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Las Vegas Sands 8-K Report, Financial Results (Jan 28, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 28, 2026
Period End
January 28, 2026
Security
LVS
In the record · 2016–202610-K1110-Q338-K174

LVS filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 174 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Aug ’18Aug ’18
  2. Material agreement8-K · Sep ’20Sep ’20
  3. Leadership change8-K · Feb ’23Feb ’23
  4. Leadership change8-K · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 8-K filed January 28, 2026. Cited figures are marked; the original filing is the authoritative source.

Las Vegas Sands Corp. furnished this Form 8-K under Item 2.02 to report results for the fourth quarter ended December 31, 2025, via a press release dated January 28, 2026 (Exhibit 99.1).

For the quarter, net revenues were $3.65 billion, compared to $2.90 billiona in the prior year quarter, operating income was $707 million (versus $590 million), and net income was $448 million (versus $392 million). Consolidated adjusted property EBITDA was $1.41 billion, compared to $1.11 billion. Net income attributable to Las Vegas Sands for full year 2025 was $1.63 billion, or $2.35 per diluted share, versus $1.45 billion, or $1.96 per diluted share, in 2024.

The company repurchased $500 millionb of common stock in the quarter (approximately 8 million shares at a weighted average price of $61.39), leaving $1.56 billion remaining under its authorization as of December 31, 2025. It also bought 25 million shares of Sands China Ltd. common stock, raising its ownership to 74.80%. The next quarterly dividend is $0.30 per share, payable February 18, 2026.

Unrestricted cash was $3.84 billionc at year-end, and total debt, net of deferred offering costs and original issue discounts and excluding finance leases, was $15.63 billion. In January 2026 the company redeemed in full the $800 million 3.800% SCL Senior Notes due January 8, 2026, funded by a HKD 6.20 billion (about $797 million) draw under the 2024 SCL Revolving Facility. By segment, Marina Bay Sands generated adjusted property EBITDA of $806 million in the quarter, and Macao Operations generated $608 million.

Both results included favorable high-hold effects on rolling play ($45 milliond at Marina Bay Sands and $26 million in Macao). The filing also notes that a hold-adjusted win analysis showed a $71 million negative adjusted property EBITDA impact in the quarter when measured against expected win percentages.

02—Key points

Key Highlights

  1. Fourth-quarter net revenues of $3.65 billion, up from $2.90 billion; net income of $448 million versus $392 million a year earlier.
  2. Consolidated adjusted property EBITDA of $1.41 billion, compared to $1.11 billion in the prior year quarter.
  3. Marina Bay Sands adjusted property EBITDA of $806 million and Macao adjusted property EBITDA of $608 million, with high hold on rolling play adding $45 million and $26 million, respectively.
  4. Full-year 2025 net income attributable to Las Vegas Sands of $1.63 billion, or $2.35 per diluted share, versus $1.96 per diluted share in 2024.
  5. Repurchased $500 million of common stock in the quarter; $1.56 billion remained under the authorization at December 31, 2025.
  6. Quarterly dividend of $0.25 was paid in the quarter; the next dividend is $0.30 per share, payable February 18, 2026.
  7. Year-end unrestricted cash of $3.84 billion and total debt of $15.63 billion; $3.66 billion available under revolving facilities as of January 28, 2026.

03—Questions

Frequently Asked Questions

  1. How did Las Vegas Sands perform in the fourth quarter of 2025?

    Net revenues were $3.65 billion, compared to $2.90 billion in the fourth quarter of 2024. Operating income rose to $707 million from $590 million, and net income increased to $448 million from $392 million. Consolidated adjusted property EBITDA was $1.41 billion, versus $1.11 billion a year earlier.

  2. How much did the company return to stockholders?

    The company repurchased $500 million of common stock in the fourth quarter, about 8 million shares at a weighted average price of $61.39. It also paid a quarterly dividend of $0.25 per share during the quarter. As of December 31, 2025, $1.56 billion remained under the share repurchase authorization.

  3. What were the key drivers of segment EBITDA in the quarter?

    Marina Bay Sands adjusted property EBITDA was $806 million, compared to $537 million a year earlier, and Macao Operations generated $608 million, compared to $571 million. The filing states that high hold on rolling play positively affected adjusted property EBITDA by $45 million at Marina Bay Sands and $26 million in Macao.

  4. What is the company's debt and liquidity position?

    Total debt, net of deferred offering costs and original issue discounts and excluding finance leases, was $15.63 billion as of December 31, 2025. Unrestricted cash was $3.84 billion. As of January 28, 2026, $3.66 billion was available under U.S., SCL and Singapore revolving credit facilities, and $4.84 billion was available under a delayed draw term loan for the MBS Expansion Project.

  5. What changed in the company's Sands China ownership and debt in early 2026?

    During the fourth quarter the company bought 25 million shares of Sands China Ltd. common stock for HKD 518 million, raising its ownership to 74.80% as of December 31, 2025. In January 2026 it drew HKD 6.20 billion (about $797 million) under the 2024 SCL Revolving Facility and used the proceeds, with cash on hand, to redeem in full the $800 million 3.800% SCL Senior Notes due January 8, 2026.

04—Continue

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