Las Vegas Sands Corp.
LVS Consumer Cyclical Resorts & Casinos
Las Vegas Sands Corp.’s revenue for fiscal 2025 (year ended December 2025) was $13.0 billion, up 15.2% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 19.7%, free cash flow grew 426.9% and total debt fell 3.53%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for three consecutive years, revenue growth for three.
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Las Vegas Sands Corp. 10-Q filed Oct 23, 2026
Red flags
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Receivables outpacing revenue
Receivables grew 21.2% while revenue grew -3.5% year over year
What changed
Part I, Item 2, Management’s Discussion and Analysis, against the 10-Q filed Jul 24, 2026: 24 added · 9 removed · 60 modified; 22 with only figures updated; 1 moved without change
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Modified · Singapore
Our Singapore operations
continuecontinued todeliver exceptional results, supported by the property’s unique and luxurious integrated resort offerings,generate net revenue growth withadjusted property EBITDAnet revenues increasing $104172 million, or7.64.3%, comparedtowith thesixnine months endedJuneSeptember 30, 2025. Thekey driver of the increase being an 11.7increase in net revenues was primarily driven by a 2.1% increase in net gaming revenue to $2.153.07 billion,whileas well as increases in non-gaming revenuesalso contributed meaningfully to the overall results drivensupported by the property’s unique and luxurious integrated resort offerings. Despite net revenue growth year over year, adjusted property EBITDA was lower byincreased business volumes and$49 million, or 2.3%, compared to thelaunch of new dining venuesnine months ended September 30, 2025, primarily driven by higher casino operating expenses.