10-Q · July 24, 2026
LVS posted a weak Q2, with revenue down 0.7% year over year to $3.154B, diluted EPS down 19.7% to $0.53, and operating margin compressing to 19.6% from 24.9% a year earlier and 25.4% in Q1. Lower casino win/hold rates…
Earnings analysis · 10-Q
LVS earnings analysis
Filed October 23, 2026 · Our reading of the company's report
The latest report
Las Vegas Sands delivered a weak Q3, with revenue down 3.5%, operating income down 14.0%, adjusted property EBITDA down 16.7% to $1.119 billion and diluted EPS down 21.3% to $0.48 year over year. Macao revenue growth…
Read full summary
Las Vegas Sands delivered a weak Q3, with revenue down 3.5%, operating income down 14.0%, adjusted property EBITDA down 16.7% to $1.119 billion and diluted EPS down 21.3% to $0.48 year over year. Macao revenue growth and strong non-gaming activity partly offset a sharp Marina Bay Sands deterioration, but higher patron reinvestment, payroll and casino costs compressed profitability. Liquidity and operating cash flow remain substantial, although the company is simultaneously funding an approximately $8.0 billion Singapore expansion, repurchasing shares and carrying $13.878 billion of debt.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.48
- Operating margin
- 19.2%
What stood out
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Revenue and operating margin contracted
Q3 net revenue was $3.216 billion, down $115 million or 3.5% from $3.331 billion in Q3 2025, but up from $3.15 billion in Q2 2026. Operating income was $618 million, down 14.0% year over year, and operating margin declined to approximately 19.2% from 21.6%.
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EPS fell 21.3% year over year
Diluted EPS was $0.48 versus $0.61 in Q3 2025, a 21.3% decline. Net income attributable to Las Vegas Sands was $304 million versus $419 million, down 27.4% year over year.
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Nine-month revenue remained positive
Nine-month revenue increased 6.3% to $9.955 billion and diluted EPS increased 5.1% to $1.86 from $1.77. Management attributed growth to higher table-game and slot volumes, although nine-month adjusted property EBITDA declined 4.2% to $3.659 billion.
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Macao revenue grew but profitability weakened
Macao Q3 net revenue increased $27 million year over year to approximately $1.925 billion, while Macao adjusted property EBITDA declined $72 million or 12.0% to $529 million. Management cited higher patron reinvestment, marketing and payroll costs in a competitive market.
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Strong operating cash generation
Operating cash flow for the first nine months was $2.283 billion, up from $1.819 billion. Capital expenditures were $807 million, implying calculated free cash flow of approximately $1.476 billion; capex represented approximately 8.1% of nine-month revenue.
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Liquidity supports capital returns
The company held $2.858 billion of unrestricted cash and had $4.27 billion of available borrowing capacity under its U.S., SCL and Singapore revolving facilities. It repurchased $2.502 billion of common stock during the first nine months and had $5.06 billion remaining under the authorization.
What to watch
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Singapore gaming volatility intensified
Marina Bay Sands Q3 net revenue declined $142 million year over year, primarily because casino revenue fell $161 million to $916 million. Its adjusted property EBITDA declined $153 million or 20.6% to $590 million as lower win percentages and higher payroll costs pressured results.
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Credit-loss provisions increased
The company reported $249 million of provision for credit losses at September 30, 2026, up from $225 million at December 31, 2025. Nine-month provision expense was $86 million versus $39 million in the prior-year period, increasing exposure to patron credit and collection risk.
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Large expansion and schedule risk
The MBS Expansion Project has an estimated total cost of approximately $8.0 billion, with $3.1 billion incurred as of September 30, 2026. Construction must be completed by July 8, 2029 under the agreement, while management's current estimate is June 2030, making any extension subject to Singapore government approval.
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Leverage and interest-rate exposure
Debt had a carrying value of $13.878 billion, including $1.566 billion of current maturities, at September 30, 2026. The company also reported weighted-average debt of $15.859 billion for the first nine months and annual interest-cost sensitivity of approximately $58 million for a 100-basis-point change in HIBOR and SORA.
Management's outlook
No quantitative revenue or EPS guidance was provided. Forward-looking disclosures include approximately 500 Venetian Macao rooms expected to remain out of service through Q4 2027, an estimated MBS Expansion Project cost of approximately $8.0 billion, anticipated construction completion in June 2030 and an anticipated opening in January 2031. The company expects the $0.30 quarterly dividend to continue through the remainder of 2026 and announced a 2027 annual dividend of $1.44 per share.
Earlier filings 4
10-Q · April 24, 2026
Las Vegas Sands reported Q1 2026 net revenues of $3,585 million and diluted EPS of $0.85, beating consensus and rising materially versus the prior-year quarter. Operating income improved to $904 million (operating…
10-K · February 6, 2026
Las Vegas Sands reported strong 2025 operating results with revenue of $13,017 million and diluted EPS of $2.35, up from $11,298 million and $1.96 in 2024 respectively, driven by higher gaming and non-gaming volumes.…
10-Q · July 25, 2025
Las Vegas Sands reported significant growth in Q2 2025 with revenue reaching $3.18 billion, outperforming estimates by 12.51%. The company experienced an increase in diluted EPS to $0.79, beating estimates by 49.06%,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.