Las Vegas Sands Corp. (LVS) Cash Flow Statement
Where LVS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.02B −5.6% vs 2024
- Capital expenditures
- $1.24B 9.5% of revenue
- Free cash flow
- $1.78B 13.7% margin
- Returned to shareholders
- $3.05B 171% of free cash flow
- Change in cash
- $191.0M cash at year-end $3.97B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LVS operating cash flow, capex and free cash flow
LVS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.04B2016 | $3.02B2025 | −3.2%/yr | |
| Capital expenditures | $1.45B2016 | $1.24B2025 | −1.7%/yr | |
| Free cash flow | $2.60B2016 | $1.78B2025 | −4.1%/yr | |
| Free cash flow margin | 23.1%2016 | 13.7%2025 | −9.4 pts | |
| Operating cash flow / net income | 2.002016 | 1.622025 | −0.38 | |
| Stock-based compensation | $34.0M2016 | $54.0M2025 | +5.3%/yr | |
| Dividends paid | $2.92B2016 | $833.0M2025 | −13.0%/yr | |
| Share buybacks (net) | $02016 | $2.22B2025 | — | |
| Capex / revenue | 12.8%2016 | 9.5%2025 | −3.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LVS cash flow by activity
LVS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LVS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.87B | $1.75B | $1.43B | −$1.54B | −$1.47B | −$1.69B | $2.70B | $2.95B | $3.26B | $2.02B |
| Depreciation & amortization | $1.54B | $1.37B | $1.27B | $1.09B | $1.10B | $1.05B | $1.07B | $1.15B | $1.21B | $1.15B |
| Stock-based compensation | $54.0M | $55.0M | $44.0M | $39.0M | $22.0M | $27.0M | $36.0M | $30.0M | $34.0M | $34.0M |
| Change in working capital | −$784.0M | $19.0M | $390.0M | $164.0M | −$89.0M | $339.0M | −$118.0M | $239.0M | $323.0M | $539.0M |
| Other non-cash items | $347.0M | $10.0M | $96.0M | −$548.0M | $454.0M | −$1.04B | −$649.0M | $335.0M | −$285.0M | $297.0M |
| Cash from operating activities | $3.02B | $3.20B | $3.23B | −$795.0M | $15.0M | −$1.31B | $3.04B | $4.70B | $4.54B | $4.04B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.24B | −$1.58B | −$1.26B | −$780.0M | −$839.0M | −$1.23B | −$1.02B | −$949.0M | −$837.0M | −$1.45B |
| Investments (net) | — | −$1.58B | −$1.05B | $50.0M | −$895.0M | −$1.33B | −$103.0M | −$930.0M | −$823.0M | −$1.44B |
| Acquisitions & other investing | $26.0M | $1.58B | $1.05B | $4.89B | $839.0M | $1.23B | $1.02B | $949.0M | $838.0M | $1.45B |
| Cash from investing activities | −$1.22B | −$1.58B | −$1.25B | $4.16B | −$895.0M | −$1.33B | −$103.0M | −$930.0M | −$822.0M | −$1.44B |
| Financing activities | ||||||||||
| Dividends paid | −$833.0M | −$590.0M | −$305.0M | $0 | $0 | −$603.0M | −$2.37B | −$2.35B | −$2.31B | −$2.92B |
| Share repurchases & issuance (net) | −$2.22B | −$1.75B | −$507.0M | −$1.0M | $19.0M | $24.0M | −$754.0M | −$905.0M | −$375.0M | $17.0M |
| Net borrowing (repayment) | $1.86B | −$326.0M | −$2.07B | $1.12B | $666.0M | $1.45B | $332.0M | $2.28B | −$209.0M | $276.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$456.0M | −$389.0M | −$307.0M | $0 | −$1.0M | −$308.0M | −$579.0M | −$548.0M | −$592.0M | $0 |
| Cash from financing activities | −$1.64B | −$3.06B | −$3.19B | $1.12B | $684.0M | $560.0M | −$3.37B | −$1.52B | −$3.49B | −$2.63B |
| Summary | ||||||||||
| Net change in cash | $191.0M | −$1.45B | −$1.21B | $4.51B | −$212.0M | −$2.10B | −$419.0M | $2.23B | $291.0M | −$51.0M |
| Cash at end of period | $3.97B | $3.77B | $5.23B | $6.44B | $1.93B | $2.14B | $4.24B | $4.66B | $2.42B | $2.13B |
| Free cash flow | $1.78B | $1.62B | $1.97B | −$1.57B | −$824.0M | −$2.54B | $2.02B | $3.75B | $3.71B | $2.60B |
| Free cash flow margin | 13.7% | 14.4% | 19.0% | −38.3% | −19.5% | −86.4% | 16.7% | 27.3% | 29.1% | 23.1% |
| Capex / revenue | 9.5% | 14.0% | 12.1% | 19.0% | 19.8% | 41.7% | 8.4% | 6.9% | 6.6% | 12.8% |
| Operating cash flow / net income | 1.62 | 1.83 | 2.26 | — | — | — | 1.13 | 1.59 | 1.39 | 2.00 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $373.0M | $641.0M | $448.0M | $491.0M | $519.0M | $408.0M | $392.0M | $353.0M | $424.0M | $583.0M | $469.0M | $380.0M |
| Depreciation & amortization | $314.0M | $393.0M | $383.0M | $389.0M | $391.0M | $377.0M | $363.0M | $339.0M | $330.0M | $336.0M | $348.0M | $328.0M |
| Stock-based compensation | $13.0M | $24.0M | $15.0M | $14.0M | $14.0M | $11.0M | $13.0M | $13.0M | $15.0M | $14.0M | $11.0M | $16.0M |
