LAS VEGAS SANDS CORP

LVS 10-K · FY 2025
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LVS FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 13,017 11,298 +15.2%
Show Product Lines breakouts
Casino 9,789 8,303 +17.9%
Food And Beverage 644 607 +6.1%
Mall [Member] 801 755 +6.1%
Mall [Member] · Marina Bay Sands [Member] 280 262 +6.9%
Mall [Member] · MO 521 493 +5.7%
Mall [Member] · Sands Macao [Member] 1 1 0.0%
Mall [Member] · The Londoner Macao [Member] 92 77 +19.5%
Mall [Member] · The Parisian Macao [Member] 19 27 -29.6%
Mall [Member] · The Plaza Macao and Four Seasons Macao [Member] 155 158 -1.9%
Mall [Member] · The Venetian Macao [Member] 254 230 +10.4%
Occupancy 1,422 1,274 +11.6%
Product And Service Other 361 359 +0.6%
Show Business Segments breakouts
Corporate And Other · US -293 -250 -17.2%
Ferry Operations and Other [Member] · MO -28 -27 -3.7%
Ferry Operations and Other [Member] · MO 103 98 +5.1%
Macao Operating Segments [Member] · MO -37 -34 -8.8%
Marina Bay Sands [Member] · SG -6 -5 -20.0%
Marina Bay Sands [Member] · SG 5,584 4,225 +32.2%
Sands Macao [Member] · MO 294 322 -8.7%
The Londoner Macao [Member] · MO 2,556 1,984 +28.8%
The Parisian Macao [Member] · MO 872 973 -10.4%
The Plaza Macao and Four Seasons Macao [Member] · MO 872 872 0.0%
The Venetian Macao [Member] · MO -9 -7 -28.6%
The Venetian Macao [Member] · MO 2,736 2,824 -3.1%
Show Geography breakouts
MO 7,433 7,073 +5.1%
Show Consolidation Items breakouts
Intersegment Elimination -336 -289 -16.3%
Show Related Party Transaction breakouts
Aviation [Member] · Principal Stockholders [Member] 42 36 +16.7%
Security and Medical Support, and Other [Member] · Principal Stockholders [Member] 5 4 +25.0%
Cost of Revenue (FY) — — —
Show Product Lines breakouts
Casino 5,268 4,611 +14.2%
Food And Beverage 562 512 +9.8%
Mall [Member] 92 87 +5.7%
Occupancy 352 313 +12.5%
Product And Service Other 262 254 +3.1%
Provision For Doubtful Accounts 85 19 +347.4%
Selling, General & Administrative 1,188 1,150 +3.3%
Corporate Expense 310 290 +6.9%
Pre Opening Costs 24 14 +71.4%
Research & Development 269 228 +18.0%
Depreciation And Amortization 1,464 1,308 +11.9%
Amortization Of Leasehold Interests In Land 76 60 +26.7%
Show Lease, Type [Axis] breakouts
Finance Lease [Member] 4 2 +100.0%
Operating Lease [Member] 72 58 +24.1%
Gain Loss On Sales Of Assets And Asset Impairment Charges 247 50 +394.0%
Show Type of Asset [Axis] breakouts
Property and Equipment [Member] 205 — —
Total Costs & Expenses 10,199 8,896 +14.6%
Operating Income 2,818 2,402 +17.3%
Interest Income Interest Earning Asset 161 275 -41.5%
Interest Expense -746 -727 -2.6%
Other Non-Operating Income (Expense) -15 10 -250.0%
Gain Loss On Modification Or Early Retirement Of Debt -5 — —
Show Debt Instrument breakouts
2012 Singapore Credit Facility [Member] 5 — —
Income Before Taxes 2,213 1,960 +12.9%
Income Tax Expense (Benefit) -347 -208 -66.8%
Net Income 1,866 1,752 +6.5%
Show Equity Components breakouts
Noncontrolling Interest 239 306 -21.9%
Retained Earnings 1,627 1,446 +12.5%
Net Income Loss Attributable To Noncontrolling Interest -239 -306 +21.9%
Net Income 1,627 1,446 +12.5%
EPS (Basic) 2.35 1.97 +19.3%
EPS (Diluted) 2.35 1.96 +19.9%
Wtd Avg Shares (Basic) 691 735 -6.0%
Wtd Avg Shares (Diluted) 693 737 -6.0%
Revenue (FY) — — —
Show Product Lines breakouts
Casino 9,789 8,303 +17.9%
Casino · Marina Bay Sands [Member] 4,206 2,957 +42.2%
Casino · MO 5,583 5,346 +4.4%
Casino · Sands Macao [Member] 265 290 -8.6%
Casino · The Londoner Macao [Member] 1,946 1,462 +33.1%
Casino · The Parisian Macao [Member] 657 740 -11.2%
Casino · The Plaza Macao and Four Seasons Macao [Member] 569 572 -0.5%
Casino · The Venetian Macao [Member] 2,146 2,282 -6.0%
Food And Beverage 644 607 +6.1%
Food And Beverage · Marina Bay Sands [Member] 374 347 +7.8%
Food And Beverage · MO 270 260 +3.8%
Food And Beverage · Sands Macao [Member] 9 11 -18.2%
Food And Beverage · The Londoner Macao [Member] 116 92 +26.1%
Food And Beverage · The Parisian Macao [Member] 52 62 -16.1%
