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LVS' Q1 adjusted EPS hit 91 cents, beating the consensus mark of 75 cents, and revenues rose to $3.59B.
Marina Bay Sands revenues climbed to $1.49B and EBITDA rose 30% to $788M; margin improved to 53.0%.
Macao net revenues grew to $2.11B and EBITDA rose 18% to $633M, even as premium competition stayed intense.
Las Vegas Sands Corp. (LVS - Free Report) reported strong first-quarter 2026 results, with adjusted earnings and net revenues beating the Zacks Consensus Estimate and rising on a year-over-year basis.
The company reported adjusted earnings per share (EPS) of 91 cents, beating the Zacks Consensus Estimate of 75 cents by 21.3%. EPS increased 54.2% year over year from 59 cents reported in the prior-year quarter.
Net revenues of $3.59 billion topped the consensus mark of $3.32 billion by 7.85%. The top line increased 25.3% year over year. Marina Bay Sands (MBS) remained the key contributor, alongside continued improvement across the Macao portfolio.
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
LVS Leverages Revenue Growth Into Higher GAAP Profit
Reported profitability expanded meaningfully in the first quarter of 2026. Operating income rose to $904 million from $609 million in the prior-year quarter, reflecting improved operating leverage as volumes scaled across the business. Our model projected the metric to be $561.2 million.
Net income in the first quarter came in at $641 million compared with $408 million reported in the prior-year quarter. Our model projected adjusted net income to be $468.5 million.
LVS’ Marina Bay Sands Drives Q1 Results & Margins
Marina Bay Sands continued to deliver outsized cash earnings and margin resilience. The property generated $1.49 billion of net revenues in the first quarter of 2026, up from $1.16 billion a year ago, supported by strength across both mass gaming and rolling play. Our model predicted revenues to be $1.15 billion.
In the first quarter, adjusted property EBITDA at Marina Bay Sands increased 30.2% year over year to $788 million, and the EBITDA margin improved 100 basis points year over year to 53.0%. Operating indicators also remained robust, with mass win rising 16% year over year to $902 million and rolling volume increasing 124% year over year to $18 billion. Occupancy was 95.7% and ADR was $1,006, underscoring sustained demand for the upgraded premium product set.
LVS Advances in Macao as Premium Competition Persists
In Macao, results improved year over year even as management characterized the market’s revenue composition and growth as skewed toward the premium segment, which remains deeply competitive. Macao operations produced $2.11 billion of net revenues compared with $1.71 billion reported in the year-ago quarter. Per our model, revenues from Macao operations were projected at $2.02 billion.
In the first quarter, adjusted property EBITDA for Macao operations rose 18.3% year over year to $633 million, while the EBITDA margin decreased to 29.9% from 31.3% reported in the prior-year quarter.
Property-level performance was mixed but generally constructive:
In the first quarter, The Londoner Macao generated net revenues of $754 million, up from $529 million a year ago, while adjusted property EBITDA rose to $223 million from $153 million. The Venetian Macao posted net revenues of $710 million compared with $638 million in the prior-year quarter, and adjusted property EBITDA increased to $238 million from $225 million in the first quarter of 2025. The Plaza Macao and Four Seasons Macao net revenues increased to $290 million from $208 million, with adjusted property EBITDA improving to $114 million from $74 million reported in the prior-year quarter.
The Parisian Macao reported revenues of $229 million compared with $227 million in the prior-year quarter, while adjusted property EBITDA declined to $46 million from $66 million. Sands Macao grew net revenues to $93 million from $75 million, while adjusted property EBITDA edged down to $9 million from $10 million in the prior-year quarter.
LVS Steps Up Buybacks While Preserving Balance Sheet Flexibility
Capital allocation remained geared toward returning excess cash to shareholders. During the first quarter of 2026, the company repurchased $740 million of common stock, or approximately 13 million shares, at a weighted average price of $56.64. LVS also paid a quarterly dividend of 30 cents per share, with the next dividend scheduled for May 13, 2026, to its stockholders of record on May 5.
Balance sheet flexibility remained substantial. Unrestricted cash totaled $3.33 billion as of March 31, 2026, while total debt outstanding (excluding finance leases and net of deferred costs and original issue discounts) was $15.57 billion. The company reported $817 million remaining under its share repurchase authorization at quarter’s end and access to $3.97 billion available for borrowing under its revolving credit facilities, net of outstanding letters of credit.
Capital expenditures were $194 million during the quarter, including $102 million at Marina Bay Sands and $89 million in Macao.
LVS’ Zacks Rank & Stocks to Consider
Las Vegas Sands currently carries a Zacks Rank #3 (Hold).
The company delivered a trailing four-quarter earnings surprise of 262.7%, on average. The consensus estimate for GDEV’s 2026 sales and EPS implies growth of 6.4% and 23.8%, respectively, from the year-ago levels.
Accel Entertainment carries a Zacks Rank #2 (Buy) at present. The company delivered a trailing four-quarter earnings surprise of 23.4%, on average.
The consensus estimate for Accel Entertainment’s 2026 sales and EPS implies growth of 5.1% and 15%, respectively, from the year-ago levels.
Take-Two Interactive carries a Zacks Rank #2 at present. The company delivered a trailing four-quarter earnings surprise of 58.9%, on average.
The Zacks Consensus Estimate for Take-Two Interactive’s 2026 sales and EPS indicates growth of 18.2% and 90.7%, respectively, from the year-ago levels.
