Las Vegas Sands annual operating margin
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2025
Las Vegas Sands Operating Margin Growth & History (LVS)
Las Vegas Sands's operating margin was 21.65% for fiscal 2025.
View full Las Vegas Sands company overviewLas Vegas Sands annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 21.65% | +0.39 pp |
| 2024 | 2024-12-31 | 21.26% | −1.04 pp |
| 2023 | 2023-12-31 | 22.30% | +41.57 pp |
| 2022 | 2022-12-31 | −19.27% | −3.00 pp |
| 2021 | 2021-12-31 | −16.27% | +31.11 pp |
| 2020 | 2020-12-31 | −47.38% | −75.13 pp |
| 2019 | 2019-12-31 | 27.75% | +0.43 pp |
| 2018 | 2018-12-31 | 27.32% | +0.11 pp |
| 2017 | 2017-12-31 | 27.22% | +5.02 pp |
| 2016 | 2016-12-31 | 22.20% | −2.11 pp |
| 2015 | 2015-12-31 | 24.31% | −3.80 pp |
| 2014 | 2014-12-31 | 28.11% | +3.35 pp |
| 2013 | 2013-12-31 | 24.75% | +3.99 pp |
| 2012 | 2012-12-31 | 20.77% | −4.63 pp |
| 2011 | 2011-12-31 | 25.40% | +8.17 pp |
| 2010 | 2010-12-31 | 17.23% | +17.86 pp |
| 2009 | 2009-12-31 | −0.63% | −4.36 pp |
| 2008 | 2008-12-31 | 3.73% | — |
Las Vegas Sands quarterly operating margin
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Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 19.59% | −5.07 pp |
| Q1 2026 | 2026-03-31 | 25.22% | +3.94 pp |
| Q4 2025 | 2025-12-31 | 19.38% | −1.00 pp |
| Q3 2025 | 2025-09-30 | 21.59% | +2.79 pp |
| Q2 2025 | 2025-06-30 | 24.66% | +3.26 pp |
| Q1 2025 | 2025-03-31 | 21.28% | −2.95 pp |
| Q4 2024 | 2024-12-31 | 20.37% | −3.98 pp |
| Q3 2024 | 2024-09-30 | 18.79% | −5.82 pp |
| Q2 2024 | 2024-06-30 | 21.41% | +0.28 pp |
| Q1 2024 | 2024-03-31 | 24.23% | +6.40 pp |
| Q4 2023 | 2023-12-31 | 24.36% | +39.22 pp |
| Q3 2023 | 2023-09-30 | 24.62% | +42.23 pp |
| Q2 2023 | 2023-06-30 | 21.13% | +35.19 pp |
| Q1 2023 | 2023-03-31 | 17.83% | +49.86 pp |
| Q4 2022 | 2022-12-31 | −14.86% | −1.17 pp |
| Q3 2022 | 2022-09-30 | −17.61% | +19.26 pp |
| Q2 2022 | 2022-06-30 | −14.07% | −2.22 pp |
| Q1 2022 | 2022-03-31 | −32.03% | −24.00 pp |
| Q4 2021 | 2021-12-31 | −13.69% | −1.97 pp |
| Q3 2021 | 2021-09-30 | −36.87% | +80.39 pp |
| Q2 2021 | 2021-06-30 | −11.85% | +1209.12 pp |
| Q1 2021 | 2021-03-31 | −8.03% | −8.45 pp |
| Q4 2020 | 2020-12-31 | −11.72% | −43.41 pp |
| Q3 2020 | 2020-09-30 | −117.26% | −144.93 pp |
| Q2 2020 | 2020-06-30 | −1,220.97% | −1247.78 pp |
| Q1 2020 | 2020-03-31 | 0.42% | −26.21 pp |
| Q4 2019 | 2019-12-31 | 31.68% | +6.53 pp |
| Q3 2019 | 2019-09-30 | 27.66% | +0.32 pp |
| Q2 2019 | 2019-06-30 | 26.81% | +2.69 pp |
| Q1 2019 | 2019-03-31 | 26.63% | −5.72 pp |
| Q4 2018 | 2018-12-31 | 25.15% | −5.16 pp |
| Q3 2018 | 2018-09-30 | 27.34% | +0.29 pp |
| Q2 2018 | 2018-06-30 | 24.13% | −2.15 pp |
| Q1 2018 | 2018-03-31 | 32.36% | +7.45 pp |
| Q4 2017 | 2017-12-31 | 30.32% | +7.22 pp |
| Q3 2017 | 2017-09-30 | 27.05% | +2.80 pp |
| Q2 2017 | 2017-06-30 | 26.28% | +6.72 pp |
| Q1 2017 | 2017-03-31 | 24.91% | +3.34 pp |
| Q4 2016 | 2016-12-31 | 23.09% | −1.42 pp |
| Q3 2016 | 2016-09-30 | 24.25% | −1.29 pp |
| Q2 2016 | 2016-06-30 | 19.55% | −4.04 pp |
| Q1 2016 | 2016-03-31 | 21.57% | −2.04 pp |
| Q4 2015 | 2015-12-31 | 24.52% | −5.41 pp |
| Q3 2015 | 2015-09-30 | 25.54% | −1.95 pp |
| Q2 2015 | 2015-06-30 | 23.60% | −2.93 pp |
| Q1 2015 | 2015-03-31 | 23.61% | −4.91 pp |
| Q4 2014 | 2014-12-31 | 29.93% | +5.69 pp |
| Q3 2014 | 2014-09-30 | 27.49% | +1.86 pp |
| Q2 2014 | 2014-06-30 | 26.53% | +2.46 pp |
| Q1 2014 | 2014-03-31 | 28.52% | +3.49 pp |
| Q4 2013 | 2013-12-31 | 24.24% | +2.40 pp |
| Q3 2013 | 2013-09-30 | 25.64% | +5.92 pp |
| Q2 2013 | 2013-06-30 | 24.07% | +8.67 pp |
| Q1 2013 | 2013-03-31 | 25.03% | −0.58 pp |
| Q4 2012 | 2012-12-31 | 21.84% | −4.23 pp |
| Q3 2012 | 2012-09-30 | 19.71% | −6.54 pp |
| Q2 2012 | 2012-06-30 | 15.40% | −10.53 pp |
| Q1 2012 | 2012-03-31 | 25.61% | +2.60 pp |
| Q4 2011 | 2011-12-31 | 26.07% | +1.82 pp |
| Q3 2011 | 2011-09-30 | 26.25% | +6.17 pp |
| Q2 2011 | 2011-06-30 | 25.93% | +15.47 pp |
| Q1 2011 | 2011-03-31 | 23.01% | +12.38 pp |
| Q4 2010 | 2010-12-31 | 24.25% | +18.79 pp |
| Q3 2010 | 2010-09-30 | 20.08% | +36.27 pp |
| Q2 2010 | 2010-06-30 | 10.46% | — |
| Q1 2010 | 2010-03-31 | 10.62% | — |
| Q3 2009 | 2009-09-30 | 5.47% | — |
| Q2 2009 | 2009-06-30 | −16.18% | — |
Las Vegas Sands operating margin trends
Over the last five reported fiscal years, Las Vegas Sands's operating margin increased from −47.38% to 21.65%, a change of +69.03 percentage points. The latest reported quarter, Q2 2026, shows 19.59%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Las Vegas Sands filings at SEC.gov ↗