Food And Beverage · The Plaza Macao and Four Seasons Macao [Member] 29 31 -6.5%
Food And Beverage · The Venetian Macao [Member] 64 64 0.0%
Occupancy 1,422 1,274 +11.6%
Occupancy · Marina Bay Sands [Member] 569 500 +13.8%
Occupancy · MO 853 774 +10.2%
Occupancy · Sands Macao [Member] 18 18 0.0%
Occupancy · The Londoner Macao [Member] 375 302 +24.2%
Occupancy · The Parisian Macao [Member] 137 137 0.0%
Occupancy · The Plaza Macao and Four Seasons Macao [Member] 115 107 +7.5%
Occupancy · The Venetian Macao [Member] 208 210 -1.0%
Product And Service Other 361 359 +0.6%
Product And Service Other · Ferry Operations and Other [Member] 103 98 +5.1%
Product And Service Other · Marina Bay Sands [Member] 155 159 -2.5%
Product And Service Other · MO 206 200 +3.0%
Product And Service Other · Sands Macao [Member] 1 2 -50.0%
Product And Service Other · The Londoner Macao [Member] 27 51 -47.1%
Product And Service Other · The Parisian Macao [Member] 7 7 0.0%
Product And Service Other · The Plaza Macao and Four Seasons Macao [Member] 4 4 0.0%
Product And Service Other · The Venetian Macao [Member] 64 38 +68.4%
Comprehensive Income 1,756 1,361 +29.0%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax -6 -53 +88.7%
Labor And Related Expense 2,047 1,876 +9.1%
Show Business Segments breakouts
Ferry Operations and Other [Member] · MO 44 41 +7.3%
Marina Bay Sands [Member] · SG 751 677 +10.9%
Sands Macao [Member] · MO 93 90 +3.3%
The Londoner Macao [Member] · MO 405 355 +14.1%
The Parisian Macao [Member] · MO 199 194 +2.6%
The Plaza Macao and Four Seasons Macao [Member] · MO 111 106 +4.7%
The Venetian Macao [Member] · MO 444 413 +7.5%
Show Geography breakouts
MO 1,296 1,199 +8.1%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 3,841 3,650 +5.2%
Accounts Receivable 742 417 +77.9%
Inventory 46 41 +12.2%
Prepaid Expenses & Other Current Assets 203 182 +11.5%
Total Current Assets 4,832 4,290 +12.6%
Allowance For Doubtful Accounts Receivable Current 225 186 +21.0%
Non-Current Assets
Long Term Accounts Notes And Loans Receivable Net Noncurrent 1,264 1,264 0.0%
Property, Plant & Equipment 11,673 11,993 -2.7%
Restricted Cash And Cash Equivalents Noncurrent 125 125 0.0%
Deferred Tax Assets 160 122 +31.1%
Other Non-Current Assets 386 325 +18.8%
Total Assets 21,920 20,666 +6.1%
Show Business Segments breakouts
Corporate And Other 3,614 3,353 +7.8%
Ferry Operations and Other [Member] · MO 375 719 -47.8%
Marina Bay Sands [Member] · SG 7,760 6,173 +25.7%
Sands Macao [Member] · MO 258 253 +2.0%
The Londoner Macao [Member] · MO 4,635 4,665 -0.6%
The Parisian Macao [Member] · MO 1,636 1,710 -4.3%
The Plaza Macao and Four Seasons Macao [Member] · MO 953 987 -3.4%
The Venetian Macao [Member] · MO 2,689 2,806 -4.2%
Show Geography breakouts
MO 10,546 11,140 -5.3%
Operating Lease Right-of-Use Assets 44 48 -8.3%
Goodwill 103 102 +1.0%
Intangible Assets 470 443 +6.1%
Show Finite-Lived Intangible Assets Type [Axis] breakouts
Finite-Lived Intangible Assets in Service [Member] 463 — —
Show Finite Lived Intangible Assets By Major Class breakouts
Franchise Rights 53 — —
Licensing Agreements 410 405 +1.2%
Technology Based Intangible Assets 7 38 -81.6%
Other Assets
Leasehold Interests In Land Net 2,907 2,002 +45.2%
Intangible Assets Net Including Goodwill 573 545 +5.1%
Current Liabilities
Accounts Payable 190 164 +15.9%
Construction Payable Current 160 263 -39.2%
Other Liabilities Current 2,359 1,985 +18.8%
Show Related Party Transaction breakouts
Related Party 1 1 0.0%
Accrued Income Taxes Current 385 229 +68.1%
Long Term Debt And Capital Lease Obligations Current 1,128 3,160 -64.3%
Total Current Liabilities 4,222 5,801 -27.2%
Deferred Revenue (Current) (Q) — — —
Show Contract and Contract Related Liabilities [Axis] breakouts
Customer Deposits [Member] 773 608 +27.1%
Outstanding Chip Liability [Member] 181 112 +61.6%
Non-Current Liabilities
Other Non-Current Liabilities 934 925 +1.0%
Deferred Tax Liabilities 174 188 -7.4%
Total Liabilities 19,986 17,506 +14.2%
Show Subsegments breakouts
Londoner Grand [Member] 57 — —
