Las Vegas Sands Reports Fourth Quarter 2025 Results

Rhea-AI Summary

Las Vegas Sands (NYSE: LVS) reported strong Q4 2025 results: net revenue $3.65B, net income $448M, and consolidated adjusted property EBITDA $1.41B. Full-year 2025 net income was $1.63B ($2.35 per diluted share). The company repurchased $500M of common stock and declared a $0.30 quarterly dividend payable Feb 18, 2026.

Marina Bay Sands delivered $806M adjusted property EBITDA and Macao delivered $608M; cash was $3.84B and total debt was $15.63B as of Dec 31, 2025.

Positive

• Net revenue +26% to $3.65B in Q4 2025
• Consolidated adjusted property EBITDA of $1.41B
• Full-year net income +12% to $1.63B ($2.35 EPS)
• Repurchased $500M of common stock in Q4 2025
• Marina Bay Sands Adjusted EBITDA of $806M

Negative

• SCL Q4 net income declined to $213M from $237M
• Total debt remained high at $15.63B as of Dec 31, 2025
• Weighted average debt balance increased to $15.90B in Q4
• Effective tax rate rose to 18.7% in Q4 2025

News Market Reaction – LVS

-13.96% 2.2x vol

70 alerts

-13.96% News Effect

-9.5% Trough in 23 hr 1 min

-$6.72B Valuation Impact

$41.42B Market Cap

2.2x Rel. Volume

On the day this news was published, LVS declined 13.96%, reflecting a significant negative market reaction. Argus tracked a trough of -9.5% from its starting point during tracking. Our momentum scanner triggered 70 alerts that day, indicating high trading interest and price volatility. This price movement removed approximately $6.72B from the company's valuation, bringing the market cap to $41.42B at that time. Trading volume was elevated at 2.2x the daily average, suggesting increased selling activity.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 Net Revenue: $3.65 billion Q4 2025 Net Income: $448 million Q4 2025 Adj. Property EBITDA: $1.41 billion +5 more

8 metrics

Q4 2025 Net Revenue $3.65 billion Quarter ended December 31, 2025; vs $2.90 billion prior-year quarter

Q4 2025 Net Income $448 million Quarter ended December 31, 2025; vs $392 million in Q4 2024

Q4 2025 Adj. Property EBITDA $1.41 billion Consolidated adjusted property EBITDA; vs $1.11 billion prior-year quarter

2025 Net Income $1.63 billion Full-year 2025 net income attributable to Las Vegas Sands; vs $1.45 billion in 2024

2025 Diluted EPS $2.35 per share Full-year 2025; vs $1.96 per diluted share in 2024

Q4 2025 Share Repurchase $500 million LVS common stock repurchased during Q4 2025

Unrestricted Cash $3.84 billion Unrestricted cash balance as of December 31, 2025

Total Debt Outstanding $15.63 billion Total debt outstanding as of December 31, 2025, excluding finance leases

Market Reality Check

Price: $53.68 Vol: Volume 3,735,304 is below...

low vol

$53.68 Last Close

Volume Volume 3,735,304 is below 20-day average 5,920,130 (relative volume 0.63x). low

Technical Trading above 200-day MA at $52.44 and 14.34% below 52-week high of $70.45.

Peers on Argus

LVS slipped 0.87% pre-news with key peers also down (e.g., MGM -1.06%, RRR -1.92...

LVS slipped 0.87% pre-news with key peers also down (e.g., MGM -1.06%, RRR -1.92%, MTN -2.76%) but no names appeared on the momentum scanner, suggesting a stock-specific context rather than a coordinated sector move.

Previous Earnings Reports

5 past events · Latest: Oct 22 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 22	Q3 2025 earnings	Positive	+0.0%	Q3 2025 revenue, net income and EBITDA increased versus prior year.
Jul 23	Q2 2025 earnings	Positive	+4.3%	Q2 2025 revenue and net income grew year-over-year with strong EBITDA.
Apr 23	Q1 2025 earnings	Neutral	+6.5%	Q1 2025 revenue and net income declined year-over-year, EBITDA remained solid.
Jan 29	Q4 2024 earnings	Neutral	+11.1%	Q4 2024 revenue dipped but full-year income improved versus 2023.
Oct 23	Q3 2024 earnings	Neutral	+2.8%	Q3 2024 revenue and income declined while EBITDA stayed near $1B.

