At a glance
Las Vegas Sands Corp is worth $23.95B, about 16 times its fiscal 2025 earnings. Revenue grew 15.2% to $13.02B in fiscal 2025, with 12.5% kept as profit; over 5 years it has grown 34.7% a year. It pays a 3.8% dividend yield, and returned $6.20B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −33.7% over the past year with dividends reinvested and +0.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.4% in the 2020 crash (S&P 500: 33.7%) and 36.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 68 months and 7 months after the lows.
The business in plain English
Las Vegas Sands builds and runs integrated resorts: large complexes that put a casino, hotels, restaurants, a shopping mall, convention space and entertainment in one place. All of its operating segments are in Macao and Singapore. In Macao it runs The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, and Sands Macao. In Singapore it runs Marina Bay Sands.
Gambling brings in most of the money. In the year ended December 31, 2025, net revenue rose 15.2% to $13.0 billion. Casinos supplied 75.2% of it, hotel rooms 10.9%, leasing space in its shopping malls 6.2%, food and drink 4.9%, and conventions, retail and other sales 2.8%. Casino customers range from VIP players, whose bets are tracked as "Rolling Chip" play, to mass-market table and slot players.
Marina Bay Sands drove most of the 2025 growth. It added $1.36 billion of revenue, compared with $360 million from Macao. Its casino revenue rose 42.2% to $4.21 billion. Singapore's adjusted property EBITDA, a measure of resort-level operating profit, rose 42.4%. Macao was harder going. The market's gross gaming revenue grew about 9.1%, yet the company's Macao adjusted property EBITDA slipped 0.7% amid stiff competition.
Price history
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LVS -33.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Casino | $9.79B | 75.2% |
| Rooms | $1.42B | 10.9% |
| Mall | $801.0M | 6.2% |
| Food and Beverage | $644.0M | 4.9% |
| Convention, Retail and Other | $361.0M | 2.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.22B, down 3.5% from a year earlier, and net income was $304.0M (-27.4%).
- For fiscal 2025, revenue was $13.02B (+15.2% year over year; +34.7% a year from FY2020 to FY2025) with a 12.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +34.7% good |
|---|---|
| Operating margin | 21.6% good |
| Free cash flow margin | 14.3% good |
| Return on equity (FY2025) | 102.3% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 7.4% watch |
| Net cash (cash minus debt) | $-12.59B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.94B | $-1.69B | $-2.54B |
| FY2021 | $4.23B | $-961.0M | $-1.07B |
| FY2022 | $4.11B | $1.83B | $-1.59B |
| FY2023 | $10.37B | $1.22B | $2.21B |
| FY2024 | $11.30B | $1.45B | $1.64B |
| FY2025 | $13.02B | $1.63B | $1.85B |
Valuation snapshot
| Market value | $23.95B |
|---|---|
| P/E ratio | 16.3 |
| Dividend yield | 3.8% |
Rank among 1514 US companies
Market value at each year end
Las Vegas Sands’s market value went from $42.45B at the end of 2016 to $23.95B on Nov 2, 2026, down 44%; since the end of 2025 it is down 46%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $23.95B | -45.6% |
| 2025 | $44.01B | +18.2% |
| 2024 | $37.24B | -1.0% |
| 2023 | $37.62B | +2.4% |
| 2022 | $36.73B | +27.7% |
| 2021 | $28.76B | -36.8% |
| 2020 | $45.52B | -14.1% |
| 2019 | $53.03B | +30.0% |
| 2018 | $40.78B | -25.8% |
| 2017 | $54.93B | +29.4% |
| 2016 | $42.45B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LVS price data to Nov 2, 2026 | -39.8% | -33.7% | -5.7% | +0.2% | -1.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -39.8% |
| 2025 | +29.4% |
| 2024 | +6.2% |
| 2023 | +3.1% |
| 2022 | +27.7% |
| 2021 | -36.9% |
| 2020 | -12.0% |
| 2019 | +39.4% |
| 2018 | -21.6% |
| 2017 | +36.2% |
| 2016 | +28.8% |
| 2015 | -20.5% |
| 2014 | -24.0% |
| 2013 | +74.8% |
| 2012 | +17.2% |
| 2011 | -7.0% |
| 2010 | +207.6% |
| 2009 | +151.9% |
| 2008 | -94.3% |
| 2007 | +15.2% |
| 2006 | +126.7% |
| 2005 | -17.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 98.9% over that stretch · deepest drop along the way 99%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.9% over that stretch · deepest drop along the way 44.4%, back to its old high 67.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6% over that stretch · deepest drop along the way 36.9%, back to its old high 6.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($3.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 17, 2026 | Patrick Dumont Chairman & CEO, Director | sell | $3.3M |
| Apr 27, 2026 | Charles D Forman Director | sell | $617K |
Who owns it
Large shareholders (13G filings)
| Capital Research Global Investors | 5% | Sep 30, 2025 |
ETFs with the most weight in LVS
| GENZ VanEck Digital Native Economy ETF | 5.02% |
| NITE Nightview Fund NITE | 3.17% |
| CGDV Capital Group Dividend Value ETF | 1.96% |
| STNC Hennessy Stance ESG ETF | 1.9% |
| BKDV BNY Mellon Dynamic Value ETF | 1.28% |
| TEQI T. Rowe Price Equity Income ETF | 0.97% |
| RPG Invesco S&P 500® Pure Growth ETF | 0.75% |
| SURE AdvisorShares Insider Advantage ETF | 0.73% |
What could go wrong
- Everything rides on Macao and Singapore. All of its operating segments are resorts in Macao and Singapore. A slump in either market, or fewer mainland Chinese visitors to Macao, would hit the whole company, with no other region to offset it.
