Jun 2026 (Q2 FY26) — Jul 22, 2026
Las Vegas Sands Corp. Q2 FY26 — Hold Volatility Masks Underlying Volume Growth
Read the full callLas Vegas Sands (LVS) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Las Vegas Sands earnings: last reported Wed, 22 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,154 | −0.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 19.6 | −5.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 346 | −24.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Macao quarterly EBITDA run-rate goal (~$700M/quarter, ~$2.7-2.8B annualized) | $2.7-2.8 billion annualized Macao EBITDA (~$700 million per quarter) | Sep 2025 | I think our goal is still the $700 million. And I think we have some work to do to get there, but we feel like the process in place for us to keep working to head in that direction. | At Risk |
| LVS ownership stake in Sands China (SCL) | LVS ownership stake in Sands China to continue rising toward approximately 74.9% | Mar 2025 | The company's ownership of SCL remained at 74.8% as of June 30, 2026. | On Track |
7 of LAS VEGAS SANDS CORP's 12 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 10 more targets are in the full ledger.
Claimed
- Marina Bay Sands (MBS) delivered strong reported EBITDA of $689 million, despite seasonal softness and World Cup impact.
- Sands China's gaming volumes meaningfully exceeded the Macau market overall, with VIP rolling volume up 73% YoY and mass GGR up 8% YoY.
- Sands China achieved a market-leading VIP rolling chip volume share of 26% in the quarter.
- The company repurchased $787 million of LVS stock and increased its repurchase authorization to $6 billion, demonstrating commitment to shareholder returns.
- MBS mass gaming revenues grew 5% for the quarter compared to Q2 FY25, highlighting underlying business strength.
Qualified
- MBS EBITDA was negatively impacted by $37 million due to lower-than-expected rolling play hold, resulting in a hold-adjusted EBITDA of $652 million.
- Sands China's reported EBITDA of $430 million was significantly impacted by an exceptionally low VIP rolling hold of 1.35%, which was $87 million lower than expected.
- Visitation to both MBS and Macau properties by high-value patrons decreased due to the World Cup football tournament, particularly in June.
- Reinvestment as a percentage of revenue increased in Macau due to changes in business mix and lower hold percentage on non-rolling play.
- The Macau market's total gross gaming revenue was flat for the quarter, despite Sands China's outperformance.
Price
$38.01 0.00% · $0
Performance −21.7% 1Y
1Y: $48.54 on 17 Oct 2025 → $38.01. High $69.49 (1 Dec 2025), low $35.81 (7 Oct 2026).
- Previous close
- $38.01
- 52-week range
- $35.81 – $69.49
- One year
- −23.57%
Overview
- Symbol
- LVS
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Macao quarterly EBITDA run-rate goal (~$700M/quarter, ~$2.7-2.8B annualized) | $2.7-2.8 billion annualized Macao EBITDA (~$700 million per quarter) | Sep 2025 | I think our goal is still the $700 million. And I think we have some work to do to get there, but we feel like the process in place for us to keep working to head in that direction. | At Risk |
| LVS ownership stake in Sands China (SCL) | LVS ownership stake in Sands China to continue rising toward approximately 74.9% | Mar 2025 | The company's ownership of SCL remained at 74.8% as of June 30, 2026. | On Track |
Claimed
- Marina Bay Sands (MBS) delivered strong reported EBITDA of $689 million, despite seasonal softness and World Cup impact.
- Sands China's gaming volumes meaningfully exceeded the Macau market overall, with VIP rolling volume up 73% YoY and mass GGR up 8% YoY.
- Sands China achieved a market-leading VIP rolling chip volume share of 26% in the quarter.
- The company repurchased $787 million of LVS stock and increased its repurchase authorization to $6 billion, demonstrating commitment to shareholder returns.
- MBS mass gaming revenues grew 5% for the quarter compared to Q2 FY25, highlighting underlying business strength.
Qualified
- MBS EBITDA was negatively impacted by $37 million due to lower-than-expected rolling play hold, resulting in a hold-adjusted EBITDA of $652 million.
- Sands China's reported EBITDA of $430 million was significantly impacted by an exceptionally low VIP rolling hold of 1.35%, which was $87 million lower than expected.
- Visitation to both MBS and Macau properties by high-value patrons decreased due to the World Cup football tournament, particularly in June.
- Reinvestment as a percentage of revenue increased in Macau due to changes in business mix and lower hold percentage on non-rolling play.
- The Macau market's total gross gaming revenue was flat for the quarter, despite Sands China's outperformance.
