01—Abstract
Summary
Summary of the 10-Q filed July 24, 2026. Cited figures are marked; the original filing is the authoritative source.
Las Vegas Sands Corp. reported net revenues of $3,154 milliona for the three months ended June 30, 2026, down slightly from $3,175 million a year earlier, while operating income fell to $618 million from $783 million and net income attributable to Las Vegas Sands Corp. was $346 million versus $461 million.
For the six months, net revenues rose to $6,739 millionb from $6,037 million, operating income increased to $1,522 million from $1,392 million, and diluted EPS was $1.38 compared with $1.15. Consolidated adjusted property EBITDA was $1,119 million for the quarter, down from $1,334 million, and $2,540 million for the six months, up from $2,474 million. Macao adjusted property EBITDA declined in both periods, while Marina Bay Sands EBITDA grew for the six months but fell in the quarter.
The balance sheet and capital allocation changed meaningfully in the period. Cash and cash equivalents were $3,376 millionc at June 30, 2026, compared with $3,841 million at December 31, 2025, and total debt carrying amount was $15,262 million versus $15,784 million. The company received $1.26 billion from the early repayment of a seller financing loan related to the sale of its Las Vegas real property and operations, and it issued $1.0 billion of senior notes in May 2026 to redeem the $1.0 billion 3.500% notes due August 2026.
Total equity declined to $897 milliond from $1,934 million, reflecting $1,542 million of share repurchases and $530 million of dividends and noncontrolling interest payments in the six months. In July 2026, the Board declared a $0.30 quarterly dividend and increased the remaining repurchase authorization to $6.0 billion. Management stated it believes it has a strong balance sheet and sufficient liquidity, citing $3.38 billion of unrestricted cash and $4.26 billion of available borrowing capacity under its U.S., SCL and Singapore revolving facilities.
The filing reports compliance with debt covenants. Key ongoing items include the Marina Bay Sands Expansion Project, with an estimated total cost of approximately $8.0 billion and approximately $3.0 billion incurred as of June 30, 2026, and the Macao concession investment commitment.
02—Key points
Key Highlights
- Six-month net revenues of $6,739 million rose 11.6% from $6,037 million, while three-month net revenues of $3,154 million were roughly flat versus $3,175 million.
- Q2 2026 operating income fell to $618 million from $783 million, and net income attributable to Las Vegas Sands Corp. was $346 million versus $461 million.
- Six-month diluted EPS was $1.38, up from $1.15; Q2 diluted EPS was $0.53 versus $0.66.
- Consolidated adjusted property EBITDA was $1,119 million in Q2 2026 (down from $1,334 million) and $2,540 million for the six months (up from $2,474 million).
- Macao adjusted property EBITDA decreased $38 million for the six months despite Macao net revenues rising $388 million; Marina Bay Sands adjusted property EBITDA increased $104 million for the six months.
- Unrestricted cash fell to $3,376 million, and total equity dropped to $897 million from $1,934 million after $1,542 million of share repurchases in the six months.
- Board declared a $0.30 quarterly dividend in July 2026 and raised the remaining buyback authorization to $6.0 billion, with the program extended to July 21, 2029.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed July 24, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $3.15B$3.17B | −0.7% |
| R&D Expenses | $43.00M$69.00M | −37.7% |
| SG&A Expenses | $331.00M$292.00M | +13.4% |
| Operating Expenses | $2.54B$2.39B | +6.0% |
| Operating Income | $618.00M$783.00M | −21.1% |
| Interest Expense | $189.00M$194.00M | −2.6% |
| Net Income | $346.00M$461.00M | −24.9% |
| EPS (Basic) | $0.53$0.66 | −19.7% |
| EPS (Diluted) | $0.53$0.66 | −19.7% |
| Shares Outstanding (Basic) | 654.00M695.00M | −5.9% |
| Shares Outstanding (Diluted) | 656.00M696.00M | −5.7% |
05—Questions
Frequently Asked Questions
Why did operating income and net income decline in the second quarter despite higher year-to-date results?
For the three months ended June 30, 2026, operating income was $618 million versus $783 million, driven by higher casino expenses (up $107 million, including $83 million at Macao operations, with gaming taxes and payroll up), higher general and administrative expenses (up $39 million), and a provision for credit losses of $36 million versus $16 million. Casino revenue fell $74 million to $2,341 million, mainly from lower table games win percentages at Marina Bay Sands and lower Macao win and slot hold percentages. Year-to-date results were stronger, with six-month operating income of $1,522 million versus $1,392 million.
How did the company change its debt and liquidity position in 2026?
Total debt carrying amount was $15,262 million at June 30, 2026, versus $15,784 million at December 31, 2025. In May 2026, LVSC issued $500 million of 5.300% notes due 2031 and $500 million of 5.650% notes due 2033, and in June 2026 it redeemed the $1.0 billion 3.500% notes due August 2026. The company drew HKD 6.20 billion under the 2024 SCL Revolving Facility and repaid HKD 4.80 billion. It reported $4.26 billion of available borrowing capacity across its U.S., SCL and Singapore revolving facilities and said it was in compliance with debt covenants.
What drove the decline in total equity and what capital returns were made?
Total equity fell to $897 million from $1,934 million. During the six months ended June 30, 2026, the company repurchased 28,094,695 shares for $1,542 million, and paid dividends and noncontrolling interest payments of $530 million (including $400 million of Las Vegas Sands Corp. dividends declared at $0.60 per share). Net income of $1,014 million partially offset these distributions. In July 2026, the Board authorized increasing the remaining repurchase amount to $6.0 billion.
What is the status of the Marina Bay Sands Expansion Project and the Macao investment commitment?
The MBS Expansion Project has an estimated total cost of approximately $8.0 billion, with about $3.0 billion incurred as of June 30, 2026. Construction began in May 2025 and must be completed by July 8, 2029 under the Second Supplemental Agreement, though the company's current estimate is completion by June 2030 with opening in January 2031, which would require Singapore government approval. For Macao, VML committed to invest at least 35.84 billion patacas (approximately $4.44 billion) by December 2032; the 2025 qualified spend of approximately 2.52 billion patacas is subject to ongoing government audit.
What was the outcome of the AAEC litigation against Venetian Macau Limited?
A judgment in favor of the defendants became final on March 4, 2026, and the Macao Second Instance Court certified that final judgment on March 13, 2026. The filing states the final judgment resolves all issues concerning the merits of the plaintiff's claim. The plaintiff had sought approximately 96.45 billion patacas (approximately $11.94 billion at June 30, 2026 exchange rates) in lost profits.
06—Continue