt over 3 years of free cash flow$12.6B net debt, 5.2 years

Debt / equity at each year end, FY2016 to FY2025: 1.55 → 9.93

What the debt is made of ↓

Cash and shareholders

3 of 4

!
Free cash flow positive in 7 of 10 years$1.9B last year
✓
Share count down over 5 years−9.3%
✓
Dividend per share up over 5 years$0.79 → $1.00
✓
Cash from operations above net income$3.0B vs $1.6B

Free cash flow, FY2016 to FY2025: 2.6B → 1.9B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. This company's debt note has no tagged lines yet, so fixed or floating rate is not shown. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 13.0B Net income 1.6B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $13.0B of revenue came from

by product, year to Dec 31, 2025

Casino $9.8B · 75%
Rooms $1.4B · 11%
Mall $801.0M · 6%
Food and Beverage $644.0M · 5%
Other $361.0M · 3%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

LVS's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue13.0B

Net income1.6B

Free cash flow1.9B

EPS (diluted)2.35

Dividend per share1.00

Diluted shares693.0M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Casino	9.8B	75.2%	+17.9%
Rooms	1.4B	10.9%	+11.6%
Mall	801.0M	6.2%	+6.1%
Food and Beverage	644.0M	4.9%	+6.1%
Other	361.0M	2.8%	+0.6%

10-K 0001300514-26-000013, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11.4B	12.9B	13.7B	12.1B	2.9B	4.2B	4.1B	10.4B	11.3B	13.0B
R&D	9.0M	13.0M	12.0M	24.0M	18.0M	109.0M	143.0M	205.0M	228.0M	269.0M
SG&A	1.3B	1.4B	1.5B	1.1B	798.0M	831.0M	936.0M	1.1B	1.1B	1.2B
Operating income	2.5B	3.5B	3.8B	3.4B	-1.4B	-689.0M	-792.0M	2.3B	2.4B	2.8B
Interest expense	274.0M	327.0M	446.0M	449.0M	523.0M	621.0M	702.0M	818.0M	727.0M	746.0M
Pretax income	2.3B	3.1B	3.3B	3.6B	-1.9B	-1.5B	-1.4B	1.8B	2.0B	2.2B
Income tax	239.0M	-209.0M	375.0M	432.0M	24.0M	-5.0M	154.0M	344.0M	208.0M	347.0M
Net income	1.7B	2.8B	2.4B	2.7B	-1.7B	-961.0M	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	795.0M	792.0M	786.0M	771.0M	764.0M	764.0M	764.0M	765.0M	737.0M	693.0M
Depreciation & amortization	1.1B	1.2B	1.1B	1.0B	997.0M	1.0B	1.0B	1.2B	1.3B	1.5B
EBITDA	3.6B	4.6B	4.9B	4.4B	-396.0M	352.0M	244.0M	3.5B	3.7B	4.3B
Operating margin	21.9%	26.9%	27.3%	27.7%	-47.4%	-16.3%	-19.3%	22.3%	21.3%	21.6%
Net margin	14.7%	21.8%	17.6%	22.2%	-57.3%	-22.7%	44.6%	11.8%	12.8%	12.5%
Revenue growth	-	+12.9%	+6.6%	-11.7%	-75.8%	+44.0%	-2.9%	+152%	+8.9%	+15.2%
EPS growth	-	+68.2%	-13.5%	+14.0%	-163%	-	-	-33.3%	+22.5%	+19.9%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	2.1B	2.4B	4.6B	4.2B	2.1B	1.9B	6.3B	5.1B	3.6B	3.8B
Receivables	776.0M	615.0M	726.0M	844.0M	252.0M	202.0M	267.0M	484.0M	417.0M	742.0M
Inventory	46.0M	37.0M	35.0M	37.0M	22.0M	22.0M	28.0M	38.0M	41.0M	46.0M
Current assets	3.1B	3.2B	5.6B	5.3B	5.7B	5.5B	6.7B	5.8B	4.3B	4.8B
Property & equipment	15.9B	15.5B	15.2B	14.8B	12.3B	11.8B	11.5B	11.4B	12.0B	11.7B
Goodwill	-	-	-	-	-	-	10.0M	103.0M	102.0M	103.0M
Total assets	20.5B	20.7B	22.5B	23.2B	20.8B	20.1B	22.0B	21.8B	20.7B	21.9B
Accounts payable	128.0M	171.0M	178.0M	149.0M	89.0M	77.0M	89.0M	167.0M	164.0M	190.0M
Current liabilities	2.8B	3.0B	3.2B	3.2B	2.8B	2.6B	3.9B	4.4B	5.8B	4.2B
Total debt	9.6B	9.6B	12.0B	12.5B	14.0B	14.8B	16.0B	14.0B	13.8B	15.8B
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
Retained earnings	2.2B	2.7B	2.8B	3.1B	813.0M	-148.0M	1.7B	2.6B	3.5B	4.4B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	4.0B	4.5B	4.7B	3.0B	-1.3B	-243.0M	-944.0M	3.2B	3.2B	3.0B
Capital spending	1.4B	837.0M	949.0M	1.0B	1.2B	828.0M	651.0M	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 pay (added back)	34.0M	34.0M	30.0M	35.0M	22.0M	22.0M	39.0M	44.0M	55.0M	54.0M
Dividends paid	2.9B	2.9B	3.0B	3.0B	911.0M	0	0	305.0M	590.0M	833.0M
Buybacks	0	375.0M	905.0M	754.0M	0	0	0	505.0M	1.8B	2.2B
Debt raised	2.3B	654.0M	7.6B	4.0B	1.9B	2.7B	1.2B	0	1.7B	6.8B
Investing cash flow	-1.4B	-822.0M	-930.0M	-103.0M	-1.3B	-832.0M	-721.0M	-1.3B	-1.6B	-1.2B
Financing cash flow	-2.6B	-3.5B	-1.5B	-3.4B	560.0M	863.0M	6.2B	-3.2B	-3.1B	-1.6B
Dividend per share	2.88	2.92	3.00	3.08	0.79	-	-	0.40	0.80	1.00

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	34.0M	34.0M	30.0M	35.0M	22.0M	22.0M	39.0M	44.0M	55.0M	54.0M
Stock-based pay / revenue	0.3%	0.3%	0.2%	0.3%	0.7%	0.5%	0.9%	0.4%	0.5%	0.4%
Operating lease cost	-	-	-	16.0M	12.0M	14.0M	21.0M	14.0M	16.0M	16.0M
Operating lease cash paid	-	-	-	15.0M	19.0M	16.0M	14.0M	17.0M	24.0M	22.0M
Finance lease principal paid	-	-	-	4.0M	3.0M	5.0M	4.0M	57.0M	9.0M	17.0M
Right-of-use assets	-	-	-	190.0M	25.0M	24.0M	23.0M	53.0M	48.0M	44.0M
Operating lease liabilities	-	-	-	333.0M	323.0M	168.0M	170.0M	271.0M	188.0M	187.0M
Finance lease liabilities	-	-	-	17.0M	25.0M	25.0M	21.0M	18.0M	128.0M	157.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on LVS in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/LVS/export.csv") into a cell.