LVSQ3 2026 PreviewExpected October 20, 2026 · after market close
LVS Q3 2026 Earnings Preview — What to Watch
At the archive date, LAS VEGAS SANDS CORP was expected to release its Q3 2026 10-Q filing on October 20, 2026, after market close. Last quarter: 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).
Analyst consensus captured from Finnhub and Financial Modeling Prep. This archived preview is no longer updated with later results; see the LVS page for retained reports.
What to Watch in Q3 2026
Drawn from management commentary in the Q2 2026 10-Q:
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.
Casino volumes increased, but lower win and hold rates reduced gaming revenue
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.
Macao profitability was pressured by competition and higher patron-investment costs
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.