Las Vegas Sands Corp. (LVS) financials
NYSE · Consumer Cyclical · Gambling, Resorts & Casinos · 41,250 employees · CEO Patrick Sydney Dumont
- Price
- $36.97 -0.20%
- Market cap
- $23.9B
- Enterprise value
- $36.5B
- Last report
- Q3 '26 filed 2026-10-23
- Next report
- 2027-01-27 EPS est. $0.77
Revenue (TTM)$13.6B+10.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)22.3%-0.7 pp vs a year agoOperating income $3.03B
Net income (TTM)$1.64B+5.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.42B+76.6% vs a year agoCapex $1.08B
Diluted EPS (TTM)$2.44+10.4% vs a year agoSum of the last 4 quarters
Net cash-$12.6B-2.4% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $23.9B EV $36.5B
- Revenue
- $13.6B Trailing 12 months
- Revenue growth
- +3% FY2026 consensus
- Profit margin
- 12.0% Net income / revenue, TTM
- P/E
- 15.1× Forward 13.2× (FY2026)
- P/S
- 1.8× Price / sales, TTM
- EV / EBITDA
- 8.2× TTM
- Free cash flow
- $2.42B Trailing 12 months
- Net income
- $1.64B Trailing 12 months
- Revenue estimate
- $13.5B FY2026 consensus
- Earnings
- 2027-01-27 Revenue est. $3.53B
- Dividend
- $1.15 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-21): revenue missed by 3.4%, EPS missed by 20.9%Revenue $3.22B vs $3.33B expected (-3.4%); EPS $0.54 vs $0.68 (-20.9%).
- Revenue growth slowing: -3.5% year on yearQ3 '26 revenue $3.22B, against an average of 18.7% over the four quarters before.
- Operating margin 22.3% (TTM), -0.7 pp on a year agoOperating income grew 7.5% while revenue grew 10.9%.
- 36.7% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.21B vs operating income $3.03B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 7.9% of revenue (a year ago 11.1%)$1.08B invested in the last 4 quarters (-20.9% on a year earlier). Free cash flow $2.42B = 147.4% of net income.
- Returned $2.77B to shareholders = 114.6% of free cash flowBuybacks $2.2B (a year earlier $2.17B), dividends $564M, stock-based pay $66M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 6.6% in a year640M diluted shares in Q3 '26, 685M a year earlier.
- Net debt $12.6BCash + short-term investments $2.86B, debt incl. leases $15.4B; a year ago net debt $12.3B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $3.22B | $3.33B | -3.5% |
| Gross margin | 45.6% | 49.8% | -4.2 pp |
| Operating income | $618M | $794M | -22.2% |
| Operating margin | 19.2% | 23.8% | -4.6 pp |
| Net income | $304M | $419M | -27.4% |
| Diluted EPS | $0.48 | $0.61 | -21.3% |
| Operating cash flow | $870M | $1.12B | -22.0% |
| Capex | $281M | $154M | +82.5% |
| Free cash flow | $589M | $961M | -38.7% |
| R&D | $0 | $72M | -100.0% |
| Stock-based compensation | $14M | $14M | 0.0% |
Reported vs consensus
2026-10-21| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $3.22B | $3.33B | -3.4% |
| EPS (as estimated) | $0.54 | $0.68 | -20.9% |
From the report of 2026-10-21 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Casino | $2.37B | -5.4% | 86.2% | – | – | |
| Marina Bay Sands | – | – | – | – | – | |
| The Londoner Macao | – | – | – | – | – | |
| The Venetian Macao | – | – | – | – | – | |
| Mall | $202M | +1.5% | 7.4% | – | – | |
| The Parisian Macao | – | – | – | – | – | |
| Food and Beverage | $176M | +6.7% | 6.4% | – | – | |
| The Plaza Macao and Four Seasons Macao | – | – | – | – | – | |
| Sands Macao | – | – | – | – | – | |
| Ferry Operations and Other | – | – | – | – | – | |
| Corporate and Other | – | – | – | – | – |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Marina Bay Sands | $1.29B | -9.9% | 94.6% | – | – | |
| Corporate Segment and Other Operating Segment | $74M | -7.5% | 5.4% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $3.5B
- Capex
- -$1.08B
- Buybacks
- -$2.2B
- Dividends
- -$564M
- Acquisitions
- $0
- Net debt issued
- $68M
- Stock-based compensation
- $66M
- Free cash flow
- $2.42B
- Returned to shareholders / FCF
- 114.6%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 15.1× | 26.1× 4 of 5 years | 20.0× – 30.8× |
| EV / EBITDA | 8.2× | 64.3× | 11.8× – 170.9× |
| EV / Sales | 2.7× | 6.9× | 4.2× – 11.3× |
| Price / FCF | 9.9× | 22.5× 3 of 5 years | 19.1× – 25.3× |
| Price / Book | -68.7× | 14.9× | 9.1× – 28.3× |
| FCF yield | 10.1% | 1.3% | -4.3% – 5.2% |
| Return on invested capital | 16.6% | 5.6% | -3.9% – 13.8% |
| Return on equity | 216.6% | 36.2% | -48.1% – 102.3% |
Analysts
Consensus target $49.67 (+34.4%)
range $40.00 – $62.00 · rating Buy
Strong buy0
Buy29
Hold20
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $13.5B | +3.5% | $2.80 | +19.3% | 13.2× | 11 |
| FY2027 | $14B | +3.8% | $3.04 | +8.5% | 12.2× | 11 |
| FY2028 | $14.6B | +4.8% | $3.29 | +8.2% | 11.2× | 8 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 253 figures Las Vegas Sands Corp. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $6B2026-07-31 | – | – | – | – | – | |
| Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | $0 | $1.26B | -100.0% | $1.26B | $1.26B | 0.0% |
| Accounts Payable, Current | $146M | $168M | -13.1% | $190M | $164M | +15.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $664M | $548M | +21.2% | $742M | $417M | +77.9% |
