Filing Flows › Las Vegas Sands (LVS) › Q2 2025
Las Vegas Sands (LVS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 25, 2025
Las Vegas Sands (LVS) reported revenue of $3.2B for the second quarter 2025 (Q2 2025), +15% from a year earlier and +11% from the quarter before. Operating margin was 24.7%, net earnings $461M (14.5% of revenue).
Las Vegas Sands, Q2 2025: revenue $3.2B (+15% year over year), operating margin 24.7%, net earnings $461M, operating cash flow $178M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.2B | +11% | +15% |
| Operating profit | $783M | +29% | +32% |
| Net earnings | $461M | +31% | +31% |
| Operating cash flow | $178M | -66% | -78% |
What changed
Revenue was $3.2B in Q2 2025, up 15% year over year and up 11% from the previous quarter. Casino was the largest line at 76% of revenue. Casino added $0.38B year over year (up 19%), 92% of the total change. Convention, Retail and Other declined 11%.
Operating profit was $0.78B, a 24.7% margin (up 3.3 points year over year). Of the extra revenue versus a year earlier, 46% reached operating profit, above the 21% margin then. Total costs grew 10% against revenue growth of 15%. The fastest-growing cost line was Research & development (+13%). Net earnings were $0.46B, up 31% year over year. The effective tax rate was 14.8%.
Operating cash flow was $0.18B (down 78% year over year), 34% of net income including minority interests. Non-cash charges added back $0.37B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.73B. Capital expenditures of $0.29B exceeded it, leaving free cash flow of −$0.11B.
Questions
What was Las Vegas Sands' revenue in the second quarter 2025?
Las Vegas Sands (LVS) reported revenue of $3.2B for the second quarter 2025 (Q2 2025), +15% from a year earlier and +11% from the quarter before.
Was Las Vegas Sands profitable in the second quarter 2025?
Operating profit was $783M (24.7% of revenue) and net earnings $461M.
Source: Las Vegas Sands 10-Q on SEC EDGAR.