| Change in working capital | $255.0M | −$245.0M | $134.0M | $156.0M | −$784.0M | −$290.0M | $121.0M | $74.0M | $50.0M | −$226.0M | $137.0M | −$58.0M |
| Other non-cash items | −$263.0M | −$82.0M | $224.0M | $65.0M | $38.0M | $20.0M | $26.0M | −$18.0M | −$5.0M | $7.0M | $41.0M | $173.0M |
| Cash from operating activities | $692.0M | $731.0M | $1.20B | $1.11B | $178.0M | $526.0M | $915.0M | $761.0M | $814.0M | $714.0M | $1.01B | $839.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$332.0M | −$194.0M | −$274.0M | −$229.0M | −$286.0M | −$379.0M | −$547.0M | −$539.0M | −$289.0M | −$196.0M | −$325.0M | −$330.0M |
| Investments (net) | — | — | — | −$211.0M | −$286.0M | −$454.0M | −$550.0M | −$541.0M | −$288.0M | −$200.0M | −$329.0M | −$324.0M |
| Acquisitions & other investing | $1.28B | $8.0M | $8.0M | $229.0M | $286.0M | $379.0M | $547.0M | $539.0M | $289.0M | $196.0M | $325.0M | −$271.0M |
| Cash from investing activities | $946.0M | −$186.0M | −$266.0M | −$211.0M | −$286.0M | −$454.0M | −$550.0M | −$541.0M | −$288.0M | −$200.0M | −$329.0M | −$925.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$328.0M | −$202.0M | −$169.0M | −$239.0M | −$246.0M | −$179.0M | −$145.0M | −$146.0M | −$148.0M | −$151.0M | −$152.0M | −$153.0M |
| Share repurchases & issuance (net) | −$788.0M | −$753.0M | −$501.0M | −$498.0M | −$800.0M | −$418.0M | −$450.0M | −$450.0M | −$400.0M | −$452.0M | −$506.0M | $4.0M |
| Net borrowing (repayment) | −$453.0M | −$33.0M | −$31.0M | −$31.0M | $1.84B | $87.0M | −$95.0M | −$19.0M | — | — | — | −$516.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $314.0M | −$52.0M | $250.0M | −$244.0M | −$280.0M | −$182.0M | −$189.0M | −$158.0M | −$221.0M | −$36.0M | −$520.0M | −$38.0M |
| Cash from financing activities | −$1.25B | −$1.04B | −$451.0M | −$1.01B | $512.0M | −$692.0M | −$879.0M | −$773.0M | −$769.0M | −$639.0M | −$1.18B | −$703.0M |
| Summary | ||||||||||||
| Net change in cash | $384.0M | −$511.0M | $488.0M | −$97.0M | $414.0M | −$614.0M | −$558.0M | −$503.0M | −$244.0M | −$149.0M | −$469.0M | −$194.0M |
| Cash at end of period | $3.84B | $3.46B | $3.97B | $3.48B | $3.58B | $3.16B | $3.77B | $4.33B | $4.84B | $5.08B | $5.23B | $5.70B |
| Free cash flow | $360.0M | $537.0M | $930.0M | $961.0M | −$108.0M | $147.0M | $368.0M | $222.0M | $525.0M | $518.0M | $681.0M | $509.0M |
| Free cash flow margin | 11.4% | 15.0% | 25.5% | 28.9% | −3.4% | 5.1% | 12.7% | 8.3% | 19.0% | 17.5% | 23.4% | 18.2% |
| Capex / revenue | 10.5% | 5.4% | 7.5% | 6.9% | 9.0% | 13.2% | 18.9% | 20.1% | 10.5% | 6.6% | 11.1% | 11.8% |
| Operating cash flow / net income | 1.86 | 1.14 | 2.69 | 2.27 | 0.34 | 1.29 | 2.33 | 2.16 | 1.92 | 1.22 | 2.14 | 2.21 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LVS cash generation
In fiscal 2025 (ended December 31, 2025), Las Vegas Sands generated $3.0 billion of cash from operations (down 5.6%) and spent $1.2 billion on capital expenditures, leaving free cash flow of $1.8 billion, 13.7% of revenue. It returned $3.0 billion to shareholders through dividends ($833.0 million) and net share buybacks ($2.2 billion). Cash and equivalents rose by $191.0 million over the year.
Related: LVS income statement, LVS balance sheet, LVS dividend history. See the LVS stock overview for the latest quote and news.
LVS cash flow FAQ
What is Las Vegas Sands's free cash flow?
Las Vegas Sands's free cash flow was $1.8 billion in fiscal 2025: $3.0 billion of operating cash flow minus $1.2 billion of capital expenditures It was $1.6 billion a year earlier..
How much cash does Las Vegas Sands generate from operations?
Las Vegas Sands generated $3.0 billion of cash from operating activities in fiscal 2025, 1.62 times its net income of $1.9 billion.
How much does Las Vegas Sands spend on capital expenditures?
Las Vegas Sands spent $1.2 billion on capital expenditures in fiscal 2025, 9.5% of revenue, compared with $1.6 billion the year before.
How much stock does Las Vegas Sands buy back?
Las Vegas Sands spent $2.2 billion on net share repurchases in fiscal 2025.
How much does Las Vegas Sands pay in dividends?
Las Vegas Sands paid $833.0 million in dividends in fiscal 2025, 46.8% of free cash flow.