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Side-by-side financial comparison of Las Vegas Sands (LVS) and MGM Resorts (MGM), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
MGM Resorts is the larger business by last-quarter revenue ($4.6B vs $3.6B, roughly 1.3× Las Vegas Sands). Las Vegas Sands runs the higher net margin — 10.8% vs 6.4%, a 4.4% gap on every dollar of revenue. On growth, Las Vegas Sands posted the faster year-over-year revenue change (26.0% vs 6.0%). Las Vegas Sands produced more free cash flow last quarter ($930.0M vs $358.5M). Over the past eight quarters, Las Vegas Sands's revenue compounded faster (11.0% CAGR vs 2.5%).
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.
MGM Resorts International is an American multinational hospitality, sports and entertainment company. It operates resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, New Jersey, Macau, Shanghai, Chengdu, Hangzhou and Sanya, including the Bellagio, Mandalay Bay, MGM Grand and Park MGM.
LVS vs MGM — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.6B | $4.6B |
| Net Profit | $395.0M | $293.6M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 7.1% |
| Net Margin | 10.8% | 6.4% |
| Revenue YoY | 26.0% | 6.0% |
| Net Profit YoY | 21.9% | 86.5% |
| EPS (diluted) | $0.59 | $1.12 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $3.6B | $4.6B | ||
| Q3 25 | $3.3B | $4.3B | ||
| Q2 25 | $3.2B | $4.4B | ||
| Q1 25 | $2.9B | $4.3B | ||
| Q4 24 | $2.9B | $4.3B | ||
| Q3 24 | $2.7B | $4.2B | ||
| Q2 24 | $2.8B | $4.3B | ||
| Q1 24 | $3.0B | $4.4B |
| Q4 25 | $395.0M | $293.6M | ||
| Q3 25 | $419.0M | $-285.3M | ||
| Q2 25 | $461.0M | $49.0M | ||
| Q1 25 | $352.0M | $148.6M | ||
| Q4 24 | $324.0M | $157.4M | ||
| Q3 24 | $275.0M | $184.6M | ||
| Q2 24 | $353.0M | $187.1M | ||
| Q1 24 | $494.0M | $217.5M |
| Q4 25 | 19.4% | 7.1% | ||
| Q3 25 | 21.6% | -2.7% | ||
| Q2 25 | 24.7% | 9.2% | ||
| Q1 25 | 21.3% | 9.0% | ||
| Q4 24 | 20.4% | 6.7% | ||
| Q3 24 | 18.8% | 7.5% | ||
| Q2 24 | 21.4% | 9.8% | ||
| Q1 24 | 24.2% | 10.5% |
| Q4 25 | 10.8% | 6.4% | ||
| Q3 25 | 12.6% | -6.7% | ||
| Q2 25 | 14.5% | 1.1% | ||
| Q1 25 | 12.3% | 3.5% | ||
| Q4 24 | 11.2% | 3.6% | ||
| Q3 24 | 10.3% | 4.4% | ||
| Q2 24 | 12.8% | 4.3% | ||
| Q1 24 | 16.7% | 5.0% |
| Q4 25 | $0.59 | $1.12 | ||
| Q3 25 | $0.61 | $-1.05 | ||
| Q2 25 | $0.66 | $0.18 | ||
| Q1 25 | $0.49 | $0.51 | ||
| Q4 24 | $0.44 | $0.52 | ||
| Q3 24 | $0.38 | $0.61 | ||
| Q2 24 | $0.48 | $0.60 | ||
| Q1 24 | $0.66 | $0.67 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.8B | $2.1B |
| Total DebtLower is stronger | $14.7B | $6.2B |
| Stockholders' EquityBook value | $1.6B | $2.4B |
| Total Assets | $21.9B | $41.4B |
| Debt / EquityLower = less leverage | 9.22× | 2.56× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $3.8B | $2.1B | ||
| Q3 25 | $3.4B | $2.1B | ||
| Q2 25 | $3.5B | $2.0B | ||
| Q1 25 | $3.0B | $2.3B | ||
| Q4 24 | $3.6B | $2.4B | ||
| Q3 24 | $4.2B | $3.0B | ||
| Q2 24 | $4.7B | $2.4B | ||
| Q1 24 | $5.0B | $2.7B |
