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

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	$4.0B 5.1%	$3.8B -27.8%	$5.2B -18.8%	$6.4B 244.2%	$1.9B -10.9%	$2.1B -50.5%	$4.2B -9.0%	$4.7B 91.8%	$2.4B 13.7%	$2.1B
Accounts Receivable	$742.0M 77.9%	$417.0M -13.8%	$484.0M 81.3%	$267.0M 32.2%	$202.0M -40.2%	$338.0M -60.0%	$844.0M 16.3%	$726.0M 18.0%	$615.0M -20.7%	$776.0M
Inventory	$46.0M 12.2%	$41.0M 7.9%	$38.0M 35.7%	$28.0M 27.3%	$22.0M -31.3%	$32.0M -13.5%	$37.0M 5.7%	$35.0M -25.5%	$47.0M 2.2%	$46.0M
Prepaid Expenses	$203.0M 11.5%	$182.0M 21.3%	$150.0M 8.7%	$138.0M 22.1%	$113.0M -17.5%	$137.0M -24.7%	$182.0M 26.4%	$144.0M 25.2%	$115.0M -16.7%	$138.0M
Other Current Assets	$203.0M 11.5%	$182.0M 21.3%	$150.0M 8.7%	$138.0M 22.1%	$113.0M -17.5%	$137.0M -24.7%	$182.0M 26.4%	$144.0M 25.2%	$115.0M -16.7%	$138.0M
Total Current Assets	$4.8B 12.6%	$4.3B -25.7%	$5.8B -14.3%	$6.7B 22.4%	$5.5B 108.4%	$2.6B -50.2%	$5.3B -4.7%	$5.6B 73.6%	$3.2B 3.5%	$3.1B
Property,Plant and Equipment	$11.7B -2.7%	$12.0B 4.8%	$11.4B -0.1%	$11.5B -3.4%	$11.8B -21.6%	$15.1B 1.8%	$14.8B -2.0%	$15.2B -2.3%	$15.5B -2.4%	$15.9B
Intangible Assets	$0 -100.0%	$443.0M -10.5%	$495.0M	$0 -100.0%	$19.0M -24.0%	$25.0M -40.5%	$42.0M -41.7%	$72.0M -19.1%	$89.0M -13.6%	$103.0M
Deferred Tax Assets	$160.0M 31.1%	$122.0M 0.8%	$121.0M -7.6%	$131.0M -55.9%	$297.0M -6.6%	$318.0M 12.8%	$282.0M -23.4%	$368.0M -25.4%	$493.0M	$0
Other Noncurrent Assets	$386.0M 18.8%	$325.0M 17.8%	$276.0M 19.5%	$231.0M 6.5%	$217.0M -52.3%	$455.0M 0.2%	$454.0M 140.2%	$189.0M 30.3%	$145.0M -6.5%	$155.0M
Total Assets	$21.9B 6.1%	$20.7B -5.1%	$21.8B -1.2%	$22.0B 9.9%	$20.1B -3.6%	$20.8B -10.3%	$23.2B 2.9%	$22.5B 9.0%	$20.7B 1.1%	$20.5B
Liabilities
Accounts Payable	$190.0M 15.9%	$164.0M -1.8%	$167.0M 87.6%	$89.0M 15.6%	$77.0M -21.4%	$98.0M -34.2%	$149.0M -16.3%	$178.0M 4.1%	$171.0M 33.6%	$128.0M
Accrued Liabilities	$2.7B 633.7%	$374.0M 14.4%	$327.0M 22.5%	$267.0M 12.7%	$237.0M -30.7%	$342.0M 0.0%	$342.0M -23.3%	$446.0M 44.3%	$309.0M 6.2%	$291.0M
