LVS Financials Las Vegas Sands

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 29 h ago Overview →

Growth & profitability

Revenue has grown 34.7% per year over the past 5 years.
Operating margin has expanded, at 21.6% in the latest year.

Financial health

Total debt ($15.8B) exceeds cash ($3.8B); net debt is $11.9B.
Total debt has grown slower than revenue (2.2% vs 34.7% per year).
Operating income covered interest expense 3.8× in the latest year, up from -2.7× 5 years ago.
Total debt is 3.7× EBITDA.

Shareholder returns

Dividends have been paid for 3 consecutive years, consuming 51.2% of earnings and 44.9% of free cash flow.
The dividend has declined 1.8% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$13.0B	$1.6B	0.0%	21.6%	$1.9B	$15.8B	$3.8B
2024	$11.3B	$1.4B	0.0%	21.3%	$1.6B	$13.7B	$3.6B
2023	$10.4B	$1.2B	0.0%	22.3%	$2.2B	$14.1B	$5.1B
2022	$4.1B	$1.8B	0.0%	-19.3%	—	$16.1B	$6.3B
2021	$4.2B	-$961M	0.0%	-16.3%	—	$14.9B	$1.9B
2020	$2.9B	-$1.7B	0.0%	-47.4%	-$2.5B	$14.1B	$2.1B
2019	$12.1B	$2.7B	0.0%	27.7%	$2.0B	$12.6B	$4.2B
2018	$13.7B	$2.4B	0.0%	27.3%	$3.8B	$12.1B	$4.6B
2017	$12.7B	$2.8B	0.0%	27.2%	$3.7B	—	$2.4B
2016	$11.3B	$1.7B	0.0%	22.2%	$2.6B	—	$2.1B
2015	—	$2.0B	—	—	—	—	$2.2B
2014	—	$2.8B	—	—	—	—	$3.5B
2013	—	$2.3B	—	—	$3.5B	—	$3.6B
2012	—	$1.5B	—	—	$1.6B	—	$2.5B
2011	—	$1.6B	—	—	$1.2B	$10.0B	$3.9B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$3.6B	$567M	0.0%	25.2%	$537M	—	$3.3B
Dec '25	$3.6B	$395M	0.0%	19.4%	$930M	$15.8B	$3.8B
Sep '25	$3.3B	$419M	0.0%	21.6%	$886M	—	$3.4B
Jun '25	$3.2B	$461M	0.0%	24.7%	-$108M	—	$3.5B
Mar '25	$2.9B	$352M	0.0%	21.3%	$147M	—	$3.0B
Dec '24	$2.9B	$324M	0.0%	20.4%	$368M	$13.7B	$3.6B
Sep '24	$2.7B	$275M	0.0%	18.8%	$222M	—	$4.2B
Jun '24	$2.8B	$353M	0.0%	21.4%	$529M	—	$4.7B
Mar '24	$3.0B	$494M	0.0%	24.2%	$518M	—	$5.0B
Dec '23	$2.9B	$382M	0.0%	24.4%	—	$14.1B	$5.1B
Sep '23	$2.8B	$380M	0.0%	24.6%	$509M	—	$5.6B
Jun '23	$2.5B	$312M	0.0%	21.1%	$745M	—	$5.8B
Mar '23	$2.1B	$147M	0.0%	17.8%	$275M	—	$6.5B
Dec '22	$1.1B	-$169M	0.0%	-14.9%	—	$16.1B	$6.3B
Sep '22	$1.0B	-$239M	0.0%	-17.6%	—	—	$5.8B
Jun '22	$1.0B	-$290M	0.0%	-14.1%	—	—	$6.5B
Mar '22	$943M	$2.5B	0.0%	-32.0%	—	—	$6.4B
Dec '21	$1.0B	-$123M	0.0%	-13.7%	—	$14.9B	$1.9B
Sep '21	$857M	-$368M	0.0%	-36.9%	—	—	$1.6B
Jun '21	$1.2B	-$192M	0.0%	-11.8%	—	—	$2.1B

Valuation over time

How the market has priced LVS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 20.8× (Mar '23) to 18.8× (Jun '26).
The price-to-sales ratio has fallen from 9.3× (Mar '23) to 2.4× (Jun '26).
The dividend yield has risen from 0.9% (Jan '24) to 2.7% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is LVS growing its revenue and profit?

Over the past 5 years, Las Vegas Sands's revenue has grown 34.7% per year. These are computed facts, not advice.

How much debt does LVS have?

As of FY2025, Las Vegas Sands reported $15.8B of total debt against $3.8B of cash; operating income covered interest expense 3.8×.

What is LVS's profit margin?

In FY2025, gross margin was —, operating margin 21.6%, and net margin 12.5%.

What is LVS's P/E ratio?

As of Jun '26, Las Vegas Sands traded at a price-to-earnings ratio of about 18.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.