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LVS

Las Vegas Sands Corp.

LVS

Las Vegas Sands Corp. • NYSE
$68.16 ▼ -0.13% (-0.09)
Market Cap $46.09 B
52w High $68.63
52w Low $30.18
Dividend Yield 1.00%
P/E 30.7
Volume 1.37M
Outstanding Shares 676.14M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.331B ▲ $150M ▲ $419M ▼ 12.579% ▼ $0.61 ▼ $1.158B ▼
Q2-2025 $3.175B ▲ $138M ▼ $461M ▲ 14.52% ▲ $0.66 ▲ $1.194B ▲
Q1-2025 $2.862B ▼ $420M ▼ $352M ▲ 12.299% ▲ $0.49 ▲ $1.035B ▲
Q4-2024 $2.896B ▲ $446M ▲ $324M ▲ 11.188% ▲ $0.449 ▲ $1.017B ▲
Q3-2024 $2.682B $411M $275M 10.254% $0.38 $935M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.478B ▲ $21.502B ▼ $19.635B ▲ $1.571B ▼
Q2-2025 $3.45B ▲ $21.85B ▲ $19.568B ▲ $1.991B ▼
Q1-2025 $3.036B ▼ $21.247B ▲ $18.214B ▲ $2.699B ▼
Q4-2024 $3.65B ▼ $20.666B ▼ $17.506B ▼ $2.884B ▼
Q3-2024 $4.208B $21.354B $17.707B $3.426B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $491M ▼ $1.115B ▲ $-211M ▲ $-1.012B ▼ $-97M ▼ $961M ▲
Q2-2025 $519M ▲ $178M ▼ $-286M ▲ $512M ▲ $414M ▲ $-108M ▼
Q1-2025 $408M ▲ $526M ▼ $-454M ▲ $-692M ▲ $-614M ▼ $72M ▼
Q4-2024 $392M ▲ $915M ▲ $-550M ▼ $-879M ▼ $-558M ▼ $365M ▲
Q3-2024 $353M $761M $-541M $-773M $-503M $220M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Casino
Casino
 $2.10Bn ▲$2.13Bn ▲$2.42Bn ▲$2.51Bn ▲
Food and Beverage
Food and Beverage
 $160.00M ▲$140.00M ▼$150.00M ▲$170.00M ▲
Mall
Mall
 $220.00M ▲$190.00M ▼$190.00M ▲$200.00M ▲

Five-Year Company Overview

Income Statement

Income Statement LVS’s income statement shows a clear recovery story. Revenue has grown strongly over the past few years as travel and gaming in Macau and Singapore have come back, and profitability has flipped from losses during the pandemic to solid profits more recently. Margins have improved: the business is now generating healthy operating and EBITDA profits, not just slim gains. Earnings per share have turned positive and risen, suggesting better use of the company’s asset base and improved cost control. The main risk is that results are still heavily tied to tourism flows and regulatory conditions in a few core markets, so earnings can swing if demand softens or rules change.

Balance Sheet

Balance Sheet The balance sheet is asset‑heavy, as you’d expect for a company owning massive resort complexes. Total assets have been relatively stable, while debt remains high but has been edging down, which indicates a slow de‑risking rather than an aggressive deleveraging. Cash balances were very elevated right after the crisis period and have since been drawn down, likely to fund operations, investment, and capital returns. Equity has dipped from the prior year, pointing to either distributions to shareholders or accounting impacts from capital allocation decisions. Overall, the company still operates with meaningful leverage, which magnifies both upside in good times and financial risk in downturns.

Cash Flow

Cash Flow Cash flow has turned from stress to strength. Operating cash flow moved from negative during the worst travel years to solidly positive more recently, showing that the core resorts are once again generating substantial cash. Free cash flow has followed the same pattern, becoming positive in the last couple of years even after significant capital spending. Importantly, LVS is spending heavily on its properties again, which is a sign of confidence in future demand but also a continued cash commitment. The key watchpoint is how well free cash flow holds up as expansion projects ramp, given the ongoing debt load and any shareholder returns the company chooses to make.

Competitive Edge

Competitive Edge LVS benefits from a very strong competitive position. It is deeply entrenched in Macau and Singapore—two of the most valuable gaming markets in the world—with landmark properties that are difficult and expensive for rivals to replicate. In Singapore, the practical duopoly and the iconic Marina Bay Sands give the company a semi‑protected position. In Macau, it has some of the largest and most diversified integrated resorts on the Cotai Strip. Its MICE‑driven model (conventions and exhibitions layered onto gaming, retail, and entertainment) creates steady, high‑value traffic throughout the week, not just on weekends or holidays. Strong brand recognition, scale advantages, and high barriers to entry form a wide moat, though the company is still exposed to government policy, licensing decisions, and tourism trends in a small number of regions.

Innovation and R&D

Innovation and R&D While not a classic “R&D” company, LVS has innovated in how resorts and casinos are designed and run. It helped pioneer the integrated resort and MICE model, turning properties into full‑scale destinations with hotels, convention centers, retail, dining, and entertainment, not just gaming. The rollout of “smart tables” in Macau and Singapore shows a focus on operational technology—better security, data, and customer insights from the gaming floor. Sustainability efforts like the Sands ECO360 program reflect investment in greener buildings and operations, which can appeal to both regulators and corporate clients. The company is also innovating in project development: major expansions at Marina Bay Sands and continued upgrades in Macau aim to deepen its non‑gaming appeal. The push to open a large‑scale resort in Texas is another form of strategic innovation, though it depends heavily on regulatory change and is far from certain.

Summary

Overall, LVS looks like a classic recovery and reinvestment story. The business has moved from pandemic‑era losses back to strong revenue growth and solid profitability, with cash generation now supporting heavy reinvestment in flagship properties. Its balance sheet still carries significant debt, but that is partly offset by the quality and uniqueness of its resort assets and the improving cash flow profile. The company’s moat rests on irreplaceable properties in top Asian gaming hubs, a diversified integrated‑resort model, and powerful brand strength. Key opportunities include expanding its existing Asian resorts and potentially entering new high‑population markets like Texas. Key risks include regulatory shifts, concentration in a few jurisdictions, ongoing capital intensity, and sensitivity to global travel and economic cycles.

NEWS

November 24, 2025 · 9:38 AM UTC

Second 'Macao Technological Innovation Exploration in Lisbon' a Success

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October 22, 2025 · 4:05 PM UTC

Las Vegas Sands Reports Third Quarter 2025 Results

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October 14, 2025 · 5:51 AM UTC

'NBA Cares x Sands Cares Community Impact Week' a Success

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September 30, 2025 · 4:00 PM UTC

Las Vegas Sands Announces a $400,000 Sands Cares Donation to Americares for Emergency Response and Readiness

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