Las Vegas Sands

Consumer Discretionary Casinos & Gaming Las Vegas, Nevada Last filing Feb 6, 2026 · FY2025

                    Revenue
                    FY2025
                
$13.0B
                    3y CAGR +46.9%
                    
                    P100
                    
                    +15.2%
                    
                    Net income
                    FY2025
                
$1.6B
                    Net margin +12.5%
                    
                    P70
                    
                    +12.5%
                    
                    Total assets
                    FY2025
                
$21.9B
                    ROA +7.4%
                    
                    P40
                    
                    +6.1%
                    
                    Operating cash flow
                    FY2025
                
$3.0B
                    FCF margin +14.3%
                    
                    P72
                    
                    -5.6%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 10 years

Total assets $21.9B

Total liabilities $20.0B

Shareholders equity $1.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	18.1%	18.3%	24.0%	29.2%	9.3%	10.1%	18.3%	20.7%	11.7%	10.4%
Accounts Receivable	3.4%	2.0%	2.2%	1.2%	1.0%	1.6%	3.6%	3.2%	3.0%	3.8%
Inventory	0.2%	0.2%	0.2%	0.1%	0.1%	0.2%	0.2%	0.2%	0.2%	0.2%
Prepaid Expenses	0.9%	0.9%	0.7%	0.6%	0.6%	0.7%	0.8%	0.6%	0.6%	0.7%
Other Current Assets	0.9%	0.9%	0.7%	0.6%	0.6%	0.7%	0.8%	0.6%	0.6%	0.7%
Total Current Assets	22.0%	20.8%	26.5%	30.6%	27.5%	12.7%	22.9%	24.7%	15.5%	15.1%
Property,Plant and Equipment	53.3%	58.0%	52.5%	52.0%	59.1%	72.6%	64.0%	67.2%	75.0%	77.7%
Intangible Assets	0.0%	2.1%	2.3%	0.0%	0.1%	0.1%	0.2%	0.3%	0.4%	0.5%
Deferred Tax Assets	0.7%	0.6%	0.6%	0.6%	1.5%	1.5%	1.2%	1.6%	2.4%	0.0%
Other Noncurrent Assets	1.8%	1.6%	1.3%	1.0%	1.1%	2.2%	2.0%	0.8%	0.7%	0.8%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	0.9%	0.8%	0.8%	0.4%	0.4%	0.5%	0.6%	0.8%	0.8%	0.6%
Accrued Liabilities	12.5%	1.8%	1.5%	1.2%	1.2%	1.6%	1.5%	2.0%	1.5%	1.4%
Other Current Liabilities	10.8%	9.6%	8.9%	6.6%	6.7%	—	—	—	—	—
Total Current Liabilities	19.3%	28.1%	20.3%	17.7%	12.8%	11.1%	13.9%	14.0%	14.3%	13.7%
Deferred Tax Liabilities	0.8%	0.9%	0.9%	0.7%	0.9%	0.9%	0.8%	0.8%	1.0%	1.0%
Other Noncurrent Liabilities	4.3%	4.5%	4.3%	1.7%	1.8%	2.4%	2.2%	0.8%	0.7%	0.6%
Total Liabilities	91.2%	84.7%	81.2%	83.4%	88.8%	83.0%	72.0%	70.1%	63.1%	63.4%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	28.1%	30.2%	29.8%	30.3%	33.1%	31.8%	28.3%	29.6%	31.8%	31.8%
Retained Earnings	20.0%	16.7%	11.9%	7.6%	-0.7%	3.9%	13.4%	12.3%	13.1%	10.9%
Treasury Stock	41.2%	32.7%	22.9%	20.3%	22.3%	21.5%	19.3%	16.5%	13.6%	11.9%
Accumulated Other Comprehensive Income	0.3%	-0.3%	0.1%	-0.0%	-0.1%	0.1%	-0.0%	-0.2%	0.1%	-0.6%
Noncontrolling Interest	1.6%	1.3%	-0.1%	-1.0%	1.3%	2.7%	5.7%	4.7%	5.5%	6.4%
Total Stockholders Equity	7.3%	14.0%	18.9%	17.6%	10.0%	14.3%	22.4%	25.2%	31.4%	30.2%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

