Las Vegas Sands (LVS) Gross Margin (2009 - 2026)
Las Vegas Sands' (LVS) quarterly Gross Margin came in at 97.43% in Q1 2026, up 26.0% year-on-year from 77.33% in Q1 2025, and little changed quarter-over-quarter from 97.67% in Q4 2025.
Las Vegas Sands (LVS) Gross Margin (2009 - 2026) Analysis & Trends
Las Vegas Sands' Gross Margin history runs 18 years deep, the most recent figure standing at 97.43% for Q1 2026.
- On a quarterly basis, Gross Margin rose 26.0% year-over-year to 97.43% in Q1 2026; TTM through Mar 2026 was 97.32%, a 3749.0% increase from a year earlier, with the FY2025 full-year figure at 97.99%, up 3880.0% from the prior year.
- Gross Margin was little changed at 97.43% in Q1 2026 per LVS's latest filing, from 97.67% in the prior quarter.
- Across five years, Gross Margin topped out at 98.17% in Q3 2025 and bottomed at 46.13% in Q4 2024.
- The 5-year median for Gross Margin is 95.52% (2022), against an average of 73.22%.
- Across the five-year window, Gross Margin tumbled 15507 bps in 2022 and jumped 14380 bps in 2025, its largest moves.
- Year by year, Gross Margin stood at 95.52% in 2022, then plunged by 137 bps to 35.33% in 2023, then plunged by 31 bps to 46.13% in 2024, then jumped by 312 bps to 97.67% in 2025, then declined by 0 bps to 97.43% in 2026.
- Per Business Quant, the three latest LVS Gross Margin figures stand at 97.43% (Q1 2026), 97.67% (Q4 2025), and 98.17% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 30.75 Bn | 27.42 Bn | 3.49 Bn | 97.43% |
| 2 | MGM Resorts International | 11.68 Bn | 9.38 Bn | 4.32 Bn | 97.02% |
| 3 | Wynn Resorts | 9.99 Bn | 9.89 Bn | 1.75 Bn | 94.08% |
| 4 | Boyd Gaming | 6.73 Bn | 6.36 Bn | 984.15 Mn | 98.68% |
| 5 | Melco Resorts & Entertainment | 6.48 Bn | 5.85 Bn | - | - |
| 6 | Caesars Entertainment | 6.11 Bn | 5.15 Bn | 2.78 Bn | 96.69% |
| 7 | Vail Resorts | 5.23 Bn | 5.21 Bn | - | - |
| 8 | Hilton Grand Vacations | 4.01 Bn | 3.75 Bn | 1.23 Bn | 95.41% |
| 9 | Red Rock Resorts | 3.72 Bn | 3.12 Bn | 433.13 Mn | 85.38% |
| 10 | Studio City International Holdings | 3.53 Bn | 3.45 Bn | 155.38 Mn | 87.92% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 97.43% |
| Dec 31, 2025 | 97.67% |
| Sep 30, 2025 | 98.17% |
| Jun 30, 2025 | 95.91% |
| Mar 31, 2025 | 97.17% |
| Dec 31, 2024 | -46.13% |
| Sep 30, 2024 | 97.69% |
| Jun 30, 2024 | 95.51% |
| Mar 31, 2024 | 95.74% |
| Dec 31, 2023 | -35.33% |
| Sep 30, 2023 | 60.54% |
| Jun 30, 2023 | 95.40% |
| Mar 31, 2023 | 58.77% |
| Dec 31, 2022 | 95.52% |
| Sep 30, 2022 | 97.31% |
| Jun 30, 2022 | 93.01% |
| Mar 31, 2022 | 50.37% |
| Dec 31, 2021 | 250.60% |
| Sep 30, 2021 | 93.58% |
| Jun 30, 2021 | 96.42% |