| Q4 25 | $14.7B | $6.2B | ||
| Q3 25 | $13.9B | $6.2B | ||
| Q2 25 | $14.9B | $6.2B | ||
| Q1 25 | $10.9B | $6.4B | ||
| Q4 24 | $10.6B | $6.4B | ||
| Q3 24 | $11.3B | $6.9B | ||
| Q2 24 | $12.8B | $6.3B | ||
| Q1 24 | $11.9B | $6.3B |
| Q4 25 | $1.6B | $2.4B | ||
| Q3 25 | $1.6B | $2.7B | ||
| Q2 25 | $2.0B | $3.0B | ||
| Q1 25 | $2.7B | $2.9B | ||
| Q4 24 | $2.9B | $3.0B | ||
| Q3 24 | $3.4B | $3.2B | ||
| Q2 24 | $3.8B | $3.2B | ||
| Q1 24 | $4.0B | $3.5B |
| Q4 25 | $21.9B | $41.4B | ||
| Q3 25 | $21.5B | $41.4B | ||
| Q2 25 | $21.9B | $41.7B | ||
| Q1 25 | $21.2B | $41.9B | ||
| Q4 24 | $20.7B | $42.2B | ||
| Q3 24 | $21.4B | $42.7B | ||
| Q2 24 | $21.1B | $41.8B | ||
| Q1 24 | $21.2B | $42.1B |
| Q4 25 | 9.22× | 2.56× | ||
| Q3 25 | 8.82× | 2.30× | ||
| Q2 25 | 7.48× | 2.09× | ||
| Q1 25 | 4.02× | 2.25× | ||
| Q4 24 | 3.67× | 2.10× | ||
| Q3 24 | 3.29× | 2.14× | ||
| Q2 24 | 3.41× | 1.96× | ||
| Q1 24 | 3.01× | 1.81× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.2B | $655.0M |
| Free Cash FlowOCF − Capex | $930.0M | $358.5M |
| FCF MarginFCF / Revenue | 25.5% | 7.8% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 7.5% | 6.4% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 3.05× | 2.23× |
| TTM Free Cash FlowTrailing 4 quarters | $1.9B | $1.5B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.2B | $655.0M | ||
| Q3 25 | $1.1B | $681.4M | ||
| Q2 25 | $178.0M | $645.9M | ||
| Q1 25 | $526.0M | $547.1M | ||
| Q4 24 | $915.0M | $671.6M | ||
| Q3 24 | $761.0M | $667.4M | ||
| Q2 24 | $814.0M | $474.2M | ||
| Q1 24 | $714.0M | $549.3M |
| Q4 25 | $930.0M | $358.5M | ||
| Q3 25 | $886.0M | $405.4M | ||
| Q2 25 | $-108.0M | $377.4M | ||
| Q1 25 | $147.0M | $319.0M | ||
| Q4 24 | $368.0M | $267.5M | ||
| Q3 24 | $222.0M | $331.2M | ||
| Q2 24 | $529.0M | $236.0M | ||
| Q1 24 | $518.0M | $377.2M |
| Q4 25 | 25.5% | 7.8% | ||
| Q3 25 | 26.6% | 9.5% | ||
| Q2 25 | -3.4% | 8.6% | ||
| Q1 25 | 5.1% | 7.5% | ||
| Q4 24 | 12.7% | 6.2% | ||
| Q3 24 | 8.3% | 7.9% | ||
| Q2 24 | 19.2% | 5.5% | ||
| Q1 24 | 17.5% | 8.6% |
| Q4 25 | 7.5% | 6.4% | ||
| Q3 25 | 6.9% | 6.5% | ||
| Q2 25 | 9.0% | 6.1% | ||
| Q1 25 | 13.2% | 5.3% | ||
| Q4 24 | 18.9% | 9.3% | ||
| Q3 24 | 20.1% | 8.0% | ||
| Q2 24 | 10.3% | 5.5% | ||
| Q1 24 | 6.6% | 3.9% |
| Q4 25 | 3.05× | 2.23× | ||
| Q3 25 | 2.66× | — | ||
| Q2 25 | 0.39× | 13.19× | ||
| Q1 25 | 1.49× | 3.68× | ||
| Q4 24 | 2.82× | 4.27× | ||
| Q3 24 | 2.77× | 3.62× | ||
| Q2 24 | 2.31× | 2.54× | ||
| Q1 24 | 1.45× | 2.53× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
LVS
| Venetian Macao | $749.0M | 21% |
| The Londoner Macao | $699.0M | 19% |
| Other | $693.0M | 19% |
| Occupancy | $379.0M | 10% |
| The Plaza Macao And Four Seasons Macao | $264.0M | 7% |
| Parisian Macao | $233.0M | 6% |
| Mall | $229.0M | 6% |
| Food And Beverage | $191.0M | 5% |
| Sands Macao | $76.0M | 2% |
| Ferry Operationsand Other | $27.0M | 1% |
MGM
| Casino | $2.6B | 56% |
| Occupancy | $858.4M | 19% |
| Food And Beverage | $749.0M | 16% |
| Entertainment Retail And Other | $423.0M | 9% |
