The biggest changes in the 10-K filed 2026-02-06, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Revenue
+15.2% Big change FY to 2025-12-31 vs 2024-12-31“Consolidated net revenues increased due to increases of $1.36 billion and $360 million at Marina Bay Sands and our Macao operations, respectively.”
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“Net casino revenues increased due to increases of $1.25 billion and $237 million at Marina Bay Sands and our Macao operations, respectively.”
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Net income
+12.5% Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Cash from operations
-5.6% FY to 2025-12-31 vs 2024-12-31“The decrease in cash generated from operations was primarily related to the $848 million payment for MBS’ purchase of the Additional Gaming Area and a decrease in operating income from our Macao properties, partially offset by an increase in operating income from Marina Bay Sands and an increase in cash related to changes in working capital.”
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Operating margin
21.3% → 21.6% (+0.4 pts) FY to 2025-12-31 vs 2024-12-31“Operating expenses increased due primarily to increases of $658 million and $438 million at Marina Bay Sands and our Macao operations, respectively, and $189 million in loss on impairment of assets related to our development activities.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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