STOCK TITAN
  1. Home
  2. Sec-filings
  3. LVS
  4. [8-K] LAS VEGAS SANDS CORP Reports Material Event

Las Vegas Sands (NYSE: LVS) trims Q2 earnings, expands $6B buyback

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Las Vegas Sands reported second-quarter 2026 net revenue of $3.15 billion, slightly below $3.18 billion a year earlier. Operating income was $618 million and net income $373 million, down from $783 million and $519 million, respectively. Diluted EPS was $0.53 versus $0.66. Consolidated adjusted property EBITDA was $1.12 billion, compared with $1.33 billion, with Macao results affected by unusually low rolling-play hold while Marina Bay Sands remained highly profitable.

Sands China Ltd. generated net revenues of $1.78 billion and net income of $107 million, down 50% from $214 million. During the quarter the company repurchased $787 million of stock (about 15 million shares at $52.37) and the board increased remaining repurchase authorization to $6.0 billion through July 2029. Unrestricted cash was $3.38 billion against total debt of $15.11 billion, with substantial undrawn credit facilities. Capital expenditures were $332 million, and a quarterly dividend of $0.30 per share was paid, with the same amount declared for payment on August 12, 2026.

Positive

  • The board increased the remaining share repurchase authorization to $6.0 billion, extending the program through July 21, 2029.
  • The company repurchased $787 million of common stock in Q2 2026 (about 15 million shares), and has bought back 16.3% of its outstanding shares since late 2023.

Negative

  • Q2 2026 operating income declined to $618 million and net income to $373 million, from $783 million and $519 million, respectively, in the prior-year quarter.
  • Consolidated adjusted property EBITDA fell to $1.12 billion from $1.33 billion in the prior-year quarter.
  • Sands China Ltd. net income decreased 50.0% to $107 million, compared with $214 million in the second quarter of 2025.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net revenue Q2 2026 $3.15 billion Quarter ended June 30, 2026; $3.18 billion in the prior-year quarter
Net income Q2 2026 $373 million Quarter ended June 30, 2026; down from $519 million in Q2 2025
Diluted EPS Q2 2026 $0.53 Diluted earnings per share for the quarter ended June 30, 2026; $0.66 in prior-year quarter
Consolidated adjusted property EBITDA $1.12 billion Quarter ended June 30, 2026; $1.33 billion in the prior-year quarter
Q2 2026 share repurchases $787 million Approximately 15 million shares of common stock repurchased at a weighted average price of $52.37
New repurchase authorization $6.0 billion Remaining share repurchase amount authorized on July 21, 2026, through July 21, 2029
Unrestricted cash balance $3.38 billion Unrestricted cash as of June 30, 2026
Total debt outstanding $15.11 billion Debt outstanding, net of deferred costs and discounts, excluding finance leases, as of June 30, 2026
Consolidated adjusted property EBITDA financial
"Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.33 billion"
Consolidated adjusted property EBITDA is a tailored measure of a real estate company’s operating cash flow from its properties after combining results across all subsidiaries and removing one-time, unusual, or non-cash items. Investors use it like a cleaned-up income gauge — similar to checking a car’s fuel efficiency after removing short-term repairs — to compare property performance, assess borrowing capacity, and judge recurring cash generation without accounting distortions.
Rolling Chip volume financial
"Rolling Chip volume $ 3,523 $ 2,090 $ 1,433"
Rolling chip volume is a moving tally of how many shares have traded at different price levels over a recent time window, treating each price range as a “chip” that accumulates trading activity. For investors it reveals where trading has concentrated — like seeing which price buckets hold the most turnover — helping identify likely support or resistance, potential supply/demand imbalances, and how recent buying or selling interest is shifting over time.
Revenue per available room (RevPAR) financial
"Revenue per available room (RevPAR) $ 939 $ 844 $ 95"
Revenue per available room (RevPAR) measures how much money a hotel earns on average for each room it could sell, calculated by dividing total room revenue by the number of rooms available over a period. Think of it like the average income a restaurant gets per table whether the table is full or empty; it captures both how often rooms are occupied and how much they are charged, making it a quick way for investors to compare demand, pricing power and operational efficiency across properties or time.
hold-adjusted win percentage financial
"The following reflects the impact on Net Revenues for hold-adjusted win percentage"
seller financing loan financial
"received $1.26 billion of proceeds from the repayment in full of the seller financing loan"
Net revenue $3.15 billion Compared to $3.18 billion in the prior year quarter
Operating income $618 million Compared to $783 million in the prior year quarter
Net income $373 million Compared to $519 million in the second quarter of 2025
Diluted EPS $0.53 Compared to $0.66 in the prior year quarter
Consolidated adjusted property EBITDA $1.12 billion Compared to $1.33 billion in the prior year quarter
Sands China Ltd. net income $107 million Decreased 50.0% from $214 million in the second quarter of 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Understanding 8-K Material Events →

