Las Vegas Sands (LVS) Operating Margin (2009 - 2026)
Las Vegas Sands (LVS) posted quarterly Operating Margin of 19.59% for Q2 2026, down 507.0% year-on-year from 4.81% in Q2 2025, and down 22.3% on a QoQ basis from 25.22% in Q1 2026.
Las Vegas Sands (LVS) Operating Margin (2009 - 2026) Analysis & Trends
Las Vegas Sands (LVS) has reported Operating Margin for 18 consecutive years, with 19.59% the latest figure, recorded in Q2 2026.
- Quarterly Operating Margin fell 507.0% year-over-year to 19.59% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 21.49% (up 9.0% YoY) and the FY2025 annual result came in at 21.65%, up 39.0% from the prior year.
- Operating Margin fell to 19.59% in Q2 2026 per LVS's latest filing, from 25.22% in the prior quarter.
- Over the last five years, Operating Margin for LVS reached as high as 25.22% in Q1 2026 and fell as low as 32.03% in Q1 2022.
- A 5-year average of 12.55% and a median of 20.75% in 2023 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2022 — Operating Margin slumped 2400 bps — and 2023, when it jumped 4986 bps.
- Year by year, Operating Margin stood at 14.86% in 2022, then surged by 264 bps to 24.36% in 2023, then declined by 16 bps to 20.37% in 2024, then retreated by 5 bps to 19.38% in 2025, then grew by 1 bps to 19.59% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 19.59%, 25.22%, and 19.38% for Q2 2026, Q1 2026, and Q4 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 38.43 Bn | 35.51 Bn | 1.81 Bn | 19.59% |
| 2 | MGM Resorts International | 11.52 Bn | 9.24 Bn | 4.32 Bn | 6.76% |
| 3 | Wynn Resorts | 9.98 Bn | 9.14 Bn | 1.75 Bn | 15.22% |
| 4 | Boyd Gaming | 6.65 Bn | 6.28 Bn | 984.15 Mn | 16.44% |
| 5 | Melco Resorts & Entertainment | 6.65 Bn | 6.35 Bn | - | - |
| 6 | Caesars Entertainment | 6.10 Bn | 5.32 Bn | 2.78 Bn | 17.42% |
| 7 | Vail Resorts | 5.14 Bn | 5.48 Bn | - | 41.00% |
| 8 | Hilton Grand Vacations | 3.97 Bn | 3.86 Bn | 1.23 Bn | 6.54% |
| 9 | Red Rock Resorts | 3.65 Bn | 3.16 Bn | 433.13 Mn | 28.32% |
| 10 | Studio City International Holdings | 3.64 Bn | 3.57 Bn | 155.38 Mn | 172.06% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 19.59% |
| Mar 31, 2026 | 25.22% |
| Dec 31, 2025 | 19.38% |
| Sep 30, 2025 | 21.59% |
| Jun 30, 2025 | 24.66% |
| Mar 31, 2025 | 21.28% |
| Dec 31, 2024 | 20.37% |
| Sep 30, 2024 | 18.79% |
| Jun 30, 2024 | 21.41% |
| Mar 31, 2024 | 24.23% |
| Dec 31, 2023 | 24.36% |
| Sep 30, 2023 | 24.62% |
| Jun 30, 2023 | 21.13% |
| Mar 31, 2023 | 17.83% |
| Dec 31, 2022 | -14.86% |
| Sep 30, 2022 | -17.61% |
| Jun 30, 2022 | -14.07% |
| Mar 31, 2022 | -32.03% |
| Dec 31, 2021 | -13.69% |
| Sep 30, 2021 | -36.87% |