Las Vegas Sands (LVS) Operating Expenses (2009 - 2026)
Las Vegas Sands (LVS) posted quarterly Operating Expenses of $2.5 billion for Q2 2026, up 6.02% year-over-year from $2.4 billion in Q2 2025, and down 5.41% quarter-over-quarter from $2.7 billion in Q1 2026.
Las Vegas Sands (LVS) Operating Expenses (2009 - 2026) Analysis & Trends
Las Vegas Sands' Operating Expenses history runs 18 years deep, the most recent figure standing at $2.5 billion for Q2 2026.
- In Q2 2026, Operating Expenses rose 6.02% year-over-year to $2.5 billion; the TTM figure through Jun 2026 stood at $10.8 billion (up 17.99% YoY), while the FY2025 annual figure was $10.2 billion, up 14.65% from the prior year.
- Operating Expenses for Q2 2026 stood at $2.5 billion, down from $2.7 billion in the prior quarter.
- The five-year high for Operating Expenses was $2.9 billion in Q4 2025, with the low at $1.2 billion in Q3 2022.
- The 5-year median for Operating Expenses is $2.2 billion (2023), against an average of $2.1 billion.
- The sharpest annual moves came in 2022 and 2023: Operating Expenses dropped 9.15% in 2022, then jumped 78.26% in 2023.
- Las Vegas Sands' Operating Expenses stood at $1.3 billion in 2022, then jumped by 71.86% to $2.2 billion in 2023, then rose by 4.58% to $2.3 billion in 2024, then grew by 27.58% to $2.9 billion in 2025, then fell by 13.8% to $2.5 billion in 2026.
- Business Quant data shows LVS's Operating Expenses at $2.5 billion in Q2 2026, $2.7 billion in Q1 2026, and $2.9 billion in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 30.10 Bn | 26.73 Bn | 1.81 Bn | 2.54 Bn |
| 2 | MGM Resorts International | 10.94 Bn | 8.39 Bn | 3.10 Bn | 3.97 Bn |
| 3 | Wynn Resorts | 10.22 Bn | 8.64 Bn | 1.14 Bn | 1.56 Bn |
| 4 | Boyd Gaming | 6.06 Bn | 5.74 Bn | 766.76 Mn | 833.69 Mn |
| 5 | Caesars Entertainment | 6.05 Bn | 4.99 Bn | 2.04 Bn | 2.48 Bn |
| 6 | Vail Resorts | 5.35 Bn | 4.98 Bn | - | - |
| 7 | Marriott Vacations Worldwide | 3.84 Bn | 3.53 Bn | 1.29 Bn | 1.16 Bn |
| 8 | Hilton Grand Vacations | 3.56 Bn | 3.29 Bn | 499.00 Mn | 1.27 Bn |
| 9 | Red Rock Resorts | 3.54 Bn | 2.94 Bn | 420.02 Mn | 374.27 Mn |
| 10 | PENN Entertainment | 2.46 Bn | 1.57 Bn | 1.02 Bn | 1.73 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 2.54 Bn |
| Mar 31, 2026 | 2.68 Bn |
| Dec 31, 2025 | 2.94 Bn |
| Sep 30, 2025 | 2.61 Bn |
| Jun 30, 2025 | 2.39 Bn |
| Mar 31, 2025 | 2.25 Bn |
| Dec 31, 2024 | 2.31 Bn |
| Sep 30, 2024 | 2.18 Bn |
| Jun 30, 2024 | 2.17 Bn |
| Mar 31, 2024 | 2.24 Bn |
| Dec 31, 2023 | 2.21 Bn |
| Sep 30, 2023 | 2.11 Bn |
| Jun 30, 2023 | 2.01 Bn |
| Mar 31, 2023 | 1.74 Bn |
| Dec 31, 2022 | 1.28 Bn |
| Sep 30, 2022 | 1.18 Bn |
| Jun 30, 2022 | 1.19 Bn |
| Mar 31, 2022 | 1.25 Bn |
| Dec 31, 2021 | 1.15 Bn |
| Sep 30, 2021 | 1.17 Bn |