KPIs & Operating Metrics(New)
Growth Metrics

Las Vegas Sands (LVS) Operating Margin (2016 - 2025)

Las Vegas Sands has reported Operating Margin over the past 17 years, most recently at 19.38% for Q4 2025.

  • Quarterly results put Operating Margin at 19.38% for Q4 2025, down 100.0% from a year ago — trailing twelve months through Dec 2025 was 21.65% (up 39.0% YoY), and the annual figure for FY2025 was 21.65%, up 39.0%.
  • Operating Margin for Q4 2025 was 19.38% at Las Vegas Sands, down from 21.59% in the prior quarter.
  • Over the last five years, Operating Margin for LVS hit a ceiling of 24.66% in Q2 2025 and a floor of 36.87% in Q3 2021.
  • Median Operating Margin over the past 5 years was 19.08% (2024), compared with a mean of 5.53%.
  • Biggest five-year swings in Operating Margin: soared 120912bps in 2021 and later tumbled -2400bps in 2022.
  • Las Vegas Sands' Operating Margin stood at 13.69% in 2021, then decreased by -9bps to 14.86% in 2022, then skyrocketed by 264bps to 24.36% in 2023, then dropped by -16bps to 20.37% in 2024, then fell by -5bps to 19.38% in 2025.
  • The last three reported values for Operating Margin were 19.38% (Q4 2025), 21.59% (Q3 2025), and 24.66% (Q2 2025) per Business Quant data.