L

LAS VEGAS SANDS CORP

LVS · CIK 0001300514

17 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$13.02B15.2%
FY2025
Net income (FY)
$1.63B12.5%
FY2025
Free cash flow (FY)
$1.85B13.3%
FY2025
Diluted EPS (FY)
$2.3519.9%
FY2025
The story, charted

The shape of the business

FY2009–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$5B$10B$15BFY2009 · Revenue $4.56B · Net income −$354.5M · 0000950123-12-004305 · filed 2012-02-29FY09Revenue $4.56BNet income −$354.5M0000950123-12-004305 · filed 2012-02-29FY2010 · Revenue $6.85B · Net income $599.4M · 0001193125-13-087854 · filed 2013-03-01FY10Revenue $6.85BNet income $599.4M0001193125-13-087854 · filed 2013-03-01FY2011 · Revenue $9.41B · Net income $1.56B · 0001445305-14-000758 · filed 2014-02-28FY11Revenue $9.41BNet income $1.56B0001445305-14-000758 · filed 2014-02-28FY2012 · Revenue $11.13B · Net income $1.52B · 0001300514-15-000005 · filed 2015-02-27FY12Revenue $11.13BNet income $1.52B0001300514-15-000005 · filed 2015-02-27FY2013 · Revenue $13.77B · Net income $2.31B · 0001300514-16-000023 · filed 2016-02-26FY13Revenue $13.77BNet income $2.31B0001300514-16-000023 · filed 2016-02-26FY2014 · Revenue $14.58B · Net income $2.84B · 0001300514-17-000005 · filed 2017-02-24FY14Revenue $14.58BNet income $2.84B0001300514-17-000005 · filed 2017-02-24FY2015 · Revenue $11.69B · Net income $1.97B · 0001300514-18-000022 · filed 2018-02-23FY15Revenue $11.69BNet income $1.97B0001300514-18-000022 · filed 2018-02-23FY2016 · Revenue $11.27B · Net income $1.68B · 0001300514-19-000021 · filed 2019-02-22FY16Revenue $11.27BNet income $1.68B0001300514-19-000021 · filed 2019-02-22FY2017 · Revenue $12.73B · Net income $2.81B · 0001300514-20-000011 · filed 2020-02-07FY17Revenue $12.73BNet income $2.81B0001300514-20-000011 · filed 2020-02-07FY2018 · Revenue $13.73B · Net income $2.41B · 0001300514-21-000033 · filed 2021-02-05FY18Revenue $13.73BNet income $2.41B0001300514-21-000033 · filed 2021-02-05FY2019 · Revenue $12.13B · Net income $2.70B · 0001300514-22-000007 · filed 2022-02-04FY19Revenue $12.13BNet income $2.70B0001300514-22-000007 · filed 2022-02-04FY2020 · Revenue $2.94B · Net income −$1.69B · 0001300514-23-000021 · filed 2023-02-03FY20Revenue $2.94BNet income −$1.69B0001300514-23-000021 · filed 2023-02-03FY2021 · Revenue $4.23B · Net income −$961.0M · 0001300514-24-000048 · filed 2024-02-07FY21Revenue $4.23BNet income −$961.0M0001300514-24-000048 · filed 2024-02-07FY2022 · Revenue $4.11B · Net income $1.83B · 0001300514-25-000040 · filed 2025-02-07FY22Revenue $4.11BNet income $1.83B0001300514-25-000040 · filed 2025-02-07FY2023 · Revenue $10.37B · Net income $1.22B · 0001300514-26-000013 · filed 2026-02-06FY23Revenue $10.37BNet income $1.22B0001300514-26-000013 · filed 2026-02-06FY2024 · Revenue $11.30B · Net income $1.45B · 0001300514-26-000013 · filed 2026-02-06FY24Revenue $11.30BNet income $1.45B0001300514-26-000013 · filed 2026-02-06FY2025 · Revenue $13.02B · Net income $1.63B · 0001300514-26-000013 · filed 2026-02-06FY25Revenue $13.02BNet income $1.63B0001300514-26-000013 · filed 2026-02-06FY25Revenue $13.02BNet income $1.63B0001300514-26-000013 · filed 2026-02-06FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 2.9× since FY2009 · net margin -7.8% → 12.5%

