LAS Vegas Sands Corp. Q4 FY2023 results: revenue $2.9 billion, up 161.0% on the year

LAS Vegas Sands Corp. (LVS) reported revenue of $2.9 billion for Q4 FY2023, the quarter ended 31 December 2023, up 161.0% on the same quarter a year earlier. Net income was $382 million, and diluted earnings per share $0.50. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2024.

Revenue$2.9 billionup 161.0%

Net income$382 million

Diluted EPS$0.50

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	2,915	2,795	n/a	n/a
Research and development	65.0	44.0	n/a	n/a
Selling, general and administrative	287	290	n/a	n/a
Operating income	710	688	n/a	n/a
Operating margin	24.4%	24.6%	n/a
Interest expense	190	200	n/a	n/a
Pre-tax income	592	571	n/a	n/a
Income tax	123	122	n/a	n/a
Effective tax rate	20.8%	21.4%	n/a
Net income	382	380	n/a	n/a
Net margin	13.1%	13.6%	n/a
Diluted EPS	$0.50	$0.50	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,006	839	n/a	n/a
Capital expenditure	325	330	n/a	n/a
Free cash flow	681	509	n/a	n/a
Free cash flow margin	23.4%	18.2%	n/a
Depreciation and amortisation	333	313	n/a	n/a
Share-based compensation	11.0	16.0	n/a	n/a
Buybacks	505	0.0	n/a	n/a
Dividends paid	152	153	n/a	n/a
Dividend per share	n/a	$0.20	n/a	n/a
Diluted shares, weighted	n/a	766m	n/a	n/a
Shares outstanding at period end	753m	764m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	21,778	22,124	n/a	n/a
Cash and equivalents	5,105	5,574	n/a	n/a
Receivables	484	390	n/a	n/a
Inventory	38.0	35.0	n/a	n/a
Goodwill	103	102	n/a	n/a
Total debt, as filed	14,090	n/a	n/a	n/a
Long-term debt including finance leases	12,129	12,576	n/a	n/a
Borrowings, as the company tags them	14,090	14,257	n/a	n/a
Operating lease liabilities	252	n/a	n/a	n/a
Finance lease liabilities	9.0	n/a	n/a	n/a
Shareholders' equity	4,118	4,553	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	2,795	2,915	2,959	2,761	2,682	2,896	2,862	3,175	3,331	3,649	3,585	3,154
R&D	44.0	65.0	53.0	61.0	55.0	59.0	69.0	69.0	72.0	59.0	41.0	43.0
SG&A	290	287	286	268	293	303	273	292	308	315	302	331
Operating income	688	710	717	591	504	590	609	783	719	707	904	618
Operating margin	25%	24%	24%	21%	19%	20%	21%	25%	22%	19%	25%	20%
Interest expense	200	190	182	186	179	180	174	194	187	191	188	189
Pre-tax income	571	592	600	496	403	461	471	609	582	551	748	461
Tax rate	21%	21%	3%	15%	12%	15%	13%	15%	16%	19%	14%	19%
Net income	380	382	494	353	275	324	352	461	419	395	567	346
Net margin	14%	13%	17%	13%	10%	11%	12%	15%	13%	11%	16%	11%
Diluted EPS	$0.50	$0.50	$0.66	$0.48	$0.38	$0.45	$0.49	$0.66	$0.61	$0.58	$0.85	$0.53
Operating cash flow	839	1,006	714	814	761	915	526	178	1,115	1,204	731	682
Capital expenditure	330	325	196	285	539	547	379	286	229	274	194	332
Free cash flow	509	681	518	529	222	368	147	-108	886	930	537	350
Buybacks	0.0	505	450	400	450	450	416	800	500	501	753	788
Dividends paid	153	152	151	148	146	145	179	246	239	169	202	328
Shares outstanding	764m	753m	745m	736m	725m	716m	707m	687m	678m	675m	663m	648m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 7 February 2024, accession 0001300514-24-000048: the filing on EDGAR. All of LAS Vegas Sands Corp.'s filings: EDGAR company page.

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