- Stiff competition in Macao. The company calls Macao a competitive market. In 2025 the market's gross gaming revenue rose about 9.1%. Yet the company's own Macao adjusted property EBITDA, a gauge of resort-level operating profit, fell 0.7%.
- Casino results can swing with luck. Marina Bay Sands' 2025 jump came partly from higher win percentages, the share of bets the casino keeps. The company says these can vary considerably over short periods, so gains may reverse.
- Lending to gamblers adds credit risk. In 2025, 9.4% of table games play in Macao and 12.3% in Singapore was on credit. If players don't repay these markers, or casino IOUs, the company absorbs the loss.
- Heavy debt and negative shareholder equity. As of September 30, 2026, total debt was $15.44 billion against $2.86 billion of cash and investments. Shareholders' equity was negative $344 million, meaning recorded liabilities exceeded assets. That leaves less room in a downturn.
- Travel disruptions can erase profits. The resorts depend on a steady flow of visitors. During the pandemic, the company lost money in 2020 and 2021 and paid no dividend in 2021 or 2022.
Recent events
- Other company announcement
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Executive or board change
- Executive or board change; Investor presentation or announcement; Other company announcement
- Quarterly results released
For income and retirement investors
Las Vegas Sands pays a dividend, but its record is short and broken. It paid $0.79 a share in 2020 and nothing in 2021 or 2022. It then paid $0.40 in 2023, $0.80 in 2024 and $1.00 in 2025, a two-year streak of increases. The 2025 payments used 51.2% of earnings and 44.9% of free cash flow (cash left after running and investing in the business). The yield was 3.18% as of October 28, 2026. Buybacks (share repurchases) were larger: $4.47 billion over FY2021–FY2025, compared with $1.73 billion of dividends. The share count fell 17.9% from February 2022 to October 2026.
Downturns have hit the shares hard. They dropped 99% in the 2008 financial crisis. After a 44.4% fall in the 2020 COVID crash, they took 67.7 months to recover. As of October 28, 2026, they still had not regained their 2007 peak and were down 43.4% year to date. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Las Vegas Sands make money?
Mostly from gambling. In the year ended December 31, 2025, casinos produced 75.2% of its $13.0 billion in net revenue. The rest came from hotel rooms (10.9%), shopping malls (6.2%), food and drink (4.9%) and conventions, retail and other sales (2.8%). All of its integrated resorts, which combine casinos with hotels, malls and entertainment, are in Macao and Singapore. Marina Bay Sands in Singapore earned the most casino revenue of any of its resorts, at $4.21 billion.
Does Las Vegas Sands own any casinos in Las Vegas?
No, according to its annual report for the year ended December 31, 2025. Despite the name, all of its integrated resorts are in Macao and Singapore: The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, Sands Macao and Marina Bay Sands. In 2020 the company reported discontinued operations, meaning part of the business was sold or spun off. Results from before then don't compare directly with later years.
Does Las Vegas Sands pay a dividend?
Yes. It paid $1.00 a share in 2025, up from $0.80 in 2024 and $0.40 in 2023. The yield was 3.18% as of October 28, 2026. The record has a gap, though: after paying $0.79 in 2020, it paid nothing in 2021 or 2022. In 2025, dividends took 51.2% of earnings and 44.9% of free cash flow. That year the company spent more on buybacks (repurchasing its own shares), $2.22 billion, than on dividends.
How much has Las Vegas Sands stock fallen?
Sharply. As of October 28, 2026, the shares were down 43.4% year to date and 36.4% over one year. The largest peak-to-trough drop within that year was 47.8%. Results weakened too. In the quarter ended September 30, 2026, revenue fell 3.5% and net income fell 27.4% from a year earlier. Over the 10 years to October 28, 2026, the share price fell an average of 2.3% a year.
How much debt does Las Vegas Sands have?
About $15.44 billion as of September 30, 2026, against $2.86 billion of cash and investments. That leaves net debt (debt minus cash) of about $12.59 billion. Shareholders' equity was negative $344 million, meaning recorded liabilities exceeded assets. In its annual report, the company pointed to $3.84 billion of unrestricted cash as of December 31, 2025, plus unused credit lines. It said it believed it could keep funding construction, buybacks and dividends.