Las Vegas Sands Corp.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 28 January 2026: press release. Guidance figures: 2 kept. The quarter’s numbers.

Key takeaways

Net revenue rose to $3.65 billion: Net revenue was $3.65 billion against $2.90 billion a year earlier. Operating income was $707 million, against $590 million in the prior year quarter. Source
Consolidated adjusted EBITDA rose: Consolidated adjusted property EBITDA was $1.41 billion, against $1.11 billion a year earlier, as reported in the results release. Source
Marina Bay Sands EBITDA rose to $806 million: Marina Bay Sands adjusted property EBITDA was $806 million against $537 million a year earlier. Its net revenue was $1,603 million, against $1,137 million. Source
Macao Operations EBITDA rose to $608 million: Macao Operations adjusted property EBITDA was $608 million against $571 million. Macao Operations net revenue was $2,058 million, against $1,771 million. Source
Hold-adjusted revenue impact turned negative: The hold-adjusted net revenue impact was negative $104 million against positive $67 million a year earlier. The Marina Bay Sands share was negative $60 million. Source
Repurchased $500 million of stock: The company repurchased about 8 million shares at a weighted average price of $61.39. Since the fourth quarter of 2023 it has repurchased about 96 million shares, for $4.50 billion in total. Source

“We remain enthusiastic about our opportunities to deliver growth in both Singapore and Macao, as we realize the benefits of our market-leading capital investment programs,”
Robert G. Goldstein, chairman and chief executive officer

Guidance

Area	Period	Figure	Against last quarter
Quarterly dividend Source	Payment on February 18, 2026	$0.30 per common share	Kept
Macao expected Rolling Chip win percentage (comparison basis) Source	Fourth quarter of 2025	3.3%	Kept

What changed from last quarter

New: In January 2026 the company drew on the 2024 SCL Revolving Facility, with cash on hand used to redeem in full the $800 million 3.800% SCL Senior Notes due January 8, 2026. Source

Results and growth drivers

Net revenue rose to $3.65 billion: Net revenue was $3.65 billion against $2.90 billion a year earlier. Operating income was $707 million, against $590 million in the prior year quarter. Source
Consolidated adjusted EBITDA rose: Consolidated adjusted property EBITDA was $1.41 billion, against $1.11 billion a year earlier, as reported in the results release. Source
Adjusted diluted EPS reached $0.85: Adjusted earnings per diluted share were $0.85 for the quarter against $0.54 a year earlier. For full-year 2025 they were $3.01 against $2.27. Source
Quarterly net income reached $448 million: Net income was $448 million against $392 million. Net income attributable to LVS was $395 million, or $0.58 per diluted share, against $0.45. Source
Full-year net income attributable rose: Net income attributable to Las Vegas Sands was $1.63 billion, or $2.35 per diluted share, for 2025, against $1.45 billion and $1.96 a year earlier. Source

Segments and regions

Marina Bay Sands EBITDA rose to $806 million: Marina Bay Sands adjusted property EBITDA was $806 million against $537 million a year earlier. Its net revenue was $1,603 million, against $1,137 million. Source
Macao Operations EBITDA rose to $608 million: Macao Operations adjusted property EBITDA was $608 million against $571 million. Macao Operations net revenue was $2,058 million, against $1,771 million. Source
Londoner revenue and EBITDA rose: The Londoner Macao net revenue was $699 million, against $518 million. Its adjusted property EBITDA was $201 million, against $144 million. Source
Venetian EBITDA eased slightly: The Venetian Macao adjusted property EBITDA was $243 million against $250 million a year earlier. Source
Parisian EBITDA fell: The Parisian Macao adjusted property EBITDA was $55 million against $69 million a year earlier. Source
Sands Macao EBITDA fell sharply: Sands Macao adjusted property EBITDA was $4 million against $20 million a year earlier. Source

“In Singapore, Marina Bay Sands once again delivered outstanding financial and operating performance.”
Robert G. Goldstein, chairman and chief executive officer

Products and customers

Marina Bay Sands Rolling Chip volume rose: Marina Bay Sands Rolling Chip volume was $13,403 million against $8,068 million, with Rolling Chip win at 4.36% against 3.34%. Source
Londoner Rolling Chip volume rose: The Londoner Macao Rolling Chip volume was $3,543 million against $1,849 million, with win at 2.77% against 4.33%. Venetian Macao volume was $1,774 million against $746 million. Source
No Rolling Chip volume at Parisian: The Parisian Macao reported no Rolling Chip volume in the quarter, against $60 million a year earlier. Source
Asian retail malls generated $228 million: Asian retail mall operations reported gross revenue of $228 million and operating profit of $205 million for the quarter, with occupancy of 88.0% at period end. Source
Marina Bay Sands non-Rolling drop rose: Non-Rolling Chip drop at Marina Bay Sands was $2,881 million against $2,342 million. Non-Rolling Chip win was 22.8% against 21.4%. Source

