Las Vegas Sands Corp. (LVS) Balance Sheet
LVS balance sheet, 2025
December 31, 2025 · U.S. dollars$21.92B assets = $19.99B liabilities + $1.93B equity
Both columns are drawn to the same scale: what LVS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LVS financial health
Descriptive bands, not a rating. Fiscal 2025.
LVS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $20.47B2016 | $21.92B2025 | +0.8%/yr | |
| Total liabilities | $12.97B2016 | $19.99B2025 | +4.9%/yr | |
| Shareholders’ equity | $6.18B2016 | $1.59B2025 | −14.0%/yr | |
| Cash & short-term investments | $2.13B2016 | $3.84B2025 | +6.8%/yr | |
| Total debt | $9.60B2016 | $16.14B2025 | +5.9%/yr | |
| Net cash (debt) | −$7.47B2016 | −$12.30B2025 | −$4.8B | |
| Working capital | $292.0M2016 | $610.0M2025 | +$318.0M | |
| Book value per share | $7.772016 | $2.292025 | −12.7%/yr | |
| Current ratio | 1.102016 | 1.142025 | +0.04 | |
| Debt / equity | 1.552016 | 10.152025 | +8.60 | |
| Shares outstanding | 795.2M2016 | 693.0M2025 | −1.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LVS assets
LVS liabilities and equity
LVS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LVS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.84B | $3.65B | $5.11B | $6.31B | $1.85B | $2.08B | $4.23B | $4.65B | $2.42B | $2.13B |
| Cash & equivalents | $3.84B | $3.65B | $5.11B | $6.31B | $1.85B | $2.08B | $4.23B | $4.65B | $2.42B | $2.13B |
| Short-term investments | — | — | — | $2.94B | — | — | — | — | $11.0M | $10.0M |
| Receivables | $742.0M | $417.0M | $484.0M | $222.0M | $185.0M | $218.0M | $757.0M | $615.0M | $551.0M | $776.0M |
| Inventory | $46.0M | $41.0M | $38.0M | $28.0M | $22.0M | $22.0M | $37.0M | $35.0M | $37.0M | $46.0M |
| Other current assets | $203.0M | $182.0M | $150.0M | $183.0M | $3.45B | $3.38B | $285.0M | $268.0M | $190.0M | $148.0M |
| Total current assets | $4.83B | $4.29B | $5.78B | $6.74B | $5.51B | $5.71B | $5.30B | $5.57B | $3.20B | $3.10B |
| Property, plant & equipment (net) | $11.67B | $13.99B | $13.69B | $11.47B | $11.87B | $12.30B | $15.03B | $15.15B | $15.52B | $17.11B |
| Goodwill & intangible assets | $573.0M | $545.0M | $598.0M | $74.0M | $19.0M | $25.0M | $42.0M | $72.0M | $89.0M | $103.0M |
| Long-term investments | $0 | $0 | $0 | $1.17B | $0 | $0 | $34.0M | $15.0M | $0 | $0 |
| Other non-current assets | $4.84B | $1.84B | $1.72B | $2.58B | $2.66B | $2.77B | $2.78B | $1.74B | $1.89B | $155.0M |
| Total assets | $21.92B | $20.67B | $21.78B | $22.04B | $20.06B | $20.81B | $23.20B | $22.55B | $20.69B | $20.47B |
| Liabilities | ||||||||||
| Accounts payable | $190.0M | $164.0M | $167.0M | $89.0M | $77.0M | $89.0M | $149.0M | $178.0M | $171.0M | $128.0M |
| Short-term debt | $1.15B | $3.16B | $1.90B | $2.03B | $74.0M | $76.0M | $70.0M | $111.0M | $296.0M | $167.0M |
| Deferred revenue | $181.0M | $608.0M | $543.0M | $471.0M | $74.0M | $197.0M | $540.0M | −$111.0M | $478.0M | $508.0M |
| Total current liabilities | $4.22B | $5.80B | $4.42B | $3.90B | $2.56B | $2.82B | $3.22B | $3.16B | $2.96B | $2.81B |
| Long-term debt | $14.66B | $10.59B | $12.13B | $13.95B | $14.72B | $13.93B | $12.42B | $11.87B | $9.34B | $9.43B |
| Other long-term liabilities | $1.11B | $1.11B | $1.12B | $0 | $0 | $0 | $0 | $0 | $0 | $739.0M |
| Total liabilities | $19.99B | $17.51B | $17.67B | $18.38B | $17.81B | $17.27B | $16.69B | $15.80B | $13.06B | $12.97B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $6.58B | $6.52B |
| Retained earnings (deficit) | $4.39B | $3.46B | $2.60B | $1.68B | −$148.0M | $813.0M | $3.10B | $2.77B | $2.71B | $2.22B |
| Treasury stock | — | — | — | −$4.48B | −$4.48B | −$4.48B | −$4.48B | −$3.73B | −$2.82B | −$2.44B |