Pattern Detected

Recent earnings releases have generally coincided with positive or flat next-day moves, suggesting the market has often reacted constructively to LVS’s financial updates.

Recent Company History

Over the last five earnings cycles from Q3 2024 through Q3 2025, Las Vegas Sands has consistently highlighted sizable net revenue, strong adjusted property EBITDA, and ongoing share repurchases. Results have included periods of both revenue growth and occasional year-over-year declines, but each quarter underscored robust contributions from Macao and Marina Bay Sands and active capital returns via buybacks and dividends. Price reactions around these earnings events ranged from flat to double‑digit gains, indicating that investors have frequently rewarded these updates. Today’s fourth quarter and full‑year 2025 report fits into that ongoing pattern of sizeable profitability and shareholder returns.

Historical Comparison

+4.9% avg move · In the past five earnings releases, LVS’s average next-day move was about 4.94%, typically skewing p...

earnings

+4.9%

Average Historical Move earnings

In the past five earnings releases, LVS’s average next-day move was about 4.94%, typically skewing positive. Any modest reaction to this Q4 2025 report would sit below that historical norm in magnitude.

Across 2024–2025, earnings updates show LVS maintaining high adjusted property EBITDA, steadily repurchasing shares, and growing full-year net income from $1.45B in 2024 to $1.63B in 2025, while Macao and Marina Bay Sands remain core profit drivers.

Market Pulse Summary

The stock dropped -14.0% in the session following this news. A negative reaction despite solid headl...

Analysis

The stock dropped -14.0% in the session following this news. A negative reaction despite solid headline growth would contrast with prior earnings events, which on average moved about 4.94% and often skewed positive. The quarter featured higher revenue, growing net income and ongoing capital returns, but investors might refocus on factors such as Macao variability, tax-rate shifts, or leverage levels. Historically, LVS has maintained strong cash balances and access to credit, which could buffer some downside concerns over time.

Key Terms

adjusted property ebitda, weighted average debt balance, weighted average borrowing cost, revolving credit facilities, +2 more

6 terms

adjusted property ebitda financial

"Consolidated Adjusted Property EBITDA of $1.41 billionMarina Bay Sands Adjusted Property EBITDA..."

A measure of how much cash a portfolio of real estate properties produces from normal operations, calculated before interest, taxes, depreciation and amortization and then cleaned up by removing one-time events or unusual charges. Investors use it like a standardized yardstick — similar to judging a car’s fuel efficiency without counting a one-off repair — to compare earnings power, dividend capacity and debt coverage across properties or firms.

weighted average debt balance financial

"Our weighted average debt balance was $15.90 billion during the fourth quarter of 2025..."

Weighted average debt balance measures the typical amount a company owes over a period by averaging each loan or debt piece according to its size and how long it was outstanding — larger or longer-lived debts count more. For investors, it turns a changing mix of borrowings into a single, easy-to-compare number that reveals the company’s effective leverage and likely interest costs, much like averaging several credit cards by their balances gives a clearer picture of total household debt pressure.

weighted average borrowing cost financial

"Our weighted average borrowing cost was 4.6% during the fourth quarter of 2025..."

Weighted average borrowing cost is the average interest rate a borrower pays across all its loans and debt, with each loan’s rate counted according to its size so larger borrowings affect the average more. Investors use it to judge how expensive a company’s debt is relative to its income and competitors—similar to finding the average price per item in a shopping cart, it shows the true cost of financing and influences profitability and risk.

revolving credit facilities financial

"the company has access to $3.66 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities..."

A revolving credit facility is a bank-backed borrowing arrangement that lets a company draw, repay and redraw funds up to an agreed limit, much like a business credit card. It matters to investors because it provides flexible short-term cash for operations, growth or emergencies without issuing new shares; the size, cost and attached conditions affect a company’s financial health, liquidity and risk profile.

delayed draw term loan facility financial

"we have $4.84 billion available under a delayed draw term loan facility that may be used to finance development..."

A delayed draw term loan facility is a committed loan that a borrower can tap in one or more installments at specified future times after meeting agreed conditions, rather than receiving the full amount upfront. For investors it matters because it provides a ready source of cash that can change a company’s financial strength, leverage and interest costs when drawn—similar to having a reserved credit line you can use later, which affects liquidity and the risk profile of the business.

senior notes financial

"used to redeem in full the outstanding principal amount of the $800 million 3.800% SCL Senior Notes due January 8, 2026..."