FAQ

What were Las Vegas Sands (LVS) Q2 2026 revenues and earnings?
Las Vegas Sands reported net revenue of $3.15 billion, net income of $373 million and diluted EPS of $0.53 for Q2 2026. Operating income was $618 million and consolidated adjusted property EBITDA totaled $1.12 billion for the quarter.

How did Las Vegas Sands (LVS) Q2 2026 results compare to Q2 2025?
Net revenue of $3.15 billion was slightly below $3.18 billion a year earlier. Operating income fell from $783 million to $618 million, net income from $519 million to $373 million, and consolidated adjusted property EBITDA from $1.33 billion to $1.12 billion.

How much stock did Las Vegas Sands (LVS) repurchase in Q2 2026 and what is the new authorization?
Las Vegas Sands repurchased $787 million of common stock in Q2 2026, about 15 million shares at $52.37. The board subsequently increased the remaining share repurchase authorization to $6.0 billion and extended its expiration to July 21, 2029.

What dividend did Las Vegas Sands (LVS) pay and declare around Q2 2026?
The company paid a quarterly dividend of $0.30 per common share during Q2 2026. It also declared the next quarterly dividend of $0.30 per share, to be paid on August 12, 2026 to stockholders of record on August 4, 2026.

What was Las Vegas Sands (LVS) cash and debt position as of June 30, 2026?
As of June 30, 2026, Las Vegas Sands held $3.38 billion in unrestricted cash and had $15.11 billion of total debt outstanding, excluding finance leases. The company also had access to $4.26 billion under revolving credit facilities and $4.68 billion under a delayed draw term loan.

How did Sands China Ltd. perform for Las Vegas Sands (LVS) in Q2 2026?
Sands China Ltd. generated net revenues of $1.78 billion in Q2 2026. Net income was $107 million, a 50.0% decrease from $214 million in the second quarter of 2025, reflecting weaker profitability despite largely stable Macao net revenues.

What non-GAAP measures does Las Vegas Sands (LVS) highlight and why?
Las Vegas Sands emphasizes adjusted net income (loss), adjusted earnings (loss) per diluted share and consolidated adjusted property EBITDA. Management and industry analysts use these non-GAAP measures to evaluate operating performance, supplementing GAAP results, with reconciliations provided to the most comparable GAAP measures.
0001300514false00013005142026-07-222026-07-22


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)         July 22, 2026
Sands Logo LtBackground-873.jpg
LAS VEGAS SANDS CORP.
(Exact name of registrant as specified in its charter)
Nevada
(State or other jurisdiction of incorporation)
001-3237327-0099920
(Commission File Number)(IRS Employer Identification No.)

5420 S. Durango Dr., Las Vegas, Nevada, 89113
(Address of principal executive offices) (Zip Code)

(702) 923-9000
(Registrant's Telephone Number, Including Area Code)

NOT APPLICABLE
 (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($0.001 par value)LVSNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐


ITEM 2.02.Results of Operations and Financial Condition.

The following information is being furnished under Item 2.02 - Results of Operations and Financial Condition.

On July 22, 2026, Las Vegas Sands Corp. (the “Company”) issued a press release announcing its results of operations for the second quarter ended June 30, 2026. The press release is attached as Exhibit 99.1 to this report and is incorporated by reference into this item.

