Las Vegas Sands (LVS) Operating Margin (2009 - 2026)
Las Vegas Sands (LVS) posted Operating Margin of 19.22% for Q3 2026, down 2.37 percentage points from 21.59% a year earlier and down 0.38 percentage points from the prior quarter.
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Analysis
Las Vegas Sands (LVS) Operating Margin (2009 - 2026) Analysis & Trends
For the trailing twelve months through Sep 30, 2026, Operating Margin at Las Vegas Sands was 20.93%, down 1.10 percentage points year-over-year; for FY2025, it came in at 21.65%, up 0.39 percentage points from FY2024.
- Annual Operating Margin shows a five-year change of +69.03 percentage points (FY2020 to FY2025).
- In prior years, Las Vegas Sands' Operating Margin was 21.26% in FY2024 (-1.04 pp), 22.30% in FY2023 (+41.57 pp), -19.27% in FY2022 (-3.00 pp) and -16.27% in FY2021 (+31.11 pp).
- The Q3 2026 figure stands as the lowest quarterly Operating Margin since Q3 2024.
- On a year-over-year basis, Operating Margin increased in three of the last eight quarters, with an average year-over-year change of -0.67 percentage points.
- The strongest year-over-year quarter for Operating Margin in the past five years was Q1 2023, with a gain of 49.86 percentage points; the weakest was Q1 2022, with a drop of 24.00 percentage points.
- According to Business Quant data, Operating Margin for the three prior quarters was 19.59% (Q2 2026), 25.22% (Q1 2026) and 19.38% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 25.66 Bn | 12.26 Bn | 1.47 Bn | 19.22% |
| 2 | Flutter Entertainment | 14.04 Bn | 7.43 Bn | 1.52 Bn | -30.74% |
| 3 | Life Time Group Holdings | 10.41 Bn | 9.58 Bn | 419.01 Mn | 17.68% |
| 4 | DraftKings | 9.31 Bn | 4.97 Bn | 551.45 Mn | -4.72% |
| 5 | Wynn Resorts | 8.77 Bn | 2.90 Bn | 655.12 Mn | 10.55% |
| 6 | MGM Resorts International | 8.21 Bn | -1.09 Bn | 1.73 Bn | 2.82% |
| 7 | Madison Square Garden Sports | 7.49 Bn | 7.09 Bn | 119.21 Mn | 11.53% |
| 8 | Light & Wonder | 7.12 Bn | 6.42 Bn | 623.00 Mn | 29.37% |
| 9 | Churchill Downs | 6.90 Bn | 6.13 Bn | 207.00 Mn | 20.55% |
| 10 | Caesars Entertainment | 5.95 Bn | 2.37 Bn | 1.44 Bn | 15.54% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 19.22% |
| 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% |
API Access
Las Vegas Sands Operating 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=operating-margin&ticker=LVS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=LVS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();