Las Vegas Sands (LVS) Q2 FY2025 earnings: revenue $3.2 billion, up 15.0% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $3.2 billion for Q2 FY2025, the quarter ended 30 June 2025, up 15.0% on the same quarter a year earlier. Net income was $461 million, up 30.6% on the year, and diluted earnings per share $0.66. The figures are the company's own, from the 10-Q it filed with the SEC on 25 July 2025.
Revenue
$3.2 billion
+15.0% on the year · +10.9% on the quarter
Q3 FY2023Q2 FY2025
Operating margin
24.7%
21.4% a year earlier
Q3 FY2023Q2 FY2025
Net income
$461 million
+30.6% on the year · +31.0% on the quarter
Q3 FY2023Q2 FY2025
Diluted EPS
$0.66
+37.5% on the year · +34.7% on the quarter
Q3 FY2023Q2 FY2025
this quarterthe same quarter a year earlierHover a bar for its figure.
Income statement (profit and loss)
$ million
Q2 FY2025
Q1 FY2025
Q2 FY2024
On the quarter
On the year
Last 8 quarters
Revenue
3,175
2,862
2,761
+10.9%
+15.0%
Research and development
69.0
69.0
61.0
0.0%
+13.1%
Selling, general and administrative
292
273
268
+7.0%
+9.0%
Operating income
783
609
591
+28.6%
+32.5%
Operating margin
24.7%
21.3%
21.4%
Interest expense
194
174
186
+11.5%
+4.3%
Pre-tax income
609
471
496
+29.3%
+22.8%
Income tax
90.0
63.0
72.0
+42.9%
+25.0%
Effective tax rate
14.8%
13.4%
14.5%
Net income
461
352
353
+31.0%
+30.6%
Net margin
14.5%
12.3%
12.8%
Diluted EPS
$0.66
$0.49
$0.48
+34.7%
+37.5%
$ million except per share. Read moreFree 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
Q2 FY2025
Q1 FY2025
Q2 FY2024
On the quarter
On the year
Last 8 quarters
Operating cash flow
178
526
814
-66.2%
-78.1%
Capital expenditure
286
379
285
-24.5%
+0.4%
Free cash flow
-108
147
529
Free cash flow margin
-3.4%
5.1%
19.2%
Cash from investing
-286
-454
-288
Cash from financing
512
-692
-769
Depreciation and amortisation
371
362
316
+2.5%
+17.4%
Share-based compensation
17.0
11.0
14.0
+54.5%
+21.4%
Buybacks
800
416
400
+92.3%
+100.0%
Dividends paid
246
179
148
+37.4%
+66.2%
Dividend per share
$0.25
$0.25
$0.20
0.0%
+25.0%
Diluted shares, weighted
696m
713m
741m
-2.4%
-6.1%
Shares outstanding at period end
687m
707m
736m
-2.8%
-6.7%
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
Q2 FY2025
Q1 FY2025
Q2 FY2024
On the quarter
On the year
Last 8 quarters
Shareholders' equity
1,991
2,699
3,754
-26.2%
-47.0%
Non-controlling interest
291
334
140
-12.9%
+107.9%
Debt
15,820
13,851
13,738
+14.2%
+15.2%
Other liabilities
3,748
4,363
3,481
-14.1%
+7.7%
Total liabilities and equity
21,850
21,247
21,113
+2.8%
+3.5%
Fixed assets
12,044
12,058
11,367
-0.1%
+6.0%
Goodwill
103
102
n/a
+1.0%
Intangible assets
538
558
n/a
-3.6%
Loans
n/a
n/a
1,228
Cash and equivalents
3,450
3,036
4,711
+13.6%
-26.8%
Receivables
533
435
436
+22.5%
+22.2%
Inventory
40.0
41.0
37.0
-2.4%
+8.1%
Other assets
5,142
5,017
3,334
+2.5%
+54.2%
Total assets
21,850
21,247
21,113
+2.8%
+3.5%
Questions
What was Las Vegas Sands' revenue in Q2 FY2025?
Las Vegas Sands (LVS) reported revenue of $3.2 billion for Q2 FY2025, the quarter ended 30 June 2025, up 15.0% on the same quarter a year earlier.
How much did Las Vegas Sands earn in Q2 FY2025?
Net income for Q2 FY2025 was $461 million, up 30.6% on the year, and diluted earnings per share $0.66.
When did Las Vegas Sands report Q2 FY2025 results?
Las Vegas Sands filed its 10-Q for the quarter ended 30 June 2025 with the SEC on 25 July 2025.
Each quarter as filed, linked to its filing. Read moreMoney 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 30 June 2025, filed 25 July 2025: the filing.