Costs

Disposal and impairment losses rose: Loss on disposal or impairment of assets was $164 million in the quarter against $9 million a year earlier. For full-year 2025 it was $247 million against $50 million. Source
Resort operations expense rose: Resort operations expense was $2,242 million against $1,796 million in the prior year quarter. Source
Interest expense rose: Interest expense, net of amounts capitalized, was $191 million against $180 million in the prior year quarter. Source
Effective tax rate rose to 18.7%: The effective income tax rate was 18.7% against 15.0%. Management said the rate was primarily driven by a 17% statutory rate on Singapore operations. Source

“We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders.”
Robert G. Goldstein, chairman and chief executive officer

Margins and hold effects

Total EBITDA margin rose to 38.8%: Total adjusted property EBITDA margin was 38.8% against 38.3%. The Marina Bay Sands margin was 50.3% against 47.2%. Source
Macao margin fell to 29.5%: Macao Operations adjusted property EBITDA margin was 29.5% against 32.2% a year earlier. Source
Hold-adjusted revenue impact turned negative: The hold-adjusted net revenue impact was negative $104 million against positive $67 million a year earlier. The Marina Bay Sands share was negative $60 million. Source

Demand and room occupancy

Marina Bay Sands room rate and RevPAR rose: Marina Bay Sands average daily room rate was $978 against $927, RevPAR $929 against $874, and occupancy 95.0% against 94.3%. Source
Londoner room rate and RevPAR fell: The Londoner Macao average daily room rate was $269 against $290 and RevPAR $264 against $284. Occupancy was 98.1%. Source
Plaza room rate rose: The Plaza Macao and Four Seasons Macao average daily room rate was $514 against $498, RevPAR $492 against $485, and occupancy 95.7% against 97.3%. Source
Venetian occupancy eased: The Venetian Macao occupancy was 98.8% against 99.5% a year earlier. Source
Sands Macao slot handle rose: Slot handle at Sands Macao was $870 million against $527 million, with slot hold of 2.2% against 2.9%. Source

Capital, cash and returns to shareholders

Repurchased $500 million of stock: The company repurchased about 8 million shares at a weighted average price of $61.39. Since the fourth quarter of 2023 it has repurchased about 96 million shares, for $4.50 billion in total. Source
$1.56 billion left under buyback: The remaining amount under the share repurchase program was $1.56 billion at December 31, 2025, following the increase to $2.0 billion authorized in October 2025. Source
SCL stake raised to 74.80%: Purchases of 25 million Sands China shares for HKD 518 million, about $66 million, raised the company’s ownership of SCL to 74.80% at December 31, 2025. Source
Cash and revolver availability: Unrestricted cash was $3.84 billion at December 31, 2025. Available borrowing under the U.S., SCL and Singapore revolving facilities was $3.66 billion at January 28, 2026. Source
Borrowing cost fell to 4.6%: The weighted average borrowing cost was 4.6% against 5.0%, on a weighted average debt balance of $15.90 billion against $14.0 billion. Source
Total debt at year-end: Total debt outstanding at December 31, 2025, net of deferred offering costs and original issue discounts and excluding finance leases, was $15.63 billion. Source

Strategy and investment

Capital expenditure of $274 million: Capital expenditures in the quarter totalled $274 million, including $149 million at Marina Bay Sands and $121 million in Macao. Source
Delayed draw facility for MBS expansion: The company has $4.84 billion available under a delayed draw term loan that may fund development, construction and related costs of the MBS Expansion Project. Source
Cash flow funds investment and returns: Management said financial strength and cash flow support investment programs in Singapore and Macao, pursuit of new markets, and returns of excess capital. Source
Macao investment aims at tourism appeal: Management said its Macao investments enhance business and leisure tourism appeal and support Macao's development as a world centre of business and leisure tourism. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Las Vegas Sands Reports

Fourth Quarter 2025 Results

For the quarter ended December 31, 2025

Net Revenue of $3.65 billion and Net Income of $448 million
Consolidated Adjusted Property EBITDA of $1.41 billion
Marina Bay Sands Adjusted Property EBITDA of $806 million
High Hold on Rolling Play at Marina Bay Sands Positively Impacted Adjusted Property EBITDA by $45 million
Macao Adjusted Property EBITDA of $608 million
High Hold on Rolling Play in Macao Positively Impacted Adjusted Property EBITDA by $26 million
LVS Repurchased $500 million of Common Stock

LAS VEGAS, January 28, 2026 - Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended December 31, 2025.

