For the year ending 2025-12-31, LVS had $191M increase in cash & cash equivalents over the period. $1,855M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Adjusted property ebitda | 5,232 | 4,379 | 4,085 | - |
| Stock-based compensation | 24 | 27 | 29 | - |
| Corporate | 310 | 290 | 230 | - |
| Pre-opening | 24 | 14 | 15 | - |
| Development | 269 | 228 | 205 | - |
| Depreciation and amortization | 1,464 | 1,308 | 1,208 | - |
| Amortization of leasehold interests in land | 76 | 60 | 58 | - |
| Gain (loss) on sale of assets and asset impairment charges | -247 | -50 | -27 | - |
| Operating income | 2,818 | 2,402 | 2,313 | - |
| Interest income | 161 | 275 | 288 | - |
| Interest expense, net of amounts capitalized | 746 | 727 | 818 | - |
| Other income (expense) | -15 | 10 | -8 | - |
| Gain (loss) on modification or early retirement of debt | -5 | - | 0 | - |
| Income tax expense | 347 | 208 | 344 | - |
| Net income (loss) from continuing operations | - | 1,752 | 1,431 | -1,541 |
| Net income | 1,866 | - | - | - |
| Depreciation and amortization | 1,464 | 1,308 | 1,208 | 1,036 |
| Amortization of leasehold interests in land | 76 | 60 | 58 | 55 |
| Amortization of deferred financing costs and original issue discount | 58 | 57 | 61 | 57 |
| Change in fair value of derivatives | 0 | 0 | 1 | -1 |
| Paid-in-kind interest income | 0 | 71 | 30 | - |
| (gain) loss on modification or early retirement of debt | -5 | - | 0 | 0 |
| Loss on disposal or impairment of assets | -236 | -19 | -11 | -7 |
| Stock-based compensation expense | 54 | 55 | 44 | 39 |
| Provision for credit losses | 85 | 19 | 4 | - |
| Foreign exchange (gain) loss | -23 | 18 | -7 | 10 |
| Deferred income taxes | -60 | 4 | 44 | -2 |
| Income tax impact related to gain on sale of las vegas operations | - | 0 | 0 | -750 |
| Accounts receivable | 392 | -43 | 217 | 78 |
| Other assets | 27 | 48 | 50 | -2 |
| Increase (decrease) in leasehold interests in land | 848 | - | - | - |
| Accounts payable | 22 | -1 | 76 | 11 |
| Other liabilities | 461 | 25 | 581 | 229 |
| Net cash generated from (used in) operating activities from continuing operations | - | 3,204 | 3,227 | -944 |
| Net cash generated from operating activities | 3,023 | - | - | - |
| Capital expenditures | 1,168 | 1,567 | 1,017 | 651 |
| Proceeds from disposal of property and equipment | 7 | 1 | 3 | 9 |
| Acquisition of intangible assets and other | 75 | 13 | 240 | 129 |
| Proceeds from loan receivable | - | 0 | 0 | 50 |
| Net cash used in investing activities from continuing operations | - | -1,579 | -1,254 | -721 |
| (payments for) proceeds from other investing activity | -19 | - | - | - |
| Net cash used in investing activities | -1,217 | - | - | - |
| Proceeds from exercise of stock options | 264 | 1 | 4 | 0 |
| Tax withholding on vesting of equity awards | 2 | 5 | 2 | 1 |
| Repurchase of common stock | 2,217 | 1,750 | 505 | - |
| Dividends paid and noncontrolling interest payments | 833 | 590 | 305 | 0 |
| Proceeds from debt | 6,781 | 1,748 | 0 | 1,200 |
| Repayments of debt | 4,918 | 2,074 | 2,069 | 66 |
| Payments of financing costs | 201 | 60 | 32 | 11 |
| Settled contracts for purchase of noncontrolling interest | 483 | 215 | - | - |
| Unsettled contracts for purchase of noncontrolling interest | 0 | 35 | - | - |
| Unsettled forward contract for purchase of noncontrolling interest | - | - | 250 | - |
| Capped call option contract | - | 48 | - | - |
| Other | -34 | -32 | -29 | - |
| Make-whole premium on early extinguishment of debt | - | - | 0 | 0 |
| Transactions with discontinued operations | - | 0 | 0 | 5,032 |
| Net cash generated from (used in) financing activities from continuing operations | - | -3,060 | -3,188 | 6,154 |
| Net cash generated from operating activities | - | 0 | 0 | 149 |
| Net cash generated from investing activities | - | 0 | 0 | 4,883 |
| Net cash provided to continuing operations and used in financing activities | - | 0 | 0 | -5,032 |
| Net cash generated from discontinued operations | - | 0 | 0 | 0 |
| Net cash used in financing activities | -1,643 | - | - | - |
| Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents | 28 | -19 | 8 | 22 |
| Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | 191 | -1,454 | -1,207 | 4,511 |
| Cash and cash equivalents at beginning of period | 3,775 | 5,229 | 6,436 | 1,925 |
| Cash and cash equivalents at end of period | 3,966 | 3,775 | 5,229 | 6,436 |
LAS VEGAS SANDS CORP (LVS)
LAS VEGAS SANDS CORP (LVS)