Las Vegas Sands (LVS) Q2 2026 earnings summary

Executive summary

• Net revenue for Q2 2026 was $3.15 billion, down 0.7% year-over-year, with net income falling 28.1% to $373 million and diluted EPS at $0.53; for H1 2026, net revenues rose 11.6% to $6.74 billion and net income increased 9.4% to $1.01 billion.

• Adjusted property EBITDA for Q2 2026 was $1.12 billion, down 16.1% year-over-year, with margin dropping to 35.5%; for H1 2026, adjusted property EBITDA was $2.54 billion, up 2.7% year-over-year.

• $787 million in share repurchases and $197 million in dividends were returned to shareholders in Q2 2026; share repurchase authorization increased to $6.0 billion.

• The company maintains a strong balance sheet with $3.38 billion in cash and $7.64 billion in liquidity as of June 30, 2026.

• Continued focus on premium customer strategy, product investments, and service enhancements to drive long-term growth in Singapore and Macao.

Financial highlights

• Q2 2026 net revenues: $3.15 billion (down 0.7% YoY); H1 2026 net revenues: $6.74 billion (up 11.6% YoY).

• Q2 2026 net income: $373 million (down 28.1% YoY); H1 2026 net income: $1.01 billion (up 9.4% YoY).

• Q2 2026 adjusted property EBITDA: $1.12 billion (down 16.1% YoY); H1 2026: $2.54 billion (up 2.7% YoY).

• MBS EBITDA: $689 million; would have been $652 million with normalized hold.

• Sands China EBITDA: $430 million; would have been $517 million with normalized hold.

Outlook and guidance

• Management expects to maintain quarterly dividends of $0.30 per share through 2026.

• MBS expansion on track for early 2031 opening, with $8.0 billion project and $3.0 billion incurred as of June 30, 2026.

• Continued investment in suite renovations and premium amenities in Macao, with full Venetian refurbishment by Chinese New Year 2028.

• The company believes it has sufficient liquidity to support operations, ongoing construction, and capital return programs.

• Ongoing investments in premium suites and hospitality offerings in Macao and Singapore are expected to drive future growth.