LAS VEGAS SANDS CORP
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LVS Q2 2025 request
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Income Statement
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Revenue | 3,175 | 2,761 | +15.0% |
Show Product Lines breakouts |
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| Casino | 2,415 | 2,035 | +18.7% |
| Food And Beverage | 147 | 148 | -0.7% |
| Mall [Member] | 187 | 174 | +7.5% |
| Mall [Member] · Marina Bay Sands [Member] | 62 | 58 | +6.9% |
| Mall [Member] · MO | 125 | 116 | +7.8% |
| Mall [Member] · The Londoner Macao [Member] | 21 | 17 | +23.5% |
| Mall [Member] · The Parisian Macao [Member] | 5 | 7 | -28.6% |
| Mall [Member] · The Plaza Macao and Four Seasons Macao [Member] | 37 | 38 | -2.6% |
| Mall [Member] · The Venetian Macao [Member] | 62 | 54 | +14.8% |
| Occupancy | 345 | 313 | +10.2% |
| Product And Service Other | 81 | 91 | -11.0% |
Show Business Segments breakouts |
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| Corporate And Other · US | -67 | -63 | -6.3% |
| Ferry Operations and Other [Member] · MO | -8 | -7 | -14.3% |
| Ferry Operations and Other [Member] · MO | 25 | 23 | +8.7% |
| Macao Operating Segments [Member] · MO | -10 | -9 | -11.1% |
| Marina Bay Sands [Member] · SG | 1,388 | 1,016 | +36.6% |
| Sands Macao [Member] · MO | 71 | 79 | -10.1% |
| The Londoner Macao [Member] · MO | 642 | 444 | +44.6% |
| The Parisian Macao [Member] · MO | 194 | 265 | -26.8% |
| The Plaza Macao and Four Seasons Macao [Member] · MO | 194 | 250 | -22.4% |
| The Venetian Macao [Member] · MO | -2 | -2 | 0.0% |
| The Venetian Macao [Member] · MO | 661 | 684 | -3.4% |
Show Geography breakouts |
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| MO | 1,787 | 1,745 | +2.4% |
Show Consolidation Items breakouts |
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| Intersegment Elimination | -77 | -72 | -6.9% |
| Cost of Revenue (Q) | — | — | — |
Show Product Lines breakouts |
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| Casino | 1,242 | 1,141 | +8.9% |
| Food And Beverage | 130 | 124 | +4.8% |
| Mall [Member] | 22 | 19 | +15.8% |
| Occupancy | 87 | 77 | +13.0% |
| Product And Service Other | 57 | 58 | -1.7% |
| Provision For Doubtful Accounts | 16 | 4 | +300.0% |
| Selling, General & Administrative | 292 | 268 | +9.0% |
| Corporate Expense | 69 | 69 | 0.0% |
| Pre Opening Costs | 9 | 3 | +200.0% |
| Research & Development | 69 | 61 | +13.1% |
| Depreciation And Amortization | 371 | 316 | +17.4% |
| Amortization Of Leasehold Interests In Land | 20 | 14 | +42.9% |
| Gain Loss On Sales Of Assets And Asset Impairment Charges | 8 | 16 | -50.0% |
| Total Costs & Expenses | 2,392 | 2,170 | +10.2% |
| Operating Income | 783 | 591 | +32.5% |
| Interest Income Interest Earning Asset | 42 | 80 | -47.5% |
| Interest Expense | -194 | -186 | -4.3% |
| Other Non-Operating Income (Expense) | -22 | 11 | -300.0% |
| Income Before Taxes | 609 | 496 | +22.8% |
| Income Tax Expense (Benefit) | -90 | -72 | -25.0% |
| Net Income | 519 | 424 | +22.4% |
Show Equity Components breakouts |
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| Noncontrolling Interest | 58 | 71 | -18.3% |
| Retained Earnings | 461 | 353 | +30.6% |
| Net Income Loss Attributable To Noncontrolling Interest | -58 | -71 | +18.3% |
| Net Income | 461 | 353 | +30.6% |
| EPS (Basic) | 0.66 | 0.48 | +37.5% |
| EPS (Diluted) | 0.66 | 0.48 | +37.5% |
| Wtd Avg Shares (Basic) | 695 | 740 | -6.1% |
| Wtd Avg Shares (Diluted) | 696 | 741 | -6.1% |
| Revenue (Q) | — | — | — |
Show Product Lines breakouts |
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| Casino | 2,415 | 2,035 | +18.7% |