| Accounts Receivable, Allowance for Credit Loss | $249M | $194M | +28.4% | $225M | $186M | +21.0% |
| Accounts Receivable, Allowance for Credit Loss, Current | $249M | $194M | +28.4% | $225M | $186M | +21.0% |
| Accounts Receivable, Allowance for Credit Loss, Recovery | $02025-12-31 | $0 | – | $0 | $1M | -100.0% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $10M | $10M | 0.0% | $51M | $31M | +64.5% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $913M | $742M | +23.0% | $967M | $603M | +60.4% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $21M | $18M | +16.7% | $85M | $19M | +347.4% |
| Accrued Income Taxes, Current | $323M | $314M | +2.9% | $385M | $229M | +68.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $13.2B2025-12-31 | $11.8B | +11.6% | $13.2B | $11.8B | +11.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $61M | $49M | +24.5% | $71M | -$58M | +222.4% |
| Additional Paid in Capital | $6.11B | $5.89B | +3.9% | $6.16B | $6.25B | -1.4% |
| Advertising Expense | – | – | – | $36M | $34M | +5.9% |
| Amortization of Debt Issuance Costs and Discounts | $15M | $15M | 0.0% | $58M | $57M | +1.8% |
| Amortization of Intangible Assets | $20M2025-12-31 | $17M | +17.6% | $77M | $68M | +13.2% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4M | 4M | 0.0% | 6M | 10M | -40.0% |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | -$30M | -$36M | +16.7% | -$48M | -$32M | -50.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $15M | $15M | 0.0% | $55M | $56M | -1.8% |
| Assets | $19.4B | $21.5B | -9.7% | $21.9B | $20.7B | +6.1% |
| Assets, Current | $3.82B | $4.15B | -8.0% | $4.83B | $4.29B | +12.6% |
| Cash and Cash Equivalents, at Carrying Value | $2.86B | $3.35B | -14.8% | $3.84B | $3.65B | +5.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.98B | $3.48B | -14.2% | $3.97B | $3.78B | +5.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$518M | -$97M | -434.0% | $191M | -$1.45B | +113.1% |
| Common Stock, Dividends, Per Share, Declared | $0.30 | $0.25 | +20.0% | $1.00 | $0.80 | +25.0% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 1B | 1B | 0.0% | 1B | 1B | 0.0% |
| Common Stock, Shares, Issued | 842M | 835M | +0.8% | 840M | 834M | +0.7% |
| Common Stock, Shares, Outstanding | 627M | 678M | -7.5% | 675M | 716M | -5.7% |
| Common Stock, Value, Issued | $1M | $1M | 0.0% | $1M | $1M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $49M | $87M | -43.7% | $234M | $300M | -22.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $308M | $464M | -33.6% | $1.76B | $1.36B | +29.0% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $357M | $551M | -35.2% | $1.99B | $1.66B | +19.8% |
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net | $312M | $434M | -28.1% | $1.66B | $1.46B | +13.6% |
| Construction Payable, Current | $191M | $191M | 0.0% | $160M | $263M | -39.2% |
| Costs and Expenses | $2.6B | $2.61B | -0.5% | $10.2B | $8.9B | +14.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $2M | $11M | -81.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $405M | $193M | +109.8% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $135M | – | – | -$143M | -$65M | -120.0% |
| Debt, Long-term and Short-term, Combined Amount | $15.8B2025-12-31 | $13.7B | +15.2% | $15.8B | $13.7B | +15.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$38M | -$2M | -1,800.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$22M | $6M | -466.7% |
| Deferred Income Tax Assets, Net | $148M | $158M | -6.3% | $160M | $122M | +31.1% |
| Deferred Income Tax Expense (Benefit) | $9M | -$31M | +129.0% | -$60M | $4M | -1,600.0% |
| Deferred Income Tax Liabilities, Net | $157M | $174M | -9.8% | $174M | $188M | -7.4% |
| Deferred Tax Asset, Interest Carryforward | $22M2025-12-31 | $0 | – | $22M | $0 | – |
| Deferred Tax Assets, Gross | $2.09B2025-12-31 | $2.93B | -28.6% | $2.09B | $2.93B | -28.6% |
| Deferred Tax Assets, in Process Research and Development | $43M2025-12-31 | $29M | +48.3% | $43M | $29M | +48.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $154M2025-12-31 | $151M | +2.0% | $154M | $151M | +2.0% |
| Deferred Tax Assets, Operating Loss Carryforwards | $244M2025-12-31 | $320M | -23.8% | $244M | $320M | -23.8% |
| Deferred Tax Assets, Other | $4M2025-12-31 | $2M | +100.0% | $4M | $2M | +100.0% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $1.72B2025-12-31 | $2.53B | -32.1% | $1.72B | $2.53B | -32.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $6M2025-12-31 | $9M | -33.3% | $6M | $9M | -33.3% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | $1M2025-12-31 | $1M | 0.0% | $1M | $1M | 0.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | $15M2025-12-31 | $14M | +7.1% | $15M | $14M | +7.1% |
| Deferred Tax Assets, Valuation Allowance | $1.94B2025-12-31 | $2.78B | -30.3% | $1.94B | $2.78B | -30.3% |
| Deferred Tax Liabilities, Gross | $168M2025-12-31 | $217M | -22.6% | $168M | $217M | -22.6% |
| Deferred Tax Liabilities, Net | $14M2025-12-31 | $66M | -78.8% | $14M | $66M | -78.8% |
| Deferred Tax Liabilities, Other | $10M2025-12-31 | $2M | +400.0% | $10M | $2M | +400.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02