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 revenue.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 3 years

Total assets $21.9B

Total liabilities $20.0B

Shareholders equity $1.6B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	30.5%	33.4%	50.4%
Accounts Receivable	5.7%	3.7%	4.7%
Inventory	0.4%	0.4%	0.4%
Prepaid Expenses	1.6%	1.6%	1.4%
Other Current Assets	1.6%	1.6%	1.4%
Total Current Assets	37.1%	38.0%	55.7%
Property,Plant and Equipment	89.7%	106.2%	110.3%
Intangible Assets	0.0%	3.9%	4.8%
Deferred Tax Assets	1.2%	1.1%	1.2%
Other Noncurrent Assets	3.0%	2.9%	2.7%
Total Assets	168.4%	182.9%	210.0%
Liabilities
Accounts Payable	1.5%	1.5%	1.6%
Accrued Liabilities	21.1%	3.3%	3.2%
Other Current Liabilities	18.1%	17.6%	18.8%
Total Current Liabilities	32.4%	51.3%	42.6%
Deferred Tax Liabilities	1.3%	1.7%	1.8%
Other Noncurrent Liabilities	7.2%	8.2%	9.0%
Total Liabilities	153.5%	154.9%	170.4%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	47.3%	55.3%	62.5%
Retained Earnings	33.7%	30.6%	25.1%
Treasury Stock	69.4%	59.8%	48.1%
Accumulated Other Comprehensive Income	0.5%	-0.5%	0.3%
Noncontrolling Interest	2.6%	2.4%	-0.1%
Total Stockholders Equity	12.2%	25.5%	39.7%
Total Liabilitiesand Equity	168.4%	182.9%	210.0%

Income Statement

Revenue, expense, and profitability

18 accounts · 3 years

Revenue $13.0B

Operating income $2.8B

Net income $1.6B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	78.4%	78.7%	77.7%
Expenses Research and Development	2.1%	2.0%	2.0%
Expenses Selling,General and Administrative	9.1%	10.2%	10.7%
Expenses Depreciation and Amortization	11.2%	11.6%	11.6%
Expenses Share Based Compensation	0.4%	0.5%	0.4%
Expenses Operating Expenses	78.4%	78.7%	77.7%
Other Income Expense Operating Income	21.6%	21.3%	22.3%
Other Income Expense Interest Expense	5.7%	6.4%	7.9%
Other Income Expense Other Income/expense	-0.1%	0.1%	-0.1%
Other Income Expense Income Before Tax	17.0%	17.3%	17.1%
Income Tax Income Tax Expense	2.7%	1.8%	3.3%
net Income net Income	12.5%	12.8%	11.8%
net Income Comprehensive Income	13.5%	12.0%	12.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	5.3%	6.5%	7.4%
Earnings Per Share Weighted Average Shares Diluted	5.3%	6.5%	7.4%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 3 years

Operating cash flow $3.0B

Investing cash flow $-1.2B

Financing cash flow $-1.6B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	12.5%	12.8%	11.8%
Operating Activities Depreciation and Amortization	11.2%	11.6%	11.6%
Operating Activities Stock Based Compensation	0.4%	0.5%	0.4%
Operating Activities Deferred Income Taxes	-0.5%	0.0%	0.4%
Operating Activities Changes In Operating Assets and Liabilities	3.0%	-0.4%	2.1%
Operating Activities Other Non Cash Items	3.5%	0.2%	5.6%
Operating Activities net Cash From Operating Activities	23.2%	28.4%	31.1%
Investing Activities Capital Expenditures	9.0%	13.9%	9.8%
Investing Activities Other Investing Activities	-0.1%	0.0%	0.0%
Investing Activities net Cash From Investing Activities	-9.3%	-14.0%	-12.1%
Financing Activities Proceeds From Debt	52.1%	15.5%	0.0%
Financing Activities Repayment of Debt	0.1%	18.4%	19.9%
Financing Activities Repurchase of Common Stock	17.0%	15.5%	4.9%
Financing Activities Dividends Paid	6.4%	5.2%	2.9%
Financing Activities Proceeds From Stock Issuance	2.0%	0.0%	0.0%
Financing Activities Tax Withholding On Stock Based Compensation	0.0%	0.0%	0.0%
Financing Activities Other Financing Activities	-0.3%	-0.7%	-0.3%
Financing Activities net Cash From Financing Activities	-12.6%	-27.1%	-30.7%
Cash Reconciliation net Change In Cash	1.5%	-12.9%	-11.6%
Cash Reconciliation Cash At Beginning of Period	30.5%	33.4%	50.4%
Cash Reconciliation Cash At End of Period	30.5%	33.4%	50.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+21.6%	+21.3%	+22.3%
Operating margin	+21.6%	+21.3%	+22.3%
Net margin	+12.5%	+12.8%	+11.8%
FCF margin	+14.3%	+14.5%	+21.3%
Growth
Revenue CAGR (3y)	+46.9%	+38.7%	+52.2%
Returns
ROE	+102.3%	+50.1%	+29.7%
ROA	+7.4%	+7.0%	+5.6%
ROIC	—	—	—
Liquidity
Current ratio	1.14x	0.74x	1.31x
Quick ratio	1.12x	0.72x	1.29x
Leverage
D/E	12.57x	6.07x	4.29x
Interest coverage	3.78x	3.30x	2.83x
Efficiency
Asset turnover	0.59x	0.55x	0.48x
Cash conversion cycle	+16d	+8d	+11d

Valuation

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FY2025 fundamentals · no price

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Las Vegas Sands

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