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Las Vegas Sands cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$589M in Q3 2026 · $2.4B over twelve months

Operating cash flow$870M
Capital spending−$281M
Free cash flow+$589M
Cash / net income2.5×

Analysis

In Q3 2026, Las Vegas Sands generated $870M of operating cash flow and spent $281M on capital projects, leaving free cash flow of $589M. That is $297M less than in Q3 2025 ($886M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.5B; the largest uses were buybacks ($3.0B), capital spending ($1.1B), dividends ($892M); besides operations, cash came from other investing ($1.3B), shares issued ($268M); the cash balance fell by $495M.

Operating cash flow was $870M against net income of $352M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$340M, other liabilities +$159M, receivables −$59.0M.

Free cash flow

Las Vegas Sands: free cash flow by quarterLas Vegas Sands: free cash flow by quarter$368MQ4 2024$147MQ1 2025−$108MQ2 2025$886MQ3 2025$930MQ4 2025$537MQ1 2026$350MQ2 2026$589MQ3 2026
Operating cash flow less capital spending.
Las Vegas Sands: operating cash flow against capital spendingLas Vegas Sands: operating cash flow against capital spendingOperating cash flowCapital spending$915M$547MQ4 2024$526M$379MQ1 2025$178M$286MQ2 2025$1.1B$229MQ3 2025$1.2B$274MQ4 2025$731M$194MQ1 2026$682M$332MQ2 2026$870M$281MQ3 2026
Latest (Q3 2026): Operating cash flow $870M, Capital spending $281M.

Capital allocation, year by year

Las Vegas Sands: where the cash came from (up) and went (down), by fiscal yearLas Vegas Sands: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow −$243MFY2021: Net borrowing $830MFY2021: Shares issued $19.0MFY2021: Asset sales $7.0MFY2021: Capital spending −$828M$856MFY2021FY2022: Operating cash flow −$944MFY2022: Net borrowing $1.1BFY2022: Asset sales $9.0MFY2022: Capital spending −$651M$1.1BFY2022FY2023: Operating cash flow $3.2BFY2023: Net borrowing −$2.1BFY2023: Shares issued $4.0MFY2023: Asset sales $3.0MFY2023: Capital spending −$1.0BFY2023: Buybacks −$505MFY2023: Dividends −$305M$3.2BFY2023FY2024: Operating cash flow $3.2BFY2024: Net borrowing −$335MFY2024: Shares issued $1.0MFY2024: Asset sales $1.0MFY2024: Capital spending −$1.6BFY2024: Buybacks −$1.8BFY2024: Dividends −$590M$3.2BFY2024FY2025: Operating cash flow $3.0BFY2025: Net borrowing $1.8BFY2025: Shares issued $264MFY2025: Asset sales $7.0MFY2025: Capital spending −$1.2BFY2025: Buybacks −$2.2BFY2025: Dividends −$833M$5.1BFY2025
Over these 5 years operating cash flow totalled $8.3B; the largest uses were capital spending ($5.2B) and buybacks ($4.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.9B
Debt$15.4B
Net debt$12.6B
Due within a year$1.9B

Las Vegas Sands funds itself: free cash flow was $2.4B over the last twelve months, and $2.9B of cash and investments stands against $15.4B of debt ($1.9B due within a year, 1.5× covered by cash).

Las Vegas Sands: debt maturities by year (FY2025)Las Vegas Sands: debt maturities by year (FY2025)$1.9BYear 1$1.6BYear 2$3.0BYear 3$2.0BYear 4$2.7BYear 5$4.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.9B of cash and investments now.

Where the cash came from and went

Las Vegas Sands: sources (+) and uses (−) of cash, Q3 2026Las Vegas Sands: sources (+) and uses (−) of cash, Q3 2026Buybacks−$950MOperating cash flow$870MCash drawn (+) / kept (−)$518MCapital spending−$281MDividends−$193MNet borrowing (+) / repaid (−)$129MOther financing−$105MOther investing$8.0MExchange rates$4.0MTaxes on employees’ shares−$1.0MShares issued$1.0M
Las Vegas Sands: sources (+) and uses (−) of cash, TTM to Q3 2026Las Vegas Sands: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.5BBuybacks−$3.0BOther investing$1.3BCapital spending−$1.1BDividends−$892MCash drawn (+) / kept (−)$495MNet borrowing (+) / repaid (−)−$402MShares issued$268MOther financing−$168MExchange rates−$10.0MTaxes on employees’ shares−$7.0MAsset & business sales$6.0M

From profit to cash

Las Vegas Sands: net income to operating cash flow, Q3 2026Las Vegas Sands: net income to operating cash flow, Q3 2026Net income$352MDepreciation & amortization$340MStock-based pay$14.0MDeferred taxes$9.0MReceivables−$59.0MPayables−$5.0MPrepaid and other assets$1.0MOther liabilities$159MOperating cash flow$870M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$870M−$281M−$950M−$193M$129M$1.0M$518M$589M
Q2 2026$682M−$332M−$788M−$328M−$460M—−$46.0M$350M
Q1 2026$731M−$194M−$753M−$202M−$33.0M$4.0M$511M$537M
Q4 2025$1.2B−$274M−$501M−$169M−$35.0M$263M−$488M$930M
Q3 2025$1.1B−$229M−$500M−$239M−$35.0M$1.0M$97.0M$886M
Q2 2025$178M−$286M−$800M−$246M$1.8B—−$414M−$108M
Q1 2025$526M−$379M−$416M−$179M$85.0M—$614M$147M
Q4 2024$915M−$547M−$450M−$145M−$96.0M—$558M$368M

Las Vegas Sands: income statement and cash flow

Las Vegas Sands, Q3 2026: revenue $3.2B (-4% year over year), operating margin 19.2%. The chart follows the revenue to costs, profit and cash.

Las Vegas Sands: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.