Revenue growth accelerated to 25.3% in 2026Q1, though gross margins have contracted significantly from 39.3% in 2024Q1 to 29.0% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 13.74B | 13.02B | 11.3B | 10.37B | 4.11B | 4.23B | 2.94B | 12.13B | 13.73B | 12.73B | 11.27B | 11.69B | 14.58B | 13.77B | 11.13B | 9.41B | 6.85B | 4.56B | 4.39B | 2.95B | 2.24B | 1.74B | 1.2B | 691.75M | 623.34M | 586.97M | 641.2M |
| Revenue Growth % | 22.67% | 15.22% | 8.93% | 152.36% | -2.93% | 44.01% | -75.76% | -11.67% | 7.86% | 12.93% | -3.57% | -19.86% | 5.91% | 23.71% | 18.28% | 37.32% | 50.19% | 3.94% | 48.78% | 31.91% | 28.49% | 45.43% | 73.05% | 10.98% | 6.19% | -8.46% | - |
| Cost of Goods Sold | 10.07B | 9.35B | 7.14B | 6.47B | 3.5B | 3.67B | 3.12B | 8B | 8.09B | 7.5B | 6.95B | 7.12B | 8.78B | 8.52B | 6.96B | 5.72B | 4.57B | 3.46B | 3.3B | 1.97B | 1.27B | 968.75M | 611.15M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 71.82% | 63.24% | 62.39% | 85.06% | 86.61% | 105.99% | 65.94% | 58.89% | 58.93% | 61.64% | 60.88% | 60.18% | 61.9% | 62.54% | 60.75% | 66.69% | 75.89% | 75.22% | 66.83% | 56.99% | 55.65% | 51.05% | - | - | - | - |
| Gross Profit | 3.67B | 3.67B | 4.15B | 3.9B | 614M | 567M | -176M | 5.74B | 5.64B | 5.23B | 4.46B | 4.57B | 5.81B | 5.25B | 4.17B | 3.69B | 2.28B | 1.1B | 1.09B | 978.73M | 961.98M | 772.16M | 585.9M | 691.75M | 623.34M | 586.97M | 641.2M |
| Gross Margin % | 26.7% | 28.18% | 36.76% | 37.61% | 14.94% | 13.39% | -5.99% | 47.35% | 41.11% | 41.07% | 39.59% | 39.12% | 39.82% | 38.1% | 37.46% | 39.25% | 33.31% | 24.11% | 24.78% | 33.17% | 43.01% | 44.35% | 48.95% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -11.68% | 6.46% | 535.34% | 8.29% | 422.16% | -103.07% | 1.74% | 7.96% | 17.17% | -2.41% | -21.27% | 10.69% | 25.82% | 12.88% | 61.79% | 107.51% | 1.12% | 11.17% | 1.74% | 24.58% | 31.79% | -15.3% | 10.98% | 6.19% | -8.46% | - |
| Operating Expenses | 283M | 579M | 1.69B | 1.55B | 1.38B | 1.21B | 1.13B | 1.92B | 1.74B | 1.74B | 1.76B | 1.64B | 1.67B | 1.77B | 1.57B | 1.29B | 1.05B | 950.26M | 879.24M | 647.6M | 385.25M | 281.27M | 353.36M | 505.63M | 463.4M | 456.77M | 490.24M |
| OpEx % of Revenue | - | 4.45% | 14.93% | 14.91% | 33.67% | 28.58% | 38.27% | 15.83% | 12.65% | 13.64% | 15.62% | 14.01% | 11.48% | 12.82% | 14.09% | 13.75% | 15.29% | 20.82% | 20.03% | 21.95% | 17.22% | 16.16% | 29.52% | 73.09% | 74.34% | 77.82% | 76.46% |
| Selling, General & Admin | 561M | 579M | 1.67B | 1.55B | 1.38B | 1.21B | 1.13B | 1.92B | 1.74B | 1.74B | 1.76B | 1.64B | 1.66B | 1.75B | 1.55B | 1.28B | 1.05B | 949.73M | 866.45M | 637.87M | 321.47M | 255.3M | 319.44M | 126.13M | 112.91M | 0 | 0 |
| SG&A % of Revenue | - | 4.45% | 14.76% | 14.91% | 33.67% | 28.58% | 38.27% | 15.83% | 12.65% | 13.64% | 15.62% | 14.01% | 11.38% | 12.71% | 13.91% | 13.63% | 15.26% | 20.81% | 19.74% | 21.62% | 14.37% | 14.66% | 26.69% | 18.23% | 18.11% | - | - |
| Research & Development | 141M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.37M | 14.32M | 15.81M | 19.96M | 11.31M | 1.78M | 533K | 12.79M | 9.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 0.09% | 0.1% | 0.11% | 0.18% | 0.12% | 0.03% | 0.01% | 0.29% | 0.33% | - | - | - | - | - | - | - |
| Other Operating Expenses | -3M | 0 | 19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63.78M | 25.97M | 33.93M | 0 | 0 | 0 | 0 |
