Las Vegas Sands (LVS) Q2 2025 Earnings
How Did LVS Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +1.27%.
Did LVS Beat Earnings? Q2 2025 Results
Yes. Las Vegas Sands reported Q2 2025 earnings of $0.79 a share on Jul 23, 2025, beating the $0.53 consensus estimate by 50.0%. Revenue was $3.2B against a $2.8B estimate.
Las Vegas Sands delivered a blowout second quarter, posting adjusted EPS of $0.79 against a consensus estimate of $0.53, a beat of nearly 50%, while revenue of $3.17 billion topped expectations by 11.92% and climbed 15.0% from a year ago. The driving force behind the results was an exceptional performance at Marina Bay Sands in Singapore, where net revenue surged to $1.39 billion from $1.02 billion and adjusted property EBITDA reached a record $768 million at a 55.3% margin, fueled in part by rolling chip volume jumping to $8.95 billion on a 5.26% win rate well above the expected 3.70%. Macao contributed a steady $566 million in adjusted EBITDA, with The Londoner Macao nearly doubling its contribution to $205 million following its renovation. The quarter arrived as some Las Vegas Strip rivals reported softer summer demand, underscoring LVS's differentiated Asia-focused model. Management signaled continued confidence in both markets, pointing to new suite offerings in Singapore and its long-term Macao investment pipeline as catalysts for sustained growth, while the company repurchased $800 million in shares during the period.
- Marina Bay Sands delivered exceptional results with EBITDA of $768 million and 55.3% margin
- High hold on rolling play at Marina Bay Sands positively impacted EBITDA by $107 million
- The Londoner Macao nearly doubled EBITDA to $205 million driven by renovation benefits and higher rolling chip volume
- Rolling chip volume at Marina Bay Sands surged to $8.9 billion from $6.1 billion year over year
- Consolidated net revenue grew 15% year over year to $3.18 billion
“We remain enthusiastic about our opportunities to deliver industry-leading growth in both Macao and Singapore as we realize the benefits from our recently completed capital investment programs in both markets.”
Las Vegas Sands CEO, on the earnings call
What Was Las Vegas Sands's Outlook in Q2 2025?
Management expressed enthusiasm about delivering industry-leading growth in both Macao and Singapore as benefits from recently completed capital investment programs are realized. In Macao, the company's decades-long investment commitment positions it for future growth. In Singapore, new suite product and elevated service offerings are expected to drive additional growth as travel and tourism spending in Asia expands. The company is pursuing growth opportunities in new markets and plans to continue returning excess capital to stockholders through its share repurchase program.
LVS YoY Financials
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $3.2B | $2.8B | +15.0% |
| Operating Income | $783.0M | $610.0M | +28.4% |
| Net Income | $519.0M | $353.0M | +47.0% |
LVS Revenue by Segment
LVS Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.