Las Vegas Sands Corp. (LVS) financial statements: income statement, balance sheet and cash flow
Las Vegas Sands Corp.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Las Vegas Sands Corp. reported revenue of $13.0B (+15.2% year on year) and net income of $1.9B (+6.5% year on year).
Income statement
Las Vegas Sands Corp. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net revenues
$13.0B
$11.3B
$10.4B
$4.1B
Cost of revenue
$6.5B
$5.8B
$5.2B
$2.5B
Provision for credit losses
$85.0M
$19.0M
$4.0M
$15.0M
General and administrative
$1.2B
$1.1B
$1.1B
$936.0M
Corporate
$310.0M
$290.0M
$230.0M
$235.0M
Pre-opening
$24.0M
$14.0M
$15.0M
$13.0M
Development
$269.0M
$228.0M
$205.0M
$143.0M
Depreciation and amortization
$1.5B
$1.3B
$1.2B
$1.0B
Amortization of leasehold interests in land
$76.0M
$60.0M
$58.0M
$55.0M
Loss on disposal or impairment of assets
$247.0M
$50.0M
$27.0M
$9.0M
Total operating expenses
$10.2B
$8.9B
$8.1B
$4.9B
Operating income
$2.8B
$2.4B
$2.3B
($792.0M)
Interest income
$161.0M
$275.0M
$288.0M
$116.0M
Interest expense, net of amounts capitalized
($746.0M)
($727.0M)
($818.0M)
($702.0M)
Other income (expense)
($15.0M)
$10.0M
($8.0M)
($9.0M)
Gain (loss) on modification or early retirement of debt
($5.0M)
—
$0
$0
Income before income taxes
$2.2B
$2.0B
$1.8B
($1.4B)
Income tax expense
($347.0M)
($208.0M)
($344.0M)
($154.0M)
Net income
$1.9B
$1.8B
$1.4B
$1.4B
Net income attributable to noncontrolling interests
($239.0M)
($306.0M)
($210.0M)
$475.0M
Net income attributable to Las Vegas Sands Corp.
$1.6B
$1.4B
$1.2B
$1.8B
Basic (in usd per share)
$2.35
$1.97
$1.60
$2.40
Diluted (in usd per share)
$2.35
$1.96
$1.60
$2.40
Basic (in shares)
691.0M
735.0M
763.0M
764.0M
Diluted (in shares)
693.0M
737.0M
765.0M
764.0M
Las Vegas Sands Corp. income statement, quarters
Line item
Sep 30, 2026 · Q3
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Net revenues
$3.2B
$3.2B
$3.6B
$3.3B
Cost of revenue
$1.7B
$1.7B
$1.8B
$1.7B
Provision for credit losses
$21.0M
$36.0M
$29.0M
$18.0M
General and administrative
$333.0M
$331.0M
$302.0M
$308.0M
Corporate
$88.0M
$74.0M
$83.0M
$78.0M
Pre-opening
$5.0M
$5.0M
$4.0M
$7.0M
Development
$37.0M
$43.0M
$41.0M
$72.0M
Depreciation and amortization
$340.0M
$350.0M
$357.0M
$368.0M
Amortization of leasehold interests in land
$21.0M
$21.0M
$21.0M
$21.0M
Loss on disposal or impairment of assets
$4.0M
$2.0M
$8.0M
$68.0M
Total operating expenses
$2.6B
$2.5B
$2.7B
$2.6B
Operating income
$618.0M
$618.0M
$904.0M
$719.0M
Interest income
$23.0M
$31.0M
$35.0M
$39.0M
Interest expense, net of amounts capitalized
($186.0M)
($189.0M)
($188.0M)
($187.0M)
Other income (expense)
($1.0M)
$1.0M
($3.0M)
$11.0M
Loss on modification or early retirement of debt
$0
$0
$0
$0
Income before income taxes
$454.0M
$461.0M
$748.0M
$582.0M
Income tax expense
($102.0M)
($88.0M)
($107.0M)
($91.0M)
Net income
$352.0M
$373.0M
$641.0M
$491.0M
Net income attributable to noncontrolling interests
($48.0M)
($27.0M)
($74.0M)
($72.0M)
Net income attributable to Las Vegas Sands Corp.
