Las Vegas Sands (LVS) Q3 FY2025 earnings: revenue $3.3 billion, up 24.2% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $3.3 billion for Q3 FY2025, the quarter ended 30 September 2025, up 24.2% on the same quarter a year earlier. Net income was $419 million, up 52.4% on the year, and diluted earnings per share $0.61. The figures are the company's own, from the 10-Q it filed with the SEC on 24 October 2025.
Revenue
$3.3 billion
+24.2% on the year · +4.9% on the quarter
Q4 FY2023Q3 FY2025
Operating margin
21.6%
18.8% a year earlier
Q4 FY2023Q3 FY2025
Net income
$419 million
+52.4% on the year · -9.1% on the quarter
Q4 FY2023Q3 FY2025
Diluted EPS
$0.61
+60.5% on the year · -7.6% on the quarter
Q4 FY2023Q3 FY2025
this quarterthe same quarter a year earlierHover a bar for its figure.
Income statement (profit and loss)
$ million
Q3 FY2025
Q2 FY2025
Q3 FY2024
On the quarter
On the year
Last 8 quarters
Revenue
3,331
3,175
2,682
+4.9%
+24.2%
Research and development
72.0
69.0
55.0
+4.3%
+30.9%
Selling, general and administrative
308
292
293
+5.5%
+5.1%
Operating income
719
783
504
-8.2%
+42.7%
Operating margin
21.6%
24.7%
18.8%
Interest expense
187
194
179
-3.6%
+4.5%
Pre-tax income
582
609
403
-4.4%
+44.4%
Income tax
91.0
90.0
50.0
+1.1%
+82.0%
Effective tax rate
15.6%
14.8%
12.4%
Net income
419
461
275
-9.1%
+52.4%
Net margin
12.6%
14.5%
10.3%
Diluted EPS
$0.61
$0.66
$0.38
-7.6%
+60.5%
$ 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
Q3 FY2025
Q2 FY2025
Q3 FY2024
On the quarter
On the year
Last 8 quarters
Operating cash flow
1,115
178
761
+526.4%
+46.5%
Capital expenditure
229
286
539
-19.9%
-57.5%
Free cash flow
886
-108
222
+299.1%
Free cash flow margin
26.6%
-3.4%
8.3%
Cash from investing
-211
-286
-541
Cash from financing
-1,012
512
-773
Depreciation and amortisation
368
371
324
-0.8%
+13.6%
Share-based compensation
26.0
17.0
24.0
+52.9%
+8.3%
Buybacks
500
800
450
-37.5%
+11.1%
Dividends paid
239
246
146
-2.8%
+63.7%
Dividend per share
$0.25
$0.25
$0.20
0.0%
+25.0%
Diluted shares, weighted
685m
696m
731m
-1.6%
-6.3%
Shares outstanding at period end
678m
687m
725m
-1.3%
-6.5%
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
Q3 FY2025
Q2 FY2025
Q3 FY2024
On the quarter
On the year
Last 8 quarters
Shareholders' equity
1,571
1,991
3,426
-21.1%
-54.1%
Non-controlling interest
296
291
221
+1.7%
+33.9%
Debt
15,772
15,820
14,012
-0.3%
+12.6%
Other liabilities
3,863
3,748
3,695
+3.1%
+4.5%
Total liabilities and equity
21,502
21,850
21,354
-1.6%
+0.7%
Fixed assets
11,907
12,044
12,059
-1.1%
-1.3%
Goodwill
103
103
n/a
0.0%
Intangible assets
489
538
n/a
-9.1%
Loans
n/a
n/a
1,246
Cash and equivalents
3,353
3,450
4,208
-2.8%
-20.3%
Receivables
548
533
413
+2.8%
+32.7%
Inventory
45.0
40.0
41.0
+12.5%
+9.8%
Other assets
5,057
5,142
3,387
-1.7%
+49.3%
Total assets
21,502
21,850
21,354
-1.6%
+0.7%
Questions
What was Las Vegas Sands' revenue in Q3 FY2025?
Las Vegas Sands (LVS) reported revenue of $3.3 billion for Q3 FY2025, the quarter ended 30 September 2025, up 24.2% on the same quarter a year earlier.
How much did Las Vegas Sands earn in Q3 FY2025?
Net income for Q3 FY2025 was $419 million, up 52.4% on the year, and diluted earnings per share $0.61.
When did Las Vegas Sands report Q3 FY2025 results?
Las Vegas Sands filed its 10-Q for the quarter ended 30 September 2025 with the SEC on 24 October 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 September 2025, filed 24 October 2025: the filing.