18 accounts · 10 years

Revenue $13.0B

Operating income $2.8B

Net income $1.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	59.4%	54.7%	47.6%	18.6%	21.1%	14.1%	52.3%	60.9%	61.5%	55.1%
Expenses Cost of Revenue	46.5%	43.0%	37.0%	22.2%	24.5%	20.8%	37.8%	44.3%	44.8%	42.8%
Expenses Research and Development	1.2%	1.1%	0.9%	0.6%	0.5%	0.1%	0.1%	0.1%	0.1%	0.0%
Expenses Selling,General and Administrative	5.4%	5.6%	5.1%	4.2%	4.1%	3.8%	4.8%	6.6%	6.8%	6.3%
Expenses Depreciation and Amortization	6.7%	6.3%	5.5%	4.7%	5.2%	4.8%	4.4%	4.9%	5.7%	5.4%
Expenses Share Based Compensation	0.2%	0.3%	0.2%	0.2%	0.1%	0.1%	0.2%	0.1%	0.2%	0.2%
Expenses Operating Expenses	46.5%	43.0%	37.0%	22.2%	24.5%	20.8%	37.8%	44.3%	44.8%	42.8%
Other Income Expense Operating Income	12.9%	11.6%	10.6%	-3.6%	-3.4%	-6.7%	14.5%	16.6%	16.7%	12.2%
Other Income Expense Interest Expense	3.4%	3.5%	3.8%	3.2%	3.1%	2.5%	1.9%	2.0%	1.6%	1.3%
Other Income Expense Other Income/expense	-0.1%	0.0%	-0.0%	-0.0%	-0.2%	0.1%	0.2%	0.1%	-0.5%	0.2%
Other Income Expense Income Before Tax	10.1%	9.5%	8.2%	-6.3%	-7.3%	-9.0%	15.5%	14.8%	14.8%	11.1%
Income Tax Income Tax Expense	1.6%	1.0%	1.6%	0.7%	-0.0%	0.1%	1.9%	1.7%	-1.0%	1.2%
net Income net Income	7.4%	7.0%	5.6%	8.3%	-4.8%	-8.1%	11.6%	10.7%	13.6%	8.2%
net Income Comprehensive Income	8.0%	6.6%	5.8%	8.4%	-5.0%	-7.9%	11.8%	10.5%	14.2%	7.9%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	-0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	-0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	3.2%	3.6%	3.5%	3.5%	3.8%	3.7%	3.3%	3.5%	3.8%	3.9%
Earnings Per Share Weighted Average Shares Diluted	3.2%	3.6%	3.5%	3.5%	3.8%	3.7%	3.3%	3.5%	3.8%	3.9%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $3.0B

