01—Abstract
Summary
Summary of the 10-Q filed April 24, 2026. Cited figures are marked; the original filing is the authoritative source.
Las Vegas Sands Corp. reported first-quarter 2026 net revenues of $3.585 billiona, up from $2.862 billion in the prior-year quarter, a 25.3% increase.
Operating income rose to $904 millionb from $609 million, and net income attributable to Las Vegas Sands Corp. was $567 million versus $352 million, with diluted earnings per share of $0.85 compared with $0.49. Consolidated adjusted property EBITDA grew 24.6% to $1.421 billion, driven by higher casino revenues at Marina Bay Sands in Singapore and at the company's Macao properties, particularly The Londoner Macao and The Plaza Macao and Four Seasons Macao. Cash generation was strong, with net cash from operating activities of $731 million versus $526 million a year earlier.
The company returned capital to stockholders, repurchasing $746 millionc of common stock and paying $202 million in dividends, and declared a quarterly dividend of $0.30 per share payable May 13, 2026. Cash and cash equivalents declined to $3.330 billion from $3.841 billion at year-end 2025, and total debt was $15.724 billion carrying amount, of which $1.824 billion is current. Total stockholders' equity attributable to Las Vegas Sands Corp. fell to $1.198 billion from $1.590 billion, reflecting share repurchases exceeding retained earnings growth.
The company also reported that the Macao Asian American Entertainment Corporation lawsuit reached final judgment in favor of the defendants on March 4, 2026, and that management believes it was in compliance with all debt covenants as of March 31, 2026. Singapore's MBS Expansion Project has an estimated total cost of approximately $8.0 billiond, with about $2.8 billion incurred as of March 31, 2026, and an anticipated opening in January 2031.
02—Key points
Key Highlights
- Net revenues of $3.585 billion, up 25.3% from $2.862 billion in Q1 2025; casino revenues rose to $2.739 billion from $2.127 billion.
- Operating income of $904 million versus $609 million a year earlier; net income of $641 million versus $408 million.
- Diluted EPS of $0.85 versus $0.49; consolidated adjusted property EBITDA of $1.421 billion, up 24.6%.
- Marina Bay Sands adjusted property EBITDA rose $183 million, or 30.2%, to $788 million, with gross gaming revenue up 31.4% to $1.13 billion.
- Macao segment adjusted property EBITDA rose 18.3% to $633 million, led by The Londoner Macao and The Plaza Macao and Four Seasons Macao.
- Repurchased $746 million of common stock (13.1 million shares) and paid $202 million in dividends; $817 million remained under the repurchase program at quarter-end.
- Cash and cash equivalents declined to $3.330 billion from $3.841 billion; total debt carrying amount of $15.724 billion, with $1.824 billion classified as current maturities.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed April 24, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $3.58B$2.86B | +25.3% |
| R&D Expenses | $41.00M$69.00M | −40.6% |
| SG&A Expenses | $302.00M$273.00M | +10.6% |
| Operating Expenses | $2.68B$2.25B | +19.0% |
| Operating Income | $904.00M$609.00M | +48.4% |
| Interest Expense | $188.00M$174.00M | +8.0% |
| Net Income | $567.00M$352.00M | +61.1% |
| EPS (Basic) | $0.85$0.49 | +73.5% |
| EPS (Diluted) | $0.85$0.49 | +73.5% |
| Shares Outstanding (Basic) | 669.00M712.00M | −6.0% |
| Shares Outstanding (Diluted) | 671.00M713.00M | −5.9% |
05—Questions
Frequently Asked Questions
How did Las Vegas Sands perform in the first quarter of 2026 compared with the prior year?
Net revenues were $3.585 billion versus $2.862 billion, operating income was $904 million versus $609 million, and net income attributable to Las Vegas Sands Corp. was $567 million versus $352 million. Diluted EPS was $0.85 compared with $0.49.
What drove the increase in revenues and profitability?
The filing attributes the increase primarily to higher casino revenues at Marina Bay Sands and in Macao, driven by increased table games volumes and higher Rolling Chip win percentages at certain Macao properties. Operating expenses also rose, mainly due to higher casino expenses, including gaming taxes that increased with gross gaming revenue.
How is the company returning capital to stockholders?
During the quarter the company repurchased $746 million of common stock and paid $202 million in dividends. In April 2026 its Board declared a quarterly dividend of $0.30 per share, estimated at about $199 million, payable May 13, 2026. The company expects this dividend level to continue quarterly through the remainder of 2026.
What are the company's liquidity and debt positions?
Unrestricted cash and cash equivalents were $3.33 billion as of March 31, 2026, and the company cited $3.97 billion of available borrowing capacity under its U.S., SCL and Singapore revolving credit facilities as of the report date. Total debt carrying amount was $15.724 billion, and management believes the company was in compliance with all debt covenants.
What major development and legal matters were disclosed?
The Singapore MBS Expansion Project has an estimated total cost of about $8.0 billion, with about $2.8 billion incurred as of March 31, 2026, and an anticipated opening in January 2031. In Macao, the Asian American Entertainment Corporation lawsuit reached a final judgment in favor of the defendants on March 4, 2026.
06—Continue