Operating

Las Vegas Sands·Cash Flow Statement·21 metrics

Breakdown

Metric	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Net cash from operating activities	$814M	$761M	$915M	$526M	$178M	$1.1B	$1.2B	$731M
Net income	$424M	$353M	$392M	$408M	$519M	$491M	$448M	$641M
Depreciation and amortization	$316M	$324M	$348M	$362M	$371M	$368M	$363M	$357M
Change in other liabilities	—	—	$138M	-$220M	$164M	$166M	$351M	-$215M
Increase (decrease) in leasehold interests in land	—	$0	$0	$0	$848M	—	—	$137M
Change in accounts receivable	—	-$43M	—	$20M	$99M	$36M	$237M	-$32M
Change in accounts payable	-$6M	-$14M	—	-$14M	$8M	$7M	$21M	-$31M
Accounts payable	-$6M	-$14M	—	-$14M	$8M	$7M	$21M	-$31M
Accounts Receivable, Credit Loss Expense (Reversal)	$4M	-$5M	$9M	$5M	$16M	$18M	$46M	$29M
Provision for credit losses	$4M	-$5M	$9M	$5M	$16M	$18M	$46M	$29M
Stock-based compensation	$15M	$13M	$13M	$11M	$14M	$14M	$15M	$24M
Amortization of leasehold interests in land	$14M	$15M	$15M	$15M	$20M	$21M	$20M	$21M
Amortization of debt issuance costs	$15M	$14M	$13M	$13M	$15M	$15M	$15M	$15M
Non-cash interest expense	$15M	$14M	$13M	$13M	$15M	$15M	$15M	$15M
Change in other assets	$9M	$24M	$20M	$36M	$9M	—	$1M	$9M
Increase (Decrease) in Other Operating Assets	$9M	$24M	$20M	$36M	$9M	—	$1M	$9M
Other working capital changes	—	—	$0	$0	—	—	-$8M	-$8M
Gain (loss) on disposal or impairment of assets	-$9M	-$4M	-$3M	-$1M	-$7M	-$66M	-$162M	-$7M
Deferred income taxes	-$4M	-$2M	$20M	-$6M	-$19M	-$31M	-$4M	-$6M
Unrealized Gain (Loss), Foreign Currency Transaction, before Tax	$11M	$11M	$1M	-$2M	-$27M	—	-$4M	-$3M
Loss on modification or early retirement of debt	$0	$0	$0	-$5M	$0	$0	$0	$0