| Casino · Marina Bay Sands [Member] | 1,068 | 706 | +51.3% |
| Casino · MO | 1,347 | 1,329 | +1.4% |
| Casino · Sands Macao [Member] | 63 | 70 | -10.0% |
| Casino · The Londoner Macao [Member] | 495 | 318 | +55.7% |
| Casino · The Parisian Macao [Member] | 143 | 207 | -30.9% |
| Casino · The Plaza Macao and Four Seasons Macao [Member] | 122 | 178 | -31.5% |
| Casino · The Venetian Macao [Member] | 524 | 556 | -5.8% |
| Food And Beverage | 147 | 148 | -0.7% |
| Food And Beverage · Marina Bay Sands [Member] | 84 | 82 | +2.4% |
| Food And Beverage · MO | 63 | 66 | -4.5% |
| Food And Beverage · Sands Macao [Member] | 3 | 3 | 0.0% |
| Food And Beverage · The Londoner Macao [Member] | 27 | 22 | +22.7% |
| Food And Beverage · The Parisian Macao [Member] | 11 | 17 | -35.3% |
| Food And Beverage · The Plaza Macao and Four Seasons Macao [Member] | 7 | 8 | -12.5% |
| Food And Beverage · The Venetian Macao [Member] | 15 | 16 | -6.2% |
| Occupancy | 345 | 313 | +10.2% |
| Occupancy · Marina Bay Sands [Member] | 134 | 124 | +8.1% |
| Occupancy · MO | 211 | 189 | +11.6% |
| Occupancy · Sands Macao [Member] | 4 | 5 | -20.0% |
| Occupancy · The Londoner Macao [Member] | 95 | 77 | +23.4% |
| Occupancy · The Parisian Macao [Member] | 34 | 32 | +6.2% |
| Occupancy · The Plaza Macao and Four Seasons Macao [Member] | 28 | 25 | +12.0% |
| Occupancy · The Venetian Macao [Member] | 50 | 50 | 0.0% |
| Product And Service Other | 81 | 91 | -11.0% |
| Product And Service Other · Ferry Operations and Other [Member] | 25 | 23 | +8.7% |
| Product And Service Other · Marina Bay Sands [Member] | 40 | 46 | -13.0% |
| Product And Service Other · MO | 41 | 45 | -8.9% |
| Product And Service Other · Sands Macao [Member] | 1 | 1 | 0.0% |
| Product And Service Other · The Londoner Macao [Member] | 4 | 10 | -60.0% |
| Product And Service Other · The Parisian Macao [Member] | 1 | 2 | -50.0% |
| Product And Service Other · The Venetian Macao [Member] | 10 | 8 | +25.0% |
| Comprehensive Income | 489 | 338 | +44.7% |
| Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax | -26 | -7 | -271.4% |
| Labor And Related Expense | 506 | 465 | +8.8% |
Show Business Segments breakouts |
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| Ferry Operations and Other [Member] · MO | 12 | 10 | +20.0% |
| Marina Bay Sands [Member] · SG | 184 | 165 | +11.5% |
| Sands Macao [Member] · MO | 23 | 22 | +4.5% |
| The Londoner Macao [Member] · MO | 100 | 88 | +13.6% |
| The Parisian Macao [Member] · MO | 49 | 50 | -2.0% |
| The Plaza Macao and Four Seasons Macao [Member] · MO | 28 | 27 | +3.7% |
| The Venetian Macao [Member] · MO | 110 | 103 | +6.8% |
Show Geography breakouts |
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| MO | 322 | 300 | +7.3% |
Balance Sheet
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 3,450 | 4,711 | -26.8% |
| Accounts Receivable | 533 | 436 | +22.2% |
| Inventory | 40 | 37 | +8.1% |
| Prepaid Expenses & Other Current Assets | 240 | 148 | +62.2% |
| Total Current Assets | 4,263 | 5,332 | -20.0% |
| Allowance For Doubtful Accounts Receivable Current | 186 | 206 | -9.7% |
| Non-Current Assets | |||
| Long Term Accounts Notes And Loans Receivable Net Noncurrent | 1,264 | — | — |
| Property, Plant & Equipment | 12,044 | 11,367 | +6.0% |
| Restricted Cash And Cash Equivalents Noncurrent | 125 | — | — |
| Deferred Tax Assets | 140 | 124 | +12.9% |
| Other Non-Current Assets | 417 | 267 | +56.2% |
| Total Assets | 21,850 | — | — |
Show Business Segments breakouts |
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| Corporate And Other | 4,311 | — | — |
| Ferry Operations and Other [Member] · MO | 148 | — | — |
| Marina Bay Sands [Member] · SG | 7,483 | — | — |
