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Las Vegas Sands LVS Q4 2025 Annual earnings

Reported January 28, 2026 · After market close

Revenue$3.6BBeat by $304.9MDiluted EPS$0.85Beat by $0.08
Revenue estimate$3.3B
EPS estimate$0.77

Next report

Jul 22, 2026 (In 1 week)
Revenue estimate$3.4B
EPS estimate$0.78

Financials

Q4 2025

Income statement

See full
Revenue$3.6B+26.0%
Operating income$707.0M+19.8%
Net income$395.0M+21.9%
EPS (diluted)$0.58+28.9%

Balance sheet

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Cash & equivalents$4.0B+5.1%
Total debt$17.3B+0.2%
Total equity$1.6B-44.9%
Total assets$21.9B+6.1%

Cash flow

See full
Operating cash flow$1.2B+31.6%
CapEx$274.0M-49.9%
Free cash flow$930.0M+153%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$44.01B+18.2%
Enterprise value$57.3B+13.0%
P/E27×+1.3×
P/S3.4×+0.1×

Profitability

See full
Operating margin21.6%+0.4pp
Net margin12.5%-0.3pp
FCF margin15.1%+0.6pp

Returns & leverage

See full
Return on equity72.7%+31.4pp
Debt / equity10.9×+4.9×
Current ratio1.1×+0.4×

Segments

By product

See full
Casino$2.7B+30.3%

Versus estimates

Revenue

Q1 2026$3.6BBeat by $223.1M
Q4 2025$3.6BBeat by $304.9M
Q3 2025$3.3BBeat by $278.2MQ2 2025$3.2BBeat by $334.5MQ1 2025$2.9BMiss by $20.6MQ4 2024$2.9BBeat by $43.1M

Diluted EPS

Q1 2026$0.91Beat by $0.15
Q4 2025$0.85Beat by $0.08
Q3 2025$0.78Beat by $0.16Q2 2025$0.79Beat by $0.26Q1 2025$0.59Beat by $0.02Q4 2024$0.54Miss by $0.03

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Questions, answered.

When did Las Vegas Sands report Q4 2025 earnings?
Las Vegas Sands (LVS) reported Q4 2025 earnings on January 28, 2026 after market close.
What were Las Vegas Sands's Q4 2025 revenue and EPS?
Las Vegas Sands reported revenue of $3.6B and diluted EPS of $0.85 for Q4 2025.
Did Las Vegas Sands beat estimates in Q4 2025?
Revenue beat the consensus estimate of $3.3B by $304.9M. EPS beat the consensus estimate of $0.77 by $0.08.
How did Las Vegas Sands's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 26.0% from $2.9B a year earlier and diluted EPS grew 57.4% from $0.54.
Where can I find Las Vegas Sands's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001300514-26-000004) and the 10-K periodic report (0001300514-26-000013) directly on SEC EDGAR. The filing index links above go to sec.gov.