What is the primary revenue source for Las Vegas Sands (LVS)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze LVS's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Las Vegas Sands's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Las Vegas Sands Makes Money: LVS Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 75.38% of revenue, indicating concentration.

Revenue: USD 6.74B
Largest revenue segment share (Casino): 75.38%
Cost of revenue: USD 2.85B
Selling, general and administrative: USD 633.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Largest revenue segment share (Casino)Casino · segment_value / revenue * 100
RevenueNet revenues · Revenues
Cost of revenueCost of revenue · CostOfRevenue
Selling, general and administrativeGeneral and administrative · SellingGeneralAndAdministrativeExpense

Assets

Where is the money tied up, and how is the company financed?

Watch

Current assets do not cover near-term liabilities, indicating short-term funding pressure.

Property, plant and equipment: USD 11.47B
Cash and cash equivalents: USD 3.38B
Accounts receivable: USD 622.00M
Total liabilities: USD 19.01B
Shareholder equity: USD 897.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Property, plant and equipmentProperty and equipment, net · PropertyPlantAndEquipmentNet
Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableAccounts receivable, net of provision for credit losses of $237 and $225 · AccountsReceivableNetCurrent
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 154.76% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 913.00M
Operating cash flow: USD 1.41B
Cash conversion: 154.76%
Free cash flow: USD 887.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income attributable to las vegas sands corp. · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Cash dividends: USD 530.00M
Share repurchases: USD 1.54B
Stock issuance proceeds: USD 4.00M
Net shareholder return: USD 2.07B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of dividends · PaymentsOfDividends · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsProceeds from exercise of stock options · ProceedsFromStockOptionsExercised · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?