“We remain enthusiastic about our opportunities to deliver growth in both Singapore and Macao, as we realize the benefits of our market-leading capital investment programs,” said Robert G. Goldstein, chairman and chief executive officer.

“In Singapore, Marina Bay Sands once again delivered outstanding financial and operating performance. Our elevated suite and service offerings position us for additional growth as travel and tourism spending in Asia continues to expand.

“In Macao, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us well for future growth.

“Our financial strength and industry-leading cash flow continue to support our investment programs in both Singapore and Macao, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.

“We repurchased $500 million of LVS shares under our share repurchase program during the quarter. We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders.”

Net revenue was $3.65 billion, compared to $2.90 billion in the prior year quarter. Operating income was $707 million, compared to $590 million in the prior year quarter. Net income in the fourth quarter of 2025 was $448 million, compared to $392 million in the fourth quarter of 2024.

Consolidated adjusted property EBITDA was $1.41 billion, compared to $1.11 billion in the prior year quarter.

Full year 2025 operating income was $2.82 billion, compared to $2.40 billion in 2024. Net income attributable to Las Vegas Sands was $1.63 billion, or $2.35 per diluted share, in 2025. This compared to $1.45 billion, or $1.96 per diluted share, in 2024.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL increased 16.4% to $2.05 billion, compared to the fourth quarter of 2024. Net income for SCL was $213 million, compared to $237 million in the fourth quarter of 2024.

On a GAAP basis, 2025 total net revenues for SCL increased 5.1% to $7.44 billion, compared to 2024. Net income for SCL was $901 million in 2025, compared to $1.05 billion in 2024.

Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $191 million for the fourth quarter of 2025, compared to $180 million in the prior year quarter. Our weighted average debt balance was $15.90 billion during the fourth quarter of 2025, compared to $14.0 billion during the fourth quarter of 2024. Our weighted average borrowing cost was 4.6% during the fourth quarter of 2025, compared to 5.0% during the fourth quarter of 2024.

Our effective income tax rate for the fourth quarter of 2025 was 18.7%, compared to 15.0% in the prior year quarter. The income tax rate for the fourth quarter of 2025 was primarily driven by a 17% statutory rate on our Singapore operations.

Stockholder Returns

During the fourth quarter of 2025, we repurchased $500 million of our common stock (approximately 8 million shares at a weighted average price of $61.39). The remaining amount authorized under our share repurchase program was $1.56 billion as of December 31, 2025. Since the resumption of our share repurchase program in the fourth quarter of 2023 through December 31, 2025, we have repurchased approximately 96 million shares of our common stock at an average price of $46.77, for a total investment of $4.50 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company’s financial position, earnings, legal requirements, other investment opportunities and market conditions.

During the fourth quarter of 2025, we purchased 25 million shares of SCL common stock for HKD 518 million (approximately $66 million at exchange rates in effect at the time of the transactions), increasing the company’s ownership percentage of SCL to 74.80% as of December 31, 2025.

We paid a quarterly dividend of $0.25 per common share during the quarter. Our next quarterly dividend of $0.30 per common share will be paid on February 18, 2026, to Las Vegas Sands stockholders of record on February 9, 2026.

Balance Sheet Items

Unrestricted cash balances as of December 31, 2025 were $3.84 billion.

As of December 31, 2025, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.63 billion.

In January 2026, the company drew down HKD 6.20 billion (approximately $797 million at exchange rates in effect at the time of the transaction) under the 2024 SCL Revolving Facility, in which the proceeds, coupled with cash on hand, were used to redeem in full the outstanding principal amount of the $800 million 3.800% SCL Senior Notes due January 8, 2026 and any accrued interest.

As of January 28, 2026, the company has access to $3.66 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit. In addition, we have $4.84 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project.

Capital Expenditures

Capital expenditures during the fourth quarter totaled $274 million, including construction, development and maintenance activities of $149 million at Marina Bay Sands and $121 million in Macao.

Conference Call Information

The company will host a conference call to discuss the company’s results on Wednesday, January 28, 2026, at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company’s website at www.sands.com.

