Las Vegas Sands Corp
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.98%.
Did LVS Beat Earnings? Q4 2025 Results
Las Vegas Sands delivered a standout fourth quarter, with revenue climbing 26.0% year-over-year to $3.65 billion against a consensus estimate of $3.32 billion, a beat of nearly 9.88%, while adjusted EPS of $0.85 topped the $0.77 Wall Street estimate by 10.39%. The driving force behind the quarter was Marina Bay Sands in Singapore, where net revenues surged to $1.60 billion from $1.14 billion a year ago and Adjusted Property EBITDA reached $806 million, aided by elevated rolling chip volume that nearly doubled to $13.40 billion and a win percentage of 4.36% versus 3.34% in the prior year. Macao contributed $2.06 billion in net revenues, with The Londoner Macao emerging as a notable growth engine. The strong results also earned Sands a credit upgrade to BBB from Fitch Ratings, reflecting improved financial metrics and Singapore momentum. Looking ahead, management pointed to continued capital investment in both markets, an expanded $0.30 quarterly dividend, and $1.56 billion remaining in buyback capacity as evidence of confidence in sustained growth.
- Outstanding financial performance at Marina Bay Sands with 50.3% EBITDA margin
- High hold on rolling play at Marina Bay Sands positively impacted EBITDA by $45 million
- High hold on rolling play in Macao positively impacted EBITDA by $26 million
- Marina Bay Sands rolling chip volume increased to $13.4 billion from $8.1 billion YoY
- The Londoner Macao revenue grew from $518 million to $699 million YoY
- Casino revenue grew to $2.741 billion from $2.104 billion YoY
“We remain enthusiastic about our opportunities to deliver growth in both Singapore and Macao, as we realize the benefits of our market-leading capital investment programs.”
Las Vegas Sands CEO, on the earnings call
Forward Guidance & Outlook
Management expressed enthusiasm about growth opportunities in both Singapore and Macao, driven by market-leading capital investment programs. In Singapore, elevated suite and service offerings are expected to drive additional growth as travel and tourism spending in Asia continues to expand. In Macao, decades of investment to enhance business and leisure tourism appeal is expected to position the company well for future growth. The company plans to continue returning excess capital to stockholders through its share repurchase program and increased dividend. The MBS Expansion Project in Singapore has $4.84 billion available under a delayed draw term loan facility for development and construction.
LVS YoY Financials
LVS Revenue by Segment
LVS Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.