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Las Vegas Sands 8-K Report, Financial Results (Apr 22, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 22, 2026
Period End
April 22, 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 · Mar ’17Mar ’17
  2. Leadership change8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Jul ’21Jul ’21
  4. Material agreement8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed April 22, 2026. Cited figures are marked; the original filing is the authoritative source.

Las Vegas Sands Corp. furnished an 8-K under Item 2.02 on April 22, 2026, attaching a press release announcing results for the first quarter ended March 31, 2026.

Net revenues rose 25.3% to $3.59 billiona from $2.86 billion, operating income was $904 million versus $609 million, and net income was $641 million versus $408 million. Diluted earnings per share were $0.85, up 73.5% from the prior year, and consolidated adjusted property EBITDA was $1.42 billion, up 24.6% from $1.14 billion. Adjusted earnings per diluted share were $0.91 versus $0.59 in the prior year quarter, per the press release's non-GAAP reconciliation.

By segment, Macao Operations net revenues were $2.11 billionb versus $1.71 billion, and Marina Bay Sands net revenues were $1.49 billion versus $1.16 billion. Sands China Ltd. reported GAAP net revenues up 23.6% to $2.10 billion and net income up 45.5% to $294 million. Weighted average debt was $16.0 billion at a 4.6% borrowing cost, compared with 4.9% a year earlier.

Capital return remained a focus. The company repurchased $740 millionc of common stock during the quarter, with $817 million remaining under its authorization as of March 31, 2026. It paid a $0.30 quarterly dividend, with the next payment set for May 13, 2026.

Unrestricted cash was $3.33 billiond and total debt was $15.57 billion as of March 31, 2026. After quarter-end, the company repaid HKD 2.40 billion (about $307 million) under the 2024 SCL Revolving Facility, and it reported $4.94 billion available under a delayed draw term loan for the MBS Expansion Project.

02—Key points

Key Highlights

  1. Net revenues increased 25.3% to $3.59 billion; Macao Operations contributed $2.11 billion and Marina Bay Sands $1.49 billion.
  2. Net income rose 57.1% to $641 million; diluted EPS was $0.85, up 73.5%, and adjusted EPS was $0.91 versus $0.59.
  3. Consolidated adjusted property EBITDA grew 24.6% to $1.42 billion, with Marina Bay Sands at $788 million and Macao Operations at $633 million.
  4. The company repurchased $740 million of common stock (about 13 million shares at $56.64 on average), leaving $817 million under its authorization.
  5. Sands China Ltd. reported net income of $294 million, up 45.5%, on GAAP net revenues of $2.10 billion, up 23.6%.
  6. Weighted average borrowing cost fell to 4.6% from 4.9% while weighted average debt rose to $16.0 billion from $13.86 billion.
  7. Unrestricted cash was $3.33 billion and total debt was $15.57 billion as of March 31, 2026; the company repaid about $307 million on the SCL revolver in April 2026.

03—Questions

Frequently Asked Questions

  1. How did Las Vegas Sands perform in the first quarter of 2026?

    Net revenues were $3.59 billion, up 25.3% from $2.86 billion. Operating income was $904 million compared with $609 million, and net income attributable to Las Vegas Sands Corp. was $567 million compared with $352 million.

  2. Which segments drove the results?

    Macao Operations generated $2.11 billion of net revenues versus $1.71 billion, with The Londoner Macao rising to $754 million from $529 million. Marina Bay Sands generated $1.49 billion of net revenues versus $1.16 billion, and its adjusted property EBITDA was $788 million versus $605 million.

  3. How much capital did the company return to shareholders?

    The company repurchased $740 million of common stock during the quarter and paid a quarterly dividend of $0.30 per share. Since the resumption of its buyback in the fourth quarter of 2023 through March 31, 2026, it has repurchased 14.3% of outstanding shares for a total of $5.24 billion. The remaining authorization was $817 million.

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

    Total debt outstanding, net of deferred offering costs and original issue discounts and excluding finance leases, was $15.57 billion as of March 31, 2026, and unrestricted cash was $3.33 billion. As of April 22, 2026, the company had $3.97 billion available under its U.S., SCL and Singapore revolving facilities and $4.94 billion available under a delayed draw term loan for the MBS Expansion Project.

  5. What is the difference between GAAP and adjusted results?

    Adjusted net income attributable to LVS was $612 million versus $421 million, and adjusted earnings per diluted share were $0.91 versus $0.59. The adjustments exclude pre-opening and development expense, losses on asset disposal or impairment, other expense, and debt modification losses, net of tax and noncontrolling interest impacts. The filing states that these non-GAAP measures should not be considered a substitute for GAAP measures.

04—Continue

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