Las Vegas Sands (LVS) Gross Margin (2017 - 2026)
Las Vegas Sands (LVS) reported Gross Margin of 45.62% for Q3 2026, down 4.19 percentage points from 49.80% a year earlier and down 1.31 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 Sep 30, 2026, Las Vegas Sands' Gross Margin came in at 47.52%, down 2.43 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 Q3 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 four quarters, with an average year-over-year change of -0.96 percentage points over the last eight quarters.
- The high point for year-over-year Gross Margin in five years was Q1 2023 (a gain of 13.72 percentage points); the low point was Q2 2026 (a drop of 4.63 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 46.92% (Q2 2026), 48.79% (Q1 2026) and 48.45% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 25.75 Bn | 12.34 Bn | 1.47 Bn | 45.62% |
| 2 | Flutter Entertainment | 14.42 Bn | 7.81 Bn | 1.52 Bn | 39.18% |
| 3 | Life Time Group Holdings | 10.41 Bn | 9.58 Bn | 419.01 Mn | 46.89% |
| 4 | DraftKings | 9.28 Bn | 4.95 Bn | 551.45 Mn | 38.21% |
| 5 | Wynn Resorts | 8.83 Bn | 2.96 Bn | 655.12 Mn | 38.79% |
| 6 | MGM Resorts International | 8.29 Bn | -1.01 Bn | 1.73 Bn | 41.16% |
| 7 | Madison Square Garden Sports | 7.83 Bn | 7.42 Bn | 119.21 Mn | 42.77% |
| 8 | Light & Wonder | 7.12 Bn | 6.42 Bn | 623.00 Mn | 75.61% |
| 9 | Churchill Downs | 6.92 Bn | 6.15 Bn | 207.00 Mn | 29.74% |
| 10 | Caesars Entertainment | 5.97 Bn | 2.39 Bn | 1.44 Bn | 49.12% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 45.62% |
| 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% |
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();