| Accumulated other comprehensive income | $71.0M | −$58.0M | $27.0M | −$7.0M | −$22.0M | $29.0M | −$3.0M | −$40.0M | $14.0M | −$119.0M |
| Minority interest | $344.0M | $276.0M | −$14.0M | −$225.0M | $252.0M | $565.0M | $1.32B | $1.06B | $1.14B | $1.32B |
| Total shareholders' equity | $1.59B | $2.88B | $4.12B | $3.66B | $2.25B | $3.54B | $6.51B | $6.75B | $7.63B | $6.18B |
| Key figures | ||||||||||
| Total debt | $16.14B | $13.75B | $14.03B | $15.98B | $14.79B | $14.01B | $12.49B | $11.98B | $9.64B | $9.60B |
| Net cash (debt) | −$12.30B | −$10.10B | −$8.92B | −$9.67B | −$12.94B | −$11.93B | −$8.27B | −$7.34B | −$7.22B | −$7.47B |
| Working capital | $610.0M | −$1.51B | $1.35B | $2.84B | $2.94B | $2.89B | $2.08B | $2.41B | $241.0M | $292.0M |
| Tangible book value | $1.02B | $2.34B | $3.52B | $3.58B | $2.23B | $3.51B | $6.46B | $6.67B | $7.54B | $6.07B |
| Book value per share | $2.29 | $3.91 | $5.38 | $4.79 | $2.94 | $4.63 | $8.44 | $8.58 | $9.63 | $7.77 |
| Shares outstanding | 693.0M | 737.0M | 765.0M | 764.0M | 764.0M | 764.0M | 771.0M | 786.0M | 792.0M | 795.2M |
| Current ratio | 1.14 | 0.74 | 1.31 | 1.73 | 2.15 | 2.03 | 1.65 | 1.76 | 1.08 | 1.10 |
| Quick ratio | 1.09 | 0.70 | 1.26 | 1.67 | 0.79 | 0.82 | 1.55 | 1.67 | 1.00 | 1.03 |
| Debt / equity | 10.15 | 4.77 | 3.41 | 4.37 | 6.58 | 3.96 | 1.92 | 1.78 | 1.26 | 1.55 |
| Equity / assets | 7.3% | 14.0% | 18.9% | 16.6% | 11.2% | 17.0% | 28.0% | 29.9% | 36.9% | 30.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $3.38B | $3.33B | $3.84B | $3.48B | $3.45B | $3.04B | $3.65B | $4.21B | $4.71B | $4.96B | $5.11B | $5.57B |
| Cash & equivalents | $3.38B | $3.33B | $3.84B | $3.48B | $3.45B | $3.04B | $3.65B | $4.21B | $4.71B | $4.96B | $5.11B | $5.57B |
| Receivables | $591.0M | $642.0M | $742.0M | $548.0M | $533.0M | $435.0M | $417.0M | $413.0M | $436.0M | $420.0M | $484.0M | $349.0M |
| Inventory | $46.0M | $46.0M | $46.0M | $45.0M | $40.0M | $41.0M | $41.0M | $41.0M | $37.0M | $39.0M | $38.0M | $35.0M |
| Other current assets | $284.0M | $248.0M | $203.0M | $81.0M | $240.0M | $209.0M | $182.0M | $163.0M | $148.0M | $141.0M | $150.0M | $214.0M |
| Total current assets | $4.30B | $4.27B | $4.83B | $4.15B | $4.26B | $3.72B | $4.29B | $4.83B | $5.33B | $5.56B | $5.78B | $6.17B |
| Property, plant & equipment (net) | $11.47B | $11.44B | $11.72B | $11.91B | $15.00B | $14.91B | $13.99B | $14.17B | $13.46B | $13.39B | $13.69B | $11.59B |
| Goodwill & intangible assets | $529.0M | $545.0M | $573.0M | $592.0M | $641.0M | $660.0M | $545.0M | $560.0M | $572.0M | $584.0M | $598.0M | $609.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $3.61B | $4.92B | $4.80B | $4.85B | $1.95B | $1.95B | $1.84B | $1.80B | $1.74B | $1.72B | $1.72B | $3.75B |
| Total assets | $19.91B | $21.18B | $21.92B | $21.50B | $21.85B | $21.25B | $20.67B | $21.35B | $21.11B | $21.25B | $21.78B | $22.12B |
| Liabilities | ||||||||||||
| Accounts payable | $150.0M | $159.0M | $190.0M | $168.0M | $162.0M | $151.0M | $164.0M | $139.0M | $149.0M | $156.0M | $167.0M | $150.0M |
| Short-term debt | $1.57B | $1.82B | $1.15B | $1.92B | $923.0M | $2.99B | $3.16B | $2.73B | $930.0M | $2.04B | $1.90B | $1.82B |
| Deferred revenue | — | — | $181.0M | — | — | — | $608.0M | $223.0M | $244.0M | $256.0M | $543.0M | −$1.82B |
| Total current liabilities | $4.31B | $4.49B | $4.22B | $4.67B | $3.50B | $6.25B | $5.80B | $5.35B | $3.37B | $4.27B | $4.42B | $4.10B |
| Long-term debt | $13.69B | $13.90B | $14.66B | $13.85B | $14.90B | $10.86B | $10.59B | $11.28B | $12.81B | $11.91B | $12.13B | $12.58B |
| Other long-term liabilities | $1.01B | $1.03B | $1.11B | $1.11B | $1.17B | $1.10B | $1.11B | $1.07B | $1.04B | $1.04B | $1.12B | $0 |