Investing cash flow $-1.2B

Financing cash flow $-1.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	7.4%	7.0%	5.6%	8.3%	-4.8%	-8.1%	11.6%	10.7%	13.6%	8.2%
Operating Activities Depreciation and Amortization	6.7%	6.3%	5.5%	4.7%	5.2%	4.8%	4.4%	4.9%	5.7%	5.4%
Operating Activities Stock Based Compensation	0.2%	0.3%	0.2%	0.2%	0.1%	0.1%	0.2%	0.1%	0.2%	0.2%
Operating Activities Deferred Income Taxes	-0.3%	0.0%	0.2%	-0.0%	-0.2%	0.1%	0.6%	0.5%	-2.4%	0.1%
Operating Activities Changes In Operating Assets and Liabilities	1.8%	-0.2%	1.0%	0.4%	-0.2%	-1.6%	0.5%	0.5%	-0.4%	-1.6%
Operating Activities Other Non Cash Items	2.1%	0.1%	2.7%	1.0%	-0.6%	-4.1%	-0.2%	1.7%	0.9%	1.2%
Operating Activities net Cash From Operating Activities	13.8%	15.5%	14.8%	-4.3%	-1.2%	-6.3%	13.1%	20.8%	22.0%	19.8%
Investing Activities Capital Expenditures	5.3%	7.6%	4.7%	3.0%	4.1%	5.9%	4.4%	4.2%	4.0%	6.8%
Investing Activities Other Investing Activities	-0.1%	0.0%	0.0%	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-5.6%	-7.6%	-5.8%	-3.3%	-4.1%	-6.4%	-0.4%	-4.1%	-4.0%	-7.0%
Financing Activities Proceeds From Debt	30.9%	8.5%	0.0%	5.4%	13.5%	9.3%	17.2%	33.7%	3.2%	11.2%
Financing Activities Repayment of Debt	0.1%	10.0%	9.5%	0.3%	9.3%	2.2%	0.2%	23.0%	4.1%	9.7%
Financing Activities Repurchase of Common Stock	10.1%	8.5%	2.3%	0.0%	0.0%	0.0%	3.3%	4.0%	1.8%	0.0%
Financing Activities Dividends Paid	3.8%	2.9%	1.4%	0.0%	0.0%	4.4%	12.9%	13.2%	14.2%	14.3%
Financing Activities Proceeds From Stock Issuance	1.2%	0.0%	0.0%	0.0%	0.1%	0.1%	0.2%	0.4%	0.2%	0.1%
Financing Activities Tax Withholding On Stock Based Compensation	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—	—
Financing Activities Other Financing Activities	-0.2%	-0.4%	-0.1%	0.0%	0.0%	0.1%	0.6%	0.6%	0.0%	0.2%
Financing Activities net Cash From Financing Activities	-7.5%	-14.8%	-14.6%	27.9%	4.3%	2.7%	-14.5%	-6.8%	-16.9%	-12.9%
Cash Reconciliation net Change In Cash	0.9%	-7.0%	-5.5%	20.5%	-1.1%	-10.1%	-1.8%	9.9%	1.4%	-0.2%
Cash Reconciliation Cash At Beginning of Period	18.1%	18.3%	24.0%	29.2%	9.3%	10.1%	18.3%	20.7%	11.7%	10.4%
Cash Reconciliation Cash At End of Period	18.1%	18.3%	24.0%	29.2%	9.3%	10.1%	18.3%	20.7%	11.7%	10.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+21.6%	+21.3%	+22.3%	-19.3%	-16.3%	-47.4%	+27.7%	+27.3%	+27.2%	+22.2%
Operating margin	+21.6%	+21.3%	+22.3%	-19.3%	-16.3%	-47.4%	+27.7%	+27.3%	+27.2%	+22.2%
Net margin	+12.5%	+12.8%	+11.8%	+44.6%	-22.7%	-57.3%	+22.2%	+17.6%	+22.1%	+14.9%
FCF margin	+14.3%	+14.5%	+21.3%	-38.8%	-25.3%	-86.4%	+16.7%	+27.3%	+29.1%	+23.5%
Growth
Revenue CAGR (3y)	+46.9%	+38.7%	+52.2%	-30.3%	-32.4%	-38.6%	+2.5%	+5.5%	-4.4%	-6.5%
Returns
ROE	+102.3%	+50.1%	+29.7%	+47.2%	-48.1%	-56.7%	+52.0%	+42.5%	+43.2%	+27.2%
ROA	+7.4%	+7.0%	+5.6%	+8.3%	-4.8%	-8.1%	+11.6%	+10.7%	+13.6%	+8.2%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	1.14x	0.74x	1.31x	1.73x	2.15x	1.15x	1.65x	1.76x	1.09x	1.10x
Quick ratio	1.12x	0.72x	1.29x	1.72x	0.81x	1.06x	1.58x	1.71x	1.03x	1.04x
Leverage
D/E	12.57x	6.07x	4.29x	4.74x	8.92x	5.81x	3.22x	2.78x	2.01x	2.10x
Interest coverage	3.78x	3.30x	2.83x	-1.13x	-1.11x	-2.66x	7.49x	8.41x	10.59x	9.13x
Efficiency
Asset turnover	0.59x	0.55x	0.48x	0.19x	0.21x	0.14x	0.52x	0.61x	0.62x	0.55x
Cash conversion cycle	+16d	+8d	+11d	+19d	+13d	+36d	+21d	+14d	+13d	+22d

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Las Vegas Sands

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