Filing Flows › Las Vegas Sands (LVS) › Q1 2025
Las Vegas Sands (LVS) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 25, 2025
Las Vegas Sands (LVS) reported revenue of $2.9B for the first quarter 2025 (Q1 2025), -3% from a year earlier and -1% from the quarter before. Operating margin was 21.3%, net earnings $352M (12.3% of revenue).
Las Vegas Sands, Q1 2025: revenue $2.9B (-3% year over year), operating margin 21.3%, net earnings $352M, operating cash flow $526M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.9B | -1% | -3% |
| Operating profit | $609M | +3% | -15% |
| Net earnings | $352M | +9% | -29% |
| Operating cash flow | $526M | -43% | -26% |
| Free cash flow | $147M | -60% | -72% |
What changed
Revenue was $2.9B in Q1 2025, down 3% year over year and down 1% from the previous quarter. Casino was the largest line at 74% of revenue. Casino lost $0.10B year over year (down 5%), 104% of the total change.
Operating profit was $0.61B, a 21.3% margin (down 3.0 points year over year). Total costs grew 0% against a revenue fall of 3%. The fastest-growing cost line was Research & development (+30%). Net earnings were $0.35B, down 29% year over year. The effective tax rate was 13.4%.
Operating cash flow was $0.53B (down 26% year over year), 129% of net income including minority interests. Non-cash charges added back $0.36B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.26B. Capital expenditures of $0.38B left free cash flow of $0.15B.
Questions
What was Las Vegas Sands' revenue in the first quarter 2025?
Las Vegas Sands (LVS) reported revenue of $2.9B for the first quarter 2025 (Q1 2025), -3% from a year earlier and -1% from the quarter before.
Was Las Vegas Sands profitable in the first quarter 2025?
Operating profit was $609M (21.3% of revenue) and net earnings $352M.
Source: Las Vegas Sands 10-Q on SEC EDGAR.