Hotels, Restaurants & Leisure
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).
Key risk: Elevated leverage relative to a reduced equity base
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.
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