Why did earnings decline year over year?

Operating income fell to $618 million from $719 million, and net income fell to $352 million from $491 million. The filing points to lower Marina Bay Sands results, with casino revenue down $161 million and adjusted property EBITDA down $153 million, and to lower Venetian and Londoner EBITDA in Macao. Income tax expense also increased to $102 million from $91 million, and the effective tax rate rose to 22.5% from 15.6%.

How much capital is being returned to shareholders?

The company repurchased $950 million of common stock in the third quarter, and $5.06 billion remained under the repurchase program as of September 30, 2026. Since the program resumed in the fourth quarter of 2023 through September 30, 2026, the company has repurchased about 145 million shares for a total of $6.98 billion. The quarterly dividend is $0.30 per share, payable November 10, 2026, and the Board announced a 2027 annual dividend of $1.44 per share.

What is the company's liquidity position?

Unrestricted cash was $2.86 billion at September 30, 2026. The company had $4.27 billion available under its U.S., SCL and Singapore revolving credit facilities, net of letters of credit, and $4.57 billion available under a delayed draw term loan for the MBS Expansion Project. Total debt outstanding, net of deferred offering costs and original issue discounts and excluding finance leases, was $15.30 billion.

What are the key drivers in Macao and Singapore?

In Macao, Macao Operations net revenues rose to $1.94 billion from $1.91 billion, while adjusted property EBITDA fell to $529 million from $601 million. Management said Macao volumes grew across all gaming segments versus the prior year. Marina Bay Sands net revenues fell to $1.29 billion from $1.44 billion, and adjusted property EBITDA fell to $590 million from $743 million. Management pointed to the ongoing expansion project, including an arena, as a future growth driver.

What did the company say about its share of Sands China?

During the third quarter, the company purchased 62 million shares of SCL common stock for HKD 793 million (approximately $101 million), increasing its ownership of SCL to 75.56% as of September 30, 2026.

LVS 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed October 21, 2026. Cited figures are marked; the original filing is the authoritative source.

Las Vegas Sands Corp. (LVS) furnished an 8-K under Item 2.02 reporting third-quarter 2026 results for the quarter ended September 30, 2026, via a press release dated October 21, 2026 (Exhibit 99.1).

Net revenue was $3.22 billion, compared to $3.33 billion^a in the prior-year quarter. Operating income was $618 million (versus $719 million), and net income was $352 million (versus $491 million). Diluted earnings per share were $0.48, and adjusted earnings per diluted share were $0.54, compared to $0.78 a year earlier.

Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.34 billion^b. Marina Bay Sands adjusted property EBITDA was $590 million versus $743 million, and Macao Operations adjusted property EBITDA was $529 million versus $601 million. Capital returns were a major focus.

The company repurchased $950 million^c of common stock in the quarter (about 21 million shares at a weighted average price of $45.31), leaving $5.06 billion remaining under its program as of September 30, 2026. The Board announced a 20% increase in the recurring common stock dividend for calendar 2027, to $1.44 per share annually ($0.36 per quarter). The company also bought SCL shares for approximately $101 million, raising its SCL ownership to 75.56%.

Weighted average borrowing cost was 4.7%, versus 4.5% a year earlier, and unrestricted cash was $2.86 billion^d at September 30, 2026. Liquidity and spending: capital expenditures were $281 million in the quarter, and total debt outstanding was $15.30 billion.

The company cited $4.27 billion available under its revolving credit facilities and $4.57 billion available under a delayed draw term loan for the MBS Expansion Project. The effective tax rate rose to 22.5% from 15.6%, which the company attributed primarily to the mix of operations, including a 17% statutory rate in Singapore.

02—Key points

Key Highlights

Net revenue of $3.22 billion, down from $3.33 billion in Q3 2025; net income of $352 million versus $491 million.
Diluted EPS of $0.48 versus $0.61 a year earlier; adjusted EPS of $0.54 versus $0.78.
Consolidated adjusted property EBITDA of $1.12 billion versus $1.34 billion, with Marina Bay Sands at $590 million (vs. $743 million) and Macao Operations at $529 million (vs. $601 million).
Repurchased $950 million of common stock in the quarter; $5.06 billion remained under the authorization at September 30, 2026.
Board announced a 20% increase in the 2027 recurring annual dividend to $1.44 per share ($0.36 per quarter).
Effective tax rate rose to 22.5% from 15.6%; weighted average borrowing cost rose to 4.7% from 4.5%.
Unrestricted cash of $2.86 billion and total debt of $15.30 billion; capital expenditures of $281 million in the quarter.

03—Questions

Frequently Asked Questions

Why did earnings decline year over year?
Operating income fell to $618 million from $719 million, and net income fell to $352 million from $491 million. The filing points to lower Marina Bay Sands results, with casino revenue down $161 million and adjusted property EBITDA down $153 million, and to lower Venetian and Londoner EBITDA in Macao. Income tax expense also increased to $102 million from $91 million, and the effective tax rate rose to 22.5% from 15.6%.
How much capital is being returned to shareholders?
The company repurchased $950 million of common stock in the third quarter, and $5.06 billion remained under the repurchase program as of September 30, 2026. Since the program resumed in the fourth quarter of 2023 through September 30, 2026, the company has repurchased about 145 million shares for a total of $6.98 billion. The quarterly dividend is $0.30 per share, payable November 10, 2026, and the Board announced a 2027 annual dividend of $1.44 per share.
What is the company's liquidity position?
Unrestricted cash was $2.86 billion at September 30, 2026. The company had $4.27 billion available under its U.S., SCL and Singapore revolving credit facilities, net of letters of credit, and $4.57 billion available under a delayed draw term loan for the MBS Expansion Project. Total debt outstanding, net of deferred offering costs and original issue discounts and excluding finance leases, was $15.30 billion.
What are the key drivers in Macao and Singapore?
In Macao, Macao Operations net revenues rose to $1.94 billion from $1.91 billion, while adjusted property EBITDA fell to $529 million from $601 million. Management said Macao volumes grew across all gaming segments versus the prior year. Marina Bay Sands net revenues fell to $1.29 billion from $1.44 billion, and adjusted property EBITDA fell to $590 million from $743 million. Management pointed to the ongoing expansion project, including an arena, as a future growth driver.
What did the company say about its share of Sands China?
During the third quarter, the company purchased 62 million shares of SCL common stock for HKD 793 million (approximately $101 million), increasing its ownership of SCL to 75.56% as of September 30, 2026.

04—Continue

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