Las Vegas Sands (LVS) Q3 2026 earnings summary

Executive summary

• 3Q26 net revenue was $3.216B (-3.5% YoY), operating income $618M (-14.0%), net income $352M (-28.3%), diluted EPS $0.48 (-21.3%), and Adjusted Property EBITDA $1.119B (-16.7%).

• 9M revenue rose 6.3% to $9.955B and operating income increased 1.4% to $2.140B, while net income fell 3.7% to $1.366B; diluted EPS rose 5.1% to $1.86.

• Softer high-end premium gaming in Singapore, lower EBITDA in both markets, unfavorable hold and competitive costs pressured results; management described Q3 as aberrational and reaffirmed its long-term Asia growth thesis.

Financial highlights

• Adjusted net income attributable to shareholders was $343M versus $536M; adjusted diluted EPS was $0.54 versus $0.78, and Adjusted Property EBITDA margin was 34.8%, down 550 bps YoY.

• 9M operating cash flow increased to $2.283B from $1.819B; 9M capital expenditures were $807M.

• 9M Adjusted Property EBITDA declined 4.2% to $3.659B as higher revenue was offset by operating costs and competitive pressures.

Segment performance

• Marina Bay Sands Adjusted Property EBITDA fell 20.6% to $590M and margin declined to 45.6%; softer premium gaming and unfavorable hold weighed on results despite 95.8% occupancy and $1,038 ADR.

• Macao Operations revenue was $1.940B, up 1.8%, while Adjusted Property EBITDA fell 12.0% to $529M and margin declined to 27.3%.

• Macao gaming revenue share reached 26.1%, highest since 4Q23; rolling volume rose 31%, non-rolling volume 11% and slot/ETG handle 26% YoY.

• Macao patron count grew double digits and visitation high single digits; slot/ETG revenue rose 18% versus market growth of 9%, and retail tenant sales increased 10%.

• Hold-adjusted EBITDA impact was -$11M in Macao and +$4M at Marina Bay Sands; property EBITDA varied, including $205M at Venetian Macao and $85M at Four Seasons/Plaza.