Filing Flows › Las Vegas Sands (LVS) › Q4 2025
Las Vegas Sands (LVS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 6, 2026
Las Vegas Sands (LVS) reported revenue of $3.6B for the fourth quarter 2025 (Q4 2025), +26% from a year earlier and +10% from the quarter before. Operating margin was 19.4%, net earnings $395M (10.8% of revenue).
Las Vegas Sands, Q4 2025: revenue $3.6B (+26% year over year), operating margin 19.4%, net earnings $395M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6B | +10% | +26% |
| Operating profit | $707M | -2% | +20% |
| Net earnings | $395M | -6% | +22% |
| Operating cash flow | $1.2B | +8% | +32% |
| Free cash flow | $930M | +5% | +153% |
What changed
Revenue was $3.6B in Q4 2025, up 26% year over year and up 10% from the previous quarter. Casino was the largest line at 75% of revenue.
Operating profit was $0.71B, a 19.4% margin (down 1.0 points year over year). Of the extra revenue versus a year earlier, 16% reached operating profit, below the 20% margin then. Total costs grew 28% against revenue growth of 26%. The fastest-growing cost line was Other operating costs (+32%). Net earnings were $0.40B, up 22% year over year. The effective tax rate was 18.7%.
Operating cash flow was $1.2B (up 32% year over year), 269% 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 added $0.38B. Capital expenditures of $0.27B left free cash flow of $0.93B.
Questions
What was Las Vegas Sands' revenue in the fourth quarter 2025?
Las Vegas Sands (LVS) reported revenue of $3.6B for the fourth quarter 2025 (Q4 2025), +26% from a year earlier and +10% from the quarter before.
Was Las Vegas Sands profitable in the fourth quarter 2025?
Operating profit was $707M (19.4% of revenue) and net earnings $395M.
Source: Las Vegas Sands 10-K on SEC EDGAR.