LAS VEGAS SANDS CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LAS VEGAS SANDS CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11,410	12,882	13,729	12,127	2,940	4,234	4,110	10,372	11,298	13,017
Research and development	9	13	12	24	18	109	143	205	228	269
Selling, general and administrative	1,287	1,417	1,483	1,118	798	831	936	1,107	1,150	1,188
Operating income	2,502	3,464	3,751	3,365	-1,393	-689	-792	2,313	2,402	2,818
Interest expense	274	327	446	449	523	621	702	818	727	746
Interest income	10	16	59	74	21	4	116
Other non-operating income	31	-94	26	56	19	-31	-9	-8	10	-15
Pre-tax income	2,264	3,054	3,326	3,600	-1,876	-1,474	-1,387	1,775	1,960	2,213
Income tax	239	-209	375	432	24	-5	154	344	208	347
Net income to minority interests	346	455	538	606	-458	-315	-475	210	306	239
Net income	1,679	2,808	2,413	2,698	-1,685	-961	1,832	1,221	1,446	1,627
EBITDA	3,613	4,635	4,862	4,385	-396	352	244	3,521	3,710	4,282
EPS, basic	2.11	3.55	3.07	3.50	-2.21	-1.26	2.40	1.60	1.97	2.35
EPS, diluted	2.11	3.55	3.07	3.50	-2.21	-1.26	2.40	1.60	1.96	2.35
Shares, basic (weighted)	795	792	786	771	764	764	764	763	735	691
Shares, diluted (weighted)	795	792	786	771	764	764	764	765	737	693
Dividend per share	2.88	2.92	3.00	3.08	0.79			0.40	0.80	1.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,128	2,419	4,648	4,226	2,082	1,854	6,311	5,105	3,650	3,841
Receivables	776	615	726	844	252	202	267	484	417	742
Inventory	46	37	35	37	22	22	28	38	41	46
Other current assets	138	115	144	182	113	113	138	150	182	203
Total current assets	3,098	3,197	5,566	5,305	5,707	5,510	6,744	5,777	4,290	4,832
Property, plant and equipment	15,903	15,516	15,154	14,844	12,280	11,850	11,451	11,439	11,993	11,673
Lease right-of-use assets				190	25	24	23	53	48	44
Goodwill							10	103	102	103
Intangible assets	103	89	72	42	25	19	64	495	443	470
Other non-current assets	155	155	189	454	221	217	231	276	325	386
Total assets	20,469	20,687	22,547	23,199	20,807	20,059	22,039	21,778	20,666	21,920
Accounts payable	128	171	178	149	89	77	89	167	164	190
Accrued liabilities	299	342	359	378	161	253	316	370	382	419
Short-term debt	167	296	111	70	75	74	2,031	1,900	3,160	1,128
Total current liabilities	2,806	2,956	3,157	3,224	2,816	2,565	3,902	4,422	5,801	4,222
Long-term debt	9,428	9,344	11,874	12,422	13,929	14,721	13,947	12,129	10,592	14,656
Lease liabilities				305	153	154	157	252	172	167
Other non-current liabilities	126	147	179	513	336	352	382	936	925	934
Total liabilities	12,973	13,060	15,802	16,692	17,269	17,811	18,383	17,674	17,506	19,986
Total debt	9,595	9,640	11,985	12,492	14,004	14,795	15,978	14,029	13,752	15,784
Paid-in capital	6,516	6,580	6,680	6,569	6,611	6,646	6,684	6,481	6,245	6,159
Retained earnings	2,222	2,709	2,770	3,101	813	-148	1,684	2,600	3,455	4,387
Treasury stock	-2,443	-2,818	-3,727	-4,481	-4,481	-4,481	-4,481	-4,991	-6,759	-9,028
Other comprehensive income					29	-22	-7	27	-58	71
Shareholders' equity	6,177	6,486	5,684	5,187	2,973	1,996	3,881	4,118	2,884	1,590
Minority interests	1,319	1,141	1,061	1,320	565	252	-225	-14	276	344
Total equity	7,486	7,627	6,745	6,507	3,538	2,248	3,656	4,104	3,160	1,934
Total liabilities and equity	20,469	20,687	22,547	23,199	20,807	20,059	22,039	21,778	20,666	21,920
Shares outstanding	795	789	775	764	764	764	764	753	716	675