| Sands Macao [Member] · MO | 247 | — | — |
| The Londoner Macao [Member] · MO | 4,578 | — | — |
| The Parisian Macao [Member] · MO | 1,646 | — | — |
| The Plaza Macao and Four Seasons Macao [Member] · MO | 959 | — | — |
| The Venetian Macao [Member] · MO | 2,478 | — | — |
Show Geography breakouts |
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| MO | 10,056 | — | — |
| Goodwill | 103 | — | — |
| Intangible Assets | 538 | — | — |
Show Finite-Lived Intangible Assets Type [Axis] breakouts |
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| Finite-Lived Intangible Assets Brought Into Service and Amortizable [Member] | 500 | — | — |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Franchise Rights | 55 | — | — |
| Licensing Agreements | 445 | — | — |
| Technology Based Intangible Assets | 38 | — | — |
| Other Assets | |||
| Leasehold Interests In Land Net | 2,956 | — | — |
| Intangible Assets Net Including Goodwill | 641 | — | — |
| Current Liabilities | |||
| Accounts Payable | 162 | 149 | +8.7% |
| Construction Payable Current | 188 | 273 | -31.1% |
| Other Liabilities Current | 1,918 | 1,773 | +8.2% |
| Accrued Income Taxes Current | 310 | 244 | +27.0% |
| Long Term Debt And Capital Lease Obligations Current | 923 | — | — |
| Total Current Liabilities | 3,501 | 3,369 | +3.9% |
| Non-Current Liabilities | |||
| Other Non-Current Liabilities | 987 | 869 | +13.6% |
| Deferred Tax Liabilities | 183 | 173 | +5.8% |
| Total Liabilities | 19,568 | — | — |
| Long-Term Debt (Q) | — | — | — |
Show Geography breakouts |
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| MO · $1.90 billion 5.400% Senior Notes due 2028 [Member] | 1,892 | — | — |
| MO · $600 million 3.250% Senior Notes due 2031 [Member] | 596 | — | — |
| MO · $650 million 2.850% Senior Notes due 2029 [Member] | 646 | — | — |
| MO · $700 million 2.300% Senior Notes due 2027 [Member] | 697 | — | — |
| MO · $700 million 4.375% Senior Notes due 2030 [Member] | 695 | — | — |
| MO · $800 million 3.800% Senior Notes due 2026 [Member] | 799 | — | — |
| MO · 2024 SCL Term Loan Facility [Member] | 1,599 | — | — |
| SG · 2025 Singapore Delayed Draw Term Loan Facility [Member] | 917 | — | — |
| SG · 2025 Singapore Term Loan Facility [Member] | 2,865 | — | — |
| US · $1.0 billion 3.500% Senior Notes due 2026 [Member] | 998 | — | — |
| US · $1.0 billion 5.625% Senior Notes due 2028 [Member] | 993 | — | — |
| US · $500 million 6.000% Senior Notes due 2029 [Member] | 496 | — | — |
| US · $500 million 6.000% Senior Notes due 2030 [Member] | 495 | — | — |
| US · $500 million 6.200% Senior Notes due 2034 [Member] | 495 | — | — |
| US · $750 million 3.900% Senior Notes due 2029 [Member] | 746 | — | — |
| US · $750 million 5.900% Senior Notes due 2027 [Member] | 746 | — | — |
| Other Liabilities | |||
| Long Term Debt And Capital Lease Obligations | 14,897 | — | — |
| Stockholders' Equity | |||
| Common Stock | 1 | 1 | 0.0% |
| Treasury Stock Value | 8,021 | 5,850 | +37.1% |
| Additional Paid-In Capital | 6,093 | 6,508 | -6.4% |
| Accumulated Other Comprehensive Income | 4 | -53 | +107.5% |
| Retained Earnings | 3,914 | 3,148 | +24.3% |
| Total Stockholders' Equity | 1,991 | 3,754 | -47.0% |
| Minority Interest | 291 | 140 | +107.9% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 2,282 | 3,894 | -41.4% |
Show Equity Components breakouts |
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| Accumulated Translation Adjustment | 4 | -53 | +107.5% |
| Additional Paid In Capital | 6,093 | 6,508 | -6.4% |
| Common Stock | 1 | 1 | 0.0% |
| Noncontrolling Interest | 291 | 140 | +107.9% |
| Retained Earnings | 3,914 | 3,148 | +24.3% |
| Treasury Stock Common | -8,021 | -5,850 | -37.1% |