MarginsNet marginFCF margin
-50%0%50%FY2009 · Net margin -7.8% · FCF margin -31.9%FY09Net margin -7.8%FCF margin -31.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 8.7% · FCF margin -2.2%FY10Net margin 8.7%FCF margin -2.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 16.6% · FCF margin 12.3%FY11Net margin 16.6%FCF margin 12.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 13.7% · FCF margin 14.5%FY12Net margin 13.7%FCF margin 14.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 16.7% · FCF margin 25.7%FY13Net margin 16.7%FCF margin 25.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 19.5% · FCF margin 25.1%FY14Net margin 19.5%FCF margin 25.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 16.8% · FCF margin 16.5%FY15Net margin 16.8%FCF margin 16.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 14.9% · FCF margin 23.5%FY16Net margin 14.9%FCF margin 23.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 22.1% · FCF margin 29.1%FY17Net margin 22.1%FCF margin 29.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 17.6% · FCF margin 27.3%FY18Net margin 17.6%FCF margin 27.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 22.2% · FCF margin 16.7%FY19Net margin 22.2%FCF margin 16.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -57.3% · FCF margin -86.4%FY20Net margin -57.3%FCF margin -86.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin -22.7% · FCF margin -25.3%FY21Net margin -22.7%FCF margin -25.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 44.6% · FCF margin -38.8%FY22Net margin 44.6%FCF margin -38.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 11.8% · FCF margin 21.3%FY23Net margin 11.8%FCF margin 21.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 12.8% · FCF margin 14.5%FY24Net margin 12.8%FCF margin 14.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 12.5% · FCF margin 14.3%FY25Net margin 12.5%FCF margin 14.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 12.5%FCF margin 14.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 12.5% · free cash flow 14.3% of revenue

Cash engineOperating cash flowFree cash flow
$0$5BFY2009 · OCF $638.6M · FCF −$1.45B · 0000950123-12-004305 · filed 2012-02-29FY09OCF $638.6MFCF −$1.45B0000950123-12-004305 · filed 2012-02-29FY2010 · OCF $1.87B · FCF −$153.8M · 0001193125-13-087854 · filed 2013-03-01FY10OCF $1.87BFCF −$153.8M0001193125-13-087854 · filed 2013-03-01FY2011 · OCF $2.66B · FCF $1.15B · 0001445305-14-000758 · filed 2014-02-28FY11OCF $2.66BFCF $1.15B0001445305-14-000758 · filed 2014-02-28FY2012 · OCF $3.06B · FCF $1.61B · 0001445305-14-000758 · filed 2014-02-28FY12OCF $3.06BFCF $1.61B0001445305-14-000758 · filed 2014-02-28FY2013 · OCF $4.44B · FCF $3.54B · 0001445305-14-000758 · filed 2014-02-28FY13OCF $4.44BFCF $3.54B0001445305-14-000758 · filed 2014-02-28FY2014 · OCF $4.83B · FCF $3.65B · 0001300514-17-000005 · filed 2017-02-24FY14OCF $4.83BFCF $3.65B0001300514-17-000005 · filed 2017-02-24FY2015 · OCF $3.46B · FCF $1.93B · 0001300514-18-000022 · filed 2018-02-23FY15OCF $3.46BFCF $1.93B0001300514-18-000022 · filed 2018-02-23FY2016 · OCF $4.04B · FCF $2.65B · 0001300514-19-000021 · filed 2019-02-22FY16OCF $4.04BFCF $2.65B0001300514-19-000021 · filed 2019-02-22FY2017 · OCF $4.54B · FCF $3.71B · 0001300514-20-000011 · filed 2020-02-07FY17OCF $4.54BFCF $3.71B0001300514-20-000011 · filed 2020-02-07FY2018 · OCF $4.70B · FCF $3.75B · 0001300514-21-000033 · filed 2021-02-05FY18OCF $4.70BFCF $3.75B0001300514-21-000033 · filed 2021-02-05FY2019 · OCF $3.04B · FCF $2.02B · 0001300514-21-000033 · filed 2021-02-05FY19OCF $3.04BFCF $2.02B0001300514-21-000033 · filed 2021-02-05FY2020 · OCF −$1.31B · FCF −$2.54B · 0001300514-21-000033 · filed 2021-02-05FY20OCF −$1.31BFCF −$2.54B0001300514-21-000033 · filed 2021-02-05FY2021 · OCF −$243.0M · FCF −$1.07B · 0001300514-24-000048 · filed 2024-02-07FY21OCF −$243.0MFCF −$1.07B0001300514-24-000048 · filed 2024-02-07FY2022 · OCF −$944.0M · FCF −$1.59B · 0001300514-25-000040 · filed 2025-02-07FY22OCF −$944.0MFCF −$1.59B0001300514-25-000040 · filed 2025-02-07FY2023 · OCF $3.23B · FCF $2.21B · 0001300514-26-000013 · filed 2026-02-06FY23OCF $3.23BFCF $2.21B0001300514-26-000013 · filed 2026-02-06FY2024 · OCF $3.20B · FCF $1.64B · 0001300514-26-000013 · filed 2026-02-06FY24OCF $3.20BFCF $1.64B0001300514-26-000013 · filed 2026-02-06FY2025 · OCF $3.02B · FCF $1.85B · 0001300514-26-000013 · filed 2026-02-06FY25OCF $3.02BFCF $1.85B0001300514-26-000013 · filed 2026-02-06FY25OCF $3.02BFCF $1.85B0001300514-26-000013 · filed 2026-02-06’09’13’17’21’25

