Las Vegas Sands (LVS) Q1 FY2025 earnings: revenue $2.9 billion, down 3.3% on the year

Las Vegas Sands Corp. (LVS) reported revenue of $2.9 billion for Q1 FY2025, the quarter ended 31 March 2025, down 3.3% on the same quarter a year earlier. Net income was $352 million, down 28.7% on the year, and diluted earnings per share $0.49. The figures are the company's own, from the 10-Q it filed with the SEC on 25 April 2025.

Revenue

$2.9 billion

-3.3% on the year · -1.2% on the quarter

Q2 FY2023Q1 FY2025

Operating margin

21.3%

24.2% a year earlier

Q2 FY2023Q1 FY2025

Net income

$352 million

-28.7% on the year · +8.6% on the quarter

Q2 FY2023Q1 FY2025

Diluted EPS

$0.49

-25.8% on the year · +8.9% on the quarter

Q2 FY2023Q1 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q1 FY2025	Q4 FY2024	Q1 FY2024	On the quarter	On the year
Revenue	2,862	2,896	2,959	-1.2%	-3.3%
Research and development	69.0	59.0	53.0	+16.9%	+30.2%
Selling, general and administrative	273	303	286	-9.9%	-4.5%
Operating income	609	590	717	+3.2%	-15.1%
Operating margin	21.3%	20.4%	24.2%
Interest expense	174	180	182	-3.3%	-4.4%
Pre-tax income	471	461	600	+2.2%	-21.5%
Income tax	63.0	69.0	17.0	-8.7%	+270.6%
Effective tax rate	13.4%	15.0%	2.8%
Net income	352	324	494	+8.6%	-28.7%
Net margin	12.3%	11.2%	16.7%
Diluted EPS	$0.49	$0.45	$0.66	+8.9%	-25.8%

$ 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

$ million	Q1 FY2025	Q4 FY2024	Q1 FY2024	On the quarter	On the year
Operating cash flow	526	915	714	-42.5%	-26.3%
Capital expenditure	379	547	196	-30.7%	+93.4%
Free cash flow	147	368	518	-60.1%	-71.6%
Free cash flow margin	5.1%	12.7%	17.5%
Cash from investing	-454	-550	-200
Cash from financing	-692	-879	-639
Depreciation and amortisation	362	348	320	+4.0%	+13.1%
Share-based compensation	11.0	13.0	14.0	-15.4%	-21.4%
Buybacks	416	450	450	-7.6%	-7.6%
Dividends paid	179	145	151	+23.4%	+18.5%
Dividend per share	$0.25	n/a	$0.20		+25.0%
Diluted shares, weighted	713m	n/a	752m		-5.2%
Shares outstanding at period end	707m	716m	745m	-1.3%	-5.1%

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

Balance sheet

$ million	Q1 FY2025	Q4 FY2024	Q1 FY2024	On the quarter	On the year
Shareholders' equity	2,699	2,884	3,953	-6.4%	-31.7%
Non-controlling interest	334	276	72.0	+21.0%	+363.9%
Debt	13,851	13,689	13,957	+1.2%	-0.8%
Operating lease liabilities	n/a	172	n/a
Finance lease liabilities	n/a	118	n/a
Other liabilities	4,363	3,527	3,263	+23.7%	+33.7%
Total liabilities and equity	21,247	20,666	21,245	+2.8%	+0.0%
Fixed assets	12,058	11,993	11,266	+0.5%	+7.0%
Goodwill	102	102	n/a	0.0%
Intangible assets	558	443	n/a	+26.0%
Loans	n/a	n/a	1,211
Cash and equivalents	3,036	3,650	4,956	-16.8%	-38.7%
Receivables	435	417	420	+4.3%	+3.6%
Inventory	41.0	41.0	39.0	0.0%	+5.1%
Other assets	5,017	4,020	3,353	+24.8%	+49.6%
Total assets	21,247	20,666	21,245	+2.8%	+0.0%

Questions

What was Las Vegas Sands' revenue in Q1 FY2025?

Las Vegas Sands (LVS) reported revenue of $2.9 billion for Q1 FY2025, the quarter ended 31 March 2025, down 3.3% on the same quarter a year earlier.

How much did Las Vegas Sands earn in Q1 FY2025?

Net income for Q1 FY2025 was $352 million, down 28.7% on the year, and diluted earnings per share $0.49.

When did Las Vegas Sands report Q1 FY2025 results?

Las Vegas Sands filed its 10-Q for the quarter ended 31 March 2025 with the SEC on 25 April 2025.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,008	943	1,045	1,005	1,117	2,120	2,542	2,795	2,915	2,959	2,761	2,682	2,896	2,862	3,175	3,331	3,649	3,585	3,154	3,216
R&D	50.0	60.0	22.0	26.0	35.0	42.0	54.0	44.0	65.0	53.0	61.0	55.0	59.0	69.0	69.0	72.0	59.0	41.0	43.0	37.0
SG&A	164	218	238	238	242	251	279	290	287	286	268	293	303	273	292	308	315	302	331	333
Operating income	-138	-302	-147	-177	-166	378	537	688	710	717	591	504	590	609	783	719	707	904	618	618
Operating margin	-14%	-32%	-14%	-18%	-15%	18%	21%	25%	24%	24%	21%	19%	20%	21%	25%	22%	19%	25%	20%	19%
Interest expense	152	156	162	183	201	218	210	200	190	182	186	179	180	174	194	187	191	188	189	186
Pre-tax income	-301	-476	-304	-320	-287	195	417	571	592	600	496	403	461	471	609	582	551	748	461	454
Tax rate	n/a	n/a	n/a	n/a	n/a	26%	12%	21%	21%	3%	15%	12%	15%	13%	15%	16%	19%	14%	19%	22%
Net income	-123	2,530	-290	-239	-169	147	312	380	382	494	353	275	324	352	461	419	395	567	346	304
Net margin	-12%	268%	-28%	-24%	-15%	7%	12%	14%	13%	17%	13%	10%	11%	12%	15%	13%	11%	16%	11%	9%
Diluted EPS	-$0.17	$3.31	-$0.38	-$0.31	-$0.22	$0.19	$0.41	$0.50	$0.50	$0.66	$0.48	$0.38	$0.45	$0.49	$0.66	$0.61	$0.58	$0.85	$0.53	$0.48
Operating cash flow	n/a	n/a	n/a	n/a	n/a	441	941	839	1,006	714	814	761	915	526	178	1,115	1,204	731	682	870
Capital expenditure	188	137	198	169	147	166	196	330	325	196	285	539	547	379	286	229	274	194	332	281
Free cash flow	n/a	n/a	n/a	n/a	n/a	275	745	509	681	518	529	222	368	147	-108	886	930	537	350	589
Buybacks	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	505	450	400	450	450	416	800	500	501	753	788	950
Dividends paid	0.0	n/a	n/a	n/a	n/a	0.0	0.0	153	152	151	148	146	145	179	246	239	169	202	328	193
Shares outstanding	764m	764m	764m	764m	764m	764m	764m	764m	753m	745m	736m	725m	716m	707m	687m	678m	675m	663m	648m	627m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

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.

10-Q for the period ended 31 March 2025, filed 25 April 2025: the filing.