Las Vegas Sands (LVS) Q4 2025 earnings summary

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.