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How Las Vegas Sands (LVS) makes money
Las Vegas Sands (LVS) made $3.2B of revenue in the third quarter 2026 (Q3 2026), -3% from a year earlier. Casino brought in $2.4B (74%); Rooms brought in $376M (12%); Mall brought in $202M (6%). Of every dollar of revenue, 19¢ was left as operating profit, 9¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Casino | $2.4B | 73.7% | +1% | -5% |
| Rooms | $376M | 11.7% | +5% | +0.5% |
| Mall | $202M | 6.3% | +2% | +2% |
| Food and Beverage | $176M | 5.5% | +5% | +7% |
| Convention, Retail and Other | $92.0M | 2.9% | +5% | +6% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $3.2B | 100.0% |
| Operating profit | $618M | 19.2% |
| Income tax | $102M | 3.2% |
| Net earnings | $304M | 9.5% |
| Operating cash flow | $870M | 27.1% |
| Free cash flow | $589M | 18.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $3.2B | -4% |
| Q2 2026 | $3.2B | -0.7% |
| Q1 2026 | $3.6B | +25% |
| Q4 2025 | $3.6B | +26% |
| Q3 2025 | $3.3B | +24% |
| Q2 2025 | $3.2B | +15% |
| Q1 2025 | $2.9B | -3% |
From Las Vegas Sands' 10-Q filed Oct 23, 2026 (on EDGAR).
Questions
How does Las Vegas Sands make money?
Las Vegas Sands (LVS) made $3.2B of revenue in the third quarter 2026 (Q3 2026), -3% from a year earlier. Casino brought in $2.4B (74%); Rooms brought in $376M (12%); Mall brought in $202M (6%). Of every dollar of revenue, 19¢ was left as operating profit, 9¢ was left as net earnings.
What is Las Vegas Sands' biggest business?
Casino: $2.4B in the third quarter 2026, 74% of revenue, -5% from a year earlier.
What is Las Vegas Sands' profit margin?
Net earnings were $304M, 9.5% of revenue, in the third quarter 2026; the operating margin was 19.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.