AI Takeaway
Las Vegas Sands delivered a strong Q1 FY2026 with revenue surging 25.3% YoY to $3.59B and net income jumping 61.1% to $567M, driven by robust recovery momentum across its Macao and Singapore integrated resort operations.
Revenue
$3.58B
++25.26% YoY
EPS (Basic)
$0.85
++73.47% YoY
Operating Income
$904M
++48.44% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
Total revenue grew 25.3% YoY to $3.585B in Q1 FY2026 from $2.862B in the prior-year period, reflecting strong visitation and gaming volumes across LVS's integrated resort portfolio in Macao and Singapore.
Source: Source: 10-Q Income Statement Data
Operating income surged 48.4% YoY to $904M, with operating margin expanding approximately 394 basis points to 25.2% from 21.3%, demonstrating significant operating leverage as revenue growth outpaced cost increases.
Source: Source: 10-Q Income Statement Data
LVS significantly accelerated capital returns in Q1 FY2026, with share buybacks increasing 81.0% YoY to $753M and dividends paid rising 12.8% YoY to $202M, totaling approximately $955M returned to shareholders in the quarter.
Source: Source: 10-Q Cash Flow Statement Data
2 more insights available
Upgrade to unlockLVS carries a debt-to-equity ratio of 16.33x, reflecting an extremely leveraged capital structure. Stockholders' equity declined 55.6% YoY to $1.198B while total liabilities grew 7.4% to $19.568B, leaving the company vulnerable to interest rate increases and refinancing risk.
Source: Source: 10-Q Balance Sheet Data
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $0.91 versus the $0.76 analyst consensus — a +19.0% beat for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $3.58B | $2.86B | +25.26% |
Operating Income | $904M | $609M | +48.44% |
Net Income | $567M | $352M | +61.08% |
EPS (Basic) | $0.85 | $0.49 | +73.47% |
EPS (Diluted) | $0.85 | $0.49 | +73.47% |
R&D Expense | $41M | $69M | -40.58% |
SG&A Expense | $302M | $273M | +10.62% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $21.18B | $21.25B | -0.33% |
Current Assets | $4.27B | $3.72B | +14.65% |
Total Liabilities | $19.57B | $18.21B | +7.43% |
Current Liabilities | $4.63B | $6.25B | -25.93% |
Stockholders' Equity | $1.2B | $2.7B | -55.61% |
Cash & Equivalents | $3.33B | $3.04B | +9.68% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $731M | $526M | +38.97% |
Investing Cash Flow | $-186M | $-454M | +59.03% |
Financing Cash Flow | $-1.04B | $-692M | -50.29% |
Dividends Paid | $202M | $179M | +12.85% |
Share Buybacks | $753M | $416M | +81.01% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 25.2% | 21.3% | +3.94% |
Net Margin | 15.8% | — | — |
ROE | 47.3% | — | — |
ROA | 2.7% | — | — |
Current Ratio | $0.921 | — | — |
Debt to Equity | $16.334 | — | — |
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LVS reported EPS of $0.85 in Q1 FY2026, up 73.5% from $0.49 in the prior-year period, alongside revenue of $3.585B, a 25.3% YoY increase. While consensus estimate comparisons are not included in the filing, the magnitude of growth across all key metrics suggests a strong quarter relative to historical trends.
The headline takeaways from LVS's Q1 FY2026 results are robust revenue growth of 25.3% to $3.585B, net income surging 61.1% to $567M, and operating margin expanding to 25.2%. The company also returned approximately $955M to shareholders through $753M in buybacks and $202M in dividends, though this has significantly reduced stockholders' equity.
LVS's revenue grew 25.3% YoY to $3.585B in Q1 FY2026, up from $2.862B in Q1 FY2025, driven by strong performance at its integrated resort operations in Macao and Singapore. This top-line growth translated into even stronger operating income growth of 48.4%, reflecting meaningful operating leverage in the business.
Based on the financial data, key risks include LVS's highly leveraged balance sheet with a debt-to-equity ratio of 16.33x and stockholders' equity down 55.6% YoY to $1.198B, a current ratio below 1.0 at 0.92x indicating tight short-term liquidity, and heavy geographic concentration in Macao and Singapore which exposes the company to Asian regulatory and geopolitical risks.
LVS's operational health is strong with $731M in operating cash flow and a 25.2% operating margin, but its balance sheet carries significant leverage with $19.568B in total liabilities against only $1.198B in stockholders' equity. The company holds $3.33B in cash, providing near-term liquidity, but the aggressive pace of shareholder returns is compressing equity and increasing financial risk.