How Las Vegas Sands makes money

Period

FY2025

How does Las Vegas Sands make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Las Vegas Sands Corp. · FY2025 · year ended 2025-12-31

Revenue$13.0BGross profit$13.0B · 100%Cost of revenue$0 · 0%Operating income$2.8B · 22%Operating expenses$10.2B · 78%R&D$269M · 2%SG&A$1.2B · 9%Other opex$8.7B · 67%Pre-tax income$2.0B · 15%Other expense$844M · 6%Net income$1.6B · 12%Income tax$347M · 3%Casino$9.8B · 75%Occupancy$1.4B · 11%Mall$801M · 6%Food & Beverage$644M · 5%Product & Service Other$361M · 3%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.