Las Vegas Sands (LVS) Q4 2025 earnings summary

Executive summary

• Marina Bay Sands achieved record quarterly EBITDA of $806 million and annual EBITDA over $2.9 billion, driven by strong mass gaming and high-value tourism in Singapore.

• Macao operations delivered adjusted property EBITDA of $608 million for the quarter, with mass market revenue share exceeding 25% and rolling volumes up 60% year-over-year.

• 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.

• The company continued to return capital to shareholders through $500 million in share repurchases and increased dividends.

Financial highlights

• Net revenue rose to $3.65 billion in Q4 2025, up $753 million from Q4 2024.

• Adjusted property EBITDA reached $1.41 billion, a $306 million increase from Q4 2024.

• Marina Bay Sands mass gaming revenue reached $951 million, up 27% year-over-year and 118% from Q4 2019.

• Adjusted diluted EPS was $0.85, up from $0.54 in Q4 2024.

• 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.

Outlook and guidance

• Management expects further EBITDA growth as revenues increase, leveraging scale and targeted incentives.

• 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 the Marina Bay Sands Expansion Project expected to complete construction by June 2030 and open in January 2031.

• Singapore's performance is seen as sustainable, with continued investment in property upgrades and service.