financial statements

The full income statement, balance sheet, and cash-flow statement for Las Vegas Sands Corp. (LVS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

See the live LVS chart & snapshot →

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	13.0B YoY+15.2%	11.3B YoY+8.9%	10.4B YoY+152.4%	4.11B YoY-2.9%	4.23B YoY+44.0%
Research & development	269M YoY+18.0%	228M YoY+11.2%	205M YoY+43.4%	143M YoY+31.2%	109M YoY+505.6%
Selling, general & administrative	1.19B YoY+3.3%	1.15B YoY+3.9%	1.11B YoY+18.3%	936M YoY+12.6%	831M YoY+4.1%
Amortization of intangibles	77.0M YoY+13.2%	68.0M YoY+1.5%	67.0M YoY+294.1%	17.0M YoY-5.6%	18.0M YoY+5.9%
Provision for credit losses	85.0M YoY+347.4%	19.0M YoY+375.0%	4.00M YoY-73.3%	15.0M YoY+400.0%	3.00M YoY-96.5%
Operating income	2.82B YoY+17.3%	2.40B YoY+3.8%	2.31B YoY+392.0%	-792M YoY-14.9%	-689M YoY+50.5%
Interest expense	746M YoY+2.6%	727M YoY-11.1%	818M YoY+16.5%	702M YoY+13.0%	621M YoY+18.7%
Other non-operating income	-15.0M YoY-250.0%	10.0M YoY+225.0%	-8.00M YoY+11.1%	-9.00M YoY+71.0%	-31.0M YoY-263.2%
Pre-tax income	2.21B YoY+12.9%	1.96B YoY+10.4%	1.77B YoY+228.0%	-1.39B YoY+5.9%	-1.47B YoY+21.4%
Income tax	347M YoY+66.8%	208M YoY-39.5%	344M YoY+123.4%	154M YoY+3180.0%	-5.00M YoY-120.8%
	1.63B YoY+12.5%	1.45B YoY+18.4%	1.22B YoY-33.4%	1.83B YoY+290.6%	-961M YoY+43.0%
Discontinued operations	—	0.00	0.00 YoY-100.0%	2.90B YoY+1401.6%	193M YoY+179.4%
Net income to non-controlling interest	239M YoY-21.9%	306M YoY+45.7%	210M YoY+144.2%	-475M YoY-50.8%	-315M YoY+31.2%
	$2.35 YoY+19.9%	$1.96 YoY+22.5%	$1.60 YoY-33.3%	$2.40 YoY+290.5%	-$1.26 YoY+43.0%
EPS (basic)	$2.35 YoY+19.3%	$1.97 YoY+23.1%	$1.60 YoY-33.3%	$2.40 YoY+290.5%	-$1.26 YoY+43.0%
Weighted-avg shares (basic)	691M YoY-6.0%	735M YoY-3.7%	763M YoY-0.1%	764M YoY+0.0%	764M YoY+0.0%
Weighted-avg shares (diluted)	693M YoY-6.0%	737M YoY-3.7%	765M YoY+0.1%	764M YoY+0.0%	764M YoY+0.0%
Dividends per share	$1.00 YoY+25.0%	$0.80 YoY+100.0%	$0.40	—	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.83B YoY+12.6%	4.29B YoY-25.7%	5.78B YoY-14.3%	6.74B YoY+22.4%	5.51B YoY-3.5%
Cash & equivalents	3.84B YoY+5.2%	3.65B YoY-28.5%	5.11B YoY-19.1%	6.31B YoY+240.4%	1.85B YoY-11.0%
Accounts receivable	742M YoY+77.9%	417M YoY-13.8%	484M YoY+81.3%	267M YoY+32.2%	202M YoY-19.8%
Inventory	46.0M YoY+12.2%	41.0M YoY+7.9%	38.0M YoY+35.7%	28.0M YoY+27.3%	22.0M YoY+0.0%
Prepaid expenses	203M YoY+11.5%	182M YoY+21.3%	150M YoY+8.7%	138M YoY+22.1%	113M YoY+0.0%