| Operating Income | 3.38B | 3.09B | 2.47B | 2.35B | -770M | -643M | -1.3B | 3.82B | 3.91B | 3.49B | 2.7B | 2.93B | 4.13B | 3.48B | 2.6B | 2.4B | 1.24B | 149.93M | 208.81M | 331.13M | 576.72M | 490.89M | 232.54M | 186.13M | 159.94M | 130.2M | 150.96M |
| Operating Margin % | 24.64% | 23.73% | 21.83% | 22.71% | -18.73% | -15.19% | -44.25% | 31.52% | 28.46% | 27.44% | 23.97% | 25.1% | 28.33% | 25.27% | 23.37% | 25.5% | 18.02% | 3.29% | 4.76% | 11.22% | 25.78% | 28.2% | 19.43% | 26.91% | 25.66% | 22.18% | 23.54% |
| Operating Income Growth % | - | 25.26% | 4.71% | 405.84% | -19.75% | 50.58% | -134.04% | -2.18% | 11.88% | 29.24% | -7.91% | -29% | 18.74% | 33.8% | 8.37% | 94.31% | 723.86% | -28.2% | -36.94% | -42.58% | 17.48% | 111.1% | 24.94% | 16.38% | 22.84% | -13.75% | - |
| EBITDA | 4.91B | 4.63B | 3.89B | 3.68B | 266M | 398M | -304M | 4.99B | 5.02B | 4.66B | 3.81B | 3.93B | 5.16B | 4.49B | 3.49B | 3.19B | 1.93B | 735.97M | 741.96M | 557.13M | 687.49M | 586.19M | 301.97M | 239.99M | 206.6M | 132.14M | 150.96M |
| EBITDA Margin % | 35.76% | 35.56% | 34.44% | 35.5% | 6.47% | 9.4% | -10.34% | 41.12% | 36.55% | 36.64% | 33.83% | 33.65% | 35.41% | 32.59% | 31.38% | 33.95% | 28.16% | 16.13% | 16.9% | 18.88% | 30.73% | 33.67% | 25.23% | 34.69% | 33.14% | 22.51% | 23.54% |
| EBITDA Growth % | 28.75% | 18.97% | 5.68% | 1284.21% | -33.17% | 230.92% | -106.1% | -0.62% | 7.61% | 22.29% | -3.05% | -23.84% | 15.07% | 28.47% | 9.35% | 65.5% | 162.26% | -0.81% | 33.18% | -18.96% | 17.28% | 94.12% | 25.83% | 16.16% | 56.35% | -12.47% | - |
| D&A (Non-Cash Add-back) | 1.53B | 1.54B | 1.43B | 1.33B | 1.04B | 1.04B | 997M | 1.17B | 1.11B | 1.17B | 1.11B | 999M | 1.03B | 1.01B | 892.05M | 794.4M | 694.97M | 586.04M | 533.15M | 226M | 110.77M | 95.3M | 69.43M | 53.86M | 46.66M | 1.94M | 0 |
| EBIT | 3.23B | 2.96B | 2.69B | 2.59B | -685M | -853M | -1.35B | 4.35B | 3.78B | 3.38B | 2.53B | 2.9B | 4.11B | 3.41B | 2.32B | 2.38B | 1.16B | -50.76M | 193.8M | 383.09M | 640.1M | 384.23M | 619.52M | 186.13M | 159.94M | 130.2M | 150.96M |
| Net Interest Income | -606M | -585M | -452M | -530M | -586M | -617M | -502M | -375M | -387M | -311M | -264M | -250M | -248M | -254.87M | -235.31M | -268.56M | -297.87M | -310.75M | -402.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 154M | 161M | 275M | 288M | 116M | 4M | 21M | 74M | 59M | 16M | 10M | 15M | 26M | 16.34M | 23.25M | 14.39M | 8.95M | 11.12M | 19.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 760M | 746M | 727M | 818M | 702M | 621M | 523M | 449M | 446M | 327M | 274M | 265M | 274M | 271.21M | 258.56M | 282.95M | 306.81M | 321.87M | 421.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -895M | -876M | -506M | -580M | -617M | -831M | -575M | -50M | -581M | -438M | -447M | -312M | -299.6M | -336.63M | -538.51M | -305.27M | -379.29M | -522.56M | -436.83M | -192.85M | -72.47M | -202.96M | 248.91M | -119.49M | 1.04M | -122.33M | -134.1M |
| Pretax Income | 2.49B | 2.21B | 1.96B | 1.77B | -1.39B | -1.47B | -1.88B | 3.6B | 3.33B | 3.05B | 2.26B | 2.62B | 3.83B | 3.14B | 2.06B | 2.09B | 855.9M | -372.63M | -228.03M | 138.28M | 504.25M | 287.94M | 481.45M | 66.63M | 160.98M | 7.87M | 16.86M |
| Pretax Margin % | 18.12% | 17% | 17.35% | 17.11% | -33.75% | -34.81% | -63.81% | 29.69% | 24.23% | 23.99% | 20.09% | 22.43% | 26.28% | 22.83% | 18.53% | 22.26% | 12.49% | -8.17% | -5.19% | 4.69% | 22.54% | 16.54% | 40.22% | 9.63% | 25.83% | 1.34% | 2.63% |
