Las Vegas Sands (LVS) Q3 2025 Earnings
Reported Oct 22, 2025 at 4:10 PM ET · SEC Source
Q3 25 EPS
$0.78
BEAT +26.38%
Est. $0.62
Q3 25 Revenue
$3.33B
BEAT +9.04%
Est. $3.05B
vs S&P Since Q3 25
-22.6%
TRAILING MARKET
LVS -10.5% vs S&P +12.1%
Market Reaction
Did LVS Beat Earnings? Q3 2025 Results
Las Vegas Sands posted a decisive beat in the third quarter, with earnings per share of $0.78 clearing the $0.62 consensus estimate by 26.38% and revenue of $3.33 billion topping expectations by 9.04% while climbing 24.2% year over year. The standout… Read more Las Vegas Sands posted a decisive beat in the third quarter, with earnings per share of $0.78 clearing the $0.62 consensus estimate by 26.38% and revenue of $3.33 billion topping expectations by 9.04% while climbing 24.2% year over year. The standout driver was Marina Bay Sands in Singapore, where net revenue nearly doubled to $1.44 billion from $919 million a year ago as rolling chip volume surged to $9.07 billion and the rolling chip win percentage reached 4.84%, well above the prior year's 1.75%, lifting adjusted property EBITDA to $743 million at a 51.7% margin. Macao delivered steadier, more modest growth, with total net revenue rising to $1.91 billion though property EBITDA gains were relatively contained. Analysts have responded with a "Strong Buy" consensus on the stock following the results. Looking ahead, management pointed to new suite products at Marina Bay Sands and a $4.89 billion delayed draw facility earmarked for the MBS Expansion Project as key pillars of continued growth across its Asian portfolio.
Key Takeaways
- • Marina Bay Sands rolling chip volume surged to $9.07 billion from $6.56 billion YoY with 4.84% win rate
- • High hold on rolling play at Marina Bay Sands positively impacted adjusted property EBITDA by $43 million
- • The Londoner Macao revenue increased 49% YoY driven by rolling chip volume growth and higher non-rolling chip drop
- • Marina Bay Sands EBITDA margin expanded to 51.7% from 44.2% YoY
- • Casino revenue grew to $2.506 billion from $1.936 billion consolidated
LVS YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
LVS Revenue by Segment
With YoY comparisons, source: SEC Filings
LVS Revenue by Geography
With YoY comparisons, source: SEC Filings
“We remain enthusiastic about our growth opportunities in both Macao and Singapore as we realize the benefits of our recently completed capital investment programs.”
— Robert G. Goldstein, Q3 2025 Earnings Press Release
LVS Earnings Trends
LVS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LVS EPS Trend
Earnings per share: estimate vs actual
LVS Revenue Trend
Quarterly revenue: estimate vs actual
LVS Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $0.77 | $0.85 | +10.53% | $3.65B | +9.22% |
| FY Full Year | $2.93 | $3.01 | +2.63% | $13.02B | +2.58% |
| Q3 25 BEAT | $0.62 | $0.78 | +26.38% | $3.33B | +9.04% |
| Q2 25 BEAT | $0.53 | $0.79 | +49.99% | $3.18B | +11.92% |
| Q1 25 BEAT | $0.57 | $0.59 | +3.78% | $2.86B | -0.96% |