Net Revenue Increased 25.3% to $3.59 billion
Net Income Increased 57.1% to $641 million
Diluted Earnings per Share Increased 73.5% to $0.85 per Share
Consolidated Adjusted Property EBITDA Increased 24.6% to $1.42 billion
LVS Repurchased $740 million of Common Stock
LAS VEGAS, April 22, 2026 /PRNewswire/ -- Las Vegas Sands (NYSE:LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended March 31, 2026.
"We continued to execute our strategic objectives during the quarter as we delivered growth in both Singapore and Macao while continuing to increase the return of capital to shareholders," said Patrick Dumont, chairman and chief executive officer.
"Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead."
Net revenue was $3.59 billion, compared to $2.86 billion in the prior year quarter. Operating income was $904 million, compared to $609 million in the prior year quarter. Net income in the first quarter of 2026 was $641 million, compared to $408 million in the first quarter of 2025.
Consolidated adjusted property EBITDA was $1.42 billion, compared to $1.14 billion in the prior year quarter.
Sands China Ltd. Consolidated Financial ResultsOn a GAAP basis, total net revenues for SCL increased 23.6% to $2.10 billion, compared to the first quarter of 2025. Net income for SCL increased 45.5% to $294 million, compared to $202 million in the first quarter of 2025.
Other Factors Affecting EarningsInterest expense, net of amounts capitalized, was $188 million for the first quarter of 2026, compared to $174 million in the prior year quarter. Our weighted average debt balance was $16.0 billion during the first quarter of 2026, compared to $13.86 billion during the first quarter of 2025. Our weighted average borrowing cost was 4.6% during the first quarter of 2026, compared to 4.9% during the first quarter of 2025.
Our effective income tax rate for the first quarter of 2026 was 14.3%, compared to 13.4% in the prior year quarter. The income tax rate for the first quarter of 2026 was primarily driven by a 17% statutory rate on our Singapore operations.
Stockholder ReturnsDuring the first quarter of 2026, we repurchased $740 million of our common stock (approximately 13 million shares at a weighted average price of $56.64). The remaining amount authorized under our share repurchase program was $817 million as of March 31, 2026. Since the resumption of our share repurchase program in the fourth quarter of 2023 through March 31, 2026, we have repurchased 14.3% of our outstanding shares, approximately 109 million shares of our common stock at an average price of $47.95, for a total investment of $5.24 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.
We paid a quarterly dividend of $0.30 per common share during the quarter. Our next quarterly dividend of $0.30 per common share will be paid on May 13, 2026, to Las Vegas Sands stockholders of record on May 5, 2026.
Balance Sheet ItemsUnrestricted cash balances as of March 31, 2026 were $3.33 billion.
As of March 31, 2026, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.57 billion.
In April 2026, the company repaid HKD 2.40 billion (approximately $307 million at exchange rates in effect at the time of the transaction) of the outstanding balance under the 2024 SCL Revolving Facility.
As of April 22, 2026, the company has access to $3.97 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit, and $4.94 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project.
Capital ExpendituresCapital expenditures during the first quarter totaled $194 million, including construction, development and maintenance activities of $102 million at Marina Bay Sands and $89 million in Macao.
Conference Call InformationThe company will host a conference call to discuss the company's results on Wednesday, April 22, 2026, at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.
About Sands (NYSE:LVS) Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com.
Forward-Looking StatementsThis press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words "anticipates," "believes," "can," "continues," "estimates," "expects," "goals," "intends," "looks forward to," "may," "opportunities," "plans," "positions," "remains," "seeks," "targets," "will," "would" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made. Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.
Las Vegas Sands Corp.First Quarter 2026 ResultsNon-GAAP Financial Measures
Within the company's first quarter 2026 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures. The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.
Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
Three Months Ended
March 31,
2026
2025
Revenues:
Casino
$ 2,739
$ 2,127
Rooms
377
324
Food and beverage
176
141
Mall
204
186
Convention, retail and other
89
84
Net revenues
3,585
2,862
Operating expenses:
Resort operations
2,167
1,723
Corporate
83
73
Pre-opening
4
4
Development
41
69
Depreciation and amortization
357
362
Amortization of leasehold interests in land
21
15
Loss on disposal or impairment of assets
8
7
2,681
2,253
Operating income
904
609
Other income (expense):
Interest income
35
42
Interest expense, net of amounts capitalized
(188)
(174)
Other expense
(3)
(1)
Loss on modification or early retirement of debt
—
(5)
Income before income taxes
748
471
Income tax expense
(107)
(63)
Net income
641
408
Net income attributable to noncontrolling interests
(74)
(56)
Net income attributable to Las Vegas Sands Corp.
$ 567
$ 352
Earnings per share:
Basic
$ 0.85
$ 0.49
Diluted
$ 0.85
$ 0.49
Weighted average shares outstanding:
Basic
669
712
Diluted
671
713
Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
Three Months Ended
March 31,
2026
2025
Net Revenues
The Venetian Macao
$ 710
$ 638
The Londoner Macao
754
529
The Parisian Macao
229
227
The Plaza Macao and Four Seasons Macao
290
208
Sands Macao
93
75
Ferry Operations and Other
38
32
Macao Operations
2,114
1,709
Marina Bay Sands
1,487
1,163
Intercompany Royalties
87
61
Intersegment Eliminations(1)
(103)
(71)
$ 3,585
$ 2,862
Adjusted Property EBITDA
The Venetian Macao
$ 238
$ 225
The Londoner Macao
223
153
The Parisian Macao
46
66
The Plaza Macao and Four Seasons Macao
114
74
Sands Macao
9
10
Ferry Operations and Other
3
7
Macao Operations
633
535
Marina Bay Sands
788
605
$ 1,421
$ 1,140
Adjusted Property EBITDA as a Percentage of Net Revenues
The Venetian Macao
33.5 %
35.3 %
The Londoner Macao
29.6 %
28.9 %
The Parisian Macao
20.1 %
29.1 %
The Plaza Macao and Four Seasons Macao
39.3 %
35.6 %
Sands Macao
9.7 %
13.3 %
Ferry Operations and Other
7.9 %
21.9 %
Macao Operations
29.9 %
31.3 %
Marina Bay Sands
53.0 %
52.0 %
Total
39.6 %
39.8 %
____________________
(1)
Intersegment eliminations include royalties and other intercompany services.
Exhibit 3
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions)
(Unaudited)
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA:
Three Months Ended
March 31
2026
2025
Net income
$ 641
$ 408
Add (deduct):
Income tax expense
107
63
Loss on modification or early retirement of debt
—
5
Other expense
3
1
Interest expense, net of amounts capitalized
188
174
Interest income
(35)
(42)
Loss on disposal or impairment of assets
8
7
Amortization of leasehold interests in land
21
15
Depreciation and amortization
357
362
Development expense
41
69
Pre-opening expense
4
4
Stock-based compensation(1)
3
1
Corporate expense
83
73
Consolidated Adjusted Property EBITDA
$ 1,421
$ 1,140
____________________
(1)
During the three months ended March 31, 2026 and 2025, the company recorded stock-based compensation expense of $24 million and $9 million, respectively, of which $21 million and $8 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
Exhibit 4
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions, except per share data)
(Unaudited)
The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income:
Three Months Ended
March 31,
2026
2025
Net income attributable to LVS
$ 567
$ 352
Pre-opening expense
4
4
Development expense
41
69
Loss on disposal or impairment of assets
8
7
Other expense
