Las Vegas Sands (LVS) Q1 2026 earnings summary

Executive summary

• Net revenue rose 25.3% year-over-year to $3.59 billion for Q1 2026, with net income up 57.1% to $641 million and diluted EPS up 73.5% to $0.85 per share, driven by strong performance in both Singapore and Macao.

• Consolidated adjusted property EBITDA increased 24.6% to $1.42 billion, with Marina Bay Sands (Singapore) EBITDA up 30.2% to $788 million and Macao EBITDA up 18.3% to $633 million.

• Strategic focus remains on disciplined investment, optimizing people, product, and service pillars, and enhancing shareholder returns.

• $740 million in share repurchases and $202 million in dividends were returned to shareholders in Q1 2026.

• Major expansion and renovation projects are underway in both Singapore and Macao to drive future growth.

Financial highlights

• Casino revenues increased 28.8% to $2.74 billion, with significant gains in both Macao and Singapore.

• Marina Bay Sands EBITDA reached $788 million at a 53% margin; Macao EBITDA was $633 million at a 29.6% margin (adjusted for hold), both showing significant year-over-year growth.

• Mass market revenue share in Macao hit 25.7%, the highest since Q1 2024.

• Adjusted diluted EPS was $0.91, up 54.2% from Q1 2025.

• Operating income was $904 million, up from $609 million in Q1 2025.

Outlook and guidance

• Management expects continued growth in both Macao and Singapore, supported by ongoing investments in premium hospitality, suite renovations, and expansion projects.

• Targeting $700 million in quarterly EBITDA for Macao as service and product enhancements are fully implemented and market grows.

• IR2 project in Singapore aims for a 20%+ return on invested capital, with expectations to set new standards in luxury hospitality and entertainment.

• Sufficient liquidity is available to support operations, capital projects, and shareholder returns, with $3.33 billion in unrestricted cash and $3.97 billion in available borrowing capacity.