Las Vegas Sands (LVS) Gross Margin (2009 - 2026)
Las Vegas Sands (LVS) posted quarterly Gross Margin of 57.23% for Q2 2026, down 365.0% year-over-year from 21.6% in Q2 2025, and down 1.36% quarter-over-quarter from 58.02% in Q1 2026.
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 57.23% for Q2 2026.
- In Q2 2026, Gross Margin fell 365.0% year-over-year to 57.23%; the TTM figure through Jun 2026 stood at 58.28% (down 135.0% YoY), while the FY2025 annual figure was 59.53%, up 34.0% from the prior year.
- Gross Margin for Q2 2026 stood at 57.23%, down from 58.02% in the prior quarter.
- The five-year high for Gross Margin was 60.88% in Q2 2025, with the low at 50.37% in Q1 2022.
- The 5-year median for Gross Margin is 58.99% (2023), against an average of 58.59%.
- The sharpest annual moves came in 2022 and 2026: Gross Margin jumped 1183 bps in 2022, then plunged 365 bps in 2026.
- Las Vegas Sands' Gross Margin stood at 58.01% in 2022, then grew by 5 bps to 60.86% in 2023, then retreated by 2 bps to 59.6% in 2024, then dropped by 2 bps to 58.45% in 2025, then declined by 2 bps to 57.23% in 2026.
- Business Quant data shows LVS's Gross Margin at 57.23% in Q2 2026, 58.02% in Q1 2026, and 58.45% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 30.10 Bn | 26.73 Bn | 1.81 Bn | 57.23% |
| 2 | MGM Resorts International | 10.94 Bn | 8.39 Bn | 3.10 Bn | 69.69% |
| 3 | Wynn Resorts | 10.22 Bn | 8.64 Bn | 1.14 Bn | 61.15% |
| 4 | Boyd Gaming | 6.06 Bn | 5.74 Bn | 766.76 Mn | 74.13% |
| 5 | Caesars Entertainment | 6.05 Bn | 4.99 Bn | 2.04 Bn | 68.09% |
| 6 | Vail Resorts | 5.35 Bn | 4.98 Bn | - | - |
| 7 | Marriott Vacations Worldwide | 3.84 Bn | 3.53 Bn | 1.29 Bn | 97.80% |
| 8 | Hilton Grand Vacations | 3.56 Bn | 3.29 Bn | 499.00 Mn | 36.75% |
| 9 | Red Rock Resorts | 3.54 Bn | 2.94 Bn | 420.02 Mn | 82.32% |
| 10 | PENN Entertainment | 2.46 Bn | 1.57 Bn | 1.02 Bn | 55.14% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 57.23% |
| Mar 31, 2026 | 58.02% |
| Dec 31, 2025 | 58.45% |
| Sep 30, 2025 | 59.38% |
| Jun 30, 2025 | 60.88% |
| Mar 31, 2025 | 59.57% |
| Dec 31, 2024 | 59.60% |
| Sep 30, 2024 | 58.24% |
| Jun 30, 2024 | 58.67% |
| Mar 31, 2024 | 60.12% |
| Dec 31, 2023 | 60.86% |
| Sep 30, 2023 | 60.54% |
| Jun 30, 2023 | 59.32% |
| Mar 31, 2023 | 58.77% |
| Dec 31, 2022 | 58.01% |
| Sep 30, 2022 | 59.20% |
| Jun 30, 2022 | 57.42% |
| Mar 31, 2022 | 50.37% |
| Dec 31, 2021 | 53.87% |
| Sep 30, 2021 | 47.37% |