LAS VEGAS SANDS CORP

LVS 10-Q · Q2 2025

LVS Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 3,175 2,761 +15.0%
Show Product Lines breakouts
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
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
MO 1,787 1,745 +2.4%
Show Consolidation Items breakouts
Intersegment Elimination -77 -72 -6.9%
Cost of Revenue (Q)
Show Product Lines breakouts
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
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
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
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
MO 322 300 +7.3%

Balance Sheet

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
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
MO 10,056
Goodwill 103
Intangible Assets 538
Show Finite-Lived Intangible Assets Type [Axis] breakouts
Finite-Lived Intangible Assets Brought Into Service and Amortizable [Member] 500
Show Finite Lived Intangible Assets By Major Class breakouts
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
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
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

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
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
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
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
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.

This table is rendered from the same JSON returned by /api/financials.

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