CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Cash flows from operating activities:
Net income	$ 1,866	$ 1,752	$ 1,431
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation and amortization	1,464	1,308	1,208
Amortization of leasehold interests in land	76	60	58
Amortization of deferred financing costs and original issue discount	58	57	61
Change in fair value of derivatives	0	0	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
Stock-based compensation expense	54	55	44
Provision for credit losses	85	19	4
Foreign exchange (gain) loss	23	(18)	7
Deferred income taxes	(60)	4	44
Changes in operating assets and liabilities:
Accounts receivable	(392)	43	(217)
Other assets	(27)	(48)	(50)
Increase (decrease) in leasehold interests in land	(848)	0	0
Accounts payable	22	(1)	76
Other liabilities	461	25	581
Net cash generated from operating activities	3,023	3,204	3,227
Cash flows from investing activities:
Capital expenditures	(1,168)	(1,567)	(1,017)
Proceeds from disposal of property and equipment	7	1	3
Acquisition of intangible assets and other	(75)	(13)	(240)
(Payments for) proceeds from other investing activity	19	0	0
Net cash used in investing activities	(1,217)	(1,579)	(1,254)
Cash flows from financing activities:
Proceeds from exercise of stock options	264	1	4
Tax withholding on vesting of equity awards	(2)	(5)	(2)
Repurchase of common stock	(2,217)	(1,750)	(505)
Dividends paid and noncontrolling interest payments	(833)	(590)	(305)
Proceeds from debt	6,781	1,748	0
Repayments of debt	(4,918)	(2,074)	(2,069)
Payments of financing costs	(201)	(60)	(32)
Settled contracts for purchase of noncontrolling interest	(483)	(215)	0
Unsettled contracts for purchase of noncontrolling interest	0	(35)	(250)
Other	(34)	(80)	(29)
Net cash used in financing activities	(1,643)	(3,060)	(3,188)
Effect of exchange rate on cash, cash equivalents and restricted cash and cash equivalents	28	(19)	8
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	191	(1,454)	(1,207)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year	3,775	5,229	6,436
Cash, cash equivalents and restricted cash and cash equivalents at end of year	3,966	3,775	5,229
Supplemental disclosure of cash flow information:
Cash payments for interest, net of amounts capitalized	710	650	746
Changes in construction-related payables	(118)	138	(43)
Excise tax accrued on repurchase of common stock	$ 18	$ 17	$ 5

LAS VEGAS SANDS CORP 10-K