01—Abstract
Summary
Summary of the 10-Q filed October 23, 2026. Cited figures are marked; the original filing is the authoritative source.
Las Vegas Sands Corp. (LVS) reported net revenues of $3.22 billiona for the three months ended September 30, 2026, down from $3.33 billion a year earlier, and operating income of $618 million versus $719 million.
Net income attributable to Las Vegas Sands Corp. was $304 millionb, or $0.48 per diluted share, compared with $419 million, or $0.61 per diluted share, in the prior-year quarter. Consolidated adjusted property EBITDA fell to $1.12 billion from $1.34 billion, with Marina Bay Sands in Singapore accounting for most of the quarterly decline, as casino revenue there fell on lower win percentages. For the nine months ended September 30, 2026, net revenues rose to $9.96 billion from $9.37 billion, but operating income was essentially flat at $2.14 billion and net income attributable to the company was $1.22 billion versus $1.23 billion.
Macao adjusted property EBITDA declined $110 millionc, or 6.5%, despite net revenue growth, due to higher patron reinvestment, payroll and competitive costs. Total stockholders' equity was a deficit of $344 million at September 30, 2026, following $2.50 billion of share repurchases in the nine-month period. Cash and cash equivalents were $2.86 billion, and total debt carrying amount was $15.44 billion.
The company repaid its $1.0 billiond 3.500% LVSC Senior Notes after issuing $1.0 billion of new notes in May 2026, received $1.26 billion from early repayment of a seller financing loan, and in July 2026 increased the remaining share repurchase authorization to $6.0 billion. The Board declared a $0.30 quarterly dividend for the fourth quarter and approved a $0.36 per share quarterly rate for 2027. Subsequent to quarter end, VML agreed to contribute approximately 2.30 billion patacas (about $285 million) to a Macao government guidance fund.
02—Key points
Key Highlights
- Net revenues were $3.22 billion for Q3 2026, down 3.5% from $3.33 billion, while nine-month net revenues rose 6.3% to $9.96 billion.
- Diluted EPS was $0.48 for Q3 2026 versus $0.61 a year earlier; nine-month diluted EPS was $1.86 versus $1.77.
- Consolidated adjusted property EBITDA declined 16.7% to $1.12 billion in Q3 2026; Marina Bay Sands EBITDA fell 20.6% to $590 million in the quarter.
- Macao adjusted property EBITDA decreased $110 million, or 6.5%, for the nine months despite net revenues increasing $415 million, or 7.7%.
- Total equity was a deficit of $(115) million at September 30, 2026, with Las Vegas Sands Corp. stockholders' equity at $(344) million, reflected after $2.50 billion of nine-month share repurchases.
- Cash and cash equivalents were $2.86 billion; $4.27 billion was available under U.S., SCL and Singapore revolving facilities.
- The Board increased the remaining share repurchase authorization to $6.0 billion, extended to July 21, 2029, and $5.06 billion remained at quarter end.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed October 23, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $3.22B$3.33B | −3.5% |
| R&D Expenses | $37.00M$72.00M | −48.6% |
| SG&A Expenses | $333.00M$308.00M | +8.1% |
| Operating Expenses | $2.60B$2.61B | −0.5% |
| Operating Income | $618.00M$719.00M | −14.0% |
| Interest Expense | $186.00M$187.00M | −0.5% |
| Net Income | $304.00M$419.00M | −27.4% |
| EPS (Basic) | $0.48$0.61 | −21.3% |
| EPS (Diluted) | $0.48$0.61 | −21.3% |
| Shares Outstanding (Basic) | 639.00M682.00M | −6.3% |
| Shares Outstanding (Diluted) | 640.00M685.00M | −6.6% |
05—Questions
Frequently Asked Questions
How did profitability trend in the third quarter of 2026?
Operating income fell to $618 million from $719 million, and net income attributable to Las Vegas Sands Corp. fell to $304 million from $419 million. The filing attributes the Marina Bay Sands decline to lower casino win percentages and higher payroll costs, while Macao results were also pressured by competitive costs.
What is the status of the Marina Bay Sands expansion?
Construction began in May 2025 with an estimated total project cost of approximately $8.0 billion, and about $3.1 billion had been incurred as of September 30, 2026. The company must complete construction by July 8, 2029 under the Singapore agreement, but its current estimate is completion by June 2030 with an anticipated opening in January 2031, which would require Singapore government approval.
How is the company returning capital to shareholders?
In the nine months ended September 30, 2026, the company repurchased 49 million shares for $2.50 billion and paid dividends of $0.90 per share. A $0.30 quarterly dividend was declared in October 2026, and the Board approved a $0.36 per share quarterly rate for 2027.
What changed in the debt structure during 2026?
The company issued $1.0 billion of LVSC senior notes in May 2026 and used the proceeds, with cash on hand, to redeem the $1.0 billion 3.500% notes due August 2026. Total debt carrying amount was $15.44 billion at September 30, 2026, versus $15.78 billion at December 31, 2025, and the company stated it was in compliance with debt covenants.
What is the Macao government guidance fund commitment?
On October 23, 2026, VML entered into a limited partnership agreement to join the Macao SAR Government Guidance Fund No. 2 and committed to contribute approximately 2.30 billion patacas (about $285 million). The contribution will be credited toward VML's non-gaming investment commitments under the Concession, replacing other previously anticipated non-gaming spend.
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