Las Vegas Sands (LVS): financials, SEC filings and peers
Las Vegas Sands (LVS) is a casinos & gaming company in the Consumer Discretionary sector of the S&P 500, headquartered in Las Vegas, Nevada.
It was founded in 1988 and joined the S&P 500 on October 3, 2019.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Hotels & Motels”.
Las Vegas Sands at a glance
- Revenue (12 months)
- $13.6B
- Revenue growth
- +10.9%
- Operating margin
- 20.9%
- Net income (12 months)
- $1.6B
- Free cash flow (12 months)
- $2.4B
- Cash
- $2.9B
- Debt
- $15.4B
- Diluted EPS (12 months)
- $2.44
Twelve months to September 30, 2026, from the 10-Q filed October 23, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, Las Vegas Sands reported revenue of $13.6 billion, up 10.9% from a year earlier.
Its operating margin was 20.9%, down 1.1 percentage points from a year earlier: for every $100 of sales, about $21 was left as operating profit.
Net income was $1.6 billion (11.8% of revenue), 3.6% higher than a year earlier.
Operating cash flow was $3.5 billion and capital spending $1.1 billion, leaving free cash flow of $2.4 billion (17.7% of revenue).
At the end of the period it held $2.9 billion in cash and $15.4 billion in debt, a net debt position of $12.6 billion.
The diluted share count fell 6.6% in a year, typically the result of buybacks.
Five-year trend
- Revenue went from $2.9 billion in fiscal 2020 to $13.0 billion in fiscal 2025, about 34.7% a year.
- Revenue has grown for 3 fiscal years in a row.
- Operating margin widened from -47.4% to 21.6% over the same years.
- Free cash flow was negative in 3 of the last 6 fiscal years.
- Las Vegas Sands reported a net loss in 2 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.2B | $4.1B | $10.4B | $11.3B | $13.0B |
| Revenue growth | 44.0% | -2.9% | 152.4% | 8.9% | 15.2% |
| Operating margin | -16.3% | -19.3% | 22.3% | 21.3% | 21.6% |
| Net income | −$961M | $1.8B | $1.2B | $1.4B | $1.6B |
| Free cash flow | −$1.1B | −$1.6B | $2.2B | $1.6B | $1.9B |
| Diluted EPS | $-1.26 | $2.40 | $1.60 | $1.96 | $2.35 |
Fiscal years as reported in Las Vegas Sands’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 8-K filed November 3, 2026 — Material agreement; New debt obligation
- 8-K filed October 28, 2026 — Other event
- 8-K filed October 27, 2026 — Other event
- 10-Q filed October 23, 2026 — quarterly report
- 8-K filed October 21, 2026 — Earnings results
- 10-Q filed July 24, 2026 — quarterly report
- 8-K filed July 22, 2026 — Earnings results
- 8-K filed May 18, 2026 — Shareholder vote results
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Questions about Las Vegas Sands
Is Las Vegas Sands's revenue growing?
Yes. Revenue for the twelve months to September 30, 2026 was $13.6 billion, up 10.9% from a year earlier, according to its SEC filings.
Is Las Vegas Sands profitable?
Yes. It earned $1.6 billion in net income over the twelve months to September 30, 2026, a net margin of 11.8%.
Does Las Vegas Sands have more cash or more debt?
At September 30, 2026 it had $2.9 billion in cash and $15.4 billion in debt, so more debt than cash.
When did Las Vegas Sands last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on October 23, 2026.
Which companies are similar to Las Vegas Sands?
In the S&P 500, Las Vegas Sands is grouped in Casinos & Gaming within the Consumer Discretionary sector. MGM Resorts (MGM), Wynn Resorts (WYNN) are in the same group.
Understand the numbers
Source: Las Vegas Sands’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.