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LVS · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue fell 0.7% y/y to $3.15B, operating margin 19.6% vs 24.7%, net income $346M (−24.9% y/y).
Net income attributable to Las Vegas Sands Corp.
$346M
down 24.9% y/y
Net revenues
$3,154M
down 0.7% y/y
Operating income
$618M
down 21.1% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Net revenues | $3,154 · −0.7% |
| Resort operations | $2,041 · +10.6% |
| Corporate | $74 · +7.2% |
| Pre-opening | $5 · −44.4% |
| Development | $43 · −37.7% |
| Depreciation and amortization | $350 · −5.7% |
| Amortization of leasehold interests in land | $21 · +5.0% |
| Loss on disposal or impairment of assets | $2 · −75.0% |
| Operating income | $618 · −21.1% · 19.6% margin |
| Interest income | $31 · −26.2% |
| Interest expense, net of amounts capitalized | $189 · −2.6% |
| Other income (expense) | $1 · vs −$22 |
| Income before income taxes | $461 · −24.3% |
| Income tax expense | $88 · −2.2% · 19.1% effective rate |
| Net income attributable to noncontrolling interests | $27 · −53.4% |
| Net income attributable to Las Vegas Sands Corp. | $346 · −24.9% · $0.53/sh · 11.0% margin |
Verdict: revenue fell 0.7% y/y to $3.15B, operating margin 19.6% vs 24.7%, net income $346M (−24.9% y/y).
Source and notation
Source: Las Vegas Sands press release, 8-K EX-99.1 of 07/22/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
Open as an image: LVS, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “LVS Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/lvs/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/lvs/q2-2026"><img src="https://whoreportstoday.com/t/lvs/q2-2026/sankey.png" alt="LVS Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/lvs/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/lvs/q2-2026">LVS Q2 2026 earnings chart (Who Reports Today)</a>
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- Consolidated adjusted property EBITDA was $1.12 billion; LVS repurchased $787 million of common stock.
- Operating income was $618M, a 19.6% margin vs 24.7% a year earlier.
- The effective tax rate was 19.1% vs 14.8% a year earlier.
- Diluted EPS was $0.53 vs $0.66 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
LVS — a developer and operator of integrated resorts that combine casinos, hotels, retail malls, convention and exhibition space, restaurants and entertainment, currently in Macao and Singapore.
Each resort is an operating segment: The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, Sands Macao, and Marina Bay Sands in Singapore. · Source: annual report (Form 10-K, SEC)
Heads-up
- net income fell 25% y/y in Q2 2026
Net income for Q2 2026: $346M, −25% y/y. In the report's figures: revenue −1% y/y; costs grew faster than revenue: resort operations +11% y/y. Based on the Q2 2026 report.
The company's report ↗More reports: MAR · Q2 2026 · MCD · Q2 2026 · MGM · Q2 2026 · NCLH · Q2 2026 · NKE · Q1 FY2027 · NVR · Q3 2026 · ORLY · Q2 2026 · PHM · Q3 2026 · RCL · Q3 2026 · RL · Q1 FY2027 · all reports