Other current assets	51.6M YoY+0.0%	51.6M YoY+0.0%	51.6M YoY+0.0%	51.6M YoY+0.0%	51.6M YoY+0.0%
	21.9B YoY+6.1%	20.7B YoY-5.1%	21.8B YoY-1.2%	22.0B YoY+9.9%	20.1B YoY-3.6%
Property, plant & equipment	11.7B YoY-2.7%	12.0B YoY+4.8%	11.4B YoY-0.1%	11.5B YoY-3.4%	11.8B YoY-3.5%
Operating lease right-of-use	44.0M YoY-8.3%	48.0M YoY-9.4%	53.0M YoY+130.4%	23.0M YoY-4.2%	24.0M YoY-4.0%
Goodwill	103M YoY+1.0%	102M YoY-1.0%	103M YoY+930.0%	10.0M	—
Intangible assets	470M YoY+6.1%	443M YoY-10.5%	495M YoY+673.4%	64.0M YoY+236.8%	19.0M YoY-24.0%
Deferred tax assets	160M YoY+31.1%	122M YoY+0.8%	121M YoY-7.6%	131M YoY-55.9%	297M YoY-6.6%
Other non-current assets	386M YoY+18.8%	325M YoY+17.8%	276M YoY+19.5%	231M YoY+6.5%	217M YoY-1.8%
	4.22B YoY-27.2%	5.80B YoY+31.2%	4.42B YoY+13.3%	3.90B YoY+52.1%	2.56B YoY-8.9%
Accounts payable	190M YoY+15.9%	164M YoY-1.8%	167M YoY+87.6%	89.0M YoY+15.6%	77.0M YoY-13.5%
Current lease liability	20.0M YoY+25.0%	16.0M YoY-15.8%	19.0M YoY+46.2%	13.0M YoY-7.1%	14.0M YoY-12.5%
Other current liabilities	2.36B YoY+18.8%	1.99B YoY+1.9%	1.95B YoY+33.6%	1.46B YoY+9.3%	1.33B YoY-9.5%
	20.0B YoY+14.2%	17.5B YoY-1.0%	17.7B YoY-3.9%	18.4B YoY+3.2%	17.8B YoY+3.1%
Long-term debt	9.50B YoY+0.0%	9.50B YoY+0.0%	9.50B YoY+0.0%	9.50B YoY+0.0%	9.50B YoY+0.0%
Non-current lease liability	167M YoY-2.9%	172M YoY-31.7%	252M YoY+60.5%	157M YoY+1.9%	154M YoY+0.7%
Deferred tax liabilities	174M YoY-7.4%	188M YoY+0.5%	187M YoY+23.0%	152M YoY-12.1%	173M YoY-8.0%
Other non-current liabilities	934M YoY+1.0%	925M YoY-1.2%	936M YoY+145.0%	382M YoY+8.5%	352M YoY+4.8%
	1.59B YoY-44.9%	2.88B YoY-30.0%	4.12B YoY+6.1%	3.88B YoY+94.4%	2.00B YoY-32.9%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%
Additional paid-in capital	6.16B YoY-1.4%	6.25B YoY-3.6%	6.48B YoY-3.0%	6.68B YoY+0.6%	6.65B YoY+0.5%
Retained earnings	4.39B YoY+27.0%	3.46B YoY+32.9%	2.60B YoY+54.4%	1.68B YoY+1237.8%	-148M YoY-118.2%
Treasury stock	9.03B YoY+33.6%	6.76B YoY+35.4%	4.99B YoY+11.4%	4.48B YoY+0.0%	4.48B YoY+0.0%
Accumulated other comprehensive income	71.0M YoY+222.4%	-58.0M YoY-314.8%	27.0M YoY+485.7%	-7.00M YoY+68.2%	-22.0M YoY-175.9%
Non-controlling interest	344M YoY+24.6%	276M YoY+2071.4%	-14.0M YoY+93.8%	-225M YoY-189.3%	252M YoY-55.4%
Total equity incl. non-controlling	1.93B YoY-38.8%	3.16B YoY-23.0%	4.10B YoY+12.3%	3.66B YoY+62.6%	2.25B YoY-36.5%
Total liabilities & equity	21.9B YoY+6.1%	20.7B YoY-5.1%	21.8B YoY-1.2%	22.0B YoY+9.9%	20.1B YoY-3.6%
Common shares issued	840M YoY+0.7%	834M YoY+0.1%	833M YoY+0.0%	833M YoY+0.0%	833M YoY+0.0%
