Las Vegas Sands (LVS) financials
Las Vegas Sands revenue and earnings by year
Las Vegas Sands's revenue was $13.0 billion in the fiscal year to December 31, 2025, up 15.2% from the year before. Net income was $1.63 billion, 12.5% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 1.6% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 13.0 | 11.3 | 10.4 | 4.1 | 4.2 | 2.9 | 12.1 | 13.7 | 12.7 | 11.3 |
| Revenue growth | 15.2% | 8.9% | 152.4% | -2.9% | 44.0% | -75.8% | -11.7% | 7.9% | 12.9% | — |
| Gross profit | 6.5 | 5.5 | 5.2 | 1.7 | 1.6 | 0.8 | 6.0 | 6.8 | 6.4 | 5.6 |
| Gross margin | 49.8% | 48.9% | 49.8% | 40.1% | 38.0% | 27.9% | 49.7% | 49.2% | 50.3% | 49.6% |
| Operating income | 2.8 | 2.4 | 2.3 | -0.8 | -0.7 | -1.4 | 3.4 | 3.8 | 3.5 | 2.5 |
| Operating margin | 21.6% | 21.3% | 22.3% | -19.3% | -16.3% | -47.4% | 27.7% | 27.3% | 27.2% | 22.2% |
| Net income | 1.6 | 1.4 | 1.2 | 1.8 | -1.0 | -1.7 | 2.7 | 2.4 | 2.8 | 1.7 |
| Net margin | 12.5% | 12.8% | 11.8% | 44.6% | -22.7% | -57.3% | 22.2% | 17.6% | 22.1% | 14.9% |
| Diluted EPS | $2.34 | $1.97 | $1.60 | $2.40 | -$1.26 | -$2.21 | $3.50 | $3.05 | $3.55 | $2.10 |
| Free cash flow | 1.9 | 1.6 | 2.2 | -1.4 | -0.8 | -2.5 | 2.0 | 3.8 | 3.7 | 2.7 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open LVS in Markets.
How Las Vegas Sands makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Casino | $2.37B | 73.7% |
| Occupancy | $376M | 11.7% |
| Mall | $202M | 6.3% |
| Food & Beverage | $176M | 5.5% |
| Product & Service Other | $92.0M | 2.9% |
See also: LVS valuation and P/E history · LVS returns
No forecast, no recommendation. This page describes Las Vegas Sands from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.