LVS · Q1 2026 Earnings

Bullish

Las Vegas Sands

Reported April 22, 2026

30-second summary

Macau property EBITDA of $633M came in well above analyst watch levels, with Marina Bay Sands again clearing $750M ($788M). Consolidated revenue grew 25.3% YoY to $3.59B and adjusted property EBITDA hit $1.42B at a 39.6% margin. The signal investors will trade off: management put a $700M quarterly Macau EBITDA target on the table in the prepared remarks — a hard dollar anchor that reframes the cautious margin tone struck just 90 days ago.

Headline numbers

EPS

Q1 FY2026

$0.91

Revenue

Q1 FY2026

$3.59B

+25.3% YoY

Operating margin

Q1 FY2026

25.2%

Key financials

Q1 FY2026

Metric	Q1 FY2026	YoY	Q4 FY2025	QoQ
Revenue	$3.59B	+25.3%	$3.65B	-1.6%
EPS	$0.91	—	$0.85	+7.1%
Operating margin	25.2%	—	19.4%	+583bps

Guidance

Las Vegas Sands Q1 FY2026 results decisively beat qualitative guidance with 25.3% YoY revenue growth and $1.42B Adjusted Property EBITDA (39.6% margin); company introduces forward $700M quarterly EBITDA target with product refresh initiative underway.

Guidance is issued for both next quarter and the full year. Both may appear below.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q1 FY2026	—	$3.59B	+25.3% YoY	Beat
Adjusted Property EBITDA	Q1 FY2026	—	$1,421M	39.6% margin	Beat

Segment performance

Q1 FY2026

Segment	Q1 FY2026	YoY
Macao Operations	$2.114B	+23.7%
Marina Bay Sands	$1.487B	+27.9%
The Venetian Macao	$0.71B	+11.3%
The Londoner Macao	$0.754B	+42.5%
The Plaza Macao and Four Seasons Macao	$0.29B	+39.4%
The Parisian Macao	$0.229B	+0.9%
Sands Macao	$0.093B	+24.0%
Macao Operations Adjusted Property EBITDA	$633 million	—
Marina Bay Sands Adjusted Property EBITDA	$788 million	—

Platform metrics

Q1 FY2026

Segment	Q1 FY2026
Casino Revenue	$2,739 million
Room Revenue	$377 million

Profitability

Q1 FY2026

Segment	Q1 FY2026
Consolidated Adjusted Property EBITDA	$1,421 million
Adjusted Property EBITDA Margin	39.6%

Other KPIs

Q1 FY2026

Segment	Q1 FY2026
Share Repurchases	$740 million (13 million shares)
Quarterly Dividend per Share	$0.30

Management tone

Macau has migrated from qualitative "deliver better results in 2026" framing to "$700M quarterly EBITDA goal" in a single quarter. The prepared remarks state: "We have a goal of reaching $700 million in quarterly EBITDA, and beyond over time as we fully implement our investment and operating strategies." With Q1 Macau EBITDA at $633M, the target is +11% from current run-rate, not aspirational. The shift signals management believes the pivot is now generating compounding returns rather than diluting margins.

The Venetian renovation now has dates attached. Qualitative "investing in our existing properties" language has crystallized into "refreshed room products beginning to come into service in the third quarter of 2026" with "total product refresh… targeted to be completed by the end of 2027." Combined with the assurance that "Nothing we are doing as we invest in the portfolio over the next several years will hinder our ability" to serve customers, the renovation cycle has moved from open-ended risk to a discrete two-year capex window with a defined endpoint.

On Macau margin, management framed the cost build as deliberate: "Our investments in improving service offerings will naturally increase expenses, which will continue to negatively impact margins as we implement our strategy. We do expect margins to improve over time." Hold-adjusted Macau margin would have been 29.6%, down 200bps YoY, with a $15M EBITDA benefit from higher-than-expected rolling hold this quarter.

Recurring themes management leaned on this quarter:

Premium segment driving market growth in both Macau and SingaporeService quality and product investment as primary competitive differentiatorScale and portfolio diversity enabling margin expansion despite near-term OPEX headwindsIR2 Singapore project addressing capacity constraints for high-value patronsVenetian renovation as flagship value-creation initiative in MacauGeopolitical environment benefiting Asian gaming markets relative to global alternatives

Risks management surfaced:

VIP segment volatility and customer concentration in Marina Bay Sands rolling programIntense competition in Macau premium segment requiring sustained product and service investmentSeasonal softness in Q2 limiting sequential comparisons and visibilityBig tour acts slowing in Asian markets vs. prior two years impacting entertainment calendarPromotional environment remaining competitive market-wide with uncertain normalization timeline

Answers to last quarter's watch list

Macau EBITDA trajectory — Macau delivered $633M of property EBITDA, comfortably above our internal watch threshold. Margin landed at 29.9% on $2.11B revenue, but the EBITDA dollars are accelerating and management has now planted a $700M forward target.

Resolved positively

MBS Q1 EBITDA — is $800M the new floor? — MBS printed $788M, well above the $750M threshold and supporting the $3B+ annual MBS framework as the operative case. Management's reframing of IR2 capacity as the binding constraint pushes the durability question into structural territory.

Resolved positively

Rolling volume contribution and disclosed margin impact — The press release does not quantify rolling as a % of Macau GGR but does disclose a $15M EBITDA benefit from higher-than-expected Macau rolling hold this quarter; hold-adjusted Macau margin would have been 29.6%, down 200bps YoY. The acceleration in Macau EBITDA dollars suggests rolling mix dilution is being more than offset by mass and premium mass strength.

Continue monitoring

Capital return cadence — Q1 buybacks reached $740M (13M shares at $56.64 average) with $817M remaining authorization. The $0.30/share quarterly dividend was maintained. Capital return is stepping up, even as the Venetian renovation begins consuming capex.

Resolved positively

First quantitative anchor for 2026 Macau or MBS — Management introduced a hard dollar number: $700M quarterly Macau EBITDA. The placement of a number above the current run-rate signals visibility has improved and management is willing to be held accountable again.

Resolved positively

What to watch into next quarter

Q2 Macau EBITDA vs the $700M quarterly target — management put a number on the table at +11% above the Q1 print, while flagging Q2 as the seasonally softest quarter. A sequential dip into the low $600s would be tolerable; a meaningful step-down would re-open the structural margin concern, while $660M+ would imply the $700M target lands in 2026 not 2027.

MBS Q2 EBITDA durability — sustaining $750M+ would entrench the $3B+ MBS annual EBITDA baseline. A print below $700M would reintroduce the hold-rate sustainability question given how concentrated the $18B Q1 rolling volume was.

Venetian renovation disruption flagged in Q2/Q3 commentary — management explicitly promised no meaningful disruption and a progressive return of new inventory from Q3 2026. Watch whether Venetian Macao Q2 revenue growth (Q1: +11.3%) decelerates as room blocks come offline ahead of the reopen.

Buyback pace at $740M Q1 run-rate — annualizes to $2.96B against $817M remaining authorization at quarter-end. With Venetian renovation capex about to ramp, watch whether Q2 buybacks hold near $700M or step down — the trajectory will reveal management's view on cash availability through the capex window.

Macau margin disclosure on rolling mix — rolling mix has again been flagged as a margin factor. If Q2 brings either explicit rolling-as-%-of-GGR disclosure or visible margin recovery above 31%, the dilution thesis can be sized rather than worried about.

Sources

Las Vegas Sands Q1 2026 press release / 8-K Exhibit 99.1 (SEC EDGAR): https://www.sec.gov/Archives/edgar/data/1300514/000130051426000039/lvs_ex991x03312026.htm

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