Within the Company’s second quarter ended June 30, 2026 press release, the Company makes reference to certain non-GAAP financial measures that supplement the Company’s consolidated financial information prepared in accordance with accounting principles generally accepted in the United States of America (“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. The specific reasons why the Company’s management believes that 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 set forth in the press release.

ITEM 9.01.Financial Statements and Exhibits.
(d)Exhibits
99.1
Press Release, dated July 22, 2026
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, hereunto duly authorized.
 
Dated: July 22, 2026
 
  
 LAS VEGAS SANDS CORP.
 By: 
/S/ RANDY HYZAK
  Name:   Randy Hyzak
Title:     Executive Vice President and Chief Financial Officer
   


EXHIBIT 99.1
sandslogoltbackground-873a.jpg
pressrelease.jpg
forimmediaterelease.jpg


Las Vegas Sands Reports
Second Quarter 2026 Results
For the quarter ended June 30, 2026


•Net Revenue $3.15 billion

•Net Income $373 million

•Diluted Earnings per Share $0.53 per Share

•Consolidated Adjusted Property EBITDA $1.12 billion

•LVS Repurchased $787 million of Common Stock during the quarter

•LVS Board of Directors Increased Stock Repurchase Authorization to $6.0 billion



LAS VEGAS, July 22, 2026 - Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended June 30, 2026.

“We continued to execute our strategic objectives during the quarter in both Singapore and Macao while continuing to increase the return of capital to shareholders,” said Patrick Dumont, chairman and chief executive officer.

“In Macao, our ongoing investments in enhanced service and hospitality offerings contributed to growth in volumes across all gaming segments as compared to the prior year, although


unusually low hold in rolling play negatively impacted our reported financial results for the quarter.

“At Marina Bay Sands in Singapore, we continued to deliver industry-leading financial performance.

“Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead.”

Net revenue was $3.15 billion, compared to $3.18 billion in the prior year quarter. Operating income was $618 million, compared to $783 million in the prior year quarter. Net income in the second quarter of 2026 was $373 million, compared to $519 million in the second quarter of 2025.

Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.33 billion in the prior year quarter.

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 0.8% to $1.78 billion, compared to the second quarter of 2025. Net income for SCL decreased 50.0% to $107 million, compared to $214 million in the second quarter of 2025.

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $189 million for the second quarter of 2026, compared to $194 million in the prior year quarter. Our weighted average debt balance was $16.06 billion during the second quarter of 2026, compared to $15.85 billion during the second quarter of 2025. Our weighted average borrowing cost was 4.6% during the second quarter of 2026, compared to 4.8% during the second quarter of 2025.

Our effective income tax rate for the second quarter of 2026 was 19.1%, compared to 14.8% in the prior year quarter. The income tax rate for the second quarter of 2026 was primarily driven by a 17% statutory rate on our Singapore operations.

2

Stockholder Returns
During the second quarter of 2026, we repurchased $787 million of our common stock (approximately 15 million shares at a weighted average price of $52.37). The remaining amount authorized under our share repurchase program was $29 million as of June 30, 2026. Subsequently, on July 21, 2026, the company’s Board of Directors authorized increasing the remaining share repurchase amount to $6.0 billion and extending the expiration date of the authorization to July 21, 2029. Since the resumption of our share repurchase program in the fourth quarter of 2023 through June 30, 2026, we have repurchased 16.3% of our outstanding shares, approximately 124 million shares of our common stock at an average price of $48.49, for a total investment of $6.03 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.

We paid a quarterly dividend of $0.30 per common share during the quarter. Our next quarterly dividend of $0.30 per common share will be paid on August 12, 2026, to Las Vegas Sands stockholders of record on August 4, 2026.

Balance Sheet Items
Unrestricted cash balances as of June 30, 2026 were $3.38 billion.

In May 2026, the company received $1.26 billion of proceeds from the repayment in full of the seller financing loan related to the sale of the Las Vegas real property and operations.

The company has access to $4.26 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit, and $4.68 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. As of June 30, 2026, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.11 billion.

