Las Vegas Sands Corp. (LVS) Income Statement
LVS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsLVS revenue and net income
Where LVS's revenue goes
2025Each bar shows an amount and its share of revenue. LVS kept 12.5% of revenue as net income.
LVS profit margins
LVS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +15.2% | +46.9% | +34.7% | +1.1% |
| Gross profit | +17.4% | +57.8% | +51.2% | +1.5% |
| Operating income | +25.3% | — | — | +0.8% |
| Net income | +12.5% | −3.9% | — | −1.9% |
| EPS (diluted) | +32.0% | — | — | +1.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LVS quarterly EPS vs estimates
Las Vegas Sands beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 21, 2026 (estimate $0.77).
LVS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.02B | $11.30B | $10.37B | $4.11B | $4.23B | $2.94B | $12.13B | $13.73B | $12.73B | $11.27B |
| Cost of revenue | $6.54B | $5.78B | $5.21B | $2.46B | $2.63B | $2.12B | $6.10B | $6.97B | $6.33B | $5.69B |
| Gross profit | $6.48B | $5.52B | $5.17B | $1.65B | $1.61B | $821.0M | $6.03B | $6.75B | $6.40B | $5.58B |
| Research & development | $269.0M | $228.0M | $205.0M | $143.0M | $109.0M | $18.0M | $24.0M | $12.0M | $13.0M | $9.0M |
| Sales, general & admin | $1.19B | $1.38B | $1.31B | $1.08B | $940.0M | $816.0M | $1.14B | $1.50B | $1.43B | $1.42B |
| Total operating expenses | $3.39B | $3.06B | $2.81B | $2.42B | $2.30B | $2.21B | $2.66B | $3.00B | $2.94B | $3.08B |
| Operating income | $3.09B | $2.47B | $2.35B | −$770.0M | −$689.0M | −$1.39B | $3.37B | $3.75B | $3.46B | $2.50B |
| Interest income | $585.0M | $275.0M | $285.0M | $586.0M | $4.0M | $21.0M | $74.0M | $59.0M | $16.0M | $10.0M |
| Interest expense | $746.0M | $727.0M | $818.0M | $702.0M | $621.0M | $523.0M | $449.0M | $446.0M | $327.0M | $274.0M |
| Income before taxes | $2.21B | $1.96B | $1.77B | −$1.39B | −$1.47B | −$1.88B | $3.60B | $3.33B | $3.05B | $2.26B |
| Income taxes | $347.0M | $208.0M | $344.0M | $154.0M | −$5.0M | $24.0M | $432.0M | $375.0M | −$209.0M | $239.0M |
| Net income | $1.63B | $1.45B | $1.22B | $1.83B | −$961.0M | −$1.69B | $2.70B | $2.41B | $2.81B | $1.68B |
| EBITDA | $4.50B | $4.05B | $3.86B | $406.0M | $244.0M | −$301.0M | $5.12B | $4.92B | $4.59B | $3.69B |
| EPS (diluted) | $3.01 | $2.28 | $1.86 | −$1.20 | −$1.18 | −$2.12 | $3.26 | $3.32 | $3.04 | $2.31 |
| Gross margin | 49.8% | 48.9% | 49.8% | 40.1% | 38.0% | 27.9% | 49.7% | 49.2% | 50.3% | 49.6% |
| Operating margin | 23.7% | 21.8% | 22.7% | −18.7% | −16.3% | −47.4% | 27.7% | 27.3% | 27.2% | 22.2% |
| Net margin | 12.5% | 12.8% | 11.8% | 44.6% | −22.7% | −57.3% | 22.2% | 17.6% | 22.1% | 14.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.15B | $3.58B | $3.65B | $3.33B | $3.17B | $2.86B | $2.90B | $2.68B | $2.76B | $2.96B | $2.92B | $2.79B |
| Cost of revenue | $1.35B | $1.84B | $1.88B | $1.67B | $1.54B | $1.45B | $1.48B | $1.41B | $1.42B | $1.46B | $1.43B | $1.39B |
| Gross profit | $1.80B | $1.75B | $1.77B | $1.66B | $1.64B | $1.42B | $1.41B | $1.27B | $1.34B | $1.50B | $1.48B | $1.41B |
| Research & development | $41.0M | $41.0M | $59.0M | $72.0M | $69.0M | $69.0M | $59.0M | $55.0M | $61.0M | $53.0M | $65.0M | $44.0M |
| Sales, general & admin | $331.0M | $302.0M | $315.0M | $380.0M | $292.0M | $273.0M | $303.0M | $463.0M | $329.0M | $339.0M | $427.0M | $334.0M |
