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Las Vegas Sands
Las Vegas Sands (LVS) investor relations material
Las Vegas Sands Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Net revenue for Q4 2025 reached $3.65 billion, up from $2.90 billion year-over-year, with net income at $448 million, compared to $392 million in Q4 2024.
Marina Bay Sands achieved record quarterly EBITDA of $806 million, the highest in casino hotel history, with annual EBITDA surpassing $2.9 billion; mass gaming revenue in Singapore rose 27% year-over-year and 118% from Q4 2019.
Macao operations Q4 adjusted property EBITDA was $608 million, with a margin of 29.5%, and mass market revenue share exceeding 25% with rolling volumes up 60% year-over-year.
Continued to return capital to shareholders through $500 million in share repurchases and increased dividends, with ownership in SCL rising to 74.8%.
Completed major suite renovations at Marina Bay Sands and The Londoner Macao, enhancing competitive positioning.
Financial highlights
Adjusted property EBITDA reached $1.41 billion, a $306 million increase from Q4 2024, with a group margin of 38.8%.
Net income increased to $448 million, up $56 million year-over-year; adjusted diluted EPS was $0.85, up from $0.54 in Q4 2024.
Marina Bay Sands EBITDA margin reached 50.3%; adjusted for expected hold, EBITDA would have been $45 million lower.
Macao EBITDA margin for the portfolio was 28.9%, with The Venetian at 32.3% and The Londoner at 28.8%.
Mass gaming revenue in Singapore hit $951 million, up 27% year-over-year.
Outlook and guidance
Management expects continued EBITDA growth as revenues increase, with a focus on premium segments and ongoing property enhancements in both Singapore and Macao.
Board announced a 20% increase in recurring common stock dividend for 2026, raising the annual dividend to $1.20 per share.
Marina Bay Sands Expansion Project expected to complete construction by June 2030, with opening in January 2031.
Macao is expected to deliver better results in 2026, with a low 30% margin business model anticipated unless base mass recovers.
Singapore's performance is seen as sustainable, with further growth possible but difficult to forecast.
Parisian Macao rolling chip win rate impact
Capital allocation priorities with rising debt
SCL net income decline despite revenue growth
Macao margin: Is 28.9% a sustainable run rate?
MBS: What specific strategies sustain record growth?
Macao base mass: What catalysts for recovery?
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Next Las Vegas Sands earnings date
Q1 202622 Apr, 2026
Las Vegas Sands
Next Las Vegas Sands earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Las Vegas Sands Corp., develops, owns, and operates integrated resorts in Asia and the United States. It also manages gaming operations in Macau, Singapore, and Bethlehem, Pennsylvania; manufactures slot machines; and provides online support services that assist customers from around the world to play casino games using personal computers and mobile devices. The company's Las Vegas Sands Corp. Venetian Macao Resort Hotel is located on the Cotai Strip of Macau; Venetian Macao LLC (Venetian) manages the property and Venetian Hospitality Ltd. (VHL) leases and operates it for a fee. Las Vegas Sands Corp. is based in Las Vegas, Nevada.
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