FY2025: $3.02B operating cash − $1.17B capex = $1.85B free cash flow

Returns on capitalReturn on equityReturn on assets
-50%0%50%100%FY2010 · ROE 9.0% · ROA 2.8%FY10ROE 9.0%ROA 2.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 19.9% · ROA 7.0%FY11ROE 19.9%ROA 7.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 21.6% · ROA 6.9%FY12ROE 21.6%ROA 6.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 30.1% · ROA 10.1%FY13ROE 30.1%ROA 10.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 39.4% · ROA 12.7%FY14ROE 39.4%ROA 12.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 28.8% · ROA 9.4%FY15ROE 28.8%ROA 9.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 27.2% · ROA 8.2%FY16ROE 27.2%ROA 8.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 43.3% · ROA 13.6%FY17ROE 43.3%ROA 13.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 42.5% · ROA 10.7%FY18ROE 42.5%ROA 10.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 52.0% · ROA 11.6%FY19ROE 52.0%ROA 11.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE -56.7% · ROA -8.1%FY20ROE -56.7%ROA -8.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE -48.1% · ROA -4.8%FY21ROE -48.1%ROA -4.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 47.2% · ROA 8.3%FY22ROE 47.2%ROA 8.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 29.7% · ROA 5.6%FY23ROE 29.7%ROA 5.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 50.1% · ROA 7.0%FY24ROE 50.1%ROA 7.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 102.3% · ROA 7.4%FY25ROE 102.3%ROA 7.4%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 102.3%ROA 7.4%derived: net income ÷ equity · derived: net income ÷ assets’13’17’21’25

return on equity 9% (FY2010) → 102% (FY2025) · on assets 7.4%

Balance sheetLiabilitiesEquity
$0$10B$20BFY2010 · Liabilities $12.61B · Equity $6.66BFY10Liabilities $12.61BEquity $6.66B0000950123-12-004305 · filed 2012-02-29FY2011 · Liabilities $12.80B · Equity $7.85BFY11Liabilities $12.80BEquity $7.85B0001193125-13-087854 · filed 2013-03-01FY2012 · Liabilities $13.51B · Equity $7.06BFY12Liabilities $13.51BEquity $7.06B0001445305-14-000758 · filed 2014-02-28FY2013 · Liabilities $13.22B · Equity $7.67BFY13Liabilities $13.22BEquity $7.67B0001300514-15-000005 · filed 2015-02-27FY2014 · Liabilities $13.33B · Equity $7.21BFY14Liabilities $13.33BEquity $7.21B0001300514-16-000023 · filed 2016-02-26FY2015 · Liabilities $12.45B · Equity $6.82BFY15Liabilities $12.45BEquity $6.82B0001300514-17-000005 · filed 2017-02-24FY2016 · Liabilities $12.97B · Equity $6.18BFY16Liabilities $12.97BEquity $6.18B0001300514-18-000022 · filed 2018-02-23FY2017 · Liabilities $13.06B · Equity $6.49BFY17Liabilities $13.06BEquity $6.49B0001300514-19-000021 · filed 2019-02-22FY2018 · Liabilities $15.80B · Equity $5.68BFY18Liabilities $15.80BEquity $5.68B0001300514-20-000011 · filed 2020-02-07FY2019 · Liabilities $16.69B · Equity $5.19BFY19Liabilities $16.69BEquity $5.19B0001300514-21-000033 · filed 2021-02-05FY2020 · Liabilities $17.27B · Equity $2.97BFY20Liabilities $17.27BEquity $2.97B0001300514-22-000007 · filed 2022-02-04FY2021 · Liabilities $17.81B · Equity $2.00BFY21Liabilities $17.81BEquity $2.00B0001300514-23-000021 · filed 2023-02-03FY2022 · Liabilities $18.38B · Equity $3.88BFY22Liabilities $18.38BEquity $3.88B0001300514-24-000048 · filed 2024-02-07FY2023 · Liabilities $17.67B · Equity $4.12BFY23Liabilities $17.67BEquity $4.12B0001300514-25-000040 · filed 2025-02-07FY2024 · Liabilities $17.51B · Equity $2.88BFY24Liabilities $17.51BEquity $2.88B0001300514-26-000013 · filed 2026-02-06FY2025 · Liabilities $19.99B · Equity $1.59BFY25Liabilities $19.99BEquity $1.59B0001300514-26-000013 · filed 2026-02-06FY25Liabilities $19.99BEquity $1.59B0001300514-26-000013 · filed 2026-02-06’13’17’21’25

FY2025: $21.92B assets · $19.99B liabilities · $1.59B equity

The receipts