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 (Basic)
$0.53
-19.70% YoY
Operating Income
$618M
-21.07% YoY
Filed · Source: SEC EDGAR 10-Q filing
Las Vegas Sands (LVS) reported Q2 FY2026 revenue of $3.15B, down 0.7% year over year. The company posted net income of $346M, down 24.9% from a year earlier, with diluted EPS of $0.53.
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, pp.25, 27, 30-32
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, p.27
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, pp.30-32
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, pp.28-30
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, p.25
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)
Reported EPS of $0.59 versus the $0.76 analyst consensus — a -22.0% miss for Q2 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $3.15B | $3.17B | -0.66% |
Operating Income | $618M | $783M | -21.07% |
Net Income | $346M | $461M | -24.95% |
EPS (Basic) | $0.53 | $0.66 | -19.70% |
EPS (Diluted) | $0.53 | $0.66 | -19.70% |
R&D Expense | $43M | $69M | -37.68% |
SG&A Expense | $331M | $292M | +13.36% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $19.91B | $21.85B | -8.88% |
Current Assets | $4.3B | $4.26B | +0.80% |
Total Liabilities | $19.01B | $19.57B | -2.84% |
Current Liabilities | $4.31B | $3.5B | +23.14% |
Stockholders' Equity | $581M | $1.99B | -70.82% |
Cash & Equivalents | $3.38B | $3.45B | -2.14% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash FlowYTD | $1.41B | $704M | +100.71% |
Investing Cash FlowYTD | $760M | $-740M | +202.70% |
Financing Cash FlowYTD | $-2.62B | $-180M | -1357.22% |
Dividends PaidYTD | $530M | $425M | +24.71% |
Share BuybacksYTD | $1.54B | $1.22B | +26.73% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 19.6% | 24.7% | -5.07% |
Net Margin | 11.0% | — | — |
ROE | 59.6% | — | — |
ROA | 1.7% | — | — |
Current Ratio | $0.997 | — | — |
Debt to Equity | $32.723 | — | — |
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
LVS generated $3.15B of revenue, down 0.7% year over year, while operating income declined 21.1% to $618M. Management said lower casino win rates and higher costs weighed on results, although room, food and beverage, and mall revenue increased. Source: 10-Q Item 2 MD&A, pp.25, 27, 30-32.
Revenue was $3.154B in Q2 FY2026, down $21M, or 0.7%, from the prior-year period. Casino revenue decreased $74M to $2.341B, while rooms rose $14M, food and beverage increased $21M, and mall revenue increased $11M. Source: 10-Q Item 2 MD&A, p.27.
Operating income fell $165M to $618M as total operating expenses rose $144M, or 6.0%, while revenue edged down. Management identified lower casino win and hold percentages, higher payroll, gaming taxes, marketing costs, and a higher provision for credit losses as key pressures. Source: 10-Q Item 2 MD&A, pp.27, 30-32.
The provided filing information does not include analyst consensus revenue or EPS estimates, so whether LVS beat or missed estimates cannot be determined from this filing. Reported diluted EPS was $0.53, compared with $0.66 in the prior-year period. Source: 10-Q Item 2 MD&A, p.25.
LVS reported $3.38B of cash and equivalents, while management also cited $4.26B of available revolver borrowing capacity as of June 30, 2026. However, the current ratio was approximately 1.00x and reported debt-to-equity was 32.7x, indicating limited current-asset coverage and high leverage relative to equity. Source: 10-Q Item 2 MD&A, p.25; 10-Q Balance Sheet (XBRL); 10-Q Key Ratios (XBRL).