Other Current Liabilities	$2.4B 18.8%	$2.0B 1.9%	$1.9B 33.6%	$1.5B 9.3%	$1.3B	—	—	—	—	—
Total Current Liabilities	$4.2B -27.2%	$5.8B 31.2%	$4.4B 13.3%	$3.9B 52.1%	$2.6B 11.1%	$2.3B -28.4%	$3.2B 2.1%	$3.2B 7.1%	$2.9B 5.1%	$2.8B
Deferred Tax Liabilities	$174.0M -7.4%	$188.0M 0.5%	$187.0M 23.0%	$152.0M -12.1%	$173.0M -8.0%	$188.0M 2.7%	$183.0M -4.2%	$191.0M -7.3%	$206.0M 3.0%	$200.0M
Other Noncurrent Liabilities	$934.0M 1.0%	$925.0M -1.2%	$936.0M 145.0%	$382.0M 8.5%	$352.0M -29.2%	$497.0M -3.1%	$513.0M 186.6%	$179.0M 21.8%	$147.0M 16.7%	$126.0M
Total Liabilities	$20.0B 14.2%	$17.5B -1.0%	$17.7B -3.9%	$18.4B 3.2%	$17.8B 3.1%	$17.3B 3.5%	$16.7B 5.6%	$15.8B 21.1%	$13.1B 0.6%	$13.0B
Equity
Preferred Stock	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Common Stock	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M
Additional Paid In Capital	$6.2B -1.4%	$6.2B -3.6%	$6.5B -3.0%	$6.7B 0.6%	$6.6B 0.5%	$6.6B 0.6%	$6.6B -1.7%	$6.7B 1.5%	$6.6B 1.0%	$6.5B
Retained Earnings	$4.4B 27.0%	$3.5B 32.9%	$2.6B 54.4%	$1.7B 1237.8%	$-148.0M -118.2%	$813.0M -73.8%	$3.1B 11.9%	$2.8B 2.0%	$2.7B 22.2%	$2.2B
Treasury Stock	$9.0B 33.6%	$6.8B 35.4%	$5.0B 11.4%	$4.5B 0.0%	$4.5B 0.0%	$4.5B 0.0%	$4.5B 20.2%	$3.7B 32.3%	$2.8B 15.3%	$2.4B
Accumulated Other Comprehensive Income	$71.0M 222.4%	$-58.0M -314.8%	$27.0M 485.7%	$-7.0M 68.2%	$-22.0M -175.9%	$29.0M 1066.7%	$-3.0M 92.5%	$-40.0M -385.7%	$14.0M 111.8%	$-119.0M
Noncontrolling Interest	$344.0M 24.6%	$276.0M 2071.4%	$-14.0M 93.8%	$-225.0M -189.3%	$252.0M -55.4%	$565.0M -57.2%	$1.3B 24.4%	$1.1B -7.1%	$1.1B -13.4%	$1.3B
Total Stockholders Equity	$1.6B -44.9%	$2.9B -30.0%	$4.1B 6.1%	$3.9B 94.4%	$2.0B -32.9%	$3.0B -42.7%	$5.2B -8.7%	$5.7B -12.5%	$6.5B 5.1%	$6.2B
Total Liabilitiesand Equity	$21.9B 6.1%	$20.7B -5.1%	$21.8B -1.2%	$22.0B 9.9%	$20.1B -3.6%	$20.8B -10.3%	$23.2B 2.9%	$22.5B 9.0%	$20.7B 1.1%	$20.5B