Common shares outstanding	675M YoY-5.7%	716M YoY-4.9%	753M YoY-1.4%	764M YoY+0.0%	764M YoY+0.0%
Shares outstanding (cover)	676M YoY-6.7%	725M YoY-5.2%	764M YoY+0.0%	764M YoY+0.0%	764M YoY+0.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.02B YoY-5.6%	3.20B YoY-0.7%	3.23B YoY+441.8%	-944M YoY-288.5%	-243M YoY+81.5%
Depreciation & amortization	1.46B YoY+11.9%	1.31B YoY+8.3%	1.21B YoY+16.6%	1.04B YoY-0.5%	1.04B YoY+4.4%
Share-based compensation	54.0M YoY-1.8%	55.0M YoY+25.0%	44.0M YoY+12.8%	39.0M YoY+77.3%	22.0M YoY+0.0%
Deferred income taxes	-60.0M YoY-1600.0%	4.00M YoY-90.9%	44.0M YoY+2300.0%	-2.00M YoY+95.6%	-45.0M YoY-287.5%
Change in receivables	392M YoY+1011.6%	-43.0M YoY-119.8%	217M YoY+178.2%	78.0M YoY+281.4%	-43.0M YoY+87.3%
	-1.22B YoY+22.9%	-1.58B YoY-25.9%	-1.25B	—	—
Capital expenditure	1.17B YoY-25.5%	1.57B YoY+54.1%	1.02B YoY+56.2%	651M YoY-21.4%	828M YoY-32.5%
Proceeds from sale of PP&E	7.00M YoY+600.0%	1.00M YoY-66.7%	3.00M YoY-66.7%	9.00M YoY+28.6%	7.00M YoY+600.0%
Other investing activities	-19.0M	0.00	0.00	—	—
	-1.64B YoY+46.3%	-3.06B YoY+4.0%	-3.19B	—	—
Long-term debt issued	6.78B YoY+287.9%	1.75B	0.00 YoY-100.0%	1.20B YoY-55.6%	2.70B YoY+38.9%
Common stock repurchased	2.22B YoY+26.7%	1.75B YoY+246.5%	505M	0.00	0.00
Dividends paid	833M YoY+41.2%	590M YoY+93.4%	305M	0.00	0.00 YoY-100.0%
Other financing activities	-34.0M YoY+57.5%	-80.0M YoY-175.9%	-29.0M	0.00	0.00
Net change in cash	191M YoY+113.1%	-1.45B YoY-20.5%	-1.21B YoY-126.8%	4.51B YoY+2227.8%	-212M YoY+89.9%
Interest paid	710M YoY+9.2%	650M YoY-12.9%	746M YoY+21.5%	614M YoY+3.9%	591M YoY+41.1%
Income taxes paid	271M YoY+22.1%	222M YoY+26.1%	176M YoY-72.9%	649M YoY+654.7%	86.0M YoY-56.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	44.0B YoY+18.2%	37.2B YoY-1.0%	37.6B YoY+2.4%	36.7B YoY+27.7%	28.8B YoY-36.8%
P/E	27.0× YoY+5.0%	25.8× YoY-54.1%	56.1× YoY+187.1%	19.6×	—
P/S	3.4× YoY+2.6%	3.3× YoY-24.9%	4.4× YoY-52.2%	9.2× YoY+35.2%	6.8× YoY-56.1%
P/B	27.7× YoY+114.4%	12.9× YoY+56.3%	8.3× YoY-12.3%	9.4× YoY-34.6%	14.4× YoY-5.9%
P/FCF	23.7× YoY+4.3%	22.7× YoY-22.7%	29.4×	—	—
Earnings yield	3.7% YoY-4.8%	3.9% YoY+118.0%	1.8% YoY-65.2%	5.1%	—
FCF yield	4.2% YoY-4.1%	4.4% YoY+29.4%	3.4%	—	—
Dividend yield	1.5% YoY-1.4%	1.6% YoY+91.6%	0.8%	—	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: LVS's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all LVS filings on SEC EDGAR → Not investment advice.

LVS▼ financial statements

About this data

financial statements