| Total Liabilities & Equity | 21,850 | 21,113 | +3.5% |
| Common Stock Par Or Stated Value Per Share | 0 | 0 | 0.0% |
| Common Stock Shares Authorized | 1,000 | 1,000 | 0.0% |
| Common Stock Shares Issued | 835 | 834 | +0.1% |
| Common Stock Shares Outstanding | 687 | 736 | -6.7% |
| Treasury Stock Common Shares | 148 | 98 | +51.0% |
| Preferred Stock Par Or Stated Value Per Share | 0 | 0 | 0.0% |
| Preferred Stock Shares Authorized | 50 | 50 | 0.0% |
Cash Flow Statement
| Metric | YTD Q2 2025 | YTD Q2 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Amortization Of Financing Costs And Discounts | 28 | 30 | -6.7% |
| Unrealized Gain Loss On Derivatives | -7 | — | — |
| Interest Income Operating Paid In Kind | -1 | -35 | +97.1% |
| Gain Loss On Disposal Or Impairment Of Assets | 8 | 12 | -33.3% |
| Stock-Based Compensation | 25 | 29 | -13.8% |
| Foreign Currency Transaction Gain Loss Unrealized | 29 | -6 | +583.3% |
| Deferred Income Taxes | -25 | -14 | -78.6% |
| Change in Accounts Receivable | -119 | 26 | -557.7% |
| Increase Decrease In Other Operating Assets | -45 | -4 | -1025.0% |
| Increase Decrease In Leasehold Interests In Land | 848 | — | — |
| Increase Decrease In Accounts Payable Trade | -6 | -16 | +62.5% |
| Increase Decrease In Other Operating Liabilities | -56 | -182 | +69.2% |
| Net Cash from Operations | 704 | 1,528 | -53.9% |
| Change in Deferred Revenue (YTD) | — | — | — |
Show Contract and Contract Related Liabilities [Axis] breakouts |
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| Customer Deposits and Other Deferred Revenue [Member] | 24 | 23 | +4.3% |
| Outstanding Chip Liability [Member] | -17 | -26 | +34.6% |
| Investing Activities | |||
| Capital Expenditures | -665 | -481 | -38.3% |
| Payments To Acquire Intangible Assets And Other | -75 | -8 | -837.5% |
| Net Cash from Investing | -740 | -488 | -51.6% |
| Financing Activities | |||
| Tax Withholding for Share Compensation | -2 | -4 | +50.0% |
| Share Repurchases | -1,216 | -850 | -43.1% |
Show Share Repurchase Program breakouts |
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| June 2018 Program [Member] | -1.26 | -859 | +99.9% |
| Payments Of Dividends Common Stock | -425 | -299 | -42.1% |
| Proceeds From Issuance Of Long Term Debt | 6,781 | 1,748 | +287.9% |
Show Geography breakouts |
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| MO · 2024 SCL Term Loan Facility [Member] | 1,637 | — | — |
| SG · 2025 Singapore Credit Facility [Member] | 3,645 | — | — |
| US · LVSC Senior Notes [Member] | 1,499 | 1,748 | -14.2% |
| Repayments Of Long Term Debt And Capital Securities | -4,856 | -1,960 | -147.8% |
Show Debt Instrument breakouts |
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| Finance Leases And Other Long Term Debt [Member] · Other [Member] | -9 | -5 | -80.0% |
| Payments Of Financing Costs | -201 | -20 | -905.0% |
| Payments For Settled Contract For Purchase Of Noncontrolling Interest | -137 | — | — |
| Payments For Unsettled Contract For Purchase Of Noncontrolling Interest | -100 | — | — |
| Proceeds From Payments For Other Financing Activities | -24 | -23 | -4.3% |
| Net Cash from Financing | -180 | -1,408 | +87.2% |
| Supplemental | |||
| Interest Paid | 363 | 354 | +2.5% |
| Income Taxes Paid | 135 | 115 | +17.4% |
| Increase Decrease In Construction Payables | -76 | 147 | -151.7% |
| Excise Tax Accrued On Repurchase Of Common Stock | 12 | 9 | +33.3% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations | 16 | -25 | +164.0% |
| Net Change in Cash | -200 | -393 | +49.1% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 3,575 | 4,836 | -26.1% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.