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Side-by-side financial comparison of GRAPHIC PACKAGING HOLDING CO (GPK) and Las Vegas Sands (LVS). Click either name above to swap in a different company.
Las Vegas Sands is the larger business by last-quarter revenue ($3.6B vs $2.1B, roughly 1.7× GRAPHIC PACKAGING HOLDING CO). Las Vegas Sands runs the higher net margin — 17.9% vs 3.4%, a 14.5% gap on every dollar of revenue. On growth, Las Vegas Sands posted the faster year-over-year revenue change (25.3% vs 0.2%). Over the past eight quarters, Las Vegas Sands's revenue compounded faster (13.9% CAGR vs -3.5%).
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
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.
GPK vs LVS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $3.6B |
| Net Profit | $71.0M | $641.0M |
| Gross Margin | 14.1% | — |
| Operating Margin | 7.4% | 25.2% |
| Net Margin | 3.4% | 17.9% |
| Revenue YoY | 0.2% | 25.3% |
| Net Profit YoY | -48.6% | 57.1% |
| EPS (diluted) | $0.24 | $0.85 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $3.6B | ||
| Q4 25 | $2.1B | $3.6B | ||
| Q3 25 | $2.2B | $3.3B | ||
| Q2 25 | $2.2B | $3.2B | ||
| Q1 25 | $2.1B | $2.9B | ||
| Q4 24 | $2.1B | $2.9B | ||
| Q3 24 | $2.2B | $2.7B | ||
| Q2 24 | $2.2B | $2.8B |
| Q1 26 | — | $641.0M | ||
| Q4 25 | $71.0M | $395.0M | ||
| Q3 25 | $142.0M | $419.0M | ||
| Q2 25 | $104.0M | $461.0M | ||
| Q1 25 | $127.0M | $352.0M | ||
| Q4 24 | $138.0M | $324.0M | ||
| Q3 24 | $165.0M | $275.0M | ||
| Q2 24 | $190.0M | $353.0M |
| Q1 26 | — | — | ||
| Q4 25 | 14.1% | — | ||
| Q3 25 | 19.6% | — | ||
| Q2 25 | 18.7% | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 22.3% | — | ||
| Q2 24 | 21.2% | — |
| Q1 26 | — | 25.2% | ||
| Q4 25 | 7.4% | 19.4% | ||
| Q3 25 | 10.7% | 21.6% | ||
| Q2 25 | 8.8% | 24.7% | ||
| Q1 25 | 10.5% | 21.3% | ||
| Q4 24 | 11.4% | 20.4% | ||
| Q3 24 | 12.6% | 18.8% | ||
| Q2 24 | 14.5% | 21.4% |
| Q1 26 | — | 17.9% | ||
| Q4 25 | 3.4% | 10.8% | ||
| Q3 25 | 6.5% | 12.6% | ||
| Q2 25 | 4.7% | 14.5% | ||
| Q1 25 | 6.0% | 12.3% | ||
| Q4 24 | 6.6% | 11.2% | ||
| Q3 24 | 7.5% | 10.3% | ||
| Q2 24 | 8.5% | 12.8% |
| Q1 26 | — | $0.85 | ||
| Q4 25 | $0.24 | $0.59 | ||
| Q3 25 | $0.48 | $0.61 | ||
| Q2 25 | $0.34 | $0.66 | ||
| Q1 25 | $0.42 | $0.49 | ||
| Q4 24 | $0.46 | $0.44 | ||
| Q3 24 | $0.55 | $0.38 | ||
| Q2 24 | $0.62 | $0.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $261.0M | — |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $3.3B | — |
| Total Assets | $11.8B | — |
| Debt / EquityLower = less leverage | 1.51× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $261.0M | $3.8B | ||
| Q3 25 | $120.0M | $3.4B | ||
| Q2 25 | $120.0M | $3.5B | ||
| Q1 25 | $129.0M | $3.0B | ||
| Q4 24 | $157.0M | $3.6B | ||
| Q3 24 | $126.0M | $4.2B | ||
| Q2 24 | $125.0M | $4.7B |
| Q1 26 | — | — | ||
| Q4 25 | $5.0B | $14.7B | ||
| Q3 25 | $5.5B | $13.9B | ||
| Q2 25 | $5.4B | $14.9B | ||
| Q1 25 | $5.7B | $10.9B | ||
| Q4 24 | $5.1B | $10.6B | ||
| Q3 24 | $5.4B | $11.3B | ||
| Q2 24 | $4.9B | $12.8B |
| Q1 26 | — | — | ||
| Q4 25 | $3.3B | $1.6B | ||
| Q3 25 | $3.3B | $1.6B | ||
| Q2 25 | $3.2B | $2.0B | ||
| Q1 25 | $3.2B | $2.7B | ||
| Q4 24 | $3.0B | $2.9B | ||
| Q3 24 | $3.0B | $3.4B | ||
| Q2 24 | $2.8B | $3.8B |
| Q1 26 | — | — | ||
| Q4 25 | $11.8B | $21.9B | ||
| Q3 25 | $11.9B | $21.5B | ||
| Q2 25 | $11.8B | $21.9B | ||
| Q1 25 | $11.5B | $21.2B | ||
| Q4 24 | $11.1B | $20.7B | ||
| Q3 24 | $11.2B | $21.4B | ||
| Q2 24 | $10.8B | $21.1B |
| Q1 26 | — | — | ||
| Q4 25 | 1.51× | 9.22× | ||
| Q3 25 | 1.67× | 8.82× | ||
| Q2 25 | 1.68× | 7.48× | ||
| Q1 25 | 1.80× | 4.02× | ||
| Q4 24 | 1.71× | 3.67× | ||
| Q3 24 | 1.79× | 3.29× | ||
| Q2 24 | 1.75× | 3.41× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $521.0M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 7.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $521.0M | $1.2B | ||
| Q3 25 | $227.0M | $1.1B | ||
| Q2 25 | $267.0M | $178.0M | ||
| Q1 25 | $-174.0M | $526.0M | ||
| Q4 24 | $489.0M | $915.0M | ||
| Q3 24 | $187.0M | $761.0M | ||
| Q2 24 | $161.0M | $814.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $930.0M | ||
| Q3 25 | — | $886.0M | ||
| Q2 25 | — | $-108.0M | ||
| Q1 25 | — | $147.0M | ||
| Q4 24 | — | $368.0M | ||
| Q3 24 | — | $222.0M | ||
| Q2 24 | — | $529.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 25.5% | ||
| Q3 25 | — | 26.6% | ||
| Q2 25 | — | -3.4% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | — | 8.3% | ||
| Q2 24 | — | 19.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 7.5% | ||
| Q3 25 | — | 6.9% | ||
| Q2 25 | — | 9.0% | ||
| Q1 25 | — | 13.2% | ||
| Q4 24 | — | 18.9% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | — | 10.3% |
| Q1 26 | — | — | ||
| Q4 25 | 7.34× | 3.05× | ||
| Q3 25 | 1.60× | 2.66× | ||
| Q2 25 | 2.57× | 0.39× | ||
| Q1 25 | -1.37× | 1.49× | ||
| Q4 24 | 3.54× | 2.82× | ||
| Q3 24 | 1.13× | 2.77× | ||
| Q2 24 | 0.85× | 2.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
LVS
| Casino | $2.7B | 76% |
| Rooms | $377.0M | 11% |
| Mall | $204.0M | 6% |
| Food and beverage | $176.0M | 5% |
| Convention, retail and other | $89.0M | 2% |
