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Las Vegas Sands
Las Vegas Sands (LVS) investor relations material
Las Vegas Sands Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Net revenue for Q4 2025 reached $3.65 billion, up from $2.90 billion year-over-year, with net income at $448 million, compared to $392 million in Q4 2024.
Consolidated adjusted property EBITDA was $1.41 billion, up from $1.11 billion in the prior year quarter, with Marina Bay Sands and Macao operations both benefiting from high hold on rolling play.
Achieved record quarterly EBITDA of $806 million at Marina Bay Sands and $608 million in Macao, with annual EBITDA surpassing $2.9 billion.
Continued capital returns to shareholders through $500 million in share repurchases and increased dividends.
Completed major suite renovations at Marina Bay Sands and The Londoner Macao, enhancing competitive positioning.
Financial highlights
Net revenue rose to $3.65 billion in Q4 2025, up $753 million from Q4 2024, with operating income at $707 million.
Adjusted property EBITDA reached $1.41 billion, a $306 million increase from Q4 2024.
Marina Bay Sands mass gaming revenue in Singapore reached $951 million, up 27% year-over-year and 118% from Q4 2019.
SCL (Macao) Q4 net revenues increased 16.4% to $2.05 billion, but net income declined to $213 million from $237 million year-over-year.
Adjusted diluted EPS was $0.85, up from $0.54 in Q4 2024.
Outlook and guidance
Management expects continued EBITDA growth as revenues increase, with a focus on optimizing margins and capturing growth in all market segments.
Board announced a 20% increase in recurring common stock dividend for 2026, raising the annual dividend to $1.20 per share.
Ongoing capital investments in Macao and Singapore to drive future growth, with Marina Bay Sands Expansion Project expected to complete by June 2030 and open in January 2031.
Macau is expected to deliver better results in 2026, with ongoing investments in property upgrades and amenities.
Marina Bay Sands is seen as defying traditional seasonality, with sustained strong performance anticipated.
Parisian Macao rolling chip win rate impact
Capital allocation priorities with rising debt
SCL net income decline despite revenue growth
Macau margin path to low 30s
MBS growth sustainability and limits
Macau base mass strategy
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Next Las Vegas Sands earnings date
Q1 202622 Apr, 2026
Las Vegas Sands
Next Las Vegas Sands earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Las Vegas Sands Corp., develops, owns, and operates integrated resorts in Asia and the United States. It also manages gaming operations in Macau, Singapore, and Bethlehem, Pennsylvania; manufactures slot machines; and provides online support services that assist customers from around the world to play casino games using personal computers and mobile devices. The company's Las Vegas Sands Corp. Venetian Macao Resort Hotel is located on the Cotai Strip of Macau; Venetian Macao LLC (Venetian) manages the property and Venetian Hospitality Ltd. (VHL) leases and operates it for a fee. Las Vegas Sands Corp. is based in Las Vegas, Nevada.
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