Capital Expenditures
Capital expenditures during the second quarter totaled $332 million, including construction, development and maintenance activities of $215 million at Marina Bay Sands, $86 million in Macao and $31 million in corporate and other.
3

###

Conference Call Information
The company will host a conference call to discuss the company’s results on Wednesday, July 22, 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 Best-in-Class 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,” “can,” “continues,” “estimates,” “expects,” “goals,” “intends,” “looks forward to,” “may,” “opportunities,” “plans,” “positions,” “remains,” “seeks,” “should,” “targets,” “will,” “would” 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
4

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; 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.

Contacts:
Investment Community:
Daniel Briggs
daniel.briggs@sands.com
Media:
Ron Reese
ron.reese@sands.com
5

Las Vegas Sands Corp.
Second Quarter 2026 Results
Non-GAAP Financial Measures

Within the company’s second quarter 2026 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
6

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.

7

Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Revenues:
  Casino$2,341 $2,415 $5,080 $4,542 
  Rooms359 345 736 669 
  Food and beverage168 147 344 288 
  Mall198 187 402 373 
  Convention, retail and other88 81 177 165 
Net revenues3,154 3,175 6,739 6,037 
Operating expenses:
  Resort operations2,041 1,846 4,208 3,569 
  Corporate74 69 157 142 
  Pre-opening5 9 9 13 
  Development43 69 84 138 
  Depreciation and amortization350 371 707 733 
  Amortization of leasehold interests in land21 20 42 35 
Loss on disposal or impairment of assets2 8 10 15 
2,536 2,392 5,217 4,645 
Operating income
618 783 1,522 1,392 
Other income (expense):
  Interest income31 42 66 84 
  Interest expense, net of amounts capitalized(189)(194)(377)(368)
Other income (expense)1 (22)(2)(23)
Loss on modification or early retirement of debt— — — (5)
Income before income taxes461 609 1,209 1,080 
Income tax expense(88)(90)(195)(153)
Net income373 519 1,014 927 
Net income attributable to noncontrolling interests(27)(58)(101)(114)
Net income attributable to Las Vegas Sands Corp.$346 $461 $913 $813 
Earnings per share:
Basic
$0.53 $0.66 $1.38 $1.15 
Diluted
$0.53 $0.66 $1.38 $1.15 
Weighted average shares outstanding:
  Basic654 695 661 704 
  Diluted656 696 663 704 
8

Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Net Revenues
The Venetian Macao$591 $663 $1,301 $1,301 
The Londoner Macao710 642 1,464 1,171 
The Parisian Macao218 194 447 421 
The Plaza Macao and Four Seasons Macao137 194 427 402 
Sands Macao95 71 188 146 
Ferry Operations and Other39 33 77 65 
  Macao Operations1,790 1,797 3,904 3,506 
Marina Bay Sands1,380 1,388 2,867 2,551 
Intercompany Royalties83 67 170 128 
Intersegment Eliminations(1)
(99)(77)(202)(148)
$3,154 $3,175 $6,739 $6,037 
Adjusted Property EBITDA
The Venetian Macao$165 $236 $403 $461 
The Londoner Macao192 205 415 358 
The Parisian Macao38 44 84 110 
The Plaza Macao and Four Seasons Macao20 66 134 140 
Sands Macao11 9 20 19 
Ferry Operations and Other4 6 7 13 
  Macao Operations430 566 1,063 1,101 
Marina Bay Sands689 768 1,477 1,373 
$1,119 $1,334 $2,540 $2,474 
Adjusted Property EBITDA as a Percentage of Net Revenues
The Venetian Macao27.9 %35.6 %31.0 %35.4 %
The Londoner Macao27.0 %31.9 %28.3 %30.6 %
The Parisian Macao17.4 %22.7 %18.8 %26.1 %
The Plaza Macao and Four Seasons Macao14.6 %34.0 %31.4 %34.8 %
Sands Macao11.6 %12.7 %10.6 %13.0 %
Ferry Operations and Other10.3 %18.2 %9.1 %20.0 %
  Macao Operations24.0 %31.5 %27.2 %31.4 %
Marina Bay Sands49.9 %55.3 %51.5 %53.8 %
Total35.5 %42.0 %37.7 %41.0 %
____________________
(1)Intersegment eliminations include royalties and other intercompany services.
9

