Las Vegas Sands (LVS) Gross Margin (2017 - 2026)
Las Vegas Sands (LVS) reported Gross Margin of 46.92% for Q2 2026, down 4.63 percentage points from 51.56% a year earlier and down 1.86 percentage points from the prior quarter.
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Analysis
Las Vegas Sands (LVS) Gross Margin (2017 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Las Vegas Sands' Gross Margin came in at 48.52%, down 0.86 percentage points year-over-year; for FY2025, it came in at 49.79%, up 0.92 percentage points from FY2024.
- Gross Margin has a five-year change of +21.86 percentage points (FY2020 to FY2025).
- By year, Gross Margin came in at 48.87% in FY2024 (-0.95 pp), 49.82% in FY2023 (+9.67 pp), 40.15% in FY2022 (+2.17 pp) and 37.98% in FY2021 (+10.05 pp).
- The Q2 2026 figure ranks as the lowest quarterly Gross Margin since Q4 2022.
- Year over year, Gross Margin has now declined in each of the last three quarters, with an average year-over-year change of -0.82 percentage points over the last eight quarters.
- The high point for year-over-year Gross Margin in five years was Q3 2021 (a gain of 19.52 percentage points); the low point was Q2 2026 (a drop of 4.63 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at 48.79% (Q1 2026), 48.45% (Q4 2025) and 49.80% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 25.14 Bn | 11.55 Bn | 1.48 Bn | 46.92% |
| 2 | DraftKings | 18.81 Bn | 14.47 Bn | 551.45 Mn | 38.21% |
| 3 | Flutter Entertainment | 13.30 Bn | 7.05 Bn | 1.71 Bn | 39.60% |
| 4 | Madison Square Garden Sports | 10.02 Bn | 9.62 Bn | 119.21 Mn | 42.77% |
| 5 | Life Time Group Holdings | 8.83 Bn | 8.07 Bn | 412.26 Mn | 47.61% |
| 6 | Wynn Resorts | 8.33 Bn | 1.88 Bn | 758.95 Mn | 40.87% |
| 7 | MGM Resorts International | 8.01 Bn | -169.85 Mn | 1.98 Bn | 44.47% |
| 8 | Caesars Entertainment | 6.03 Bn | 2.65 Bn | 1.50 Bn | 50.08% |
| 9 | Super Group (SGHC) | 5.93 Bn | 3.92 Bn | - | - |
| 10 | Red Rock Resorts | 5.30 Bn | 4.88 Bn | 315.50 Mn | 61.83% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 46.92% |
| Mar 31, 2026 | 48.79% |
| Dec 31, 2025 | 48.45% |
| Sep 30, 2025 | 49.80% |
| Jun 30, 2025 | 51.56% |
| Mar 31, 2025 | 49.51% |
| Dec 31, 2024 | 48.76% |
| Sep 30, 2024 | 47.32% |
| Jun 30, 2024 | 48.61% |
| Mar 31, 2024 | 50.63% |
| Dec 31, 2023 | 50.87% |
| Sep 30, 2023 | 50.41% |
| Jun 30, 2023 | 49.13% |
| Mar 31, 2023 | 48.40% |
| Dec 31, 2022 | 40.47% |
| Sep 30, 2022 | 42.59% |
| Jun 30, 2022 | 42.39% |
| Mar 31, 2022 | 34.68% |
| Dec 31, 2021 | 40.18% |
| Sep 30, 2021 | 31.86% |
API Access
Las Vegas Sands Gross Margin 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=gross-margin&ticker=LVS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "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=gross-margin&ticker=LVS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();