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

AI-generated analysis. Not financial advice.

For the quarter ended December 31, 2025

• Net Revenue of $3.65 billion and Net Income of $448 million
• Consolidated Adjusted Property EBITDA of $1.41 billion
• Marina Bay Sands Adjusted Property EBITDA of $806 million
  • High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by $45 million
• Macao Adjusted Property EBITDA of $608 million
  • High Hold on Rolling Play in Macao Positively Impacted Adjusted Property EBITDA by $26 million
• LVS Repurchased $500 million of Common Stock

LAS VEGAS, Jan. 28, 2026 /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended December 31, 2025.

"We remain enthusiastic about our opportunities to deliver growth in both Singapore and Macao, as we realize the benefits of our market-leading capital investment programs," said Robert G. Goldstein, chairman and chief executive officer.

"In Singapore, Marina Bay Sands once again delivered outstanding financial and operating performance.  Our elevated suite and service offerings position us for additional growth as travel and tourism spending in Asia continues to expand.

"In Macao, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us well for future growth.

"Our financial strength and industry-leading cash flow continue to support our investment programs in both Singapore and Macao, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.

"We repurchased $500 million of LVS shares under our share repurchase program during the quarter.  We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders."

Net revenue was $3.65 billion, compared to $2.90 billion in the prior year quarter.  Operating income was $707 million, compared to $590 million in the prior year quarter.  Net income in the fourth quarter of 2025 was $448 million, compared to $392 million in the fourth quarter of 2024. 

Consolidated adjusted property EBITDA was $1.41 billion, compared to $1.11 billion in the prior year quarter.

Full year 2025 operating income was $2.82 billion, compared to $2.40 billion in 2024.  Net income attributable to Las Vegas Sands was $1.63 billion, or $2.35 per diluted share, in 2025.  This compared to $1.45 billion, or $1.96 per diluted share, in 2024.

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 16.4% to $2.05 billion, compared to the fourth quarter of 2024.  Net income for SCL was $213 million, compared to $237 million in the fourth quarter of 2024.

On a GAAP basis, 2025 total net revenues for SCL increased 5.1% to $7.44 billion, compared to 2024.  Net income for SCL was $901 million in 2025, compared to $1.05 billion in 2024.

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $191 million for the fourth quarter of 2025, compared to $180 million in the prior year quarter.  Our weighted average debt balance was $15.90 billion during the fourth quarter of 2025, compared to $14.0 billion during the fourth quarter of 2024.  Our weighted average borrowing cost was 4.6% during the fourth quarter of 2025, compared to 5.0% during the fourth quarter of 2024.

Our effective income tax rate for the fourth quarter of 2025 was 18.7%, compared to 15.0% in the prior year quarter.  The income tax rate for the fourth quarter of 2025 was primarily driven by a 17% statutory rate on our Singapore operations.

Stockholder Returns
During the fourth quarter of 2025, we repurchased $500 million of our common stock (approximately 8 million shares at a weighted average price of $61.39).  The remaining amount authorized under our share repurchase program was $1.56 billion as of December 31, 2025.  Since the resumption of our share repurchase program in the fourth quarter of 2023 through December 31, 2025, we have repurchased approximately 96 million shares of our common stock at an average price of $46.77, for a total investment of $4.50 billion.  The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.

During the fourth quarter of 2025, we purchased 25 million shares of SCL common stock for HKD 518 million (approximately $66 million at exchange rates in effect at the time of the transactions), increasing the company's ownership percentage of SCL to 74.80% as of December 31, 2025.

We paid a quarterly dividend of $0.25 per common share during the quarter.  Our next quarterly dividend of $0.30 per common share will be paid on February 18, 2026, to Las Vegas Sands stockholders of record on February 9, 2026.

Balance Sheet Items
Unrestricted cash balances as of December 31, 2025 were $3.84 billion.

As of December 31, 2025, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.63 billion.

In January 2026, the company drew down HKD 6.20 billion (approximately $797 million at exchange rates in effect at the time of the transaction) under the 2024 SCL Revolving Facility, in which the proceeds, coupled with cash on hand, were used to redeem in full the outstanding principal amount of the $800 million 3.800% SCL Senior Notes due January 8, 2026 and any accrued interest.

