Las Vegas SandsLVSEarnings & Financial Report
Las Vegas Sands Corp. is an American casino and resort company with corporate headquarters in Las Vegas, Nevada. It was founded by Sheldon G. Adelson and his partners out of the Sands Hotel and Casino on the Las Vegas Strip. The Sands was demolished and redeveloped as The Venetian, opening in 1999. An adjacent resort, The Palazzo, opened in 2007. Both resorts were sold in 2022.
Revenue
$3.6B
Gross Profit
N/A
Operating Profit
$707.0M
Net Profit
$395.0M
Gross Margin
N/A
Operating Margin
19.4%
Net Margin
10.8%
YoY Growth
26.0%
EPS
$0.59
Las Vegas Sands Q4 FY2025 Financial Summary
Las Vegas Sands reported revenue of $3.6B (up 26.0% YoY) for Q4 FY2025, with a net profit of $395.0M (up 21.9% YoY) (10.8% margin).
Key Financial Metrics
| Total Revenue | $3.6B |
|---|---|
| Net Profit | $395.0M |
| Gross Margin | N/A |
| Operating Margin | 19.4% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
Las Vegas Sands Q4 FY2025 revenue of $3.6B breaks down across 10 segments, led by Venetian Macao at $749.0M (20.5% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Venetian Macao | $749.0M | 20.5% |
| The Londoner Macao | $699.0M | 19.2% |
| Other | $693.0M | 19.0% |
| Occupancy | $379.0M | 10.4% |
| The Plaza Macao And Four Seasons Macao | $264.0M | 7.2% |
| Parisian Macao | $233.0M | 6.4% |
| Mall | $229.0M | 6.3% |
| Food And Beverage | $191.0M | 5.2% |
| Sands Macao | $76.0M | 2.1% |
| Ferry Operationsand Other | $27.0M | 0.7% |
Las Vegas Sands Revenue by Segment — Quarterly Trend
Las Vegas Sands revenue by segment across the last 4 reported quarters, showing how each business line (such as Venetian Macao and The Londoner Macao) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Venetian Macao | — | $749.0M | — | $661.0M |
| The Londoner Macao | — | $699.0M | — | — |
| Other | — | $693.0M | $551.0M | $76.0M |
| Occupancy | — | $379.0M | $374.0M | $345.0M |
| The Plaza Macao And Four Seasons Macao | — | $264.0M | $206.0M | $194.0M |
Las Vegas Sands Annual Revenue by Year
Las Vegas Sands annual revenue history includes year-by-year totals (for example, 2025 revenue was $13.0B).
| Year | Annual Revenue |
|---|---|
| 2025 | $13.0B |
| 2024 | $11.3B |
| 2023 | $10.4B |
| 2022 | $4.1B |
Las Vegas Sands Quarterly Revenue & Net Profit History
Las Vegas Sands results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $3.6B | +25.3% | $641.0M | 17.9% |
| Q4 FY2025 | $3.6B | +26.0% | $395.0M | 10.8% |
| Q3 FY2025 | $3.3B | +24.2% | $419.0M | 12.6% |
| Q2 FY2025 | $3.2B | +15.0% | $461.0M | 14.5% |
| Q1 FY2025 | $2.9B | -3.3% | $352.0M | 12.3% |
| Q4 FY2024 | $2.9B | -0.7% | $324.0M | 11.2% |
| Q3 FY2024 | $2.7B | -4.0% | $275.0M | 10.3% |
| Q2 FY2024 | $2.8B | +8.6% | $353.0M | 12.8% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.76B | $2.68B | $2.90B | $2.86B | $3.17B | $3.33B | $3.65B | $3.58B |
| YoY Growth | 8.6% | -4.0% | -0.7% | -3.3% | 15.0% | 24.2% | 26.0% | 25.3% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $21.11B | $21.35B | $20.67B | $21.25B | $21.85B | $21.50B | $21.92B | N/A |
| Liabilities | $17.22B | $17.71B | $17.51B | $18.21B | $19.57B | $19.64B | $19.99B | N/A |
| Equity | $3.75B | $3.43B | $2.88B | $2.70B | $1.99B | $1.57B | $1.59B | N/A |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|
| Operating CF | $814.0M | $761.0M | $915.0M | $526.0M | $178.0M | $1.11B | $1.20B |