About Sands (NYSE: LVS)

Sands is the leading global developer and operator of integrated resorts. The company’s iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.

Sands’ portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons®

Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.

Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company’s ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America, as well as Fortune’s list of the World’s Most Admired Companies. To learn more, visit www.sands.com.

Forward-Looking Statements

Forward-looking statements notice

This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “looks forward to,” “may,” “plans,” “positions,” “remains,” “seeks,” “will” and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries’ ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made. Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.

Fourth Quarter 2025 Results

Non-GAAP Financial Measures

Within the company’s fourth quarter 2025 press release, the company makes reference to certain non-GAAP financial measures that supplement the company’s consolidated financial information prepared in accordance with GAAP including “adjusted net income (loss),” “adjusted earnings (loss) per diluted share” and “consolidated adjusted property EBITDA,” which have directly comparable GAAP financial measures. The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this press release and presentations included on the company’s website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company’s management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company’s financial condition, results of operations and cash flows are presented below.

The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company’s operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.

Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.

Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.

Exhibit 1

Condensed Consolidated Statements of Operations

(In millions, except per share data)

	Three Months Ended		Year Ended
	December 31,		December 31,
	2025	2024	2025	2024
Revenues:
Casino	$2,741	$2,104	$9,789	$8,303
Rooms	379	317	1,422	1,274
Food and beverage	191	157	644	607
Mall	229	218	801	755
Convention, retail and other	109	100	361	359
Net revenues	3,649	2,896	13,017	11,298
Operating expenses:
Resort operations	2,242	1,796	7,809	6,946
Corporate	90	75	310	290
Pre-opening	4	4	24	14
Development	59	59	269	228
Depreciation and amortization	363	348	1,464	1,308
Amortization of leasehold interests in land	20	15	76	60
Loss on disposal or impairment of assets	164	9	247	50
	2,942	2,306	10,199	8,896
Operating income	707	590	2,818	2,402
Other income (expense):
Interest income	38	57	161	275
Interest expense, net of amounts capitalized	(191)	(180)	(746)	(727)
Other income (expense)	(3)	(6)	(15)	10
Loss on modification or early retirement of debt	-	-	(5)	-
Income before income taxes	551	461	2,213	1,960
Income tax expense	(103)	(69)	(347)	(208)
Net income	448	392	1,866	1,752
Net income attributable to noncontrolling interests	(53)	(68)	(239)	(306)
Net income attributable to Las Vegas Sands Corp.	$395	$324	$1,627	$1,446
Earnings per share:
Basic	$0.59	$0.45	$2.35	$1.97
Diluted	$0.58	$0.45	$2.35	$1.96
Weighted average shares outstanding:
Basic	675	721	691	735
Diluted	678	723	693	737

Exhibit 2

Net Revenues and Adjusted Property EBITDA

	Three Months Ended		Year Ended
	December 31,		December 31,
	2025	2024	2025	2024
Net Revenues
The Venetian Macao	$752	$682	$2,745	$2,831
The Londoner Macao	699	518	2,556	1,984
The Parisian Macao	233	228	872	973
The Plaza Macao and Four Seasons Macao	264	223	872	872
Sands Macao	76	86	294	322
Ferry Operations and Other	34	34	131	125
Macao Operations	2,058	1,771	7,470	7,107
Marina Bay Sands	1,603	1,137	5,590	4,230
Intercompany Royalties	85	64	293	250
Intersegment Eliminations	(97)	(76)	(336)	(289)
	$3,649	$2,896	$13,017	$11,298
Adjusted Property EBITDA
The Venetian Macao	$243	$250	$946	$1,093
The Londoner Macao	201	144	778	543
The Parisian Macao	55	69	218	297
The Plaza Macao and Four Seasons Macao	99	83	313	321
Sands Macao	4	20	31	56
Ferry Operations and Other	6	5	24	17
Macao Operations	608	571	2,310	2,327
Marina Bay Sands	806	537	2,922	2,052
	$1,414	$1,108	$5,232	$4,379
Adjusted Property EBITDA as a Percentage of Net Revenues
The Venetian Macao	32.3%	36.7%	34.5%	38.6%
The Londoner Macao	28.8%	27.8%	30.4%	27.4%
The Parisian Macao	23.6%	30.3%	25.0%	30.5%
The Plaza Macao and Four Seasons Macao	37.5%	37.2%	35.9%	36.8%
Sands Macao	5.3%	23.3%	10.5%	17.4%
Ferry Operations and Other	17.6%	14.7%	18.3%	13.6%
Macao Operations	29.5%	32.2%	30.9%	32.7%
Marina Bay Sands	50.3%	47.2%	52.3%	48.5%
Total	38.8%	38.3%	40.2%	38.8%

Intersegment eliminations include royalties and other intercompany services.

