Filing Flows › Las Vegas Sands (LVS) › Q3 2025
Las Vegas Sands (LVS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 24, 2025
Las Vegas Sands (LVS) reported revenue of $3.3B for the third quarter 2025 (Q3 2025), +24% from a year earlier and +5% from the quarter before. Operating margin was 21.6%, net earnings $419M (12.6% of revenue).
Las Vegas Sands, Q3 2025: revenue $3.3B (+24% year over year), operating margin 21.6%, net earnings $419M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.3B | +5% | +24% |
| Operating profit | $719M | -8% | +43% |
| Net earnings | $419M | -9% | +52% |
| Operating cash flow | $1.1B | +526% | +47% |
| Free cash flow | $886M | — | +299% |
What changed
Revenue was $3.3B in Q3 2025, up 24% year over year and up 5% from the previous quarter. Casino was the largest line at 75% of revenue. Casino added $0.57B year over year (up 29%), 88% of the total change. Convention, Retail and Other declined 4%.
Operating profit was $0.72B, a 21.6% margin (up 2.8 points year over year). Of the extra revenue versus a year earlier, 33% reached operating profit, above the 19% margin then. Total costs grew 20% against revenue growth of 24%. The fastest-growing cost line was Research & development (+31%). Net earnings were $0.42B, up 52% year over year. The effective tax rate was 15.6%.
Operating cash flow was $1.1B (up 47% year over year), 227% 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 added $0.24B. Capital expenditures of $0.23B left free cash flow of $0.89B.
Questions
What was Las Vegas Sands' revenue in the third quarter 2025?
Las Vegas Sands (LVS) reported revenue of $3.3B for the third quarter 2025 (Q3 2025), +24% from a year earlier and +5% from the quarter before.
Was Las Vegas Sands profitable in the third quarter 2025?
Operating profit was $719M (21.6% of revenue) and net earnings $419M.
Source: Las Vegas Sands 10-Q on SEC EDGAR.