LVS Las Vegas Sands margins

Relative Growth: Rel. Growth: 64

Relative Strength: Rel. Strength: 13

Relative Valuation: Rel. Valuation: 85

Relative Profitability: Rel. Profitability: 83

Gross margin

48.5%

Operating margin

21.3%

EBITDA margin

31.4%

Net margin

12.6%

Current Las Vegas Sands reports a gross margin of 48.5%, an operating margin of 21.3%, an EBITDA margin of 31.4%, and a net margin of 12.6%. Of the available margins, net margin increased the most and EBITDA margin fell the most, by 0.4 and 1.5 percentage points respectively.

LVS margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Las Vegas Sands's margins averaged 49.48% gross, 22.03% operating, 33.15% EBITDA, and 12.82% net. Each of the four current margins is below its three-year average.

LVS margin expansion

Year-over-year margin changes in percentage points

Net margin expanded by 0.4 percentage points, while gross margin contracted by 0.9 percentage points and EBITDA margin by 1.5 percentage points.

Gross margin expansion

-0.9pp

Operating margin expansion

0pp

EBITDA margin expansion

-1.5pp

Net margin expansion

0.4pp

LVS Gross margin

The average gross margin for Las Vegas Sands was 49.48% over the last 3 years. As of the latest period, the current gross margin for Las Vegas Sands is 48.5%, 1 percentage points below its three-year average. The gross margin for Las Vegas Sands moved between 48.5% in Jun 2026 and 50.3% in Mar 2024.

LVS Operating margin

Over the last 3 years, Las Vegas Sands's operating margin averaged 22.03%. The current operating margin of 21.3% is 0.7 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 33.15%. Currently, Las Vegas Sands's current EBITDA margin is 31.4%, which is 1.8 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 31.4% in Jun 2026.

LVS Net margin

Las Vegas Sands recorded an average net margin of 12.82% across the last 3 years. Las Vegas Sands currently reports a net margin of 12.6%, 0.2 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 48.5% is above the Consumer Cyclical sector and its peers average. In comparison with its Consumer Cyclical sector average of 36.3%, Las Vegas Sands's gross margin is 34% higher.

LVS margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Las Vegas Sands's gross margin?

As of Jun 30, 2026, LVS has a gross margin of 48.5%.

What is Las Vegas Sands's operating margin?

The current operating margin for LVS is 21.3% as of Jun 30, 2026.

What is Las Vegas Sands's EBITDA margin?

For the period ending Jun 30, 2026, LVS recorded an EBITDA margin of 31.4%.

What is Las Vegas Sands's net margin?

The current net margin for LVS is 12.6% as of Jun 30, 2026.

What are the average margins of LVS?

Las Vegas Sands's gross, operating, EBITDA, and net margins averaged 49.5% gross, 22.0% operating, 33.2% EBITDA, and 12.8% 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.