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 EndedSix Months Ended
June 30,June 30,
2026202520262025
Net income
$373 $519 $1,014 $927 
  Add (deduct):
Income tax expense88 90 195 153 
Loss on modification or early retirement of debt— — — 5 
Other (income) expense(1)22 2 23 
Interest expense, net of amounts capitalized189 194 377 368 
Interest income(31)(42)(66)(84)
Loss on disposal or impairment of assets2 8 10 15 
Amortization of leasehold interests in land21 20 42 35 
Depreciation and amortization350 371 707 733 
Development expense43 69 84 138 
Pre-opening expense5 9 9 13 
Stock-based compensation(1)
6 5 9 6 
Corporate expense74 69 157 142 
Consolidated Adjusted Property EBITDA$1,119 $1,334 $2,540 $2,474 
____________________
(1)
During the three months ended June 30, 2026 and 2025, the company recorded stock-based compensation expense of $15 million and $17 million, respectively, of which $9 million and $12 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
During the six months ended June 30, 2026 and 2025, the company recorded stock-based compensation expense of $39 million and $26 million, respectively, of which $30 million and $20 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.















10

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 EndedSix Months Ended
June 30,June 30,
2026202520262025
Net income attributable to LVS$346 $461 $913 $813 
Pre-opening expense5 9 9 13 
Development expense43 69 84 138 
Loss on disposal or impairment of assets2 8 10 15 
Other (income) expense(1)22 2 23 
Loss on modification or early retirement of debt— — — 5 
Income tax impact on net income adjustments(1)
(11)(14)(20)(28)
Noncontrolling interest impact on net income adjustments— (8)(2)(11)
Adjusted net income attributable to LVS$384 $547 $996 $968 
The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Per diluted share of common stock:
Net income attributable to LVS$0.53 $0.66 $1.38 $1.15 
Pre-opening expense0.01 0.01 0.01 0.02 
Development expense0.07 0.10 0.13 0.20 
Loss on disposal or impairment of assets— 0.01 0.01 0.02 
Other (income) expense— 0.03 — 0.03 
Loss on modification or early retirement of debt— — — 0.01 
Income tax impact on net income adjustments(0.02)(0.01)(0.03)(0.03)
Noncontrolling interest impact on net income adjustments— (0.01)— (0.02)
Adjusted earnings per diluted share$0.59 $0.79 $1.50 $1.38 
Weighted average diluted shares outstanding656 696 663 704 
____________________
(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.
11

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
June 30,
20262025
Macao Operations$147 $(11)
Marina Bay Sands(1)
(49)(102)
$98 $(113)
The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage:
Three Months Ended
June 30,
20262025
Macao Operations$87 $(7)
Marina Bay Sands(1)
(37)(80)
$50 $(87)
____________________
Note:
These amounts represent the estimated impact of the hold adjustment that would have occurred had the company’s Rolling Chip win percentage for the three months ended June 30, 2026 and 2025, equaled 3.3% for the Macao operations and 4.2% and 4.1%, 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.


12

Exhibit 6
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Casino Statistics:
The Venetian Macao:
Table games win per unit per day(1)
$8,819 $9,710 $9,688 $9,271 
Slot machine win per unit per day(2)
$446 $305 $464 $336 
Average number of table games632 658 635 663 
Average number of slot machines1,396 1,651 1,426 1,667 
The Londoner Macao:
Table games win per unit per day(1)
$14,008 $11,904 $14,970 $11,194 
Slot machine win per unit per day(2)
$718 $591 $673 $506 
Average number of table games523 523 510 509 
Average number of slot machines1,380 1,566 1,418 1,562 
The Parisian Macao:
Table games win per unit per day(1)
$7,819 $6,850 $8,403 $7,552 
Slot machine win per unit per day(2)
$370 $273 $369 $278 
Average number of table games242 228 241 238 
Average number of slot machines1,291 1,412 1,285 1,352 
The Plaza Macao and Four Seasons Macao:
Table games win per unit per day(1)
$14,081 $19,300 $21,781 $20,460 
Slot machine win per unit per day(2)
$— $92 $— $99 
Average number of table games116 105 114 105 
Average number of slot machines(3)
— 53 2 51 
Sands Macao:
Table games win per unit per day(1)
$6,665 $5,435 $6,191 $5,774 
Slot machine win per unit per day(2)
$276 $256 $272 $246 
Average number of table games121 116 133 114 
Average number of slot machines1,278 761 1,233 779 
Marina Bay Sands:
Table games win per unit per day(1)
$20,156 $21,003 $22,491 $18,928 
Slot machine win per unit per day(2)
$1,086 $1,052 $1,050 $992 
Average number of table games564 539 566 541 
Average number of slot machines2,945 2,959 2,964 2,979 
____________________
(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.
(3)
Slot machines were relocated to other properties during the three months ended March 31, 2026.
13