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,025	3,263	2,951	3,304	-2,143	-1,276	1,357	1,431	1,752	1,866
Depreciation and amortization	1,111	1,171	1,111	1,020	997	1,041	1,036	1,208	1,308	1,464
Stock-based compensation	34	34	30	35	22	22	39	44	55	54
Deferred income tax	24	-497	113	146	24	-45	-2	44	4	-60
Change in receivables	319	83	-119	-118	339	43	-78	-217	43	-392
Cash from operations	4,044	4,543	4,701	3,038	-1,312	-243	-944	3,227	3,204	3,023
Capital expenditures	-1,398	-837	-949	-1,018	-1,227	-828	-651	-1,017	-1,567	-1,168
Cash from investing	-1,440	-822	-930	-103	-1,329	-832	-721	-1,254	-1,579	-1,217
Debt issued	2,296	654	7,593	4,000	1,945	2,702	1,200	0	1,748	6,781
Stock issued	17	40	79	54	24	19	0	4	1	264
Share buybacks	0	-375	-905	-754	0	0	0	-505	-1,750	-2,217
Dividends paid	-2,924	-2,943	-2,979	-3,000	-911	0	0	-305	-590	-833
Cash from financing	-2,631	-3,487	-1,522	-3,368	560	863	6,154	-3,188	-3,060	-1,643
Exchange rate effect	-22	58	-18	14	-24
Net change in cash	-49	292	2,231	-419	-2,105	-212	4,511	-1,207	-1,454	191
Free cash flow	2,646	3,706	3,752	2,020	-2,539	-1,071	-1,595	2,210	1,637	1,855
Interest paid	214	269	326	373	419	591	614	746	650	710
Income taxes paid	204	230	264	253	196	86	649	176	222	271

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $38.99 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	21.5%	Operating income / revenue.
EBITDA margin	32.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.1%	Pre-tax income / revenue.
Net margin	12.6%	Net income / revenue.
FCF margin	19.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.2%	Cash from operations / revenue.
Effective tax rate	16.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	297.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.7%	Net income / average total assets.
Return on invested capital (ROIC)	19.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.6%	Research and development expense / revenue.
SG&A / revenue	9.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.5%	Capital expenditures / revenue.
D&A / revenue	10.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	46.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	34.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	17.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	15.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	159.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	12.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-3.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	19.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-0.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-5.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	13.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	25.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 5y	4.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-44.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-25.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-11.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.00x	Current assets / current liabilities.
Quick ratio	0.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.78x	(Cash + short-term investments) / current liabilities.
Debt / equity	26.3x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	76.7%	Total debt / total assets.
Liabilities / assets	95.5%	Total liabilities / total assets.
Net debt	$11.89B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.71x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.90x	Operating income / interest expense.
Working capital	-$14.0M	Current assets - current liabilities.
Tangible book value	$581.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	1.20x	Revenue / average property, plant and equipment.
Receivables turnover	22.1x	Revenue / average receivables.
Days sales outstanding	17 days	365 x average receivables / revenue.
FCF conversion	156.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	27.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.57	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$20.91	Revenue / diluted weighted shares.
FCF per share	$4.12	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.69	Cash from operations / diluted weighted shares.
Book value per share	$0.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.90	Tangible book value / shares outstanding.
Cash per share	$5.21	(Cash + short-term investments) / shares outstanding.
Payout ratio	54.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	34.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	94.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$25.25B	Share price x shares outstanding.
Enterprise value	$37.14B	Market cap + total debt - cash - short-term investments.
P/E	14.6x	Market cap / net income. Only when net income is positive.
P/S	1.84x	Market cap / revenue.
P/B	43.5x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	43.5x	Market cap / tangible book value, when positive.
P/FCF	9.34x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.77x	Market cap / cash from operations, when positive.
EV/Sales	2.71x	Enterprise value / revenue.
EV/EBIT	12.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.47x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.7%	Free cash flow / market cap.
Earnings yield	6.8%	Net income / market cap (the inverse of P/E).
Dividend yield	3.7%	Dividends paid over the period / market cap.
Shareholder yield	13.8%	(Dividends paid + share buybacks) / market cap.

What was LAS VEGAS SANDS CORP's revenue in fiscal 2025?

LAS VEGAS SANDS CORP reported revenue of $13.02B for fiscal 2025, 15.2% higher than the year before.

Was LAS VEGAS SANDS CORP profitable in fiscal 2025?

Yes. Net income was $1.63B, a net margin of 12.5%.

How much free cash flow did LAS VEGAS SANDS CORP generate in fiscal 2025?

Cash from operations of $3.02B minus capital expenditures of $1.17B left free cash flow of $1.86B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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