Las Vegas Sands Corp. (LVS) Earnings
Las Vegas Sands Corp. is expected to report next earnings on July 22, 2026 (in NaN days), with a consensus EPS estimate of $0.78. LVS has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +26.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $0.76 | $0.91 | +20.4% | $3.6B | +6.6% |
| Jan 28, 2026 | $0.77 | $0.85 | +11.1% | $3.6B | +9.1% |
| Oct 22, 2025 | $0.62 | $0.78 | +26.4% | $3.3B | +9.1% |
| Jul 23, 2025 | $0.53 | $0.79 | +48.8% | $3.2B | +11.8% |
| Apr 23, 2025 | $0.57 | $0.59 | +3.9% | $2.9B | -0.7% |
| Jan 29, 2025 | $0.57 | $0.54 | -6.1% | $2.9B | +1.5% |
| Oct 23, 2024 | $0.53 | $0.44 | -17.0% | $2.7B | -3.8% |
| Jul 24, 2024 | $0.56 | $0.55 | -1.8% | $2.8B | -2.0% |
| Apr 17, 2024 | $0.62 | $0.75 | +21.0% | $3.0B | +0.7% |
| Jan 24, 2024 | $0.61 | $0.57 | -6.6% | $2.9B | +0.4% |
| Oct 18, 2023 | $0.54 | $0.55 | +1.9% | $2.8B | -3.6% |
| Jul 19, 2023 | $0.43 | $0.46 | +7.0% | $2.5B | +6.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 22, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Strategic priorities are investing with discipline and creating meaningful shareholder returns. • At Marina Bay Sands, EBITDA increased over 30% to $788 million, with focus on unique entertainment and hospitality experiences driving success. • In Macau, EBITDA was $633 million, up over 18%, with mass market revenue share at 25.7%. Operating pillars of people, product, and service underpin strategy. Goal to reach $700 million in quarterly EBITDA in Macau over time. • Focused on improving products and service levels in Macau, with progress in gaming revenues, volumes, and premium customer patronage. • Plan to introduce refreshed room and suite products, starting with Venetian in third quarter of 2026, total product refresh targeted by end of 2027. • Investing in training and hiring customer-focused team members throughout portfolio. • Repurchased $740 million of LVS stock during the quarter and paid recurring quarterly dividend of $0.30 per share.
Guidance
• Goal of reaching $700 million in quarterly EBITDA in Macau over time as investment and operating strategies are fully implemented and Macau market grows. • Expect margins to improve over time as revenue grows in lower end of premium and non-premium segments. • Repurchasing shares through share repurchase program is seen as meaningfully accretive to the company and shareholders over long term.
Segment performance
In Singapore, Marina Bay Sands had EBITDA of $788 million for the quarter with a margin of 53%. If the rolling program hold had been as expected, EBITDA would have been $6 million higher. In Macau, EBITDA was $633 million for the quarter, an increase of over 18%. Mass market revenue share reached 25.7% for the quarter, the strongest since the first quarter of 2024. Adjusted for a higher than expected hold in the rolling segment, the Macau portfolio's EBITDA margin was 29.6%, down 200 basis points from the first quarter of 2025.
Analyst Q&A
Q: Dan Pulitzer from J.P. Morgan asked about what's driving Singapore's strength and geopolitical impact.
A: Driver is investment in high-quality assets, service levels, and product differentiation. VIP segment is competitive, main driver of profitability at Marina Bay Sands is mass winning slots.
Q: Brant Montour from Barclays asked about betting behavior in Singapore.
A: VIP business is volatile, with a barbell of patrons: some betting traditionally and some on side bets.
Q: Robin Farley from UBS asked about IR2 in Singapore.
A: IR2 will be most luxurious hotel, attract high-end patrons, set new standard for luxury hospitality, enhance experience across portfolio.
Q: Steven Grambling from Morgan Stanley asked about customer concentration in Marina Bay Sands.
A: Went from 132 suites to 770, need more capacity, IR2 will help attract highest-end customers.
Q: Lizzy Dove from Goldman Sachs asked about buyback and capital returns.
A: Continue repurchasing shares as see value in LVS and SEL equity, goal is meaningful share repurchasing for long-term value.
Q: Chad Baynon from Macquarie asked about Macau entertainment calendar and mass customer sentiment.
A: Entertainment calendar has strong first quarter, using entertainment to drive visitation. Mass gaming has 30% year-over-year growth, Middle East disruption makes Macau and Singapore more popular with Chinese market.
Q: George Choi from Citigroup asked about side bets in Macau and Singapore.
A: Take-up of side bets higher in Marina Bay Sands than Macau, take-up in Macau is increasing.
Q: Joe Steff from SIG asked about rolling chip volume in MBS.
A: VIP segment is volatile, about bringing in highest value patrons who enjoy total experience.
Q: Trey Bowers from Wells Fargo asked about CapEx and promotional activity in Macau.
A: CapEx increase based on deploying capital efficiently for growth. Promotional activity optimized, leveraging product advantage.
Q: Steve Wychinski from Stifel asked about getting to $700 million EBITDA in Macau.
A: Market is growing, investment, marketing, and asset utilization important, with seasonality in business.
Q: David Katz from Jefferies asked about Venetian renovation and CapEx.
A: No meaningful disruption expected from Venetian renovation, CapEx is necessary to maintain business and maximize cash flow.
Q: John Decree from CBRE asked about OPEX in Macau.
A: Hiring to enhance service levels, ideally with operating leverage as revenue grows, some hiring already in OPEX and continuing over next quarters