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Las Vegas Sands Corp. (LVS)
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Las Vegas Sands Corp. Income Statement 2025-2007 | LVS
Brief overview of financial performance at Las Vegas Sands Corp.
The conclusions below are based on five years of reported results. Revenue reported by Las Vegas Sands Corp. was 2.9 billion dollars at the beginning of the period and 3.6 billion dollars at the end. The total change was +24.1%, with a CAGR of approximately 4.4%. Revenue was effectively stagnant over the period.
Over the period, EBITDA shifted from −396 million dollars to 2.2 billion dollars, a change of +648.2%. Operating profitability strengthened faster than the scale of sales. Comparing the endpoints gives EBITDA margins of −13.5% and 59.5%. A wider margin confirms stronger operating efficiency.
The net financial result changed from −$1.7 billion to $395 million. The company restored profitability by the end of the period.
Market capitalization changed from 47.8 billion dollars to 39.9 billion dollars (−16.6%). The valuation did not keep pace with the reported progress.
Overall conclusion
The financial profile remains mixed, with strengths and risks moving in different directions. The strongest signals are higher operating efficiency and a stronger final result. The main areas of concern are weak sales momentum. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement Las Vegas Sands Corp.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
39.9 B | 31.7 B | 40.4 B | 44.4 B | 32.7 B | 47.8 B | 51 B | 46.4 B | 62.1 B | 42 B | 35.9 B | 43.8 B | 64.1 B | 41.6 B | 35.9 B | 15.4 B | 7.07 B | 26.5 B | 28.5 B |
Shares |
691 M | 735 M | 763 M | 764 M | 764 M | 764 M | 771 M | 786 M | 792 M | 795 M | 797 M | 806 M | 822 M | 806 M | 728 M | 667 M | 657 M | 392 M | 355 M |
Historical Prices |
57.7 | 43.1 | 53 | 58.2 | 42.9 | 62.6 | 56.5 | 56.5 | 64.2 | 44.5 | 38.3 | 43.1 | 62.9 | 34.9 | 37.1 | 23 | 10.8 | 67.5 | 80.3 |
Net Income |
395 M | 324 M | 1.22 B | 1.83 B | -961 M | -1.68 B | 2.7 B | 2.41 B | 2.81 B | 1.67 B | 1.97 B | 2.84 B | 2.31 B | 1.52 B | 1.56 B | 599 M | -354 M | -164 M | - |
Revenue |
3.65 B | 2.9 B | 10.4 B | 4.11 B | 4.23 B | 2.94 B | 13.7 B | 13.7 B | 12.9 B | 11.4 B | 11.7 B | 14.6 B | 13.8 B | 11.1 B | 9.41 B | - | - | - | - |
Cost of Revenue |
2.05 B | 1.88 B | 1.74 B | 1.52 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
1.6 B | 1.02 B | 8.63 B | 2.59 B | - | - | 6.91 B | 6.76 B | 6.4 B | 5.57 B | 5.57 B | 6.84 B | 6.25 B | 5.06 B | 4.49 B | - | - | - | - |
Operating Income |
707 M | 590 M | 2.31 B | -792 M | -689 M | -1.39 B | 3.36 B | 3.75 B | 3.46 B | 2.5 B | 2.84 B | 4.1 B | 3.41 B | 2.31 B | 2.39 B | 1.18 B | -28.7 M | 164 M | - |
Interest Expense |
746 M | 727 M | 818 M | 702 M | 621 M | 523 M | 449 M | 446 M | 327 M | 274 M | 265 M | 274 M | 271 M | 259 M | 283 M | 307 M | 322 M | 422 M | - |
EBITDA |
2.17 B | 1.9 B | 3.52 B | 244 M | 352 M | -396 M | 5 B | 5.05 B | 4.69 B | 3.72 B | 3.91 B | 5.18 B | 4.47 B | 3.39 B | 3.18 B | 1.88 B | 557 M | 671 M | - |
Operating Expenses |
895 M | 430 M | 6.32 B | 3.38 B | 689 M | 1.39 B | 3.12 B | 2.85 B | 2.92 B | 3 B | 2.69 B | 2.73 B | 2.83 B | 2.6 B | 2.1 B | -1.18 B | 28.7 M | - | - |
General and Administrative Expenses |
1.19 B | 1.15 B | 1.11 B | 936 M | 831 M | 798 M | 1.84 B | 1.7 B | 1.6 B | 1.55 B | 1.45 B | 1.45 B | 1.54 B | 1.29 B | 1.13 B | 683 M | 526 M | 551 M | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement Las Vegas Sands Corp.
