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Las Vegas SandsLVS

Legal name
Las Vegas Sands Corp.
Sector
Other
Industry
Hotels & Motels
Exchange
NYSE

Stock Price $LVS

Latest filings

You are here#35 of 42 in Consumer Discretionary by market cap

Filing record · 2016–202610-K1110-Q338-K174

LVS filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 174 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Jul ’21Jul ’21
  4. Material agreement8-K · May ’25May ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $13.02B
YoY changeLargest recent move+152.4%in FY23Latest +15.2%

1 older move runs past ±150% (largest +152.4%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All LVS Financial Metrics56 metrics

Income Statement14

Balance Sheet24

Cash Flow13

Per Share5

02—Overview

Las Vegas Sands Financial Overview 2021–2025

Updated Nov 4, 2026

Las Vegas Sands nearly tripled its revenue in four years, and the engine is no longer where investors expect. Net revenues reached $13.02 billiona in FY2025, up 15.2%, but Marina Bay Sands did the heavy lifting. Its adjusted property EBITDA jumped 42.4% to $2.92 billion, while Macao slipped 0.7% to $2.31 billion. The thesis: this is now a Singapore-led earnings story, funded by aggressive buybacks and rising debt.

The long arc is dramatic. Revenue grew from $4.23 billionb in FY2021, when the company posted a $689 million operating loss, to $13.02 billion in FY2025, with $2.82 billion of operating income. Consolidated adjusted property EBITDA hit $5.23 billion, up 19.5%. Operating cash flow was $3.02 billion even after an $848 million payment for Marina Bay Sands' additional gaming area. Diluted EPS rose to $2.35 from $1.96 in FY2024.

Capital returns were heavy: $2.22 billionc of buybacks in FY2025, plus a dividend lifted to $0.30 per quarter for 2026. The cost showed up on the balance sheet. Total debt rose to $15.78 billion against $3.84 billion of unrestricted cash. At the close of FY2025, the stock traded at $65.09, or 27.7x earnings, for a market cap of $43.9B. That multiple leans on continued Singapore growth, with the roughly $8.0 billion expansion still ahead.

Recent Developments (Q2 and Q3 2026)

Earnings weakened through Q2 2026 and Q3 2026. Consolidated adjusted property EBITDA fell to $1.12 billiond in both quarters, versus $1.33 billion and $1.34 billion a year earlier. Q3 diluted EPS dropped to $0.48 from $0.61, and Marina Bay Sands EBITDA fell 20.6% to $590 million on low win rates. Macao revenue grew, but nine-month EBITDA declined 6.5% on reinvestment and payroll costs. Buybacks reached $2.50 billion over nine months, leaving a stockholders' deficit of $344 million. The company refinanced a $1.0 billion note in May 2026, and Sands China priced $1.0 billion of new notes in October 2026 at 6.400% and 6.700%. The 2027 dividend rises 20% to $0.36 per quarter.

Bull case: the stock trades at 15.2x earnings as of the Q3 2026 report date (October 22, 2026, not today), and a $6.0 billione buyback authorization supports the shares. Bear case: EBITDA is shrinking, the equity base is negative, and refinancing is costing more than the old debt.

What to watch: Marina Bay Sands hold normalization and EBITDA recovery; Macao margin pressure from reinvestment costs