Exhibit 7
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Venetian MacaoJune 30,
(Dollars in millions)20262025Change
Revenues:
Casino$457 $524 $(67)
Rooms43 50 (7)
Food and beverage15 15 — 
Mall62 62 — 
Convention, retail and other14 12 2 
Net revenues$591 $663 $(72)
Adjusted Property EBITDA$165 $236 $(71)
EBITDA Margin %27.9 %35.6 %(7.7)pts
 
Gaming Statistics
(Dollars in millions)
 
Rolling Chip volume
$1,028 $859 $169 
Rolling Chip win %(1)
0.62 %3.57 %(2.95)pts
Non-Rolling Chip drop
$2,452 $2,348 $104 
Non-Rolling Chip win %
20.4 %23.5 %(3.1)pts
 
Slot handle
$1,399 $1,372 $27 
Slot hold %
4.1 %3.3 %0.8 pts
 
Hotel Statistics
 
Occupancy %98.2 %98.6 %(0.4)pts
Average daily room rate (ADR)
$197 $195 $2 
Revenue per available room (RevPAR)
$194 $192 $2 
____________________
(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).
14


Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Londoner MacaoJune 30,
(Dollars in millions)20262025Change
Revenues:
Casino$548 $495 $53 
Rooms100 95 5 
Food and beverage31 27 4 
Mall23 21 2 
Convention, retail and other8 4 4 
Net revenues$710 $642 $68 
Adjusted Property EBITDA$192 $205 $(13)
EBITDA Margin %27.0 %31.9 %(4.9)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$3,523 $2,090 $1,433 
Rolling Chip win %(1)
3.67 %4.09 %(0.42)pts
Non-Rolling Chip drop
$2,584 $2,196 $388 
Non-Rolling Chip win %
20.8 %21.9 %(1.1)pts
 
Slot handle
$2,227 $2,114 $113 
Slot hold %
4.0 %4.0 %— pts
 
Hotel Statistics
 
Occupancy %
96.7 %93.3 %3.4 pts
Average daily room rate (ADR)
$262 $259 $3 
Revenue per available room (RevPAR)
$254 $242 $12 
____________________
(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).
15


Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Parisian MacaoJune 30,
(Dollars in millions)20262025Change
Revenues:
Casino$165 $143 $22 
Rooms32 34 (2)
Food and beverage14 11 3 
Mall5 5 — 
Convention, retail and other2 1 1 
Net revenues$218 $194 $24 
Adjusted Property EBITDA$38 $44 $(6)
EBITDA Margin %17.4 %22.7 %(5.3)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$169 $— $169 
Rolling Chip win %(1)
(2.26)%— %— pts
Non-Rolling Chip drop
$816 $663 $153 
Non-Rolling Chip win %
21.6 %21.4 %0.2 pts
 
Slot handle
$1,302 $872 $430 
Slot hold %
3.3 %4.0 %(0.7)pts
 
Hotel Statistics
 
Occupancy %
97.4 %99.2 %(1.8)pts
Average daily room rate (ADR)
$141 $147 $(6)
Revenue per available room (RevPAR)
$138 $146 $(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).
16


Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Plaza Macao and Four Seasons MacaoJune 30,
(Dollars in millions)20262025Change
Revenues:
Casino$59 $122 $(63)
Rooms28 28 — 
Food and beverage8 7 1 
Mall41 37 4 
Convention, retail and other
1 — 1 
Net revenues$137 $194 $(57)
Adjusted Property EBITDA$20 $66 $(46)
EBITDA Margin %14.6 %34.0 %(19.4)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$2,824 $1,399 $1,425 
Rolling Chip win %(1)
(1.15)%2.72 %(3.87)pts
Non-Rolling Chip drop
$839 $655 $184 
Non-Rolling Chip win %
21.6 %22.3 %(0.7)pts
 
Slot handle
$— $19 $(19)
Slot hold %
— %2.3 %— pts
 
Hotel Statistics
 
Occupancy %
95.1 %92.1 %3.0 pts
Average daily room rate (ADR)
$507 $502 $5 
Revenue per available room (RevPAR)
$482 $462 $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).
17


Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
Sands MacaoJune 30,
(Dollars in millions)20262025Change
Revenues:
Casino$88 $63 $25 
Rooms5 4 1 
Food and beverage2 3 (1)
Convention, retail and other— 1 (1)
Net revenues$95 $71 $24 
Adjusted Property EBITDA$11 $9 $2 
EBITDA Margin %11.6 %12.7 %(1.1)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$26 $23 $3 
Rolling Chip win %(1)
11.78 %5.60 %6.18 pts
Non-Rolling Chip drop
$497 $389 $108 
Non-Rolling Chip win %
14.2 %14.4 %(0.2)pts
 
Slot handle
$1,526 $589 $937 
Slot hold %
2.1 %3.0 %(0.9)pts
 
Hotel Statistics
 
Occupancy %
99.4 %99.4 %— pts
Average daily room rate (ADR)
$162 $176 $(14)
Revenue per available room (RevPAR)
$161 $175 $(14)
____________________
(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).
18


Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
Marina Bay SandsJune 30,
(Dollars in millions)20262025Change
Revenues:
Casino$1,024 $1,068 $(44)
Rooms151 134 17 
Food and beverage98 84 14 
Mall67 62 5 
Convention, retail and other40 40 — 
Net revenues$1,380 $1,388 $(8)
Adjusted Property EBITDA$689 $768 $(79)
EBITDA Margin %49.9 %55.3 %(5.4)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$9,269 $8,945 $324 
Rolling Chip win %(1)
4.74 %5.26 %(0.52)pts
Non-Rolling Chip drop
$2,597 $2,360 $237 
Non-Rolling Chip win %
22.9 %23.7 %(0.8)pts
 
Slot handle
$6,382 $6,192 $190 
Slot hold %
4.6 %4.6 %— pts
 
Hotel Statistics
 
Occupancy %
95.6 %95.0 %0.6 pts
Average daily room rate (ADR)
$982 $888 $94 
Revenue per available room (RevPAR)
$939 $844 $95 
____________________
(1)
This compares to our theoretical Rolling Chip win percentage of 4.2% and 4.1% for the three months ended June 30, 2026 and 2025, 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.
19


Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Asian Retail Mall Operations
(Unaudited)

For the Three Months Ended June 30, 2026TTM
June 30, 2026
(Dollars in millions except per square foot data)
Gross Revenue(1)
Operating ProfitOperating Profit MarginGross Leasable Area (sq. ft.)Occupancy % at End of Period
Tenant Sales Per Sq. Ft.(2)
Shoppes at Venetian$62 $55 88.7 %829,874 89.3 %$2,161 
Shoppes at Four Seasons
Luxury Retail29 27 93.1 %161,025 100.0 %5,670 
Other Stores12 11 91.7 %94,292 78.7 %2,115 
41 38 92.7 %255,317 92.1 %4,650 
Shoppes at Londoner23 19 82.6 %518,122 75.9 %1,886 
Shoppes at Parisian5 3 60.0 %253,784 66.4 %428 
 
Total Cotai Strip in Macao131 115 87.8 %1,857,097 82.8 %2,331 
 
The Shoppes at Marina Bay Sands67 61 91.0 %616,028 100.0 %3,279 
 
Total$198 $176 88.9 %2,473,125 87.1 %$2,608 
____________________
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.
20

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents