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Company file · LVS

Las Vegas Sands

Casino was Las Vegas Sands' fastest-growing product or service in FY2025, up 17.9%

Revenue rose 15.2% to $13.0B in FY2025, from $11.3B in FY2024. Net income rose 12.5% to $1.6B. Casino was the largest product or service, at 75% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 6, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 23, 2026) · Data pulled Nov 11, 2026

Key facts

Las Vegas Sands (NYSE: LVS) closed fiscal 2025 on Dec 31, 2025 with revenue of $13.0B, up 15.2% from a year before; net income came to $1.6B, up 12.5%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $3.2B, down 3.5% on the same stretch of the prior year, and net income of $304M. Broken down by product or service, Casino led with 75% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 6, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 23, 2026).

Revenue$13.0BFY2025 · +15.2% vs FY2024
Net income$1.6BFY2025 · +12.5% vs FY2024
Operating cash flow$3.0BFY2025 · −5.6% vs FY2024
Cash & equivalents$2.9Bat Sep 30, 2026 · −25.6% vs FY2025 end
Total debt$15.8BFY2025 end · +15.2% vs FY2024
Diluted shares693MFY2025 avg · −6.0% vs FY2024
Revenue and net income, three fiscal yearsBy fiscal year, $bn
RevenueNet income
Revenue and net income by fiscal yearRevenue FY2023: $10.4B10.4Net income FY2023: $1.2B1.2FY2023Revenue FY2024: $11.3B11.3Net income FY2024: $1.4B1.4FY2024Revenue FY2025: $13.0B13.0Net income FY2025: $1.6B1.6FY2025Data: Ticker Sage, from SEC EDGAR · tickersage.com

Source: 10-K FY2025, filed Feb 6, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $2.9B2.9FY2026 Q1: $3.6B3.6Q1FY2025 Q2: $3.2B3.2FY2026 Q2: $3.2B3.2Q2FY2025 Q3: $3.3B3.3FY2026 Q3: $3.2B3.2Q3Data: Ticker Sage, from SEC EDGAR · tickersage.com

Source: 10-Q filed Apr 24, 2026 · 10-Q filed Jul 24, 2026 · 10-Q filed Oct 23, 2026

How it makes money

FY2025 total by categoryCasino: $9.8B (75%)Occupancy: $1.4B (11%)Mall: $801M (6%)Food and Beverage: $644M (5%)Product and Service, Other: $361M (3%)$13.0BFY2025 totalData: Ticker Sage, from SEC EDGARtickersage.com

By product or service, FY2025

  • LineAmountSharevs FY2024
  • Casino$9.8B75%+17.9%
  • Occupancy$1.4B11%+11.6%
  • Mall$801M6%+6.1%
  • Food and Beverage$644M5%+6.1%
  • Product and Service, Other$361M3%+0.6%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Casino (75%), Occupancy (11%), Mall (6%) and Food and Beverage (5%), as shares of total revenue. Total revenue was $13.0B.

By product or service: three-year mixShare of the total each fiscal year
CasinoOccupancyMallFood and BeverageProduct and Service, Other

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue
$3.2B Q3 2026
$3.3B Q3 2025
3.5% decrease
Net income
$304M Q3 2026
$419M Q3 2025
27.4% decrease

Source: Las Vegas Sands 10-Q for the quarter ended Sep 30, 2026, filed Oct 23, 2026

By product or service

Casino
$2.4B Q3 2026
$2.5B Q3 2025
5.4% decrease
Occupancy
$376M Q3 2026
$374M Q3 2025
0.5% increase
Mall
$202M Q3 2026
$199M Q3 2025
1.5% increase
Food and Beverage
$176M Q3 2026
$165M Q3 2025
6.7% increase
Product and Service, Other
$92M Q3 2026
$87M Q3 2025
5.7% increase

Source: Las Vegas Sands 10-Q for the quarter ended Sep 30, 2026, filed Oct 23, 2026

  • Cash & equivalents $2.9B at Sep 30, 2026, vs $3.8B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $2.3B vs $1.8B a year earlier.

The bull case and the bear case

The bull case

  • Revenue rose 15.2% in FY2025 to $13.0B, from $11.3B a year earlier. 10-K, FY2025
  • Net income rose 12.5% in FY2025 to $1.6B, from $1.4B. 10-K, FY2025
  • Diluted shares fell 6.0% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
  • Casino revenue grew 17.9% in FY2025 to $9.8B. 10-K, FY2025

The bear case

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Las Vegas Sands is in the casinos & gaming industry, part of the consumer discretionary sector. The SEC files it under Hotels & Motels.

The full description of Las Vegas Sands' business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the casinos & gaming industry. They are not a summary of Las Vegas Sands’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

  1. Consumer spendingShoppers cut back on non-essentials when budgets are tight.
  2. CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
  3. CostsWages, freight and product costs can squeeze margins.
  4. Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
  5. Brand and reputationProduct problems or public criticism can hurt demand.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenue$10.4B$11.3B$13.0B
Net income$1.2B$1.4B$1.6B
Operating cash flow$3.2B$3.2B$3.0B
Cash & equivalents (year end)$5.1B$3.6B$3.8B
Total debt (year end)$14.1B$13.7B$15.8B
Diluted shares765M737M693M
  • Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
  • Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Short-term and long-term debt combined, at carrying value, as the company totals it.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

    Recent filings

    FormFiledPeriod
    10-QOct 23, 2026Sep 30, 2026
    10-QJul 24, 2026Jun 30, 2026
    10-QApr 24, 2026Mar 31, 2026
    DEF 14AApr 1, 2026May 14, 2026
    10-KFeb 6, 2026Dec 31, 2025

    Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

    Common questions about Las Vegas Sands

    How does Las Vegas Sands make money?

    Fiscal 2025 revenue: $13.0B. By product or service in FY2025: Casino (75%), Occupancy (11%), Mall (6%) and Food and Beverage (5%), as shares of total revenue. Total revenue was $13.0B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.

    What was Las Vegas Sands's revenue in fiscal 2025?

    $13.0B, up 15.2% from fiscal 2024 ($11.3B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $10.4B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.

    Is Las Vegas Sands profitable?

    Net income was $1.6B in fiscal 2025 (up 12.5%; fiscal 2024 was $1.4B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $304M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 6, 2026.

    What did Las Vegas Sands report in its latest quarterly filing?

    For the three months to Sep 30, 2026: revenue $3.2B (down 3.5% from $3.3B) and net income $304M (down 27.4% from $419M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 23, 2026.

    What are the main risks Las Vegas Sands faces?

    Las Vegas Sands's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 6, 2026. Risks that are common among companies in the casinos & gaming industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.

    Where do these Las Vegas Sands numbers come from?

    The 10-K filed Feb 6, 2026 (fiscal 2025) and the 10-Q filed Oct 23, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

    Tracked funds that report owning Las Vegas Sands

    From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

    Disclosures

    Editor holdings in LVS
    The editor holds no position in Las Vegas Sands (LVS). As of Nov 11, 2026.
    Trading rule
    The editor does not buy or sell LVS from 3 days before to 3 days after this page is published or substantively updated.
    Compensation
    Nobody paid for this page. No affiliate links on this page.
    Sources
    The company's SEC filings, linked next to each number or, for charts, in the source line under them.
    Last updated
    Nov 10, 2026

    General education, the same for every reader. Not a recommendation to buy, sell or hold LVS, and it doesn't consider your situation.

    Compare with peers

    CompanyFiscal yearRevenueRevenue growthNet income
    Las Vegas SandsLVSFY2025$13.0B+15.2%$1.6B
    Wynn ResortsWYNNFY2025$7.1B+0.1%$327M
    MGM ResortsMGMFY2025$17.5B+1.7%$206M
    AmazonAMZNFY2025$716.9B+12.4%$77.7B

    Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

    More company files

    New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.