How does Las Vegas Sands (LVS) make money?

Las Vegas Sands (LVS) generates revenue primarily from Casino, which accounted for 87.3% of total revenue in TTM through Q1 2026. The company reported $13.74B in revenue and converted 13.4% of it into net profit, equivalent to roughly $1.84B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Las Vegas Sands (LVS)?

Las Vegas Sands (LVS) reported a gross profit margin of 49.6% in TTM through Q1 2026, equivalent to $6.81B in gross profit on $13.74B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Las Vegas Sands (LVS)?

Las Vegas Sands (LVS) reported an operating profit margin of 24.6% in TTM through Q1 2026, equivalent to $3.38B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Las Vegas Sands (LVS)?

Las Vegas Sands (LVS) reported a net profit margin of 13.4% in TTM through Q1 2026, equivalent to $1.84B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Las Vegas Sands (LVS) profitable?

Yes. Las Vegas Sands (LVS) reported $1.84B in net income for TTM through Q1 2026, with a net profit margin of 13.4%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Las Vegas Sands (LVS) invest in research and development?

Las Vegas Sands (LVS) invested $241.00M in research and development during TTM through Q1 2026, roughly 1.8% of total revenue. R&D spending funds the company's future product pipeline and is expensed in full on the income statement rather than capitalised, which makes the operating margin sensitive to how aggressively management chooses to reinvest in innovation.

How much does Las Vegas Sands (LVS) spend on capital expenditures?

Las Vegas Sands (LVS) spent $908.00M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 6.6% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Las Vegas Sands (LVS) generate?

Las Vegas Sands (LVS) generated $2.32B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 16.9%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Las Vegas Sands (LVS)?

Las Vegas Sands (LVS) had an effective tax rate of 15.7% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Las Vegas Sands (LVS)?

Las Vegas Sands (LVS) reports revenue across 3 reportable product segments, led by Casino at 87.3% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Las Vegas Sands Makes Money: 2026 Visual Revenue Map

Las Vegas Sands (LVS) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 24, 2026).

Las Vegas Sands discloses geographic revenue only in annual filings. to view the full breakdown.

Las Vegas Sands (LVS) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Las Vegas Sands (LVS) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Casino	$11.99B	87.3%
Mall	$962.43M	7%
Food and Beverage	$787.15M	5.7%
Total	$13.74B	100%

Casino$11.99B
Mall$962.43M
Food and Beverage$787.15M
Total$13.74B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Las Vegas Sands (LVS) reports revenue across 3 operating segments; the largest segment was Casino at 87.3%, followed by Mall (7%) and Food and Beverage (5.7%).

Frequently asked questions

Data & methodology

Las Vegas Sands (LVS) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

LVS Overview

Counters

Income Statement

Cash Flow

Capital Return

Forecast & Valuation