| Total liabilities | $19.01B | $19.43B | $19.99B | $19.64B | $19.57B | $18.21B | $17.51B | $17.71B | $17.22B | $17.22B | $17.67B | $17.67B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M |
| Retained earnings (deficit) | $4.90B | $4.75B | $4.39B | $4.16B | $3.91B | $3.63B | $3.46B | $3.28B | $3.15B | $2.94B | $2.60B | $2.37B |
| Accumulated other comprehensive income | $57.0M | $38.0M | $71.0M | $49.0M | $4.0M | −$24.0M | −$58.0M | $84.0M | −$53.0M | −$38.0M | $27.0M | −$57.0M |
| Minority interest | $316.0M | $410.0M | $344.0M | $296.0M | $291.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $581.0M | $1.20B | $1.59B | $1.57B | $1.99B | $2.70B | $2.88B | $3.43B | $3.75B | $3.95B | $4.12B | $4.55B |
| Key figures | ||||||||||||
| Total debt | $15.26B | $15.72B | $16.14B | $15.77B | $15.82B | $13.85B | $13.75B | $14.01B | $13.74B | $13.96B | $14.03B | $14.39B |
| Net cash (debt) | −$11.89B | −$12.39B | −$12.30B | −$12.29B | −$12.37B | −$10.81B | −$10.10B | −$9.80B | −$9.03B | −$9.00B | −$8.92B | −$8.82B |
| Working capital | −$14.0M | −$225.0M | $610.0M | −$519.0M | $762.0M | −$2.53B | −$1.51B | −$525.0M | $1.96B | $1.29B | $1.35B | $2.07B |
| Tangible book value | $52.0M | $655.0M | $1.02B | $979.0M | $1.35B | $2.04B | $2.34B | $2.87B | $3.18B | $3.37B | $3.52B | $3.94B |
| Book value per share | $0.88 | $1.79 | $2.35 | $2.29 | $2.86 | $3.79 | $3.91 | $4.69 | $5.07 | $5.26 | $5.42 | $5.94 |
| Shares outstanding | 663.0M | 671.0M | 678.0M | 685.0M | 696.0M | 713.0M | 737.0M | 731.0M | 741.0M | 752.0M | 760.0M | 766.0M |
| Current ratio | 1.00 | 0.95 | 1.14 | 0.89 | 1.22 | 0.59 | 0.74 | 0.90 | 1.58 | 1.30 | 1.31 | 1.50 |
| Quick ratio | 0.92 | 0.88 | 1.09 | 0.86 | 1.14 | 0.55 | 0.70 | 0.86 | 1.53 | 1.26 | 1.26 | 1.44 |
| Debt / equity | 26.27 | 13.10 | 10.15 | 10.04 | 7.95 | 5.13 | 4.77 | 4.09 | 3.66 | 3.53 | 3.41 | 3.16 |
| Equity / assets | 2.9% | 5.7% | 7.3% | 7.3% | 9.1% | 12.7% | 14.0% | 16.0% | 17.8% | 18.6% | 18.9% | 20.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 6, 2026); data from EODHD.
LVS financial position
At the end of fiscal 2025 (December 31, 2025), Las Vegas Sands had total assets of $21.9 billion (up 6.1% from a year earlier), total liabilities of $20.0 billion and shareholders' equity of $1.6 billion. It held $3.8 billion in cash and short-term investments against $16.1 billion of debt, net debt of $12.3 billion. Its current ratio was 1.14. In the latest quarter (ended June 30, 2026) total assets were $19.9 billion and equity $581.0 million.
Related: LVS income statement, LVS cash flow statement, LVS key metrics. See the LVS stock overview for the latest quote and news.
LVS balance sheet FAQ
What are Las Vegas Sands's total assets?
Las Vegas Sands reported total assets of $21.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $20.7 billion a year earlier.
How much debt does Las Vegas Sands have?
Las Vegas Sands had $16.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 10.15.
How much cash does Las Vegas Sands have?
Las Vegas Sands held $3.8 billion in cash and short-term investments at the end of fiscal 2025; with $16.1 billion of debt that is net debt of $12.3 billion.
What is Las Vegas Sands's book value?
Las Vegas Sands's shareholders' equity (book value) was $1.6 billion at the end of fiscal 2025, or $2.29 per share.
What is Las Vegas Sands's current ratio?
Las Vegas Sands had current assets of $4.8 billion and current liabilities of $4.2 billion, a current ratio of 1.14 (it can cover its short-term obligations).
How much goodwill does Las Vegas Sands have?
Las Vegas Sands carried $573.0 million of goodwill and intangible assets, 2.6% of total assets, at the end of fiscal 2025.