LAS VEGAS SANDS CORP
For the period ended Dec 31, 2025. Filed Feb 6, 2026.
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FY2025 · Filed Feb 6, 2026
LVS$40.82+1.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions, except per share data) | |||
| Revenues: | |||
| Casino | $9,789 | $8,303 | $7,522 |
| Rooms | 1,422 | 1,274 | 1,204 |
| Food and beverage | 644 | 607 | 584 |
| Mall | 801 | 755 | 767 |
| Convention, retail and other | 361 | 359 | 295 |
| Net revenues | 13,017 | 11,298 | 10,372 |
| Operating expenses: | |||
| Casino | 5,268 | 4,611 | 4,152 |
| Rooms | 352 | 313 | 283 |
| Food and beverage | 562 | 512 | 481 |
| Mall | 92 | 87 | 88 |
| Convention, retail and other | 262 | 254 | 201 |
| Provision for credit losses | 85 | 19 | 4 |
| General and administrative | 1,188 | 1,150 | 1,107 |
| Corporate | 310 | 290 | 230 |
| Pre-opening | 24 | 14 | 15 |
| Development | 269 | 228 | 205 |
| Depreciation and amortization | 1,464 | 1,308 | 1,208 |
| Amortization of leasehold interests in land | 76 | 60 | 58 |
| Loss on disposal or impairment of assets | 247 | 50 | 27 |
| 10,199 | 8,896 | 8,059 | |
| Operating income | 2,818 | 2,402 | 2,313 |
| Other income (expense): | |||
| Interest income | 161 | 275 | 288 |
| Interest expense, net of amounts capitalized | (746) | (727) | (818) |
| Other income (expense) | (15) | 10 | (8) |
| Loss on modification or early retirement of debt | (5) | — | — |
| Income before income taxes | 2,213 | 1,960 | 1,775 |
| Income tax expense | (347) | (208) | (344) |
| Net income | 1,866 | 1,752 | 1,431 |
| Net income attributable to noncontrolling interests | (239) | (306) | (210) |
| Net income attributable to Las Vegas Sands Corp. | $1,627 | $1,446 | $1,221 |
| Earnings per share: | |||
| Basic | $2.35 | $1.97 | $1.60 |
| Diluted | $2.35 | $1.96 | $1.60 |
| Weighted average shares outstanding: | |||
| Basic | 691 | 735 | 763 |
| Diluted | 693 | 737 | 765 |
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