LVS Las Vegas Sands margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 76

Gross margin

47.5%

Operating margin

20.6%

EBITDA margin

30.7%

Net margin

11.8%

Current Las Vegas Sands reports a gross margin of 47.5%, an operating margin of 20.6%, an EBITDA margin of 30.7%, and a net margin of 11.8%. Gross margin headed the decline across the available margins, falling by 2.4 percentage points.

LVS margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Las Vegas Sands's margins averaged 49.32% gross, 21.88% operating, 32.95% EBITDA, and 12.73% net. Each of the four current margins is below its three-year average.

LVS margin expansion

Year-over-year margin changes in percentage points

Compared with last year, gross, operating, EBITDA, and net margins all declined, with gross margin showing the largest decrease at 2.4 percentage points.

Gross margin expansion

-2.4pp

Operating margin expansion

-1.3pp

EBITDA margin expansion

-2.3pp

Net margin expansion

-0.9pp

LVS Gross margin

The average gross margin for Las Vegas Sands was 49.32% over the last 3 years. As of the latest period, the current gross margin for Las Vegas Sands is 47.5%, 1.8 percentage points below its three-year average. The gross margin for Las Vegas Sands moved between 47.5% in Sep 2026 and 50.3% in Mar 2024.

LVS Operating margin

Over the last 3 years, Las Vegas Sands's operating margin averaged 21.88%. The current operating margin of 20.6% is 1.3 percentage points below its three-year average. During this period, operating margin reached a high of 23.7% in Jun 2024 and a low of 20.3% in Mar 2025.

LVS EBITDA margin

Over the last 3 years, Las Vegas Sands's EBITDA margin averaged 32.95%. Currently, Las Vegas Sands's current EBITDA margin is 30.7%, which is 2.3 percentage points below its three-year average. During this period, EBITDA margin reached a high of 34.9% in Mar 2024 and a low of 30.7% in Sep 2026.

LVS Net margin

Las Vegas Sands recorded an average net margin of 12.73% across the last 3 years. Las Vegas Sands currently reports a net margin of 11.8%, 0.9 percentage points below its three-year average. Looking back over the last 3 years, Las Vegas Sands's net margin reached 14.1% at its highest point in Jun 2024 and 11.6% at its lowest in Mar 2025.

LVS margin group comparison

Margins compared with peer-group, industry and sector averages

Las Vegas Sands's gross margin of 47.5% is above the Consumer Cyclical sector and its peers average but below the industry average. In comparison with its Consumer Cyclical sector average of 36.3%, Las Vegas Sands's gross margin is 31% higher.

LVS margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Las Vegas Sands's gross margin?

As of Sep 30, 2026, LVS has a gross margin of 47.5%.

What is Las Vegas Sands's operating margin?

The current operating margin for LVS is 20.6% as of Sep 30, 2026.

What is Las Vegas Sands's EBITDA margin?

For the period ending Sep 30, 2026, LVS recorded an EBITDA margin of 30.7%.

What is Las Vegas Sands's net margin?

The current net margin for LVS is 11.8% as of Sep 30, 2026.

What are the average margins of LVS?

Las Vegas Sands's gross, operating, EBITDA, and net margins averaged 49.3% gross, 21.9% operating, 33.0% EBITDA, and 12.7% net over the last 3 years.

What are the highest historical margins of LVS?

Las Vegas Sands's highest recorded margins during the past 5 years were 50.3% gross in Mar 2024, 23.7% operating in Jun 2024, 94.1% EBITDA in Sep 2022, and 46.9% net in Sep 2022.

What are the lowest historical margins of LVS?

Las Vegas Sands's lowest recorded margins during the past 5 years were 36.9% gross in Mar 2022, -23.3% operating in Jun 2022, 16.4% EBITDA in Dec 2021, and -22.7% net in Dec 2021.