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LVS Q1 Earnings Beat Estimates, Revenues Rise 25% YoY on MBS Growth
Key Takeaways
Las Vegas Sands Corp. (LVS - Free Report) reported strong first-quarter 2026 results, with adjusted earnings and net revenues beating the Zacks Consensus Estimate and rising on a year-over-year basis.
The company reported adjusted earnings per share (EPS) of 91 cents, beating the Zacks Consensus Estimate of 75 cents by 21.3%. EPS increased 54.2% year over year from 59 cents reported in the prior-year quarter.
Net revenues of $3.59 billion topped the consensus mark of $3.32 billion by 7.85%. The top line increased 25.3% year over year. Marina Bay Sands (MBS) remained the key contributor, alongside continued improvement across the Macao portfolio.
Las Vegas Sands Corp. Price, Consensus and EPS Surprise
Las Vegas Sands Corp. price-consensus-eps-surprise-chart | Las Vegas Sands Corp. Quote
LVS Leverages Revenue Growth Into Higher GAAP Profit
Reported profitability expanded meaningfully in the first quarter of 2026. Operating income rose to $904 million from $609 million in the prior-year quarter, reflecting improved operating leverage as volumes scaled across the business. Our model projected the metric to be $561.2 million.
Net income in the first quarter came in at $641 million compared with $408 million reported in the prior-year quarter. Our model projected adjusted net income to be $468.5 million.
LVS’ Marina Bay Sands Drives Q1 Results & Margins
Marina Bay Sands continued to deliver outsized cash earnings and margin resilience. The property generated $1.49 billion of net revenues in the first quarter of 2026, up from $1.16 billion a year ago, supported by strength across both mass gaming and rolling play. Our model predicted revenues to be $1.15 billion.
In the first quarter, adjusted property EBITDA at Marina Bay Sands increased 30.2% year over year to $788 million, and the EBITDA margin improved 100 basis points year over year to 53.0%. Operating indicators also remained robust, with mass win rising 16% year over year to $902 million and rolling volume increasing 124% year over year to $18 billion. Occupancy was 95.7% and ADR was $1,006, underscoring sustained demand for the upgraded premium product set.
LVS Advances in Macao as Premium Competition Persists
In Macao, results improved year over year even as management characterized the market’s revenue composition and growth as skewed toward the premium segment, which remains deeply competitive. Macao operations produced $2.11 billion of net revenues compared with $1.71 billion reported in the year-ago quarter. Per our model, revenues from Macao operations were projected at $2.02 billion.
In the first quarter, adjusted property EBITDA for Macao operations rose 18.3% year over year to $633 million, while the EBITDA margin decreased to 29.9% from 31.3% reported in the prior-year quarter.
Property-level performance was mixed but generally constructive:
In the first quarter, The Londoner Macao generated net revenues of $754 million, up from $529 million a year ago, while adjusted property EBITDA rose to $223 million from $153 million. The Venetian Macao posted net revenues of $710 million compared with $638 million in the prior-year quarter, and adjusted property EBITDA increased to $238 million from $225 million in the first quarter of 2025. The Plaza Macao and Four Seasons Macao net revenues increased to $290 million from $208 million, with adjusted property EBITDA improving to $114 million from $74 million reported in the prior-year quarter.
The Parisian Macao reported revenues of $229 million compared with $227 million in the prior-year quarter, while adjusted property EBITDA declined to $46 million from $66 million. Sands Macao grew net revenues to $93 million from $75 million, while adjusted property EBITDA edged down to $9 million from $10 million in the prior-year quarter.
LVS Steps Up Buybacks While Preserving Balance Sheet Flexibility
Capital allocation remained geared toward returning excess cash to shareholders. During the first quarter of 2026, the company repurchased $740 million of common stock, or approximately 13 million shares, at a weighted average price of $56.64. LVS also paid a quarterly dividend of 30 cents per share, with the next dividend scheduled for May 13, 2026, to its stockholders of record on May 5.
Balance sheet flexibility remained substantial. Unrestricted cash totaled $3.33 billion as of March 31, 2026, while total debt outstanding (excluding finance leases and net of deferred costs and original issue discounts) was $15.57 billion. The company reported $817 million remaining under its share repurchase authorization at quarter’s end and access to $3.97 billion available for borrowing under its revolving credit facilities, net of outstanding letters of credit.
Capital expenditures were $194 million during the quarter, including $102 million at Marina Bay Sands and $89 million in Macao.
LVS’ Zacks Rank & Stocks to Consider
Las Vegas Sands currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Zacks Consumer Discretionary sector are GDEV Inc. (GDEV - Free Report) , Accel Entertainment, Inc. (ACEL - Free Report) and Take-Two Interactive Software, Inc. (TTWO - Free Report) .
GDEV presently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The company delivered a trailing four-quarter earnings surprise of 262.7%, on average. The consensus estimate for GDEV’s 2026 sales and EPS implies growth of 6.4% and 23.8%, respectively, from the year-ago levels.
Accel Entertainment carries a Zacks Rank #2 (Buy) at present. The company delivered a trailing four-quarter earnings surprise of 23.4%, on average.
The consensus estimate for Accel Entertainment’s 2026 sales and EPS implies growth of 5.1% and 15%, respectively, from the year-ago levels.
Take-Two Interactive carries a Zacks Rank #2 at present. The company delivered a trailing four-quarter earnings surprise of 58.9%, on average.
The Zacks Consensus Estimate for Take-Two Interactive’s 2026 sales and EPS indicates growth of 18.2% and 90.7%, respectively, from the year-ago levels.