| Total operating expenses | $1.19B | $833.0M | $893.0M | $865.0M | $837.0M | $797.0M | $809.0M | $765.0M | $751.0M | $781.0M | $773.0M | $721.0M |
| Operating income | $618.0M | $916.0M | $875.0M | $794.0M | $800.0M | $620.0M | $603.0M | $504.0M | $591.0M | $717.0M | $710.0M | $688.0M |
| Interest income | $31.0M | $35.0M | $153.0M | $39.0M | $152.0M | $42.0M | $57.0M | $67.0M | $80.0M | $71.0M | $63.0M | $121.0M |
| Interest expense | $189.0M | $188.0M | $191.0M | $187.0M | $194.0M | $174.0M | $180.0M | $179.0M | $186.0M | $182.0M | $190.0M | $200.0M |
| Income before taxes | $461.0M | $748.0M | $551.0M | $582.0M | $609.0M | $471.0M | $461.0M | $403.0M | $496.0M | $600.0M | $592.0M | $571.0M |
| Income taxes | −$88.0M | $107.0M | $103.0M | $91.0M | $90.0M | $63.0M | $69.0M | $50.0M | $72.0M | $17.0M | $123.0M | $122.0M |
| Net income | $373.0M | $567.0M | $395.0M | $419.0M | $461.0M | $352.0M | $324.0M | $275.0M | $353.0M | $494.0M | $382.0M | $380.0M |
| EBITDA | $1.02B | $1.31B | $1.12B | $1.16B | $1.19B | $1.02B | $1.00B | $921.0M | $1.01B | $1.12B | $1.13B | $1.10B |
| EPS (diluted) | $0.59 | $0.91 | $0.85 | $0.78 | $0.79 | $0.59 | $0.54 | $0.44 | $0.55 | $0.75 | $0.57 | $0.55 |
| Gross margin | 57.2% | 48.8% | 48.5% | 49.8% | 51.6% | 49.5% | 48.8% | 47.3% | 48.6% | 50.6% | 50.9% | 50.4% |
| Operating margin | 19.6% | 25.6% | 24.0% | 23.8% | 25.2% | 21.7% | 20.8% | 18.8% | 21.4% | 24.2% | 24.4% | 24.6% |
| Net margin | 11.8% | 15.8% | 10.8% | 12.6% | 14.5% | 12.3% | 11.2% | 10.3% | 12.8% | 16.7% | 13.1% | 13.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LVS's financial statements (latest annual report filed February 6, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LVS financial results
In fiscal year 2025 (ended December 31, 2025), Las Vegas Sands reported revenue of $13.0 billion, up 15.2% from the year before. It had net income of $1.6 billion (up 12.5%), a net profit margin of 12.5%. Diluted earnings per share came to $3.01. Over five years revenue grew at an average rate of 34.7% a year.
See the LVS stock overview for the latest quote and news, or the LVS chart for price history and technical indicators.
LVS income statement FAQ
What is Las Vegas Sands's annual revenue?
Las Vegas Sands reported total revenue of $13.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 15.2% from $11.3 billion the previous year.
Is Las Vegas Sands profitable?
Yes. Las Vegas Sands reported net income of $1.6 billion in fiscal 2025, a net profit margin of 12.5%; its operating margin was 23.7%.
What is Las Vegas Sands's gross margin?
Las Vegas Sands's gross margin was 49.8% in fiscal 2025: for every $100 of revenue, Las Vegas Sands kept $50 after the direct cost of its products and services.
How much does Las Vegas Sands spend on research and development?
Las Vegas Sands spent $269.0 million on research and development in fiscal 2025, 2.1% of revenue.
How fast is Las Vegas Sands growing?
Revenue grew 34.7% a year on average over the last five fiscal years, from $2.9 billion to $13.0 billion.
What are Las Vegas Sands's earnings per share?
Las Vegas Sands earned $3.01 per diluted share in fiscal 2025, compared with $2.28 a year earlier.
When will Las Vegas Sands report its next earnings?
Las Vegas Sands is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 after the market closes.
When does Las Vegas Sands's fiscal year end?
Las Vegas Sands's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 6, 2026.