$304.0M
$346.0M
$567.0M
$419.0M
Basic
$0.48
$0.53
$0.85
$0.61
Diluted
$0.48
$0.53
$0.85
$0.61
Basic
639.0M
654.0M
669.0M
682.0M
Diluted
640.0M
656.0M
671.0M
685.0M
Balance sheet
Las Vegas Sands Corp. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$3.8B
$3.6B
$5.1B
$6.3B
Accounts receivable, provision for credit loss, current
$225.0M
$186.0M
—
—
Accounts receivable, net of provision for credit losses of $225 and $186
$742.0M
$417.0M
$484.0M
$267.0M
Inventories
$46.0M
$41.0M
$38.0M
$28.0M
Prepaid expenses and other
$203.0M
$182.0M
$150.0M
$138.0M
Total current assets
$4.8B
$4.3B
$5.8B
$6.7B
Loan receivable
$1.3B
$1.3B
$1.2B
$1.2B
Property and equipment, net
$11.7B
$12.0B
$11.4B
$11.5B
Restricted cash and cash equivalents
$125.0M
$125.0M
—
$0
Deferred income taxes, net
$160.0M
$122.0M
$121.0M
$131.0M
Leasehold interests in land, net
$2.9B
$2.0B
$2.2B
$2.1B
Goodwill and intangible assets, net
$573.0M
$545.0M
$598.0M
—
Other assets, net
$386.0M
$325.0M
$276.0M
$231.0M
Total assets
$21.9B
$20.7B
$21.8B
$22.0B
Accounts payable
$190.0M
$164.0M
$167.0M
$89.0M
Construction payables
$160.0M
$263.0M
$146.0M
$189.0M
Other accrued liabilities
$2.4B
$2.0B
$1.9B
$1.5B
Income taxes payable
$385.0M
$229.0M
$261.0M
$135.0M
Current maturities of debt
$1.1B
$3.2B
$1.9B
$2.0B
Total current liabilities
$4.2B
$5.8B
$4.4B
$3.9B
Other long-term liabilities
$934.0M
$925.0M
$936.0M
$382.0M
Deferred income taxes
$174.0M
$188.0M
$187.0M
$152.0M
Debt
$14.7B
$10.6B
$12.1B
$13.9B
Total liabilities
$20.0B
$17.5B
$17.7B
$18.4B
Preferred stock
$0
$0
$0
$0
Common stock
$1.0M
$1.0M
$1.0M
$1.0M
Treasury stock at cost
($9.0B)
($6.8B)
($5.0B)
($4.5B)
Capital in excess of par value
$6.2B
$6.2B
$6.5B
$6.7B
Accumulated other comprehensive income (loss)
$71.0M
($58.0M)
$27.0M
($7.0M)
Retained earnings
$4.4B
$3.5B
$2.6B
$1.7B
Total Las Vegas Sands Corp. stockholders’ equity
$1.6B
$2.9B
$4.1B
$3.9B
Noncontrolling interests
$344.0M
$276.0M
($14.0M)
($225.0M)
Total equity
$1.9B
$3.2B
$4.1B
$3.7B
Total liabilities and equity
$21.9B
$20.7B
$21.8B
$22.0B
Preferred stock, par value (in usd per share)
$0.00
$0.00
—
—
Preferred stock, shares authorized
50.0M
50.0M
—
—
Preferred stock, shares issued
0
0
—
—
Preferred stock, shares outstanding
0
0
—
—
Common stock, par value (in usd per share)
$0.00
$0.00
—
—
Common stock, shares authorized
1.0B
1.0B
—
—
Common stock, shares issued
840.0M
834.0M
833.0M
—
Common stock, shares outstanding
675.0M
716.0M
753.0M
—
Treasury stock, shares
165.0M
118.0M
80.0M
—
Las Vegas Sands Corp. balance sheet, quarters
Line item
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Cash and cash equivalents
$2.9B
$3.4B
$3.3B
$3.4B
Accounts receivable, provision for credit loss, current
$249.0M
$237.0M
$230.0M
$194.0M
Accounts receivable, net of provision for credit losses of $249 and $225
$664.0M
$622.0M
$677.0M
$548.0M
Inventories
$49.0M
$46.0M
$46.0M
$45.0M
Prepaid expenses and other
$248.0M
$253.0M
$213.0M
$206.0M
Total current assets
$3.8B
$4.3B
$4.3B
$4.2B
Loan receivable
$0
$0
$1.3B
$1.3B
Property and equipment, net
$11.5B
$11.5B
$11.4B
$11.9B
Restricted cash and cash equivalents
$125.0M
$125.0M
$125.0M
$125.0M
Deferred income taxes, net
$148.0M
$152.0M
$159.0M
$158.0M
Leasehold interests in land, net
$3.0B
$3.0B
$3.0B
$2.9B
Goodwill and intangible assets, net
$513.0M
$529.0M
$545.0M
$592.0M
Other assets, net
$341.0M
$351.0M
$369.0M
$390.0M
Total assets
$19.4B
$19.9B
$21.2B
$21.5B
Accounts payable
$146.0M
$150.0M
$159.0M
$168.0M
Construction payables
$191.0M
$182.0M
$142.0M
$191.0M