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | 2010-Q3 | 2010-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
639 M | 654 M | 669 M | -5 M | 682 M | 695 M | 712 M | -5 M | 730 M | 740 M | 750 M | -1 M | 764 M | 764 M | 764 M | 764 M | 764 M | 764 M | 764 M | 764 M | 764 M | 764 M | 764 M | 764 M | 764 M | 764 M | 764 M | -1 M | 769 M | 772 M | 774 M | -2 M | 786 M | 789 M | 789 M | 789 M | 791 M | 792 M | 794 M | 795 M | 795 M | 795 M | 794 M | -400 K | 797 M | 798 M | 798 M | -2.25 M | 803 M | 807 M | 815 M | -1.23 M | 823 M | 824 M | 823 M | 5.31 M | 821 M | 821 M | 760 M | 1.03 B | 730 M | 729 M | 723 M | 6.97 M | 661 M | 660 M |
Net Income |
352 M | 373 M | 641 M | 448 M | 491 M | 519 M | 408 M | 392 M | 353 M | 424 M | 583 M | 469 M | 449 M | 368 M | 145 M | -274 M | -381 M | -417 M | 2.43 B | -197 M | -495 M | -242 M | -342 M | -376 M | -731 M | -985 M | -51 M | 783 M | 669 M | 1.11 B | 744 M | -40 M | 699 M | 676 M | 1.62 B | 1.36 B | 684 M | 639 M | 579 M | 607 M | 606 M | 394 M | 409 M | 575 M | 618 M | 582 M | 611 M | 878 M | 860 M | 853 M | 997 M | 770 M | 809 M | 672 M | 704 M | 571 M | 350 M | 241 M | 499 M | 320 M | 354 M | 368 M | 228 M | 273 M | 168 M | -4.68 M |
Revenue |
3.22 B | 3.15 B | 3.58 B | 3.65 B | 3.33 B | 3.18 B | 2.86 B | 2.9 B | 2.68 B | 2.76 B | 2.96 B | 2.92 B | 2.8 B | 2.54 B | 2.12 B | 1.12 B | 1 B | 1.04 B | 943 M | 1.01 B | 857 M | 1.17 B | 1.2 B | 1.02 B | 446 M | 62 M | 1.42 B | 3.51 B | 3.25 B | 3.33 B | 3.65 B | 3.48 B | 3.37 B | 3.3 B | 3.58 B | 3.39 B | 3.16 B | 3.11 B | 3.07 B | 3.08 B | 2.97 B | 2.65 B | 2.72 B | 2.86 B | 2.89 B | 2.92 B | 3.01 B | 3.42 B | 3.53 B | 3.62 B | 4.01 B | 3.66 B | 3.57 B | 3.24 B | 3.3 B | 3.08 B | 2.71 B | 2.58 B | 2.76 B | 2.54 B | 2.41 B | 2.35 B | 2.11 B | - | - | - |
Cost of Revenue |
557 M | 561 M | 559 M | 545 M | 510 M | 506 M | 486 M | 477 M | 469 M | 465 M | 465 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
2.66 B | 2.59 B | 3.03 B | 3.1 B | 2.82 B | 2.67 B | 2.38 B | 2.42 B | 2.21 B | 2.3 B | 2.49 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
618 M | 618 M | 904 M | 707 M | 719 M | 783 M | 609 M | 590 M | 504 M | 591 M | 717 M | 710 M | 688 M | 537 M | 378 M | -166 M | -177 M | -147 M | -302 M | -138 M | -316 M | -139 M | -96 M | -119 M | -523 M | -757 M | 6 M | 934 M | 899 M | 894 M | 971 M | 874 M | 922 M | 797 M | 1.16 B | 1.03 B | 855 M | 817 M | 764 M | 669 M | 720 M | 518 M | 586 M | 702 M | 739 M | 689 M | 711 M | 1.02 B | 971 M | 961 M | 1.14 B | 886 M | 915 M | 781 M | 827 M | 672 M | 534 M | 398 M | 708 M | 663 M | 633 M | 608 M | 486 M | 489 M | 383 M | 167 M |