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	$13.0B 15.2%	$11.3B 8.9%	$10.4B 152.4%	$4.1B -2.9%	$4.2B 44.0%	$2.9B -75.8%	$12.1B -11.7%	$13.7B 7.9%	$12.7B 12.9%	$11.3B
Expenses Cost of Revenue	$10.2B 14.6%	$8.9B 10.4%	$8.1B 64.4%	$4.9B -0.4%	$4.9B 13.6%	$4.3B -50.5%	$8.8B -12.2%	$10.0B 7.7%	$9.3B 5.6%	$8.8B
Expenses Research and Development	$269.0M 18.0%	$228.0M 11.2%	$205.0M 43.4%	$143.0M 31.2%	$109.0M 505.6%	$18.0M -25.0%	$24.0M 100.0%	$12.0M -7.7%	$13.0M 44.4%	$9.0M
Expenses Selling,General and Administrative	$1.2B 3.3%	$1.1B 3.9%	$1.1B 18.3%	$936.0M 12.6%	$831.0M 4.1%	$798.0M -28.6%	$1.1B -24.6%	$1.5B 4.7%	$1.4B 10.1%	$1.3B
Expenses Depreciation and Amortization	$1.5B 11.9%	$1.3B 8.3%	$1.2B 16.6%	$1.0B -0.5%	$1.0B 4.4%	$997.0M -2.3%	$1.0B -8.2%	$1.1B -5.1%	$1.2B 5.4%	$1.1B
Expenses Share Based Compensation	$54.0M -1.8%	$55.0M 25.0%	$44.0M 12.8%	$39.0M 77.3%	$22.0M 0.0%	$22.0M -37.1%	$35.0M 16.7%	$30.0M -11.8%	$34.0M 0.0%	$34.0M
Expenses Operating Expenses	$10.2B 14.6%	$8.9B 10.4%	$8.1B 64.4%	$4.9B -0.4%	$4.9B 13.6%	$4.3B -50.5%	$8.8B -12.2%	$10.0B 7.7%	$9.3B 5.6%	$8.8B
Other Income Expense Operating Income	$2.8B 17.3%	$2.4B 3.8%	$2.3B 392.0%	$-792.0M -14.9%	$-689.0M 50.5%	$-1.4B -141.4%	$3.4B -10.3%	$3.8B 8.3%	$3.5B 38.4%	$2.5B
Other Income Expense Interest Expense	$746.0M 2.6%	$727.0M -11.1%	$818.0M 16.5%	$702.0M 13.0%	$621.0M 18.7%	$523.0M 16.5%	$449.0M 0.7%	$446.0M 36.4%	$327.0M 19.3%	$274.0M
Other Income Expense Other Income/expense	$-15.0M -250.0%	$10.0M 225.0%	$-8.0M 11.1%	$-9.0M 71.0%	$-31.0M -263.2%	$19.0M -66.1%	$56.0M 115.4%	$26.0M 127.7%	$-94.0M -403.2%	$31.0M
Other Income Expense Income Before Tax	$2.2B 12.9%	$2.0B 10.4%	$1.8B 228.0%	$-1.4B 5.9%	$-1.5B 21.4%	$-1.9B -152.1%	$3.6B 8.2%	$3.3B 8.9%	$3.1B 34.9%	$2.3B
Income Tax Income Tax Expense	$347.0M 66.8%	$208.0M -39.5%	$344.0M 123.4%	$154.0M 3180.0%	$-5.0M -120.8%	$24.0M -94.4%	$432.0M 15.2%	$375.0M 279.4%	$-209.0M -187.4%	$239.0M
net Income net Income	$1.6B 12.5%	$1.4B 18.4%	$1.2B -33.4%	$1.8B 290.6%	$-961.0M 43.0%	$-1.7B -162.5%	$2.7B 11.8%	$2.4B -14.1%	$2.8B 67.2%	$1.7B
net Income Comprehensive Income	$1.8B 29.0%	$1.4B 8.4%	$1.3B -32.1%	$1.8B 282.5%	$-1.0B 38.8%	$-1.7B -160.4%	$2.7B 15.9%	$2.4B -19.8%	$2.9B 80.9%	$1.6B
Earnings Per Share Basic Eps	$2 19.3%	$2 23.1%	$2 -33.3%	$2 290.5%	$-1 43.0%	$-2 -163.1%	$4 14.0%	$3 -13.5%	$4 68.2%	$2
Earnings Per Share Diluted Eps	$2 19.9%	$2 22.5%	$2 -33.3%	$2 290.5%	$-1 43.0%	$-2 -163.1%	$4 14.0%	$3 -13.5%	$4 68.2%	$2
Earnings Per Share Weighted Average Shares Basic	$691.0M -6.0%	$735.0M -3.7%	$763.0M -0.1%	$764.0M 0.0%	$764.0M 0.0%	$764.0M -0.9%	$771.0M -1.9%	$786.0M -0.8%	$792.0M -0.4%	$795.0M
Earnings Per Share Weighted Average Shares Diluted	$693.0M -6.0%	$737.0M -3.7%	$765.0M 0.1%	$764.0M 0.0%	$764.0M 0.0%	$764.0M -0.9%	$771.0M -1.9%	$786.0M -0.8%	$792.0M -0.4%	$795.0M

