Operating Profit Margin
since 2005
Calculation
Las Vegas Sands Corp., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income (loss)1 | ÷ | Net revenues1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | -19.27% | = | 100 | × | (792) | ÷ | 4,110) |
| Dec 31, 2021 | -16.27% | = | 100 | × | (689) | ÷ | 4,234) |
| Dec 31, 2020 | -46.73% | = | 100 | × | (1,688) | ÷ | 3,612) |
| Dec 31, 2019 | 26.92% | = | 100 | × | 3,698) | ÷ | 13,739) |
| Dec 31, 2018 | 27.32% | = | 100 | × | 3,751) | ÷ | 13,729) |
| Dec 31, 2017 | 26.87% | = | 100 | × | 3,462) | ÷ | 12,882) |
| Dec 31, 2016 | 21.85% | = | 100 | × | 2,493) | ÷ | 11,410) |
| Dec 31, 2015 | 24.31% | = | 100 | × | 2,841) | ÷ | 11,688) |
| Dec 31, 2014 | 28.11% | = | 100 | × | 4,099) | ÷ | 14,584) |
| Dec 31, 2013 | 24.75% | = | 100 | × | 3,408) | ÷ | 13,770) |
| Dec 31, 2012 | 20.77% | = | 100 | × | 2,311) | ÷ | 11,131) |
| Dec 31, 2011 | 25.40% | = | 100 | × | 2,390) | ÷ | 9,411) |
| Dec 31, 2010 | 17.23% | = | 100 | × | 1,181) | ÷ | 6,853) |
| Dec 31, 2009 | -0.63% | = | 100 | × | (29) | ÷ | 4,563) |
| Dec 31, 2008 | 3.73% | = | 100 | × | 164) | ÷ | 4,390) |
| Dec 31, 2007 | 11.18% | = | 100 | × | 330) | ÷ | 2,951) |
| Dec 31, 2006 | 25.67% | = | 100 | × | 574) | ÷ | 2,237) |
| Dec 31, 2005 | 28.11% | = | 100 | × | 489) | ÷ | 1,741) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The operating performance exhibits three distinct cyclical phases between 2005 and 2022, characterized by an initial decline, a prolonged period of stability and growth, and a subsequent severe contraction.
- Initial Margin Contraction (2005–2009)
- A significant downward trend in operating profit margins is observed during this period, falling from 28.11% in 2005 to a negative 0.63% by 2009. This erosion of profitability occurred despite a steady increase in net revenues, which rose from $1,741 million to $4,563 million, indicating that operating expenses grew at a rate far exceeding revenue growth during these years.
- Recovery and Operational Stability (2010–2019)
- The decade following 2009 was marked by a robust recovery and sustained profitability. Operating margins rebounded sharply to 17.23% in 2010 and generally fluctuated between 20% and 28% through 2019. Net revenues expanded substantially, peaking at $14,584 million in 2014, the same year the operating profit margin reached its peak of 28.11%. Operating income remained consistently positive and strong, peaking at $4,099 million in 2014.
- Severe Performance Decline (2020–2022)
- A precipitous collapse in financial performance is evident starting in 2020. The operating profit margin dropped to -46.73%, the lowest point in the analyzed period, coinciding with a drastic reduction in net revenues to $3,612 million. Although the margin improved relative to the 2020 low, remaining at -16.27% in 2021 and -19.27% in 2022, the company failed to return to positive operating income, with losses persisting through the end of the period.
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Comparison to Competitors
Las Vegas Sands Corp., operating profit margin, long-term trends, comparison to competitors
| Las Vegas Sands Corp. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | -19.27% | 21.45% | 29.85% | 13.44% | -17.07% | 40.42% | 14.32% |
| Dec 31, 2021 | -16.27% | 7.17% | 22.78% | 10.67% | -9.25% | 44.59% | 16.77% |
| Dec 31, 2020 | -46.73% | -106.27% | -9.28% | 4.85% | -15.11% | 38.13% | 6.64% |
| Dec 31, 2019 | 26.92% | — | 35.48% | 7.95% | — | 43.03% | 15.38% |
| Dec 31, 2018 | 27.32% | — | 36.77% | 5.31% | — | 41.96% | 15.71% |
| Dec 31, 2017 | 26.87% | — | 35.79% | 6.05% | — | 41.86% | 18.47% |
| Dec 31, 2016 | 21.85% | — | 27.05% | 0.89% | — | 31.45% | 19.57% |
| Dec 31, 2015 | 24.31% | — | 35.33% | 16.96% | — | 28.12% | 18.79% |
| Dec 31, 2014 | 28.11% | — | 36.41% | 17.30% | — | 28.97% | 18.73% |
| Dec 31, 2013 | 24.75% | — | 35.51% | 16.57% | — | 31.18% | -2.19% |
| Dec 31, 2012 | 20.77% | — | 34.78% | 16.69% | — | 31.21% | 15.02% |
| Dec 31, 2011 | 25.40% | — | 32.12% | 15.45% | — | 31.58% | 14.77% |
| Dec 31, 2010 | 17.23% | — | 25.50% | 15.68% | — | 31.04% | 13.26% |
| Dec 31, 2009 | -0.63% | — | 20.14% | 13.42% | — | 30.08% | 5.75% |
| Dec 31, 2008 | 3.73% | — | 15.36% | 9.31% | — | 27.39% | 4.85% |
| Dec 31, 2007 | 11.18% | — | 9.79% | 9.96% | — | 17.02% | 11.20% |
| Dec 31, 2006 | 25.67% | — | 5.52% | 7.53% | — | 20.59% | 11.48% |
| Dec 31, 2005 | 28.11% | — | 3.73% | 4.94% | — | 19.66% | 12.26% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).