LAS VEGAS SANDS (LVS) Company Report

Q4 net revenue rose 16.4% YoY to US$2.05 billion, while net income fell to US$213 million from US$237 million and adjusted property EBITDA was US$608 million, missing consensus.
EBITDA margin declined 260 bps to 28.9%, the weakest since COVID, driven by a shift toward VIP play and higher operating and reinvestment expenses.
Full-year 2025 net revenue reached US$7.44 billion (+5.1% YoY), net income was US$901 million (down from US$1.05 billion), and adjusted property EBITDA remained flat at US$2.31 billion.
Management is pursuing heavy capital spending in Macau and Singapore and continues to target US$2.7 billion in annualized EBITDA over the long term.

Jan 29, 2026, 1:06 AM

Bloomberg

LVS reports Q4 2025 financial results

LVS

Earnings

Dividends

Share Buyback

Net revenue of $3.649 billion in Q4 2025, up $753 million y-o-y; net income attributable to LVS of $395 million and diluted EPS of $0.58 per share.
Adjusted net income attributable to LVS of $579 million and adjusted diluted EPS of $0.85, compared with $387 million and $0.54 in Q4 2024.
Adjusted Property EBITDA rose 27.6% to $1.414 billion with a margin of 38.8%; Macao operations EBITDA was $608 million (+6.5%) and Marina Bay Sands EBITDA reached $806 million (+50.1%).
Returned capital via $500 million share repurchase and dividends of $0.25 per share in Q4 2025; board approved a 20% bump in the 2026 annual dividend to $1.20 per share, and increased LVS’s SCL stake to 74.8% after $66 million of acquisitions.

Jan 28, 2026, 9:30 PM

Presentation

Las Vegas Sands reports Q4 2025 earnings results

LVS

Earnings

Share Buyback

Management Change

Marina Bay Sands delivered record Q4 EBITDA of $806 million with a 50.3% margin, and full-year 2025 EBITDA topped $2.9 billion.
Sands China (Macau) achieved $608 million EBITDA in Q4; hold-adjusted portfolio margin was 28.9% (–390 bps YoY), with Venetian at 32.3% and Londoner at 28.8%.
Returned capital via a $500 million share repurchase, $0.25/share dividend, and increased Sands China stake to 74.8% with a $66 million SCL buy.
CEO Rob Goldstein transitions to Senior Advisor role for two years, marking a significant management change.

Jan 28, 2026, 9:30 PM

Transcript

Las Vegas Sands reports Q4 2025 results

LVS

Earnings

Share Buyback

Marina Bay Sands posted a record quarter with $806 million EBITDA and > $2.9 billion in FY 2025 EBITDA; mass gaming GGR in Singapore rose 118% vs. Q4 2019
Macau portfolio delivered $608 million EBITDA, with an adjusted EBITDA margin of 28.9% (down 390 bps vs. Q4 2024) amid a premium-segment mix and higher hold
Capital return initiatives included $500 million of LVS share repurchases, a $0.25 per-share quarterly dividend, and $66 million of SCL stock bought to raise ownership to 74.8%
VIP rolling chip volume in Macau surged 60% Y/Y, reflecting strategic commercial adjustments and success in attracting foreign high-value players

Jan 28, 2026, 9:30 PM

Transcript

LVS reports Q4 2025 results and CEO succession

LVS

Earnings

Management Change

Share Buyback

Marina Bay Sands delivered a record Q4 EBITDA of $806 million at a 50.3% margin, driven by high-quality investments and growth in high-value tourism.
Macau properties generated $608 million in EBITDA, with a hold-adjusted margin of 28.9%, reflecting higher-than-expected rolling hold and segment mix shifts.
Returned capital via a $500 million share repurchase and paid a $0.25 per share dividend, while increasing Sands China Ltd. ownership to 74.8% through $66 million of stock purchases.
CEO Rob Goldstein transitions to a senior advisor role after 30 years of leadership, marking a key management change.

Jan 28, 2026, 9:30 PM

Transcript

LVS reports Q4 2025 results

LVS

Earnings

Share Buyback

Dividends

Las Vegas Sands reported Q4 net revenue of $3.65 billion and net income of $448 million, or $0.58 diluted EPS.
Consolidated Adjusted Property EBITDA rose to $1.41 billion in Q4 2025, up from $1.11 billion a year earlier.
Marina Bay Sands and Macao operations delivered Adjusted Property EBITDA of $806 million and $608 million, respectively, benefiting from high hold.
The company repurchased $500 million of common stock and paid a quarterly dividend of $0.25 per share during the quarter.
For the full year 2025, net income attributable to LVS was $1.63 billion ($2.35 per diluted share), versus $1.45 billion ($1.96) in 2024.

Jan 28, 2026, 9:11 PM

8-K

Las Vegas Sands reports Q4 2025 results

LVS

Earnings

Share Buyback

Dividends

Net revenue of $3.65 billion and net income of $448 million in the quarter ended December 31, 2025, up from $2.90 billion and $392 million in Q4 2024.
Consolidated adjusted property EBITDA of $1.41 billion, compared to $1.11 billion in the prior-year quarter.
Repurchased $500 million of common stock during Q4, leaving $1.56 billion available under the share buyback program as of year-end.
Full-year 2025 net income attributable to Las Vegas Sands of $1.63 billion ( $2.35 per diluted share), versus $1.45 billion ( $1.96 per share) in 2024.

Jan 28, 2026, 9:05 PM

Press Release

Las Vegas Sands reports strong Q4 2025 results

LVS

Earnings

Share Buyback

Dividends

Q4 revenue of $3.65 billion, operating income of $707 million, net income of $448 million, and adjusted property EBITDA of $1.41 billion; FY net income was $1.63 billion ($2.35 per diluted share).
Marina Bay Sands delivered record quarterly adjusted property EBITDA of $806 million (50.3% margin), aided by a $45 million high-hold impact.
Macau generated $608 million of EBITDA but saw a 390 basis-point decline in portfolio margins due to higher operating expenses, promotional investment, and a shift toward lower-margin business.
Returned capital with a $500 million share repurchase and a $0.25 quarterly dividend; increased Sands China stake to 74.8% after a $66 million share purchase.

Jan 28, 2026, 12:47 AM

WSJ

Las Vegas Sands reports Q3 2025 results

LVS

Earnings

Dividends

Share Buyback

Net revenue of $3.33 billion and net income of $491 million for Q3 2025, compared to $2.68 billion and $353 million in Q3 2024.
Consolidated adjusted property EBITDA increased to $1.34 billion (Q3 2024: $991 million), with Macao contributing $601 million and Marina Bay Sands $743 million.
Repurchased $500 million of common stock; board authorized raising remaining buyback capacity to $2.0 billion and approved a $0.20 per share quarterly dividend increase for 2026, bringing the annual dividend to $1.20 per share.
Sands China Ltd. GAAP net revenues rose 7.5% to $1.90 billion, and net income was $272 million for the quarter.

Oct 22, 2025, 8:10 PM

8-K

Las Vegas Sands reports Q3 2025 results

LVS

Earnings

Share Buyback

Dividends

Net revenue of $3.33 billion and net income of $491 million; consolidated adjusted property EBITDA of $1.34 billion, up from $991 million in Q3 2024
Macao Adjusted Property EBITDA of $601 million and Marina Bay Sands EBITDA of $743 million, with hold positively impacting MBS EBITDA by $43 million
Repurchased $500 million of common stock in Q3 2025 and board increased repurchase authorization to $2.0 billion
Board raised the annual dividend by $0.20 to $1.20 per share for 2026 ($0.30 per quarter)