$LVS

LAS VEGAS SANDS CORP

CIK:0001300514|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Net revenues	$ 3,154	$ 3,175	$ 6,739	$ 6,037
Operating expenses:
Provision for credit losses	36	16	65	21
General and administrative	331	292	633	565
Corporate	74	69	157	142
Pre-opening	5	9	9	13
Development	43	69	84	138
Depreciation and amortization	350	371	707	733
Amortization of leasehold interests in land	21	20	42	35
Loss on disposal or impairment of assets	2	8	10	15
Total operating expenses	2,536	2,392	5,217	4,645
Operating income	618	783	1,522	1,392
Other income (expense):
Interest income	31	42	66	84
Interest expense, net of amounts capitalized	(189)	(194)	(377)	(368)
Other income (expense)	1	(22)	(2)	(23)
Loss on modification or early retirement of debt	0	0	0	(5)
Income before income taxes	461	609	1,209	1,080
Income tax expense	(88)	(90)	(195)	(153)
Net income	373	519	1,014	927
Net income attributable to noncontrolling interests	(27)	(58)	(101)	(114)
Net income attributable to Las Vegas Sands Corp.	$ 346	$ 461	$ 913	$ 813
Earnings per share:
Basic	$ 0.53	$ 0.66	$ 1.38	$ 1.15
Diluted	$ 0.53	$ 0.66	$ 1.38	$ 1.15
Weighted average shares outstanding:
Basic	654	695	661	704
Diluted	656	696	663	704
Casino [Member]
Revenues:
Net revenues	$ 2,341	$ 2,415	$ 5,080	$ 4,542
Operating expenses:
Cost of revenue	1,349	1,242	2,854	2,399
Rooms [Member]
Revenues:
Net revenues	359	345	736	669
Operating expenses:
Cost of revenue	94	87	186	168
Food and Beverage [Member]
Revenues:
Net revenues	168	147	344	288
Operating expenses:
Cost of revenue	145	130	294	256
Mall [Member]
Revenues:
Net revenues	198	187	402	373
Operating expenses:
Cost of revenue	22	22	47	44
Convention, Retail and Other [Member]
Revenues:
Net revenues	88	81	177	165
Operating expenses:
Cost of revenue	$ 64	$ 57	$ 129	$ 116

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 1,014	$ 927
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation and amortization	707	733
Amortization of leasehold interests in land	42	35
Amortization of deferred financing costs and original issue discount	31	28
Unrealized Gain (Loss) on Derivatives	0	(7)
Interest Income, Operating, Paid in Kind	(1)	(1)
Gain (loss) on modification or early retirement of debt	0	5
Loss on disposal or impairment of assets	7	8
Stock-based compensation expense	37	25
Provision for credit losses	65	21
Foreign exchange loss	2	29
Deferred income taxes	(2)	(25)
Changes in operating assets and liabilities:
Accounts receivable	50	(119)
Other assets	(39)	(45)
Leasehold interests in land	(137)	(848)
Accounts payable	(40)	(6)
Other liabilities	(323)	(56)
Net cash generated from operating activities	1,413	704
Cash flows from investing activities:
Capital expenditures	(526)	(665)
Proceeds from disposal of property and equipment	6	0
Acquisition of intangible assets and other	(3)	(75)
Proceeds from collection of loans receivable	1,264	0
Other	19	0
Net cash generated from (used in) investing activities	760	(740)
Cash flows from financing activities:
Proceeds from exercise of stock options	4	0
Tax withholding on vesting of equity awards	(6)	(2)
Repurchase of common stock	(1,541)	(1,216)
Dividends paid and noncontrolling interest payments	(530)	(425)
Proceeds from debt	1,991	6,781
Repayments of debt	(2,477)	(4,856)
Payments of financing costs	(9)	(201)
Payments for settled contract for purchase of noncontrolling interest	0	(137)
Payments for unsettled contract for purchase of noncontrolling interest	0	(100)
Other	(55)	(24)
Net cash used in financing activities	(2,623)	(180)
Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents	(15)	16
Decrease in cash, cash equivalents and restricted cash and cash equivalents	(465)	(200)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	3,966	3,775
Cash, cash equivalents and restricted cash and cash equivalents at end of period	3,501	3,575
Supplemental disclosure of cash flow information
Cash payments for interest, net of amounts capitalized	360	363
Cash payments for taxes, net of refunds	209	135
Change in construction-related payables	28	(76)
Excise tax accrued on repurchase of common stock	$ 15	$ 12

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 3,376	$ 3,841
Accounts receivable, net of provision for credit losses of $237 and $225	622	742
Inventories	46	46
Prepaid expenses and other	253	203
Total current assets	4,297	4,832
Loan receivable	0	1,264
Property and equipment, net	11,470	11,673
Restricted cash and cash equivalents	125	125
Deferred income taxes, net	152	160
Leasehold interests in land, net	2,985	2,907
Goodwill and intangible assets, net	529	573
Other assets, net	351	386
Total assets	19,909	21,920
Current liabilities:
Accounts payable	150	190
Construction payables	182	160
Other accrued liabilities	2,026	2,359
Income taxes payable	385	385
Current maturities of debt	1,568	1,128
Total current liabilities	4,311	4,222
Other long-term liabilities	848	934
Deferred income taxes	159	174
Debt	13,694	14,656
Total liabilities	19,012	19,986
Commitments and contingencies (Note 9)
Equity:
Preferred stock	0	0
Common stock	1	1
Treasury stock at cost	(10,570)	(9,028)
Capital in excess of par value	6,193	6,159
Accumulated other comprehensive income	57	71
Retained earnings	4,900	4,387
Total Las Vegas Sands Corp. stockholders’ equity	581	1,590
Noncontrolling interests	316	344
Total equity	897	1,934
Total liabilities and equity	19,909	21,920
Accounts receivable, provision for credit loss, current	$ 237	$ 225
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50	50
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000	1,000
Common stock, shares issued	842	840
Common stock, shares outstanding	648	675
Treasury stock, shares	194	165