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Las Vegas Sands vs PENN Entertainment: revenue, profit, margins and growth compared

Las Vegas Sands brought in $13B of revenue in fiscal 2025, PENN Entertainment $7B in fiscal 2025. Revenue changed by +15.2% at Las Vegas Sands and +5.8% at PENN Entertainment on the year before, so Las Vegas Sands grew faster. Las Vegas Sands kept 12.5% of its revenue as net profit, PENN Entertainment -12.1%. Free cash flow was $1.9B at Las Vegas Sands and -$139.5M at PENN Entertainment.

Side by side, latest fiscal year

LVSPENN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$13B$7B
Revenue growth+15.2%+5.8%
Net income$1.6B-$843.1M
Net margin12.5%-12.1%
Free cash flow$1.9B-$139.5M
Free cash flow margin14.3%-2.0%
Earnings per share (diluted)$2.35-$5.83
Cash$3.8B$686.6M
Debt$15.8B$2.9B
Price to earnings16.6n/a
Market value$25.3B$2.1B
Dividend yield2.56%n/a
Rank by revenue in sector#100 of 778 · Consumer discretionary#156 of 778 · Consumer discretionary

Over the years

Revenue
LVS FY2018: $13.7BLVS FY2019: $12.1BLVS FY2020: $2.9BLVS FY2021: $4.2BLVS FY2022: $4.1BLVS FY2023: $10.4BLVS FY2024: $11.3BLVS FY2025: $13BPENN FY2018: $3.6BPENN FY2019: $5.3BPENN FY2020: $3.6BPENN FY2021: $5.9BPENN FY2022: $6.4BPENN FY2023: $6.4BPENN FY2024: $6.6BPENN FY2025: $7BFY18FY19FY20FY21FY22FY23FY24FY25
LVS $13BPENN $7B
Net income
LVS FY2018: $2.4BLVS FY2019: $2.7BLVS FY2020: -$1.7BLVS FY2021: -$961MLVS FY2022: $1.8BLVS FY2023: $1.2BLVS FY2024: $1.4BLVS FY2025: $1.6BPENN FY2018: $93.5MPENN FY2019: $43.9MPENN FY2020: -$669.5MPENN FY2021: $420.8MPENN FY2022: $222.1MPENN FY2023: -$490MPENN FY2024: -$311.5MPENN FY2025: -$843.1MFY18FY19FY20FY21FY22FY23FY24FY25
LVS $1.6BPENN -$843.1M
Net margin
LVS FY2018: 17.6%LVS FY2019: 22.2%LVS FY2020: -57.3%LVS FY2021: -22.7%LVS FY2022: 44.6%LVS FY2023: 11.8%LVS FY2024: 12.8%LVS FY2025: 12.5%PENN FY2018: 2.6%PENN FY2019: 0.8%PENN FY2020: -18.7%PENN FY2021: 7.1%PENN FY2022: 3.5%PENN FY2023: -7.7%PENN FY2024: -4.7%PENN FY2025: -12.1%FY18FY19FY20FY21FY22FY23FY24FY25
LVS 12.5%PENN -12.1%
Revenue growth
LVS FY2019: -11.7%LVS FY2020: -75.8%LVS FY2021: +44.0%LVS FY2022: -2.9%LVS FY2023: +152.4%LVS FY2024: +8.9%LVS FY2025: +15.2%PENN FY2019: +47.8%PENN FY2020: -32.5%PENN FY2021: +65.0%PENN FY2022: +8.4%PENN FY2023: -0.6%PENN FY2024: +3.4%PENN FY2025: +5.8%FY19FY20FY21FY22FY23FY24FY25
LVS +15.2%PENN +5.8%
Free cash flow
LVS FY2018: $3.8BLVS FY2019: $2BLVS FY2020: -$2.5BLVS FY2021: -$1.1BLVS FY2022: -$1.6BLVS FY2023: $2.2BLVS FY2024: $1.6BLVS FY2025: $1.9BPENN FY2018: $260.2MPENN FY2019: $513.3MPENN FY2020: $201.8MPENN FY2021: $652MPENN FY2022: $614.8MPENN FY2023: $95.9MPENN FY2024: -$123.4MPENN FY2025: -$139.5MFY18FY19FY20FY21FY22FY23FY24FY25
LVS $1.9BPENN -$139.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about Las Vegas Sands and PENN Entertainment

Which is bigger by revenue, Las Vegas Sands or PENN Entertainment?

Las Vegas Sands is bigger by revenue: $13B in fiscal 2025, against $7B for PENN Entertainment in fiscal 2025.

Which keeps more of its revenue as profit, Las Vegas Sands or PENN Entertainment?

Las Vegas Sands had a net margin of 12.5% in fiscal 2025; PENN Entertainment had -12.1% in fiscal 2025.

Which grew revenue faster, Las Vegas Sands or PENN Entertainment?

In their latest fiscal years revenue changed by +15.2% at Las Vegas Sands and +5.8% at PENN Entertainment.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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