| Income Tax | 391M | 347M | 208M | 344M | 154M | -5M | 24M | 468M | 375M | -209M | 239M | 236M | 244.64M | 188.84M | 180.76M | 211.7M | 74.3M | -3.88M | -59.7M | 21.59M | 62.24M | 4.25M | -13.74M | 0 | 171.78M | 0 | 0 |
| Effective Tax Rate % | 15.7% | 15.68% | 10.61% | 19.38% | -11.1% | 0.34% | -1.28% | 13% | 11.27% | -6.84% | 10.56% | 9% | 6.38% | 6.01% | 8.76% | 10.11% | 8.68% | 1.04% | 26.18% | 15.61% | 12.34% | 1.48% | -2.85% | 0% | 106.71% | 0% | 0% |
| Net Income | 1.84B | 1.63B | 1.45B | 1.22B | -1.02B | -961M | -1.69B | 2.7B | 2.41B | 2.81B | 1.67B | 1.97B | 2.84B | 2.31B | 1.52B | 1.33B | 500.27M | -447.02M | -188.76M | 116.69M | 442M | 283.69M | 495.18M | 66.63M | -11.84M | 7.87M | 16.86M |
| Net Margin % | 13.41% | 12.5% | 12.8% | 11.77% | -24.82% | -22.7% | -57.31% | 22.25% | 17.58% | 22.06% | 14.82% | 16.82% | 19.48% | 16.75% | 13.69% | 14.17% | 7.3% | -9.8% | -4.3% | 3.95% | 19.76% | 16.3% | 41.37% | 9.63% | -1.9% | 1.34% | 2.63% |
| Net Income Growth % | 41.26% | 12.52% | 18.43% | 219.71% | -6.14% | 42.97% | -162.45% | 11.81% | -14.07% | 68.14% | -15.06% | -30.79% | 23.18% | 51.3% | 14.3% | 166.54% | 211.91% | -136.82% | -261.77% | -73.6% | 55.81% | -42.71% | 643.14% | 662.6% | -250.42% | -53.3% | - |
| Net Income (Continuing) | 2.1B | 1.87B | 1.75B | 1.43B | -1.54B | -1.47B | -1.9B | 3.3B | 2.95B | 3.26B | 2.02B | 2.39B | 3.59B | 2.95B | 1.88B | 1.88B | 781.6M | -368.74M | -168.32M | 116.69M | 442M | 283.69M | 495.18M | 66.63M | -11.84M | 7.87M | 16.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 46M | 193M | -243M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 410M | 344M | 276M | -14M | -225M | 252M | 565M | 1.32B | 1.06B | 1.14B | 1.32B | 1.6B | 1.81B | 1.84B | 1.6B | 1.59B | 1.27B | 1.09B | 3.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.75 | 2.35 | 1.96 | 1.60 | -1.40 | -1.51 | -1.89 | 3.50 | 3.07 | 3.54 | 2.10 | 2.47 | 3.52 | 2.79 | 1.85 | 1.56 | 0.51 | -0.54 | -0.42 | 0.33 | 1.24 | 0.80 | 1.52 | 0.20 | -0.03 | 0.02 | 0.05 |
| EPS Growth % | 50.16% | 19.9% | 22.5% | 214.29% | 7.28% | 20.11% | -154% | 14.01% | -13.28% | 68.57% | -14.98% | -29.83% | 26.16% | 50.81% | 18.59% | 205.88% | 194.44% | -28.57% | -227.27% | -73.39% | 55% | -47.37% | 660% | 706.06% | -265% | -60% | - |
| EPS (Basic) | - | 2.35 | 1.97 | 1.60 | -1.40 | -1.26 | -1.89 | 3.50 | 3.07 | 3.54 | 2.10 | 2.47 | 3.52 | 2.80 | 1.89 | 1.74 | 0.61 | -0.54 | -0.42 | 0.33 | 1.25 | 0.80 | 1.52 | 0.21 | -0.03 | 0.02 | 0.05 |
| Diluted Shares Outstanding | 671M | 693M | 737M | 765M | 764M | 764M | 764M | 771M | 786M | 792M | 795.21M | 797.6M | 808.02M | 826.32M | 824.56M | 811.82M | 791.76M | 656.84M | 392.13M | 355.79M | 355.26M | 354.53M | 326.85M | 325.19M | 359.45M | 393.7M | 337.24M |
| Basic Shares Outstanding | 669M | 691M | 735M | 763M | 764M | 764M | 764M | 771M | 786M | 792M | 794.63M | 796.79M | 806.13M | 822.28M | 806.4M | 728.34M | 667.46M | 656.84M | 392.13M | 354.81M | 354.28M | 354.16M | 326.49M | 324.66M | 359.18M | 393.7M | 337.24M |
| Dividend Payout Ratio | - | - | 40.8% | 24.98% | - | - | - | 87.73% | 97.47% | 82.3% | 175.09% | 137.69% | 84.03% | 67.83% | - | 5.65% | 18.67% | - | - | - | - | 7.42% | 25.25% | - | - | - | - |
Geopolitical Regulatory Concentration