As of January 28, 2026, the company has access to $3.66 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.  In addition, we have $4.84 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project.

Capital Expenditures
Capital expenditures during the fourth quarter totaled $274 million, including construction, development and maintenance activities of $149 million at Marina Bay Sands and $121 million in Macao.

Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, January 28, 2026, at 1:30 p.m. Pacific Time.  Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.

About Sands (NYSE: LVS)
Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.  

Sands' portfolio of properties includes Marina Bay Sands^® in Singapore and The Venetian^® Macao, The Londoner Macao^®, The Parisian Macao^®, The Plaza^® Macao and Four Seasons^® Hotel Macao, and Sands^® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.  

Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com. 

Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources.  In addition, in certain portions included in this press release, the words "anticipates," "believes," "estimates," "expects," "intends," "looks forward to," "may," "plans," "positions," "remains," "seeks," "will" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements.  Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct.  These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements.  These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made.  Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.

Las Vegas Sands Corp.
Fourth Quarter 2025 Results
Non-GAAP Financial Measures

Within the company's fourth quarter 2025 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures.  The company believes these measures represent important internal measures of financial performance.  Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.  The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP.  The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.

The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance.  These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.

Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax.  Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results.  These measures also form the basis of certain internal management performance expectations.

Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes.  Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation.  Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures.  In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations.  Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP.  The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, which are not reflected in consolidated adjusted property EBITDA.  Not all companies calculate adjusted property EBITDA in the same manner.  As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.

Exhibit 1
Las Vegas Sands Corp. and Subsidiaries Condensed Consolidated Statements of Operations (In millions, except per share data) (Unaudited)
		Three Months Ended				Year Ended
		December 31,				December 31,
		2025		2024		2025		2024
Revenues:
Casino		$        2,741		$        2,104		$        9,789		$        8,303
Rooms		379		317		1,422		1,274
Food and beverage		191		157		644		607
Mall		229		218		801		755
Convention, retail and other		109		100		361		359
Net revenues		3,649		2,896		13,017		11,298
Operating expenses:
Resort operations		2,242		1,796		7,809		6,946
Corporate		90		75		310		290
Pre-opening		4		4		24		14
Development		59		59		269		228
Depreciation and amortization		363		348		1,464		1,308
Amortization of leasehold interests in land		20		15		76		60
Loss on disposal or impairment of assets		164		9		247		50
		2,942		2,306		10,199		8,896
Operating income		707		590		2,818		2,402
Other income (expense):
Interest income		38		57		161		275
Interest expense, net of amounts capitalized		(191)		(180)		(746)		(727)
Other income (expense)		(3)		(6)		(15)		10
Loss on modification or early retirement of debt		—		—		(5)		—
Income before income taxes		551		461		2,213		1,960
Income tax expense		(103)		(69)		(347)		(208)
Net income		448		392		1,866		1,752
Net income attributable to noncontrolling interests		(53)		(68)		(239)		(306)
Net income attributable to Las Vegas Sands Corp.		$           395		$           324		$        1,627		$        1,446
Earnings per share:
Basic		$          0.59		$          0.45		$          2.35		$          1.97
Diluted		$          0.58		$          0.45		$          2.35		$          1.96
Weighted average shares outstanding:
Basic		675		721		691		735
Diluted		678		723		693		737

 

