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Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-32373

sands Logo.jpg

LAS VEGAS SANDS CORP.

(Exact name of registrant as specified in its charter)

Nevada27-0099920
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
5420 S. Durango Dr., Las Vegas, Nevada, 89113
(Address of principal executive offices) (Zip Code)

(702) 923-9000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($0.001 par value)LVSNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer☒Accelerated Filer☐
Non-accelerated Filer☐Smaller Reporting Company☐
Emerging Growth Company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date.

ClassOutstanding at October 22, 2025
Common Stock ($0.001 par value)676,134,487 shares

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

Table of Contents

PART I FINANCIAL INFORMATION
Item 1.Financial Statements (unaudited)3
Condensed Consolidated Balance Sheets at September 30, 2025 and December 31, 20243
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 20244
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 20245
Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2025 and 20246
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 20248
Notes to Condensed Consolidated Financial Statements9
Note 1 — Organization and Business of Company9
Note 2 — Accounts Receivable, Net and Customer Contract Related Liabilities11
Note 3 — Leasehold Interests in Land, Net12
Note 4 — Goodwill and Intangible Assets, Net12
Note 5 — Debt14
Note 6 — Derivative Instruments17
Note 7 — Equity and Earnings Per Share19
Note 8 — Leases21
Note 9 — Fair Value Disclosures21
Note 10 — Commitments and Contingencies22
Note 11 — Segment Information25
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations31
Item 3.Quantitative and Qualitative Disclosures about Market Risk58
Item 4.Controls and Procedures58
PART II OTHER INFORMATION
Item 1.Legal Proceedings59
Item 1A.Risk Factors59
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds59
Item 5.Other Information59
Item 6.Exhibits60
Signatures61

PART I FINANCIAL INFORMATION

Next: Item 1. FINANCIAL STATEMENTS