The full ledger
Open LAS VEGAS SANDS CORP’s full ledger
A free account opens 5 company ledgers a month. All 12 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 22, 2026
Las Vegas Sands Corp. Q1 FY26 — Strong Singapore Performance and Macao Recovery
Read the full callDec 2025 (Q4 FY25) — Jan 28, 2026
Las Vegas Sands Q4 FY25 — Record Marina Bay Sands EBITDA, Macao Underperforms
Read the full callEvery analysed call
Las Vegas Sands earnings calls (LVS)
Financials
What the filings say
Net profit, year on year: −25% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,682 | 2,896 | 2,862 | 3,175 | 3,331 | 3,649 | 3,585 | 3,154 |
| Expenses | 2,178 | 2,306 | 2,253 | 2,392 | 2,612 | 2,942 | 2,681 | 2,536 |
| Operating profit | 504 | 590 | 609 | 783 | 719 | 707 | 904 | 618 |
| Operating margin | 18.8% | 20.4% | 21.3% | 24.7% | 21.6% | 19.4% | 25.2% | 19.6% |
| Interest | 179 | 180 | 174 | 194 | 187 | 191 | 188 | 189 |
| Profit before tax | 403 | 461 | 471 | 609 | 582 | 551 | 748 | 461 |
| Tax rate | 12.4% | 15.0% | 13.4% | 14.8% | 15.6% | 18.7% | 14.3% | 19.1% |
| Net profit | 275 | 324 | 352 | 461 | 419 | 395 | 567 | 346 |
| EPS ($ per share) | 0.38 | 0.45 | 0.49 | 0.66 | 0.61 | 0.59 | 0.85 | 0.53 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 2,770 | 3,101 | 813 | -148 | 1,684 | 2,600 | 3,455 | 4,387 |
| Total liabilities | 15,802 | 16,692 | 17,269 | 17,811 | 18,383 | 17,674 | 17,506 | 19,986 |
| Fixed assets | 15,154 | 14,844 | 12,280 | 11,850 | 11,451 | 11,439 | 11,993 | 11,673 |
| Total assets | 22,547 | 23,199 | 20,807 | 20,059 | 22,039 | 21,778 | 20,666 | 21,920 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 4,701 | 3,038 | -1,312 | -243 | -944 | 3,227 | 3,204 | 3,023 |
| Cash from investing | -930 | -103 | -1,329 | — | — | -1,254 | -1,579 | -1,217 |
| Cash from financing | -1,522 | -3,368 | 560 | — | — | -3,188 | -3,060 | -1,643 |
| Net cash flow | 2,231 | -419 | -2,105 | -212 | 4,511 | -1,207 | -1,454 | 191 |
| Capital expenditure | -949 | -1,018 | -1,227 | -828 | -651 | -1,017 | -1,567 | -1,168 |
| Free cash flow | 3,752 | 2,020 | -2,539 | -1,071 | -1,595 | 2,210 | 1,637 | 1,855 |
LVS revenue by segment
Casino grew from 72% to 74% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Casino | 72% | 73% | 74% | 76% | 75% | 75% | 76% | 74% | -3.1% |
| Occupancy | 12% | 11% | 11% | 11% | 11% | 10% | 11% | 11% | +4.1% |
| Mall | 7% | 8% | 7% | 6% | 6% | 6% | 6% | 6% | +5.9% |
| Food and Beverage | 6% | 5% | 5% | 5% | 5% | 5% | 5% | 5% | +14.3% |
| Product and Service Other | 3% | 3% | 3% | 3% | 3% | 3% | 2% | 3% | +8.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- MO 56% ↓ 10 pt
As LVS cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
87 filings between Oct 27, 2025 and Aug 31, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$284.23M
27 sales by 7 insiders
Compensation
not trading decisions- 7
- Award — granted as compensation
- 34
- Option exercise — converted options into shares
- 5
- Tax withheld — shares kept back by the company to cover tax
Also filed: 13 gifts, 1 option exercised.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Goldstein Robert G | — | $233.76M | Dec 17, 2025 |
| Dumont Patrick | — | $28.42M | Mar 17, 2026 |
| Hudson D. Zachary | — | $10.25M | Dec 1, 2025 |
| Adelson Miriam | — | $5.27M | Dec 16, 2025 |
| Hyzak Randy | — | $3.82M | Nov 25, 2025 |
| Chafetz Irwin | — | $2.09M | Dec 1, 2025 |
| Forman Charles D | — | $616.6K | Apr 27, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 31, 2026 | Adelson Miriam 10% owner | Gift | 1,077,046 | $0 |
| Aug 31, 2026 | Adelson Miriam 10% owner | Gift | 7,947,648 | $0 |
| Jun 16, 2026 | Adelson Miriam 10% owner | Gift | 43,859,459 | $0 |