Exhibit 2
Las Vegas Sands Corp. and Subsidiaries Net Revenues and Adjusted Property EBITDA (In millions) (Unaudited)
		Three Months Ended				Year Ended
		December 31,				December 31,
		2025		2024		2025		2024
Net Revenues
The Venetian Macao		$        752		$        682		$     2,745		$     2,831
The Londoner Macao		699		518		2,556		1,984
The Parisian Macao		233		228		872		973
The Plaza Macao and Four Seasons Macao		264		223		872		872
Sands Macao		76		86		294		322
Ferry Operations and Other		34		34		131		125
Macao Operations		2,058		1,771		7,470		7,107
Marina Bay Sands		1,603		1,137		5,590		4,230
Intercompany Royalties		85		64		293		250
Intersegment Eliminations(1)		(97)		(76)		(336)		(289)
		$     3,649		$     2,896		$   13,017		$   11,298
Adjusted Property EBITDA
The Venetian Macao		$        243		$        250		$        946		$     1,093
The Londoner Macao		201		144		778		543
The Parisian Macao		55		69		218		297
The Plaza Macao and Four Seasons Macao		99		83		313		321
Sands Macao		4		20		31		56
Ferry Operations and Other		6		5		24		17
Macao Operations		608		571		2,310		2,327
Marina Bay Sands		806		537		2,922		2,052
		$     1,414		$     1,108		$     5,232		$     4,379
Adjusted Property EBITDA as a Percentage of Net Revenues
The Venetian Macao		32.3 %		36.7 %		34.5 %		38.6 %
The Londoner Macao		28.8 %		27.8 %		30.4 %		27.4 %
The Parisian Macao		23.6 %		30.3 %		25.0 %		30.5 %
The Plaza Macao and Four Seasons Macao		37.5 %		37.2 %		35.9 %		36.8 %
Sands Macao		5.3 %		23.3 %		10.5 %		17.4 %
Ferry Operations and Other		17.6 %		14.7 %		18.3 %		13.6 %
Macao Operations		29.5 %		32.2 %		30.9 %		32.7 %
Marina Bay Sands		50.3 %		47.2 %		52.3 %		48.5 %
Total		38.8 %		38.3 %		40.2 %		38.8 %

____________________

(1)	Intersegment eliminations include royalties and other intercompany services.

 

Exhibit 3
Las Vegas Sands Corp. and Subsidiaries Non-GAAP Financial Measure Reconciliation (In millions) (Unaudited)
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA:
		Three Months Ended				Year Ended
		December 31				December 31
		2025		2024		2025		2024
Net income		$           448		$           392		$        1,866		$        1,752
Add (deduct):
Income tax expense		103		69		347		208
Loss on modification or early retirement of debt		—		—		5		—
Other (income) expense		3		6		15		(10)
Interest expense, net of amounts capitalized		191		180		746		727
Interest income		(38)		(57)		(161)		(275)
Loss on disposal or impairment of assets		164		9		247		50
Amortization of leasehold interests in land		20		15		76		60
Depreciation and amortization		363		348		1,464		1,308
Development expense		59		59		269		228
Pre-opening expense		4		4		24		14
Stock-based compensation(1)		7		8		24		27
Corporate expense		90		75		310		290
Consolidated Adjusted Property EBITDA		$        1,414		$        1,108		$        5,232		$        4,379

____________________

(1)	During the three months ended December 31, 2025 and 2024, the company recorded stock-based compensation expense of $19 million and $20 million, respectively, of which $12 million was included in corporate expense in the accompanying condensed consolidated statements of operations.
	During the year ended December 31, 2025 and 2024, the company recorded stock-based compensation expense of $71 million and $78 million, respectively, of which $47 million and $51 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

 

Exhibit 4
Las Vegas Sands Corp. and Subsidiaries Non-GAAP Financial Measure Reconciliation (In millions, except per share data) (Unaudited)
The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income:
	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
Net income attributable to LVS	$           395		$           324		$        1,627		$        1,446
Pre-opening expense	4		4		24		14
Development expense	59		59		269		228
Loss on disposal or impairment of assets	164		9		247		50
Other (income) expense	3		6		15		(10)
Loss on modification or early retirement of debt	—		—		5		—
Income tax impact on net income adjustments(1)	(37)		(14)		(86)		(49)
Noncontrolling interest impact on net income adjustments	(9)		(1)		(18)		(6)
Adjusted net income attributable to LVS	$           579		$           387		$        2,083		$        1,673
The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share:
	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
Per diluted share of common stock:
Net income attributable to LVS	$          0.58		$          0.45		$          2.35		$          1.96
Pre-opening expense	0.01		0.01		0.03		0.02
Development expense	0.09		0.08		0.39		0.31
Loss on disposal or impairment of assets	0.24		0.01		0.36		0.07
Other (income) expense	—		0.01		0.02		(0.01)
Loss on modification or early retirement of debt	—		—		0.01		—
Income tax impact on net income adjustments	(0.05)		(0.02)		(0.12)		(0.07)
Noncontrolling interest impact on net income adjustments	(0.02)		—		(0.03)		(0.01)
Adjusted earnings per diluted share	$          0.85		$          0.54		$          3.01		$          2.27
Weighted average diluted shares outstanding	678		723		693		737

____________________

(1)	The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.