03—Filings

Recent SEC Filings

  1. 8-KLas Vegas Sands 8-K Report, Material Agreement (Nov 3, 2026)
  2. 8-KLas Vegas Sands 8-K Report, Corporate Update (Oct 28, 2026)Las Vegas Sands Corp. (NYSE: LVS) filed a Form 8-K dated October 27, 2026, reporting under Item 8.01 (Other Events) that its majority-owned subsidiary, Sands China Ltd., priced two senior unsecured note offerings totaling $1.0 billion: $700 million of 6.400% senior notes due 2032 and $300 million of 6.700% senior notes due 2033. The offering is expected to close on November 3, 2026, subject to customary closing conditions. The press release is attached as Exhibit 99.1. According to the press release, Sands China expects net proceeds of approximately $989 million from the offering, plus cash on hand, to redeem in full its US$700 million 2.300% senior notes due 2027 along with accrued interest, repay the outstanding balance on its 2024 SCL Revolving Facility, and fund general corporate purposes, including capital expenditures. The refinancing would replace the 2.300% notes with new notes carrying higher coupons, and the filing states Sands China intends to seek a listing of the notes on the Hong Kong Stock Exchange, for which it has received an eligibility letter. The notes have not been registered under the Securities Act and are being offered only to qualified institutional buyers and non-U.S. persons outside the United States, with none offered to the public in Hong Kong. The filing contains no earnings, guidance, or other financial results.
  3. 8-KLas Vegas Sands 8-K Report, Corporate Update (Oct 27, 2026)Las Vegas Sands Corp. (NYSE: LVS) filed a Form 8-K reporting that its majority-owned subsidiary, Sands China Ltd., intends to offer USD-denominated senior unsecured notes. The principal amounts, interest rates and other key terms will be determined at pricing. The filing states that no binding agreement had been entered into as of the press release date, so the offering may or may not occur. The filing states that Sands China intends to use the net proceeds and cash on hand to redeem in full its outstanding US$700 million 2.300% senior notes due 2027, plus accrued interest, to repay the outstanding balance on its 2024 SCL Revolving Facility, and for general corporate purposes, including capital expenditures. Taken together, the stated uses point to refinancing a near-term maturity and reducing revolver borrowings. The notes are not registered under the Securities Act of 1933. They are to be offered only to professional investors that are qualified institutional buyers under Rule 144A and/or non-U.S. persons under Regulation S. Sands China intends to seek a listing on the Hong Kong Stock Exchange and has received an eligibility letter from that exchange for the listing.
  4. 8-KLas Vegas Sands 8-K Report, Financial Results (Oct 21, 2026)Las Vegas Sands Corp. (LVS) furnished an 8-K under Item 2.02 reporting third-quarter 2026 results for the quarter ended September 30, 2026, via a press release dated October 21, 2026 (Exhibit 99.1). Net revenue was $3.22 billion, compared to $3.33 billion in the prior-year quarter. Operating income was $618 million (versus $719 million), and net income was $352 million (versus $491 million). Diluted earnings per share were $0.48, and adjusted earnings per diluted share were $0.54, compared to $0.78 a year earlier. Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.34 billion. Marina Bay Sands adjusted property EBITDA was $590 million versus $743 million, and Macao Operations adjusted property EBITDA was $529 million versus $601 million. Capital returns were a major focus. The company repurchased $950 million of common stock in the quarter (about 21 million shares at a weighted average price of $45.31), leaving $5.06 billion remaining under its program as of September 30, 2026. The Board announced a 20% increase in the recurring common stock dividend for calendar 2027, to $1.44 per share annually ($0.36 per quarter). The company also bought SCL shares for approximately $101 million, raising its SCL ownership to 75.56%. Weighted average borrowing cost was 4.7%, versus 4.5% a year earlier, and unrestricted cash was $2.86 billion at September 30, 2026. Liquidity and spending: capital expenditures were $281 million in the quarter, and total debt outstanding was $15.30 billion. The company cited $4.27 billion available under its revolving credit facilities and $4.57 billion available under a delayed draw term loan for the MBS Expansion Project. The effective tax rate rose to 22.5% from 15.6%, which the company attributed primarily to the mix of operations, including a 17% statutory rate in Singapore.
  5. 8-KLas Vegas Sands 8-K Report, Financial Results (Jul 22, 2026)Las Vegas Sands Corp. furnished this Current Report under Item 2.02 to announce its results for the second quarter ended June 30, 2026, as set forth in Exhibit 99.1 press release dated July 22, 2026. Net revenues were $3.15 billion, compared to $3.18 billion in the prior year quarter, and operating income was $618 million, versus $783 million a year earlier. Net income was $373 million, compared to $519 million, and diluted earnings per share were $0.53, compared to $0.66. Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.33 billion. Management attributed the Macao shortfall to unusually low hold in rolling play, while noting volume growth across all Macao gaming segments and continued strong performance at Marina Bay Sands. Capital return was a major theme. The company repurchased $787 million of common stock during the quarter, about 15 million shares at a weighted average price of $52.37, leaving $29 million remaining under the program at June 30, 2026. On July 21, 2026, the Board increased the remaining repurchase authorization to $6.0 billion and extended the expiration to July 21, 2029. The quarterly dividend remained $0.30 per share, with the next payment on August 12, 2026, to holders of record on August 4, 2026. On the balance sheet, unrestricted cash was $3.38 billion at June 30, 2026, and total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.11 billion. The company received $1.26 billion in May 2026 from full repayment of a seller financing loan tied to the sale of the Las Vegas real property and operations. Available borrowings were $4.26 billion under revolving facilities and $4.68 billion under a delayed draw term loan for the MBS Expansion Project. Quarterly capital expenditures totaled $332 million.
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04—See also

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