Las Vegas Sands filed its 10-Q with the SEC, and its figures are now in our data. The most telling point is that revenue over the twelve months to Q3 2026 was $13.60 billion, which rose 10.9% on the year before. That growth rate was down 7.2 percentage points on the rate a quarter earlier.

What stands out

Reported profit and cash are moving at different speeds. Net income rose 3.6% over the year while free cash flow rose 86.1%.

Sales are rising faster than profit. Revenue grew 10.9% but the operating margin fell 1.1 percentage points.

Growth and profit

The trailing operating margin was 20.9%, down 1.1 percentage points from a year earlier. The trailing net margin was 11.8%. Net income over the twelve months was $1.61 billion, which rose 3.6% on the year before.

Cash flow

Operating cash flow over the twelve months was $3.49 billion, up 27.5% on the year before. Capital spending was $1.08 billion, or 7.9% of revenue. Free cash flow, operating cash flow less capital spending, was $2.41 billion, up 86.1% on the year before. Free cash flow was 17.7% of revenue (the free-cash-flow margin), up 7.1 percentage points from a year earlier. The average diluted share count fell 6.1% over the year.

In context

Today’s free-cash-flow margin of 17.7% is higher than 60% of the company’s own past quarterly readings, which have ranged from −86.7% to 31.0%. Today’s operating margin of 20.9% is higher than 34% of the company’s own past quarterly readings, which have ranged from −55.0% to 29.1%. Today’s twelve-month revenue growth rate of 10.9% is higher than 52% of the company’s own past quarterly readings, which have ranged from −78.6% to 152.4%.

Guidance

The company gave its through the fourth quarter of 2027 guidance for rooms out of service due to renovations for The Venetian Macao: 500.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 29.1%, and 5 percentage points higher would raise it by 37.7%. A free-cash-flow margin 1 percentage point lower would lower it by 5.4%.

What to watch

The next filing will show whether the divergence between net income and free cash flow continues or reverses. It will also reveal if the decline in operating margin stabilizes or deepens. Finally, it will detail how the renovation of The Venetian Macao impacts room availability and revenue.