 

Exhibit 5
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (In millions) (Unaudited)
The following reflects the impact on Net Revenues for hold-adjusted win percentage:
	‌
		Three Months Ended
		December 31,
		2025		2024
Macao Operations		$           (44)		$            38
Marina Bay Sands(1)		(60)		29
		$         (104)		$            67
The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage:
		Three Months Ended
		December 31,
		2025		2024
Macao Operations		$           (26)		$            22
Marina Bay Sands(1)		(45)		21
		$           (71)		$            43

____________________

Note:

These amounts represent the estimated impact of the hold adjustment that would have occurred had the company's current period Rolling Chip win percentage equaled 3.3% for the Macao operations and 3.9% and 3.7% for the three months ended December 31, 2025 and 2024, respectively, for Marina Bay Sands. Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.

(1)

Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables.  Presentation of the prior year period has been revised to be consistent with that methodology.

 

Exhibit 6
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
	‌	Three Months Ended				Year Ended
		December 31,				December 31,
		2025		2024		2025		2024
Casino Statistics:
The Venetian Macao:
Table games win per unit per day(1)		$      10,936		$        9,379		$        9,855		$        9,576
Slot machine win per unit per day(2)		$           384		$           381		$           347		$           386
Average number of table games		658		664		660		702
Average number of slot machines		1,562		1,573		1,639		1,585
The Londoner Macao:
Table games win per unit per day(1)		$      14,006		$        9,616		$      12,381		$      10,847
Slot machine win per unit per day(2)		$           592		$           403		$           546		$           471
Average number of table games		501		508		507		431
Average number of slot machines		1,574		1,574		1,565		1,336
The Parisian Macao:
Table games win per unit per day(1)		$        7,946		$        7,334		$        7,656		$        6,719
Slot machine win per unit per day(2)		$           323		$           322		$           290		$           377
Average number of table games		254		261		243		313
Average number of slot machines		1,195		1,117		1,325		1,037
The Plaza Macao and Four Seasons Macao:
Table games win per unit per day(1)		$      28,033		$      22,927		$      22,446		$      23,446
Slot machine win per unit per day(2)		$            59		$           159		$            85		$           160
Average number of table games		102		99		104		101
Average number of slot machines		40		49		49		33
Sands Macao:
Table games win per unit per day(1)		$        5,691		$        6,919		$        5,686		$        7,283
Slot machine win per unit per day(2)		$           248		$           251		$           244		$           269
Average number of table games		123		106		118		101
Average number of slot machines		853		667		806		654
Marina Bay Sands:
Table games win per unit per day(1)		$      23,730		$      16,914		$      20,793		$      15,272
Slot machine win per unit per day(2)		$        1,082		$           901		$        1,023		$           892
Average number of table games		568		495		548		498
Average number of slot machines		2,967		2,962		2,971		2,947

____________________

(1)	Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
(2)	Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

 

Exhibit 7
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
	‌	Three Months Ended
The Venetian Macao		December 31,
(Dollars in millions)		2025		2024		Change
Revenues:
Casino		$        584		$        534		$        50
Rooms		53		54		(1)
Food and beverage		18		16		2
Mall		69		63		6
Convention, retail and other		28		15		13
Net revenues		$        752		$        682		$        70
Adjusted Property EBITDA		$        243		$        250		$        (7)
EBITDA Margin %		32.3 %		36.7 %		(4.4)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume		$     1,774		$        746		$   1,028
Rolling Chip win %(1)		3.88 %		1.99 %		1.89 pts
Non-Rolling Chip drop		$     2,551		$     2,309		$      242
Non-Rolling Chip win %		23.3 %		24.2 %		(0.9)pts
Slot handle		$     1,578		$     1,467		$      111
Slot hold %		3.5 %		3.8 %		(0.3)pts
Hotel Statistics
Occupancy %		98.8 %		99.5 %		(0.7)pts
Average daily room rate (ADR)		$        201		$        205		$        (4)
Revenue per available room (RevPAR)		$        199		$        204		$        (5)