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	$1.6B 12.5%	$1.4B 18.4%	$1.2B -33.4%	$1.8B 290.6%	$-961.0M 43.0%	$-1.7B -162.5%	$2.7B 11.8%	$2.4B -14.1%	$2.8B 67.2%	$1.7B
Operating Activities Depreciation and Amortization	$1.5B 11.9%	$1.3B 8.3%	$1.2B 16.6%	$1.0B -0.5%	$1.0B 4.4%	$997.0M -2.3%	$1.0B -8.2%	$1.1B -5.1%	$1.2B 5.4%	$1.1B
Operating Activities Stock Based Compensation	$54.0M -1.8%	$55.0M 25.0%	$44.0M 12.8%	$39.0M 77.3%	$22.0M 0.0%	$22.0M -37.1%	$35.0M 16.7%	$30.0M -11.8%	$34.0M 0.0%	$34.0M
Operating Activities Deferred Income Taxes	$-60.0M -1600.0%	$4.0M -90.9%	$44.0M 2300.0%	$-2.0M 95.6%	$-45.0M -287.5%	$24.0M -83.6%	$146.0M 29.2%	$113.0M 122.7%	$-497.0M -2170.8%	$24.0M
Operating Activities Changes In Operating Assets and Liabilities	$392.0M 1011.6%	$-43.0M -119.8%	$217.0M 178.2%	$78.0M 281.4%	$-43.0M 87.3%	$-339.0M -387.3%	$118.0M -0.8%	$119.0M 243.4%	$-83.0M 74.0%	$-319.0M
Operating Activities Other Non Cash Items	$461.0M 1744.0%	$25.0M -95.7%	$581.0M 153.7%	$229.0M 297.4%	$-116.0M 86.3%	$-848.0M -1562.7%	$-51.0M -113.1%	$390.0M 119.1%	$178.0M -24.9%	$237.0M
Operating Activities net Cash From Operating Activities	$3.0B -5.6%	$3.2B -0.7%	$3.2B 441.8%	$-944.0M -288.5%	$-243.0M 81.5%	$-1.3B -143.2%	$3.0B -35.4%	$4.7B 3.5%	$4.5B 12.3%	$4.0B
Investing Activities Capital Expenditures	$1.2B -25.5%	$1.6B 54.1%	$1.0B 56.2%	$651.0M -21.4%	$828.0M -32.5%	$1.2B 20.5%	$1.0B 7.3%	$949.0M 13.4%	$837.0M -40.1%	$1.4B
Investing Activities Other Investing Activities	$-19.0M	$0	$0	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	$-1.2B 22.9%	$-1.6B -25.9%	$-1.3B -73.9%	$-721.0M 13.3%	$-832.0M 37.4%	$-1.3B -1190.3%	$-103.0M 88.9%	$-930.0M -13.1%	$-822.0M 42.9%	$-1.4B
Financing Activities Proceeds From Debt	$6.8B 287.9%	$1.7B	$0 -100.0%	$1.2B -55.6%	$2.7B 38.9%	$1.9B -51.4%	$4.0B -47.3%	$7.6B 1061.0%	$654.0M -71.5%	$2.3B
Financing Activities Repayment of Debt	$17.0M -99.2%	$2.1B 0.2%	$2.1B 3034.8%	$66.0M -96.5%	$1.9B 299.8%	$467.0M 815.7%	$51.0M -99.0%	$5.2B 503.5%	$858.0M -56.8%	$2.0B
Financing Activities Repurchase of Common Stock	$2.2B 26.7%	$1.8B 246.5%	$505.0M	$0	$0	$0 -100.0%	$754.0M -16.7%	$905.0M 141.3%	$375.0M	$0
Financing Activities Dividends Paid	$833.0M 41.2%	$590.0M 93.4%	$305.0M	$0	$0 -100.0%	$911.0M -69.6%	$3.0B 0.7%	$3.0B 1.2%	$2.9B 0.6%	$2.9B
Financing Activities Proceeds From Stock Issuance	$264.0M 26300.0%	$1.0M -75.0%	$4.0M	$0 -100.0%	$19.0M -20.8%	$24.0M -55.6%	$54.0M -31.6%	$79.0M 97.5%	$40.0M 135.3%	$17.0M
Financing Activities Tax Withholding On Stock Based Compensation	$2.0M -60.0%	$5.0M 150.0%	$2.0M 100.0%	$1.0M	$0	$0	—	—	—	—
Financing Activities Other Financing Activities	$-34.0M 57.5%	$-80.0M -175.9%	$-29.0M	$0	$0 -100.0%	$31.0M -76.5%	$132.0M 0.0%	$132.0M 2540.0%	$5.0M -84.8%	$33.0M
Financing Activities net Cash From Financing Activities	$-1.6B 46.3%	$-3.1B 4.0%	$-3.2B -151.8%	$6.2B 613.1%	$863.0M 54.1%	$560.0M 116.6%	$-3.4B -121.3%	$-1.5B 56.4%	$-3.5B -32.5%	$-2.6B
Cash Reconciliation net Change In Cash	$191.0M 113.1%	$-1.5B -20.5%	$-1.2B -126.8%	$4.5B 2227.8%	$-212.0M 89.9%	$-2.1B -402.4%	$-419.0M -118.8%	$2.2B 664.0%	$292.0M 695.9%	$-49.0M
Cash Reconciliation Cash At Beginning of Period	$4.0B 5.1%	$3.8B -27.8%	$5.2B -18.8%	$6.4B 244.2%	$1.9B -10.9%	$2.1B -50.5%	$4.2B -9.0%	$4.7B 91.8%	$2.4B 13.7%	$2.1B
Cash Reconciliation Cash At End of Period	$4.0B 5.1%	$3.8B -27.8%	$5.2B -18.8%	$6.4B 244.2%	$1.9B -10.9%	$2.1B -50.5%	$4.2B -9.0%	$4.7B 91.8%	$2.4B 13.7%	$2.1B

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

Valuation

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Las Vegas Sands

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