Other accrued liabilities
$2.4B
$2.0B
$2.1B
$2.1B
Income taxes payable
$323.0M
$385.0M
$442.0M
$314.0M
Current maturities of debt
$1.6B
$1.6B
$1.8B
$1.9B
Total current liabilities
$4.6B
$4.3B
$4.6B
$4.7B
Other long-term liabilities
$877.0M
$848.0M
$870.0M
$938.0M
Deferred income taxes
$157.0M
$159.0M
$165.0M
$174.0M
Debt
$13.9B
$13.7B
$13.9B
$13.9B
Total liabilities
$19.5B
$19.0B
$19.6B
$19.6B
Preferred stock
$0
$0
$0
$0
Common stock
$1.0M
$1.0M
$1.0M
$1.0M
Treasury stock at cost
($11.5B)
($10.6B)
($9.8B)
$8.5B
Capital in excess of par value
$6.1B
$6.2B
$6.2B
$5.9B
Accumulated other comprehensive income
$61.0M
$57.0M
$38.0M
$49.0M
Retained earnings
$5.0B
$4.9B
$4.8B
$4.2B
Total Las Vegas Sands Corp. stockholders’ equity (deficit)
($344.0M)
$581.0M
$1.2B
$1.6B
Noncontrolling interests
$229.0M
$316.0M
$410.0M
$296.0M
Total equity (deficit)
($115.0M)
$897.0M
$1.6B
$1.9B
Total liabilities and equity
$19.4B
$19.9B
$21.2B
$21.5B
Preferred stock, par value
$0.00
$0.00
$0.00
$0.00
Preferred stock, shares authorized
50.0M
50.0M
50.0M
50.0M
Preferred stock, shares issued
0
0
0
0
Preferred stock, shares outstanding
0
0
0
0
Common stock, par value
$0.00
$0.00
$0.00
$0.00
Common stock, shares authorized
1.0B
1.0B
1.0B
1.0B
Common stock, shares issued
842.0M
842.0M
841.0M
835.0M
Common stock, shares outstanding
627.0M
648.0M
663.0M
678.0M
Treasury stock, shares
215.0M
194.0M
178.0M
157.0M
Cash flow statement
Las Vegas Sands Corp. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$1.9B
—
—
—
Depreciation and amortization
$1.5B
$1.3B
$1.2B
$1.0B
Amortization of leasehold interests in land
$76.0M
$60.0M
$58.0M
$55.0M
Amortization of deferred financing costs and original issue discount
$58.0M
$57.0M
$61.0M
$57.0M
Change in fair value of derivatives
$0
$0
($1.0M)
$1.0M
Paid-in-kind interest income
$0
($71.0M)
($30.0M)
—
(Gain) loss on modification or early retirement of debt
$5.0M
—
$0
$0
Loss on disposal or impairment of assets
$236.0M
$19.0M
$11.0M
$7.0M
Stock-based compensation expense
$54.0M
$55.0M
$44.0M
$39.0M
Provision for credit losses
$85.0M
$19.0M
$4.0M
$15.0M
Foreign exchange (gain) loss
$23.0M
($18.0M)
$7.0M
($10.0M)
Deferred income taxes
($60.0M)
$4.0M
$44.0M
($2.0M)
Accounts receivable
($392.0M)
$43.0M
($217.0M)
($78.0M)
Other assets
($27.0M)
($48.0M)
($50.0M)
$2.0M
Increase (decrease) in leasehold interests in land
($848.0M)
—
—
—
Accounts payable
$22.0M
($1.0M)
$76.0M
$11.0M
Other liabilities
$461.0M
$25.0M
$581.0M
$229.0M
Net cash generated from operating activities
$3.0B
$0
$0
—
Capital expenditures
($1.2B)
($1.6B)
($1.0B)
($651.0M)
Proceeds from disposal of property and equipment
$7.0M
$1.0M
$3.0M
$9.0M
Acquisition of intangible assets and other
($75.0M)
($13.0M)
($240.0M)
($129.0M)
(Payments for) proceeds from other investing activity
$19.0M
—
—
—
Net cash used in investing activities
($1.2B)
—
—
—
Proceeds from exercise of stock options
$264.0M
$1.0M
$4.0M
$0
Tax withholding on vesting of equity awards
($2.0M)
($5.0M)
($2.0M)
($1.0M)
Repurchase of common stock
($2.2B)
($1.8B)
($505.0M)
—
Dividends paid and noncontrolling interest payments
($833.0M)
($590.0M)
($305.0M)
$0
Proceeds from debt
$6.8B
$1.7B
$0
$1.2B
Repayments of debt
($4.9B)
($2.1B)
—
—
Payments of financing costs
($201.0M)
($60.0M)
($32.0M)
($11.0M)
Settled contracts for purchase of noncontrolling interest
($483.0M)
($215.0M)
—
—
Unsettled contracts for purchase of noncontrolling interest
$0
($35.0M)
—
—
Other
($34.0M)
($32.0M)
($29.0M)
—
Net cash used in financing activities
($1.6B)
—
—
—
Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents
$28.0M
($19.0M)
$8.0M
$22.0M
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents
$191.0M
($1.5B)
($1.2B)
$4.5B
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year
$3.8B
$5.2B
$6.4B
$1.9B
Cash, cash equivalents and restricted cash and cash equivalents at end of year
$4.0B
$3.8B
$5.2B
$6.4B
Cash payments for interest, net of amounts capitalized
$710.0M
$650.0M
—
—
Changes in construction-related payables
($118.0M)
$138.0M
—
—
Excise tax accrued on repurchase of common stock
$18.0M
$17.0M
—
—
Las Vegas Sands Corp. cash flow statement, quarters
Line item
Sep 30, 2026 · YTD
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Net income
$1.4B
$1.0B
$641.0M
$1.4B
Depreciation and amortization
$1.0B
$707.0M
$357.0M
$1.1B
Amortization of leasehold interests in land
$63.0M
$42.0M
$21.0M
$56.0M
Amortization of deferred financing costs and original issue discount
$46.0M
$31.0M
$15.0M
$43.0M
Paid-in-kind interest income
($1.0M)
($1.0M)
—
($1.0M)
Loss on modification or early retirement of debt
$0
$0
$0
$5.0M
Loss on disposal or impairment of assets
$8.0M
$7.0M
$7.0M
$74.0M
Stock-based compensation expense
$51.0M
$37.0M
$24.0M
$39.0M
Provision for credit losses
$86.0M
$65.0M
$29.0M
$39.0M
Foreign exchange loss
$3.0M
$2.0M
$3.0M
$19.0M
Deferred income taxes
$7.0M
($2.0M)
($6.0M)
($56.0M)
Accounts receivable
($9.0M)
$50.0M
$32.0M
($155.0M)
Other assets
($38.0M)
($39.0M)
($9.0M)
($26.0M)
Leasehold interests in land
($137.0M)
($137.0M)
($137.0M)
$848.0M
Accounts payable
($45.0M)
($40.0M)
($31.0M)
$1.0M
Other liabilities
($164.0M)
($323.0M)
($215.0M)
$110.0M
Net cash generated from operating activities
$2.3B
$1.4B
$731.0M
$1.8B
Capital expenditures
($807.0M)
($526.0M)
($194.0M)
($894.0M)
Proceeds from disposal of property and equipment
$6.0M
$6.0M
—
$7.0M
Acquisition of intangible assets and other
($5.0M)
($3.0M)
$0
($75.0M)
Proceeds from loan receivable
$1.3B
$1.3B
—
—
Other
$29.0M
$19.0M
$8.0M
$11.0M
Net cash generated from (used in) investing activities
$487.0M
$760.0M
($186.0M)
($951.0M)
Proceeds from exercise of stock options
$5.0M
$4.0M
$4.0M
$1.0M
Tax withholding on vesting of equity awards
($7.0M)
($6.0M)
($6.0M)
($2.0M)
Repurchase of common stock
($2.5B)
($1.5B)
($753.0M)
($1.7B)
Dividends paid and noncontrolling interest payments
($723.0M)
($530.0M)
($202.0M)
($664.0M)
Proceeds from debt
$2.2B
$2.0B
$797.0M
$6.8B
Repayments of debt
($2.5B)
($2.5B)
($830.0M)
($4.9B)
Payments of financing costs
($9.0M)
($9.0M)
$0
($201.0M)
Purchase of noncontrolling interest, including settled contracts
($102.0M)
—
—
—
Unsettled contracts for purchase of noncontrolling interest
$0
$0
—
($59.0M)
Other
($61.0M)
($55.0M)
($50.0M)
($29.0M)
Net cash used in financing activities
($3.7B)
($2.6B)
($1.0B)
($1.2B)
Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents
($11.0M)
($15.0M)
($16.0M)
$27.0M
Decrease in cash, cash equivalents and restricted cash and cash equivalents
($983.0M)
($465.0M)
($511.0M)
($297.0M)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period
$4.0B
$4.0B
$4.0B
$3.8B
Cash, cash equivalents and restricted cash and cash equivalents at end of period
$3.0B
$3.5B
$3.5B
$3.5B
Cash payments for interest, net of amounts capitalized
$532.0M
$360.0M
$212.0M
$567.0M
Cash payments for taxes, net of refunds
$362.0M
$209.0M
$58.0M
$232.0M
Change in construction-related payables
$40.0M
$28.0M
($15.0M)
($83.0M)
Excise tax accrued on repurchase of common stock
$24.0M
$15.0M
$6.0M
$17.0M
Change in dividends payable included in other accrued liabilities