Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
LVS reported essentially flat Q2 FY2026 revenue of $3.15B but lower profitability, as operating income fell 21.1% to $618M amid weaker casino win rates and higher operating costs, while year-to-date operating cash flow more than doubled to $1.41B. Source: 10-Q Item 2 MD&A, pp.25, 27, 30-32; 10-Q Income Statement (XBRL); 10-Q Cash Flow Statement (XBRL).
Revenue
$3.15B
-0.66% YoY
EPS (Diluted)
$0.53
-19.70% YoY
Operating Income
$618M
-21.07% YoY
Source: SEC XBRL
Las Vegas Sands (LVS) reported Q2 FY2026 revenue of $3.15B, down 0.7% year over year. Operating margin was 19.6%, down 5.1 points from 24.7% a year earlier. LVS's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 0.59 | 0.76 | Miss -21.9% |
| Mar 2026 | 0.91 | 0.76 | Beat +19.0% |
| Dec 2025 | 0.85 | 0.77 | Beat +10.9% |
| Sep 2025 | 0.78 | 0.61 | Beat +28.5% |
Compiled by AI from 10-Q Item 2 of this filing
Q2 FY2026 net revenue decreased 0.7% year over year to $3.154B, while operating income fell 21.1% to $618M and consolidated adjusted property EBITDA declined 16.1% to $1.119B. Management attributed the weaker operating result principally to lower casino revenue and higher operating costs at both Macao and Marina Bay Sands.
Source: 10-Q Item 2 MD&A
Casino revenue declined $74M, or 3.1%, to $2.341B in Q2 FY2026. At Marina Bay Sands, casino revenue fell $44M as lower table-games win percentages outweighed higher table-games and slot volumes; Macao casino revenue fell $30M for the same broad reason, despite higher volumes across properties.
Source: 10-Q Item 2 MD&A
Macao adjusted property EBITDA declined $136M, or 24.0%, year over year in Q2 FY2026. Management cited lower casino revenue, higher sales and marketing spending to attract patrons, and higher payroll costs related to the competitive environment; Macao casino expenses also included a $30M increase in gaming taxes and $26M of higher payroll and related expenses.
Source: 10-Q Item 2 MD&A
Marina Bay Sands Q2 room revenue rose $17M to $151M, supported by a 10.6% increase in ADR to $982 following the May 2025 completion of suite renovations; RevPAR increased 11.3% to $939. Food and beverage revenue increased with business volume and a new venue, while mall revenue rose $5M as base and overage rents increased.
Source: 10-Q Item 2 MD&A
During the first half of 2026, LVS repurchased $1.53B of common stock excluding commissions and excise tax and paid $400M of dividends, according to management. As of June 30, 2026, management reported $3.38B of unrestricted cash and cash equivalents and $4.26B of available borrowing capacity under its revolving credit facilities.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 0 high, 4 medium, 0 low
LVS reported total liabilities of $19.01B and stockholders' equity of $581M, resulting in reported debt-to-equity of 32.7x. The small equity base means that additional losses, capital returns, or balance-sheet movements could materially affect leverage measures.
Source: 10-Q Balance Sheet (XBRL); 10-Q Key Ratios (XBRL)
Current assets were $4.30B versus current liabilities of $4.31B, producing a current ratio of approximately 1.00x. Although the company reported $3.38B of cash and equivalents, current assets only narrowly covered current obligations at the reporting date.
Source: 10-Q Balance Sheet (XBRL); 10-Q Key Ratios (XBRL)
Revenue declined only 0.7% year over year in Q2 FY2026, but operating income fell 21.1% to $618M and net income declined 24.9% to $346M under the provided XBRL data. This indicates that operating profit was materially affected by costs and/or revenue mix during the period.
Source: 10-Q Income Statement (XBRL)
For the six months ended Q2 FY2026, LVS used $1.54B for share buybacks and paid $530M of dividends, while financing cash flow was an outflow of $2.62B. These uses of capital exceeded the $1.41B of year-to-date operating cash flow, increasing reliance on existing cash, investment proceeds, and financing sources for overall liquidity.
Source: 10-Q Cash Flow Statement (XBRL)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 3.15 $B | 3.18 $B | -0.66% |
Operating Income $M | 618.00 $M | 783.00 $M | -21.07% |
Net Income $M | 346.00 $M | 461.00 $M | -24.95% |
EPS (Basic) $ | 0.53 $ | 0.66 $ | -19.70% |
EPS (Diluted) $ | 0.53 $ | 0.66 $ | -19.70% |
R&D Expense $M | 43.00 $M | 69.00 $M | -37.68% |
SG&A Expense $M | 331.00 $M | 292.00 $M | +13.36% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
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.
Las Vegas Sands (LVS) delivered strong FY2025 results with revenue surging 15.2% to $13.0B and EPS jumping 19.9% to $2.35, driven by robust recovery in its Asia-Pacific integrated resort operations, though stockholders' equity declined sharply due to aggressive capital returns.
Other companies in Casinos & Gaming