Interest Expense |
-1 M | 1 M | -3 M | -3 M | 11 M | -22 M | -1 M | -6 M | 11 M | 11 M | -6 M | 9 M | 4 M | 14 M | -35 M | 20 M | 2 M | -9 M | -22 M | -12 M | -12 M | 10 M | -17 M | -10 M | -5 M | -5 M | 39 M | 64 M | -7 M | 20 M | -21 M | -8 M | 16 M | 44 M | -26 M | -14 M | -19 M | -25 M | -36 M | 64 M | 21 M | -7 M | -47 M | -589 K | 16.3 M | -151 K | 15.5 M | 4.37 M | 95 K | 2.19 M | -4.66 M | -671 K | 3.21 M | 3.89 M | -2.11 M | 5.02 M | 2.35 M | 1.78 M | -3.42 M | 5.43 M | -6.62 M | 1.91 M | -4.68 M | -2.06 M | 6.44 M | -6.2 M |
EBITDA |
958 M | 968 M | 1.26 B | 727 M | 1.09 B | 1.15 B | 627 M | 607 M | 828 M | 907 M | 734 M | 726 M | 705 M | 554 M | 395 M | -165 M | -170 M | -143 M | -298 M | -895 M | -54 M | 119 M | 159 M | -847 M | -275 M | -513 M | 259 M | 77 M | 1.18 B | 1.18 B | 1.27 B | 68 M | 1.21 B | 1.07 B | 1.42 B | 131 M | 1.12 B | 1.14 B | 1.08 B | -108 M | 997 M | 773 M | 846 M | -34.2 M | 987 M | 938 M | 965 M | 261 M | 1.22 B | 1.23 B | 1.4 B | 147 M | 1.16 B | 1.03 B | 1.08 B | 40.3 M | 761 M | 618 M | 902 M | 76.8 M | 833 M | 814 M | 676 M | 489 M | 570 M | 337 M |
Operating Expenses |
2.04 B | 1.98 B | 2.12 B | 2.4 B | 2.1 B | 1.89 B | 1.77 B | 1.83 B | 1.71 B | 1.7 B | 1.78 B | -710 M | -688 M | -537 M | -378 M | 166 M | 177 M | 147 M | 302 M | 138 M | 316 M | 139 M | 96 M | 119 M | 523 M | 757 M | -6 M | -934 M | -899 M | -894 M | -971 M | -874 M | -922 M | -797 M | -1.16 B | -1.03 B | -855 M | -817 M | -764 M | -669 M | -720 M | -518 M | -586 M | -702 M | -739 M | -689 M | -711 M | -1.02 B | -971 M | -961 M | -1.14 B | -886 M | -915 M | -781 M | -827 M | -672 M | -534 M | -398 M | -708 M | -663 M | -633 M | -608 M | -486 M | - | -383 M | -167 M |
General and Administrative Expenses |
333 M | 331 M | 302 M | 315 M | 308 M | 292 M | 273 M | 303 M | 293 M | 268 M | 286 M | 287 M | 290 M | 279 M | 251 M | 242 M | 238 M | 238 M | 218 M | 164 M | 223 M | 219 M | 225 M | 183 M | 196 M | 190 M | 229 M | 9 M | 364 M | 376 M | 369 M | 404 M | 366 M | 368 M | 345 M | 365 M | 359 M | 354 M | 339 M | 356 M | 330 M | 302 M | 299 M | 313 M | 314 M | 316 M | 324 M | 252 M | 342 M | 328 M | 336 M | 351 M | 381 M | 308 M | 290 M | 315 M | 269 M | 259 M | 219 M | 162 M | 241 M | 224 M | 210 M | 191 M | 193 M | 173 M |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company Las Vegas Sands Corp. (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.