FirmAtlas
Company handbook · LVS · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
LVS · CIK 1300514 · LATEST FILING: 10-Q JUN '26 · FILED JUL 24, 2026
LAS VEGAS SANDS CORP.
$38.01
−0.31 (−0.81%)
Close, Oct 16, 2026 · 52-week $35–70
Last fiscal year
LAS VEGAS SANDS CORP. reported revenue of $13.0B for the year ended Dec 31, 2025 (FY25), up 15.2% from FY24. Net income was $1.6B, operating cash flow $3.0B and free cash flow $1.9B. Source: 10-K filed Feb 6, 2026.
Market cap
$25.7B
P/E
14.9
EV/EBITDA
8.5x
P/B
44.2
Div yield
3.03%
ROIC
21.6%
Revenue 1Y
15.2%/yr
EPS 1Y
19.9%/yr
Shares 1Y
−6%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOPatrick Dumont
HQLas Vegas, NV
AuditorDeloitte & Touche LLP
Employees41,500
Year endsDecember
Revenue by segment · FY25
Casino75%
Occupancy11%
Mall6%
Food And Beverage5%
Product And Service Other3%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−4.1%
−1.1%
−5.7%
−22.6%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$8.1B deployed
Capex
$2.7B
33.7%
Dividends
$1.4B
17.5%
Buybacks
$4.0B
48.8%
Operating cash flow over the period: $6.2B. Total debt changed by +$4.1B. R&D of $497M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
11,298
13,017+15.2%
13,719
YoY
+15.2%
Operating income
2,402
2,818+17.3%
2,948
Operating margin
21.3%
21.6%+0.4 pp
—
EBITDA
3,710
4,282+15.4%
—
EBITDA margin
32.8%
32.9%+0.1 pp
—
Interest expense
727
746+2.6%
—
Interest coverage
5.10x
5.74x+0.64x
—
Net income
1,446
1,627+12.5%
1,727
YoY
+12.5%
Net margin
12.8%
12.5%−0.3 pp
—
EPS (diluted, $)
1.96
2.35+19.9%
2.58
YoY
+19.9%
Balance sheet
Total assets
20,666
21,920+6.1%
19,909
Cash & short-term investments
3,775
3,966+5.1%
—
Accounts receivable
417
742+77.9%
—
Inventory
41
46+12.2%
—
Net PP&E
11,993
11,673−2.7%
—
Other assets
4,440
5,493+23.7%
—
Total liabilities
17,782
20,330+14.3%
19,328
Accounts payable
164
190+15.9%
—
Total debt
10,592
14,656+38.4%
13,694
Other liabilities
7,026
5,484−21.9%
—
Shareholders’ equity
2,884
1,590−44.9%
581
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
3,204
3,023−5.6%
3,732
Net income
1,752
1,866+6.5%
—
Depreciation & amortization
1,308
1,464+11.9%
—
Stock-based compensation
55
54−1.8%
—
Working capital & other
89
(361)−505.6%
—
Cash from investing
(1,579)
(1,217)n/m
—
Capex
(1,567)
(1,168)n/m
—
PP&E sold
1
7+600.0%
—
Other investing
(13)
(56)n/m
—
Cash from financing
(3,060)
(1,643)n/m
—
Debt raised
1,748
6,781+287.9%
—
Debt repaid
(2,074)
—
—
Dividends
(590)
(833)n/m
—
Buybacks
(1,750)
(2,217)n/m
—
Shares issued
1
264+26300.0%
—
Other financing
(395)
(5,638)n/m
—
Net change in cash
(1,454)
191n/m
—
Free cash flow (OCF − capex)
1,637
1,855+13.3%
2,703
Where the cash went
Operating cash flow
3,204
3,023−5.6%
3,732
Reinvested in the business
1,567
1,168−25.5%
—
% of operating cash flow
48.9%
38.6%
Capex
1,567
1,168−25.5%
1,029
R&D (memo, already in costs)
228
269+18.0%
—
Free cash flow
1,637
1,855+13.3%
2,703
YoY
+13.3%
Returned to shareholders
2,340
3,050+30.3%
—
% of free cash flow
142.9%
164.4%
Dividends
590
833+41.2%
—
Buybacks
1,750
2,217+26.7%
—
Change in total debt
—
4,064
—
Cash left over
—
2,869
—
FCF conversion (FCF ÷ net income)
113.2%
114.0%+0.8 pp
—
Owner earnings
—
1,619
—
Owner earnings margin
—
12.4%
—
Buyback yield
4.8%
5.0%+0.3 pp
—
Returns & ratios
ROIC (all capital)
22.1%
21.6%−0.5 pp
—
ROIC (operating)
17.5%
19.4%+1.9 pp
—
Net debt / EBITDA
1.84x
2.50x+0.66x
—
Debt / equity
3.67x
9.22x+5.54x
—
ROE
50.1%
102.3%+52.2 pp
—
ROA
7.0%
7.4%+0.4 pp
—
ROCE
16.2%
15.9%−0.2 pp
—
NOPAT
2,147
2,376+10.7%
—
Invested capital (operating)
12,287
12,271−0.1%
—
Invested capital (all)
9,701
12,280+26.6%
—
Reinvestment rate
—
−0.7%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
3,331
3,649
3,585
3,154
vs year-ago quarter
Operating income
719
707
904
618
Net income
419
395
567
346
vs year-ago quarter
Net margin
12.6%
10.8%
15.8%
11.0%
EPS (diluted, $)
0.61
0.59
0.85
0.53
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
21,502
21,920
21,176
19,909
Cash & equivalents
3,478
3,966
3,455
3,501
Total debt
13,852
14,656
13,900
13,694
Shareholders’ equity
1,571
1,590
1,198
581
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,115
1,204
731
682
Capex
229
274
194
332
Free cash flow
886
930
537
350
vs year-ago quarter