| Jun 16, 2026 | Adelson Miriam 10% owner | Gift | 43,859,460 | $0 |
| Jun 16, 2026 | Adelson Miriam 10% owner | Gift | 43,859,459 | $0 |
| Jun 16, 2026 | Adelson Miriam 10% owner | Gift | 87,718,919 | $0 |
| Jun 16, 2026 | Adelson Miriam 10% owner | Gift | 43,859,459 | $0 |
| Jun 16, 2026 | Adelson Miriam 10% owner | Gift | 87,718,918 | $0 |
| May 14, 2026 | Forman Charles D Director | Award | 3,948 | $0 |
| May 14, 2026 | Besca Mark Director | Award | 3,948 | $0 |
| May 14, 2026 | Li Alain Director | Award | 3,948 | $0 |
| May 14, 2026 | Kramer Lewis Director | Award | 3,948 | $0 |
| May 14, 2026 | Pant Muktesh Director | Award | 3,948 | $0 |
| May 14, 2026 | Chafetz Irwin Director | Award | 3,948 | $0 |
| May 14, 2026 | Chau Micheline Director | Award | 3,948 | $0 |
| Apr 27, 2026 | Forman Charles D Director | Sale | 11,400 | $616.6K |
| Mar 17, 2026 | Dumont Patrick Chairman & CEO | Sale | 60,165 | $3.29M |
| Mar 17, 2026 | Dumont Patrick Chairman & CEO | Option exercise | 61,740 | $3.24M |
| Mar 1, 2026 | Goldstein Robert G Chairman & CEO | Option exercise | 75,639 | $0 |
| Mar 1, 2026 | Goldstein Robert G Chairman & CEO | Option exercise | 132,306 | $0 |
| Mar 1, 2026 | Goldstein Robert G Chairman & CEO | Option exercise | 189,252 | $0 |
| Feb 6, 2026 | Goldstein Robert G Chairman & CEO | Gift | 65,167 | $0 |
| Feb 6, 2026 | Goldstein Robert G Chairman & CEO | Gift | 65,167 | $0 |
| Feb 5, 2026 | Goldstein Robert G Chairman & CEO | Gift | 130,688 | $0 |
| Feb 5, 2026 | Goldstein Robert G Chairman & CEO | Gift | 130,688 | $0 |
| Feb 3, 2026 | Goldstein Robert G Chairman & CEO | Option exercise | 65,167 | $0 |
| Feb 3, 2026 | Hudson D. Zachary EVP and Global General Counsel | Option exercise | 17,378 | $0 |
| Feb 3, 2026 | Dumont Patrick President & COO | Tax withheld | 13,151 | $748.8K |
| Feb 3, 2026 | Dumont Patrick President & COO | Option exercise | 33,419 | $0 |
| Feb 3, 2026 | Hyzak Randy EVP & CFO | Option exercise | 14,036 | $0 |
| Jan 30, 2026 | Goldstein Robert G Chairman & CEO | Option exercise | 57,273 | $0 |
| Jan 30, 2026 | Hudson D. Zachary EVP and Global General Counsel | Tax withheld | 1,967 | $103.7K |
| Jan 30, 2026 | Hudson D. Zachary EVP and Global General Counsel | Option exercise | 8,077 | $0 |
| Jan 30, 2026 | Dumont Patrick President & COO | Tax withheld | 11,558 | $609.5K |
| Jan 30, 2026 | Dumont Patrick President & COO | Option exercise | 29,370 | $0 |
| Jan 30, 2026 | Hyzak Randy EVP & CFO | Option exercise | 8,811 | $0 |
| Jan 29, 2026 | Hyzak Randy EVP & CFO | Option exercise | 11,295 | $0 |
| Jan 29, 2026 | Dumont Patrick President & COO | Option exercise | 37,649 | $0 |
| Jan 29, 2026 | Goldstein Robert G Chairman & CEO | Option exercise | 73,415 | $0 |
| Jan 29, 2026 | Hudson D. Zachary EVP and Global General Counsel | Tax withheld | 2,553 | $134.6K |
| Jan 29, 2026 | Hudson D. Zachary EVP and Global General Counsel | Option exercise | 10,353 | $0 |
| Jan 29, 2026 | Dumont Patrick President & COO | Tax withheld | 11,970 | $630.9K |
| Dec 17, 2025 | Goldstein Robert G Chairman & CEO | Sale | 10,537 | $710.6K |
| Dec 17, 2025 | Goldstein Robert G Chairman & CEO | Sale | 1,188,113 | $79.21M |
| Dec 17, 2025 | Goldstein Robert G Chairman & CEO | Option exercise | 1,198,650 | $60.33M |
| Dec 16, 2025 | Adelson Miriam 10% owner | Option exercised | 77,991 | $3.19M |
| Dec 16, 2025 | Goldstein Robert G Chairman & CEO | Sale | 51,350 | $3.47M |
| Dec 16, 2025 | Goldstein Robert G Chairman & CEO | Option exercise | 51,350 | $2.58M |
| Dec 16, 2025 | Adelson Miriam 10% owner | Gift | 2,316,840 | $0 |
| Dec 16, 2025 | Adelson Miriam 10% owner | Sale | 77,991 | $5.27M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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