Las Vegas Sands (LVS) Q4 FY2025 earnings: revenue $3.6 billion, up 26.0% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $3.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 26.0% on the same quarter a year earlier. Net income was $395 million, up 21.9% on the year, and diluted earnings per share $0.58. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2026.
Revenue
$3.6 billion
+26.0% on the year · +9.5% on the quarter
Q1 FY2024Q4 FY2025
Operating margin
19.4%
20.4% a year earlier
Q1 FY2024Q4 FY2025
Net income
$395 million
+21.9% on the year · -5.7% on the quarter
Q1 FY2024Q4 FY2025
Diluted EPS
$0.58
+28.9% on the year · -4.9% on the quarter
Q1 FY2024Q4 FY2025
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 2 kept.
Net revenue rose to $3.65 billion: Net revenue was $3.65 billion against $2.90 billion a year earlier. Operating income was $707 million, against $590 million in the prior year quarter.
Consolidated adjusted EBITDA rose: Consolidated adjusted property EBITDA was $1.41 billion, against $1.11 billion a year earlier, as reported in the results release.
Marina Bay Sands EBITDA rose to $806 million: Marina Bay Sands adjusted property EBITDA was $806 million against $537 million a year earlier. Its net revenue was $1,603 million, against $1,137 million.
$ 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
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Operating cash flow
1,204
1,115
915
+8.0%
+31.6%
Capital expenditure
274
229
547
+19.7%
-49.9%
Free cash flow
930
886
368
+5.0%
+152.7%
Free cash flow margin
25.5%
26.6%
12.7%
Cash from investing
-266
-211
-550
Cash from financing
-451
-1,012
-879
Depreciation and amortisation
363
368
348
-1.4%
+4.3%
Share-based compensation
15.0
26.0
13.0
-42.3%
+15.4%
Buybacks
501
500
450
+0.2%
+11.3%
Dividends paid
169
239
145
-29.3%
+16.6%
Dividend per share
n/a
$0.25
n/a
Diluted shares, weighted
n/a
685m
n/a
Shares outstanding at period end
675m
678m
716m
-0.4%
-5.7%
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
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Shareholders' equity
1,590
1,571
2,884
+1.2%
-44.9%
Non-controlling interest
344
296
276
+16.2%
+24.6%
Debt
15,770
15,772
13,689
-0.0%
+15.2%
Operating lease liabilities
167
n/a
172
-2.9%
Finance lease liabilities
139
n/a
118
+17.8%
Other liabilities
3,910
3,863
3,527
+1.2%
+10.9%
Total liabilities and equity
21,920
21,502
20,666
+1.9%
+6.1%
Fixed assets
11,673
11,907
11,993
-2.0%
-2.7%
Goodwill
103
103
102
0.0%
+1.0%
Intangible assets
470
489
443
-3.9%
+6.1%
Cash and equivalents
3,841
3,353
3,650
+14.6%
+5.2%
Receivables
742
548
417
+35.4%
+77.9%
Inventory
46.0
45.0
41.0
+2.2%
+12.2%
Other assets
5,045
5,057
4,020
-0.2%
+25.5%
Total assets
21,920
21,502
20,666
+1.9%
+6.1%
Questions
What was Las Vegas Sands' revenue in Q4 FY2025?
Las Vegas Sands (LVS) reported revenue of $3.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 26.0% on the same quarter a year earlier.
How much did Las Vegas Sands earn in Q4 FY2025?
Net income for Q4 FY2025 was $395 million, up 21.9% on the year, and diluted earnings per share $0.58.
When did Las Vegas Sands report Q4 FY2025 results?
Las Vegas Sands filed its 10-K for the quarter ended 31 December 2025 with the SEC on 6 February 2026.
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-K for the period ended 31 December 2025, filed 6 February 2026: the filing.