Las Vegas Sands (LVS) Cost of Revenue (2017 - 2026)
Las Vegas Sands' Cost of Revenue came in at $1.67 billion for Q2 2026, up 8.8% from $1.54 billion a year earlier but down 8.8% from the prior quarter.
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Analysis
Las Vegas Sands (LVS) Cost of Revenue (2017 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Las Vegas Sands reported Cost of Revenue of $7.06 billion, up 20.1% year-over-year; for FY2025, it came in at $6.54 billion, up 13.1% from FY2024.
- Cost of Revenue has increased in each of the last three years, with a five-year compound annual growth rate of 25.3% (FY2020 to FY2025).
- Going back by year, Cost of Revenue was $5.78 billion in FY2024 (+11.0%), $5.21 billion in FY2023 (+111.6%), $2.46 billion in FY2022 (-6.3%) and $2.63 billion in FY2021 (+23.9%).
- The five-year range for quarterly Cost of Revenue is $577 million (Q3 2022) to $1.88 billion (Q4 2025).
- Year-over-year, Cost of Revenue has increased for five consecutive quarters, with growth averaging 11.7% over the last eight quarters.
- The fastest year-over-year change in Cost of Revenue over five years came in Q3 2023 (growth of 140.2%), and the weakest in Q1 2022 (a decline of 15.4%).
- Business Quant data shows LVS's Cost of Revenue at $1.84 billion (Q1 2026), $1.88 billion (Q4 2025) and $1.67 billion (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 25.05 Bn | 11.15 Bn | 1.48 Bn | 1.67 Bn |
| 2 | Flutter Entertainment | 13.32 Bn | 6.69 Bn | 1.71 Bn | 2.61 Bn |
| 3 | Madison Square Garden Sports | 9.77 Bn | 9.37 Bn | 119.21 Mn | 159.53 Mn |
| 4 | DraftKings | 9.57 Bn | 5.23 Bn | 551.45 Mn | 891.78 Mn |
| 5 | Life Time Group Holdings | 9.03 Bn | 8.26 Bn | 412.26 Mn | 453.73 Mn |
| 6 | Wynn Resorts | 7.89 Bn | 2.18 Bn | 758.95 Mn | 1.10 Bn |
| 7 | MGM Resorts International | 7.50 Bn | -1.53 Bn | 1.98 Bn | 2.47 Bn |
| 8 | Light & Wonder | 7.12 Bn | 6.43 Bn | 618.00 Mn | 210.00 Mn |
| 9 | Caesars Entertainment | 5.97 Bn | 2.41 Bn | 1.50 Bn | 1.49 Bn |
| 10 | Churchill Downs | 5.75 Bn | 4.98 Bn | 419.00 Mn | 561.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.67 Bn |
| Mar 31, 2026 | 1.84 Bn |
| Dec 31, 2025 | 1.88 Bn |
| Sep 30, 2025 | 1.67 Bn |
| Jun 30, 2025 | 1.54 Bn |
| Mar 31, 2025 | 1.45 Bn |
| Dec 31, 2024 | 1.48 Bn |
| Sep 30, 2024 | 1.41 Bn |
| Jun 30, 2024 | 1.42 Bn |
| Mar 31, 2024 | 1.46 Bn |
| Dec 31, 2023 | 1.43 Bn |
| Sep 30, 2023 | 1.39 Bn |
| Jun 30, 2023 | 1.29 Bn |
| Mar 31, 2023 | 1.09 Bn |
| Dec 31, 2022 | 665.00 Mn |
| Sep 30, 2022 | 577.00 Mn |
| Jun 30, 2022 | 602.00 Mn |
| Mar 31, 2022 | 616.00 Mn |
| Dec 31, 2021 | 603.00 Mn |
| Sep 30, 2021 | 584.00 Mn |
API Access
Las Vegas Sands Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=LVS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "LVS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=LVS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();