____________________

(1)	This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
	‌	Three Months Ended
The Londoner Macao		December 31,
(Dollars in millions)		2025		2024		Change
Revenues:
Casino		$        524		$        387		$      137
Rooms		105		68		37
Food and beverage		34		22		12
Mall		27		24		3
Convention, retail and other		9		17		(8)
Net revenues		$        699		$        518		$      181
Adjusted Property EBITDA		$        201		$        144		$        57
EBITDA Margin %		28.8 %		27.8 %		1.0 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume		$     3,543		$     1,849		$   1,694
Rolling Chip win %(1)		2.77 %		4.33 %		(1.56)pts
Non-Rolling Chip drop		$     2,419		$     1,631		$      788
Non-Rolling Chip win %		22.6 %		22.6 %		— pts
Slot handle		$     2,345		$     1,597		$      748
Slot hold %		3.7 %		3.7 %		— pts
Hotel Statistics
Occupancy %		98.1 %		98.0 %		0.1 pts
Average daily room rate (ADR)		$        269		$        290		$       (21)
Revenue per available room (RevPAR)		$        264		$        284		$       (20)

____________________

(1)	This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
		Three Months Ended
The Parisian Macao	‌	December 31,
(Dollars in millions)		2025		2024		Change
Revenues:
Casino		$        178		$        171		$          7
Rooms		34		35		(1)
Food and beverage		15		14		1
Mall		4		7		(3)
Convention, retail and other		2		1		1
Net revenues		$        233		$        228		$          5
Adjusted Property EBITDA		$         55		$         69		$       (14)
EBITDA Margin %		23.6 %		30.3 %		(6.7)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume(1)		$          —		$         60		$       (60)
Rolling Chip win %(2)		— %		(13.07) %		13.07 pts
Non-Rolling Chip drop		$        891		$        821		$        70
Non-Rolling Chip win %		20.8 %		22.4 %		(1.6)pts
Slot handle		$     1,044		$        858		$      186
Slot hold %		3.4 %		3.8 %		(0.4)pts
Hotel Statistics
Occupancy %		99.3 %		99.5 %		(0.2)pts
Average daily room rate (ADR)		$        149		$        156		$        (7)
Revenue per available room (RevPAR)		$        148		$        156		$        (8)

____________________

(1)	Rolling Chip tables were made available based on demand beginning in March 2024.
(2)	This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
	‌	Three Months Ended
The Plaza Macao and Four Seasons Macao		December 31,
(Dollars in millions)		2025		2024		Change
Revenues:
Casino		$        183		$        142		$        41
Rooms		30		30		—
Food and beverage		8		8		—
Mall		41		42		(1)
Convention, retail and other		2		1		1
Net revenues		$        264		$        223		$        41
Adjusted Property EBITDA		$         99		$         83		$        16
EBITDA Margin %		37.5 %		37.2 %		0.3 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume		$     1,820		$     1,746		$        74
Rolling Chip win %(1)		6.11 %		1.11 %		5.00 pts
Non-Rolling Chip drop		$        808		$        759		$        49
Non-Rolling Chip win %		18.9 %		25.1 %		(6.2)pts
Slot handle		$         11		$         29		$       (18)
Slot hold %		1.9 %		2.5 %		(0.6)pts
Hotel Statistics
Occupancy %		95.7 %		97.3 %		(1.6)pts
Average daily room rate (ADR)		$        514		$        498		$        16
Revenue per available room (RevPAR)		$        492		$        485		$          7

____________________

(1)	This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
	‌	Three Months Ended
Sands Macao		December 31,
(Dollars in millions)		2025		2024		Change
Revenues:
Casino		$         68		$         78		$       (10)
Rooms		5		5		—
Food and beverage		2		2		—
Mall		1		—		1
Convention, retail and other		—		1		(1)
Net revenues		$         76		$         86		$       (10)
Adjusted Property EBITDA		$           4		$         20		$       (16)
EBITDA Margin %		5.3 %		23.3 %		(18.0)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume		$         26		$         69		$       (43)
Rolling Chip win %(1)		8.39 %		4.49 %		3.90 pts
Non-Rolling Chip drop		$        421		$        389		$        32
Non-Rolling Chip win %		14.7 %		16.5 %		(1.8)pts
Slot handle		$        870		$        527		$      343
Slot hold %		2.2 %		2.9 %		(0.7)pts
Hotel Statistics
Occupancy %		99.1 %		99.1 %		—  pts
Average daily room rate (ADR)		$        167		$        174		$        (7)
Revenue per available room (RevPAR)		$        165		$        173		$        (8)