As indicated by recent quarterly filings, LVS has achieved a notable revenue acceleration, with growth reaching 25.3% in 2026Q1 compared to the prior year, signaling a robust recovery in visitor volumes across its core Macao and Singapore integrated resort properties following previous periods of stagnation.
The recent uptick in top-line performance appears to be driven by a sustained recovery in mass-market gaming and hospitality demand. Investors should monitor whether this growth trajectory remains durable, as it remains highly sensitive to regional travel policies and the broader economic health of the Chinese consumer base.
Based on the provided financial data, gross margins have experienced significant volatility, contracting from 39.3% in 2024Q1 to 29.0% in 2026Q1, which suggests that the company is facing increased cost pressures or a shift in the underlying mix of gaming versus non-gaming revenue streams.
The compression in gross margins may indicate that the company is incurring higher promotional costs to attract foot traffic in a competitive landscape. This trend warrants further investigation into whether these margin levels represent a new structural baseline or if they are merely temporary fluctuations tied to gaming hold variability.
According to the income statement, LVS has demonstrated improved operating leverage, with SG&A expenses dropping to $124 million in 2026Q1 from $428 million in 2024Q1, suggesting that management has successfully streamlined overhead costs while simultaneously scaling the business to capture higher revenue volumes in the current cycle.
The significant reduction in SG&A expenses relative to revenue growth implies a more disciplined approach to operational spending. This efficiency gain appears to be a primary driver of the recent expansion in operating income, though analysts should verify if these cost savings are sustainable or if they reflect deferred maintenance.
As reported in financial statements, the company's reliance on Macao gaming concessions introduces substantial risk, as the requirement for billions in non-gaming investment may pressure future free cash flow and limit the company's ability to maintain historical dividend payouts during periods of regional economic volatility.
Short-term earnings growth may mask the long-term capital intensity required by the new 10-year gaming concessions. Investors should consider that the shift toward non-gaming investments could yield lower returns on invested capital compared to traditional gaming operations, potentially impacting the quality of future earnings.
Quick answers to the most common questions about buying LVS stock.
For fiscal year 2025, Las Vegas Sands Corp. (LVS) reported total revenue of $13.02B. This represents a 1930.1% increase compared to $641.2M in 2000.
Las Vegas Sands Corp. (LVS) is profitable, generating $1.63B in net income for the fiscal year ending 2025 with a net profit margin of 12.5%.
Las Vegas Sands Corp. (LVS) reported an operating income of $3.09B, resulting in an operating profit margin of 23.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Las Vegas Sands Corp. (LVS) generated $3.67B in gross profit for the year, representing a gross profit margin of 28.2%. This demonstrates the company's core pricing power and production efficiency.