---
title: "Las Vegas Sands: Metrics Guide"
description: "Las Vegas Sands revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios computed and explained."
canonical: https://www.getswoopr.com/stocks/companies/las-vegas-sands/metrics/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Las Vegas Sands: Financial & Operating Metrics Guide

## Direct Answer

Las Vegas Sands reported revenue of $13.0 billion for the fiscal year ended December 31, 2025, with an operating margin of 21.6% and net income of $1.6 billion, according to its SEC filings. Revenue grew 15.2% from the prior year.

## What Are Las Vegas Sands's Key Financial Figures?

| Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 |
| --- | --- | --- | --- | --- |
| Revenue | $13.0 billion | $11.3 billion | $10.4 billion | $4.1 billion |
| Operating income | $2.8 billion | $2.4 billion | $2.3 billion | -$792 million |
| Operating margin | 21.6% | 21.3% | 22.3% | -19.3% |
| Net income | $1.6 billion | $1.4 billion | $1.2 billion | $1.8 billion |
| Net margin | 12.5% | 12.8% | 11.8% | 44.6% |
| Operating cash flow | $3.0 billion | $3.2 billion | $3.2 billion | Not reported |
| Capital expenditures | $1.2 billion | $1.6 billion | $1.0 billion | $651 million |
| Free cash flow | $1.9 billion | $1.6 billion | $2.2 billion | Not reported |

Operating margin held roughly steady between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was $1.9 billion against net income of $1.6 billion; cash generation covered reported earnings.

![Bar chart of Las Vegas Sands revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $13.0 billion, operating income $2.8 billion and net income $1.6 billion.](https://www.getswoopr.com/images/charts/las-vegas-sands-metrics-revenue-profit.webp)
*Las Vegas Sands revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.*

![Line chart of Las Vegas Sands operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was 21.6% and net margin was 12.5%.](https://www.getswoopr.com/images/charts/las-vegas-sands-metrics-margins.webp)
*Las Vegas Sands operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.*

![Bar chart of Las Vegas Sands operating cash flow, capital expenditures, free cash flow for fiscal 2022 to 2025. In fiscal 2025, operating cash flow was $3.0 billion, capital expenditures was $1.2 billion, free cash flow was $1.9 billion.](https://www.getswoopr.com/images/charts/las-vegas-sands-metrics-cash-flow.webp)
*Las Vegas Sands operating cash flow, capital expenditures and free cash flow by fiscal year. Select the chart to open it full size.*

## What Does Las Vegas Sands's Balance Sheet Show?

| Cash and cash equivalents | $3.8 billion |
| --- | --- |
| Long-term debt | $14.7 billion |
| Total assets | $21.9 billion |
| Total liabilities | $20.0 billion |
| Shareholders' equity | $1.6 billion |
| Current ratio | 1.1x |

Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions.

## Where These Numbers Come From

Every figure on this page is a value Las Vegas Sands reported in its own SEC filings, read from the SEC's XBRL data (accession 0001300514-26-000013 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 12, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary.

Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What was Las Vegas Sands's revenue in fiscal 2025?

Las Vegas Sands reported revenue of $13.0 billion for the fiscal year ended December 31, 2025, according to its SEC filings.

### What is Las Vegas Sands's operating margin?

Las Vegas Sands's operating margin was 21.6% in fiscal 2025: operating income of $2.8 billion on revenue of $13.0 billion.

### How much free cash flow did Las Vegas Sands generate?

Operating cash flow of $3.0 billion less capital expenditures of $1.2 billion gives free cash flow of $1.9 billion for fiscal 2025.

## References

- [SEC EDGAR: LAS VEGAS SANDS CORP Form 10-K filed February 6, 2026](https://www.sec.gov/Archives/edgar/data/1300514/000130051426000013/lvs-20251231.htm)
- [SEC EDGAR: LAS VEGAS SANDS CORP annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1300514&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)

## Related Pages

- [Las Vegas Sands company dossier](https://www.getswoopr.com/stocks/companies/las-vegas-sands/)
- [Las Vegas Sands financial metrics](https://www.getswoopr.com/stocks/companies/las-vegas-sands/metrics/)
- [Las Vegas Sands financial risk indicators](https://www.getswoopr.com/stocks/companies/las-vegas-sands/risks/)
- [Las Vegas Sands peer comparison](https://www.getswoopr.com/stocks/companies/las-vegas-sands/competitors/)
- [Las Vegas Sands business model and revenue mix](https://www.getswoopr.com/stocks/companies/las-vegas-sands/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).