____________________

(1)	This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)
	‌	Three Months Ended
Marina Bay Sands		December 31,
(Dollars in millions)		2025		2024		Change
Revenues:
Casino		$     1,204		$        792		$      412
Rooms		152		125		27
Food and beverage		114		95		19
Mall		87		82		5
Convention, retail and other		46		43		3
Net revenues		$     1,603		$     1,137		$      466
Adjusted Property EBITDA		$        806		$        537		$      269
EBITDA Margin %		50.3 %		47.2 %		3.1 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume		$   13,403		$     8,068		$   5,335
Rolling Chip win %(1)		4.36 %		3.34 %		1.02 pts
Non-Rolling Chip drop		$     2,881		$     2,342		$      539
Non-Rolling Chip win %		22.8 %		21.4 %		1.4 pts
Slot handle		$     6,645		$     6,572		$        73
Slot hold %		4.4 %		3.7 %		0.7 pts
Hotel Statistics
Occupancy %		95.0 %		94.3 %		0.7 pts
Average daily room rate (ADR)		$        978		$        927		$        51
Revenue per available room (RevPAR)		$        929		$        874		$        55

____________________

(1)

This compares to our theoretical Rolling Chip win percentage of 3.9% and 3.7% for the three months ended December 31, 2025 and 2024, respectively (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables.

 

Las Vegas Sands Corp. and Subsidiaries Supplemental Data - Asian Retail Mall Operations (Unaudited)
		For the Three Months Ended December 31, 2025										TTM December 31, 2025
(Dollars in millions except per square foot data)		Gross Revenue(1)		Operating Profit		Operating Profit Margin		Gross Leasable Area (sq. ft.)		Occupancy % at End of Period		Tenant Sales Per Sq. Ft.(2)
Shoppes at Venetian		$           69		$         62		89.9 %		829,872		89.9 %		$          1,894
Shoppes at Four Seasons
Luxury Retail		29		27		93.1 %		163,929		100.0 %		5,389
Other Stores		12		10		83.3 %		84,375		85.4 %		1,973
		41		37		90.2 %		248,304		95.0 %		4,375
Shoppes at Londoner		27		24		88.9 %		518,138		78.6 %		1,589
Shoppes at Parisian		4		2		50.0 %		256,825		71.9 %		458
Total Cotai Strip in Macao		141		125		88.7 %		1,853,139		84.9 %		2,085
The Shoppes at Marina Bay Sands		87		80		92.0 %		620,562		97.0 %		2,967
Total		$         228		$       205		89.9 %		2,473,701		88.0 %		$          2,346

____________________

Note:	This table excludes the results of our retail outlets at Sands Macao.
(1)	Gross revenue figures are net of intersegment revenue eliminations.
(2)	Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/las-vegas-sands-reports-fourth-quarter-2025-results-302673006.html

SOURCE Las Vegas Sands Corp.

FAQ

What were Las Vegas Sands (LVS) Q4 2025 revenue and net income?

Las Vegas Sands reported Q4 2025 net revenue of $3.65 billion and net income of $448 million. According to the company, consolidated adjusted property EBITDA was $1.41 billion for the quarter.

How much stock did LVS repurchase in Q4 2025 and what remains authorized?

LVS repurchased $500 million of common stock in Q4 2025, about 8 million shares. According to the company, $1.56 billion remained authorized under the repurchase program as of Dec 31, 2025.

What dividend will Las Vegas Sands (LVS) pay and when is the record date?

LVS will pay a $0.30 per share quarterly dividend on Feb 18, 2026, with a record date of Feb 9, 2026. According to the company, the prior quarter dividend paid was $0.25 per share.

How did Marina Bay Sands and Macao perform in Q4 2025 for LVS?

Marina Bay Sands reported $806 million adjusted property EBITDA and Macao reported $608 million. According to the company, high hold on rolling play contributed incremental adjusted EBITDA in both markets.

What is LVS's cash and debt position as of December 31, 2025?

As of Dec 31, 2025, LVS had $3.84 billion in unrestricted cash and $15.63 billion of total debt outstanding. According to the company, $3.66 billion of revolving borrowing capacity was available as of Jan 28, 2026.

How did full-year 2025 earnings compare to 2024 for Las Vegas Sands (LVS)?

Full-year 2025 net income attributable to LVS was $1.63 billion ($2.35 per diluted share), versus $1.45 billion ($1.96) in 2024. According to the company, operating income for 2025 was $2.82 billion, up from $2.40 billion.