Operating Lease Liabilities 167 172 -2.9%
Other Liabilities
Long Term Debt And Capital Lease Obligations 14,656 10,592 +38.4%
Stockholders' Equity
Common Stock 1 1 0.0%
Treasury Stock Value -9,028 -6,759 -33.6%
Additional Paid-In Capital 6,159 6,245 -1.4%
Accumulated Other Comprehensive Income 71 -58 +222.4%
Retained Earnings 4,387 3,455 +27.0%
Total Stockholders' Equity 1,590 2,884 -44.9%
Minority Interest 344 276 +24.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 1,934 3,160 -38.8%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 71 -58 +222.4%
Additional Paid In Capital 6,159 6,245 -1.4%
Common Stock 1 1 0.0%
Noncontrolling Interest 344 276 +24.6%
Retained Earnings 4,387 3,455 +27.0%
Treasury Stock Common -9,028 -6,759 -33.6%
Total Liabilities & Equity 21,920 20,666 +6.1%
Common Stock Par Or Stated Value Per Share 0 0 0.0%
Show Legal Entity breakouts
Sands China Ltd. [Member] 0.01 — —
Common Stock Shares Authorized 1,000 1,000 0.0%
Common Stock Shares Issued 840 834 +0.7%
Common Stock Shares Outstanding 675 716 -5.7%
Show Equity Components breakouts
Common Stock 674,914,434 716,299,901 -5.8%
Treasury Stock Common Shares 165 118 +39.8%
Preferred Stock Par Or Stated Value Per Share 0 0 0.0%
Preferred Stock Shares Authorized 50 50 0.0%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Amortization Of Financing Costs And Discounts 58 57 +1.8%
Gain Loss On Disposal Or Impairment Of Assets 236 19 +1142.1%
Stock-Based Compensation 54 55 -1.8%
Foreign Currency Transaction Gain Loss Unrealized 23 -18 +227.8%
Deferred Income Taxes -60 4 -1600.0%
Change in Accounts Receivable -392 43 -1011.6%
Increase Decrease In Other Operating Assets -27 -48 +43.8%
Increase Decrease In Leasehold Interests In Land -848 — —
Increase Decrease In Accounts Payable Trade 22 -1 +2300.0%
Increase Decrease In Other Operating Liabilities 461 25 +1744.0%
Net Cash from Operations 3,023 3,204 -5.6%
Change in Deferred Revenue (FY) — — —
Show Contract and Contract Related Liabilities [Axis] breakouts
Customer Deposits and Other Deferred Revenue [Member] 167 73 +128.8%
Loyalty Program Liability [Member] 1 -7 +114.3%
Outstanding Chip Liability [Member] 69 -23 +400.0%
Investing Activities
Capital Expenditures -1,168 -1,567 +25.5%
Proceeds From Sale Of Property Plant And Equipment 7 1 +600.0%
Payments To Acquire Intangible Assets And Other -75 -13 -476.9%
Other Investing Activities 19 — —
Net Cash from Investing -1,217 -1,579 +22.9%
Financing Activities
Proceeds From Stock Options Exercised 264 1 +26300.0%
Show Plan Name breakouts
LVSC 2004 Plan [Member] 264 1 +26300.0%
Tax Withholding for Share Compensation -2 -5 +60.0%
Share Repurchases -2,217 -1,750 -26.7%
Payments Of Dividends -833 -590 -41.2%
Proceeds From Issuance Of Long Term Debt 6,781 1,748 +287.9%
Show Geography breakouts
MO · 2024 SCL Term Loan Facility [Member] 12.75 — —
Show Debt Instrument breakouts
2024 SCL Term Loan Facility [Member] 1,637 — —
2025 Singapore Credit Facility [Member] 3,645 — —
LVSC Senior Notes [Member] 1,499 1,748 -14.2%
Repayments Of Debt And Capital Lease Obligations -4,918 -2,074 -137.1%
Show Debt Instrument breakouts
Finance Leases and Other Debt [Member] -17 -11 -54.5%
Payments Of Financing Costs -201 -60 -235.0%
Payments For Settled Contract For Purchase Of Noncontrolling Interest -483 -215 -124.7%
Show Legal Entity breakouts
Venetian Venture Development II [Member] · Agent Share Purchase Agreements [Member] -2.85 -1.6 -78.1%
Proceeds From Payments For Other Financing Activities -34 -80 +57.5%
Net Cash from Financing -1,643 -3,060 +46.3%
Supplemental
Interest Paid 710 650 +9.2%
Increase Decrease In Construction Payables -118 138 -185.5%
Excise Tax Accrued On Repurchase Of Common Stock 18 17 +5.9%
Income Taxes Paid 271 222 +22.1%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 28 -19 +247.4%
Net Change in Cash 191 -1,454 +113.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 3,966 3,775 +5.1%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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