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)
- $13.7B
- Revenue growth
- +18.1%
- Operating margin
- 21.5%
- Net income (12 months)
- $1.7B
- Free cash flow (12 months)
- $2.7B
- Cash
- $3.4B
- Debt
- $15.3B
- Diluted EPS (12 months)
- $2.57
Twelve months to June 30, 2026, from the 10-Q filed July 24, 2026.
Latest twelve months
Over the twelve months to June 30, 2026, Las Vegas Sands reported revenue of $13.7 billion, up 18.1% from a year earlier.
Its operating margin was 21.5%: for every $100 of sales, about $21 was left as operating profit.
Net income was $1.7 billion (12.6% of revenue), 22.3% higher than a year earlier.
Operating cash flow was $3.7 billion and capital spending $1.0 billion, leaving free cash flow of $2.7 billion (19.7% of revenue).
At the end of the period it held $3.4 billion in cash and $15.3 billion in debt, a net debt position of $11.9 billion.
The diluted share count fell 5.7% 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
- 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
- 8-K filed May 13, 2026 — Material agreement; New debt obligation
- 8-K filed May 5, 2026 — Other event
- 10-Q filed April 24, 2026 — quarterly report
- 8-K filed April 22, 2026 — Earnings results
- 8-K filed March 5, 2026 — Executive or director change
Companies like Las Vegas Sands
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Questions about Las Vegas Sands
Is Las Vegas Sands's revenue growing?
Yes. Revenue for the twelve months to June 30, 2026 was $13.7 billion, up 18.1% from a year earlier, according to its SEC filings.
Is Las Vegas Sands profitable?
Yes. It earned $1.7 billion in net income over the twelve months to June 30, 2026, a net margin of 12.6%.
Does Las Vegas Sands have more cash or more debt?
At June 30, 2026 it had $3.4 billion in cash and $15.3 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 July 24, 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 September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.