Exhibit 3

Non-GAAP Financial Measure Reconciliation

	Three Months Ended		Year Ended
	December 31		December 31
	2025	2024	2025	2024
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA:
Net income	$448	$392	$1,866	$1,752
Add (deduct):
Income tax expense	103	69	347	208
Loss on modification or early retirement of debt	-	-	5	-
Other (income) expense	3	6	15	(10)
Interest expense, net of amounts capitalized	191	180	746	727
Interest income	(38)	(57)	(161)	(275)
Loss on disposal or impairment of assets	164	9	247	50
Amortization of leasehold interests in land	20	15	76	60
Depreciation and amortization	363	348	1,464	1,308
Development expense	59	59	269	228
Pre-opening expense	4	4	24	14
Stock-based compensation	7	8	24	27
Corporate expense	90	75	310	290
Consolidated Adjusted Property EBITDA	$1,414	$1,108	$5,232	$4,379

During the three months ended December 31, 2025 and 2024, the company recorded stock-based compensation expense of $19 million and $20 million, respectively, of which $12 million was included in corporate expense in the accompanying condensed consolidated statements of operations.

During the year ended December 31, 2025 and 2024, the company recorded stock-based compensation expense of $71 million and $78 million, respectively, of which $47 million and $51 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

Exhibit 4

Non-GAAP Financial Measure Reconciliation

(In millions, except per share data)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income:
Net income attributable to LVS	$395		$324		$1,627		$1,446
Pre-opening expense	4		4		24		14
Development expense	59		59		269		228
Loss on disposal or impairment of assets	164		9		247		50
Other (income) expense	3		6		15		(10)
Loss on modification or early retirement of debt	-		-		5		-
Income tax impact on net income adjustments	(37)		(14)		(86)		(49)
Noncontrolling interest impact on net income adjustments	(9)		(1)		(18)		(6)
Adjusted net income attributable to LVS	$579		$387		$2,083		$1,673
The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share:
	Three Months Ended				Year Ended
	December 31,				December 31,
		2025		2024		2025		2024
Per diluted share of common stock:
Net income attributable to LVS	$0.58		$0.45		$2.35		$1.96
Pre-opening expense	0.01		0.01		0.03		0.02
Development expense	0.09		0.08		0.39		0.31
Loss on disposal or impairment of assets	0.24		0.01		0.36		0.07
Other (income) expense	-		0.01		0.02		(0.01)
Loss on modification or early retirement of debt	-		-		0.01		-
Income tax impact on net income adjustments	(0.05)		(0.02)		(0.12)		(0.07)
Noncontrolling interest impact on net income adjustments	(0.02)		-		(0.03)		(0.01)
Adjusted earnings per diluted share	$0.85		$0.54		$3.01		$2.27
Weighted average diluted shares outstanding	678		723		693		737

The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.

Exhibit 5

	Three Months Ended
	December 31,
	2025		2024
The following reflects the impact on Net Revenues for hold-adjusted win percentage:
Macao Operations	$(44)		$38
Marina Bay Sands	(60)		29
	$(104)		$67
The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage:
	Three Months Ended
	December 31,
		2025		2024
Macao Operations	$(26)		$22
Marina Bay Sands	(45)		21
	$(71)		$43

Note:

Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables. Presentation of the prior year period has been revised to be consistent with that methodology.

Exhibit 6

	Three Months Ended		Year Ended
	December 31,		December 31,
	2025	2024	2025	2024
Casino Statistics:
The Venetian Macao:
Table games win per unit per day	$10,936	$9,379	$9,855	$9,576
Slot machine win per unit per day	$384	$381	$347	$386
Average number of table games	658	664	660	702
Average number of slot machines	1,562	1,573	1,639	1,585
The Londoner Macao:
Table games win per unit per day	$14,006	$9,616	$12,381	$10,847
Slot machine win per unit per day	$592	$403	$546	$471
Average number of table games	501	508	507	431
Average number of slot machines	1,574	1,574	1,565	1,336
The Parisian Macao:
Table games win per unit per day	$7,946	$7,334	$7,656	$6,719
Slot machine win per unit per day	$323	$322	$290	$377
Average number of table games	254	261	243	313
Average number of slot machines	1,195	1,117	1,325	1,037
The Plaza Macao and Four Seasons Macao:
Table games win per unit per day	$28,033	$22,927	$22,446	$23,446
Slot machine win per unit per day	$59	$159	$85	$160
Average number of table games	102	99	104	101
Average number of slot machines	40	49	49	33
Sands Macao:
Table games win per unit per day	$5,691	$6,919	$5,686	$7,283
Slot machine win per unit per day	$248	$251	$244	$269
Average number of table games	123	106	118	101
Average number of slot machines	853	667	806	654
Marina Bay Sands:
Table games win per unit per day	$23,730	$16,914	$20,793	$15,272
Slot machine win per unit per day	$1,082	$901	$1,023	$892
Average number of table games	568	495	548	498
Average number of slot machines	2,967	2,962	2,971	2,947

Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
Slot machine win per unit per day is shown before deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

Exhibit 7

	Three Months Ended
The Venetian Macao	December 31,
(Dollars in millions)		2025		2024	Change
Revenues:
Casino	$584		$534		$50
Rooms	53		54		(1)
Food and beverage	18		16		2
Mall	69		63		6
Convention, retail and other	28		15		13
Net revenues	$752		$682		$70
Adjusted Property EBITDA	$243		$250		$(7)
EBITDA Margin %	32.3%		36.7%		(4.4)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$1,774		$746		$1,028
Rolling Chip win %	3.88%		1.99%		1.89pts
Non-Rolling Chip drop	$2,551		$2,309		$242
Non-Rolling Chip win %	23.3%		24.2%		(0.9)pts
Slot handle	$1,578		$1,467		$111
Slot hold %	3.5%		3.8%		(0.3)pts
Hotel Statistics
Occupancy %	98.8%		99.5%		(0.7)pts
Average daily room rate (ADR)	$201		$205		$(4)
Revenue per available room (RevPAR)	$199		$204		$(5)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

	Three Months Ended
The Londoner Macao	December 31,
(Dollars in millions)		2025		2024	Change
Revenues:
Casino	$524		$387		$137
Rooms	105		68		37
Food and beverage	34		22		12
Mall	27		24		3
Convention, retail and other	9		17		(8)
Net revenues	$699		$518		$181
Adjusted Property EBITDA	$201		$144		$57
EBITDA Margin %	28.8%		27.8%		1.0pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$3,543		$1,849		$1,694
Rolling Chip win %	2.77%		4.33%		(1.56)pts
Non-Rolling Chip drop	$2,419		$1,631		$788
Non-Rolling Chip win %	22.6%		22.6%		- pts
Slot handle	$2,345		$1,597		$748
Slot hold %	3.7%		3.7%		- pts
Hotel Statistics
Occupancy %	98.1%		98.0%		0.1pts
Average daily room rate (ADR)	$269		$290		$(21)
Revenue per available room (RevPAR)	$264		$284		$(20)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

	Three Months Ended
The Parisian Macao	December 31,
(Dollars in millions)		2025		2024	Change
Revenues:
Casino	$178		$171		$7
Rooms	34		35		(1)
Food and beverage	15		14		1
Mall	4		7		(3)
Convention, retail and other	2		1		1
Net revenues	$233		$228		$5
Adjusted Property EBITDA	$55		$69		$(14)
EBITDA Margin %	23.6%		30.3%		(6.7)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$ -		$60		$(60)
Rolling Chip win %	- %		(13.07)%		13.07pts
Non-Rolling Chip drop	$891		$821		$70
Non-Rolling Chip win %	20.8%		22.4%		(1.6)pts
Slot handle	$1,044		$858		$186
Slot hold %	3.4%		3.8%		(0.4)pts
Hotel Statistics
Occupancy %	99.3%		99.5%		(0.2)pts
Average daily room rate (ADR)	$149		$156		$(7)
Revenue per available room (RevPAR)	$148		$156		$(8)

Rolling Chip tables were made available based on demand beginning in March 2024.
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

	Three Months Ended
The Plaza Macao and Four Seasons Macao	December 31,
(Dollars in millions)		2025		2024	Change
Revenues:
Casino	$183		$142		$41
Rooms	30		30		-
Food and beverage	8		8		-
Mall	41		42		(1)
Convention, retail and other	2		1		1
Net revenues	$264		$223		$41
Adjusted Property EBITDA	$99		$83		$16
EBITDA Margin %	37.5%		37.2%		0.3pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$1,820		$1,746		$74
Rolling Chip win %	6.11%		1.11%		5.00pts
Non-Rolling Chip drop	$808		$759		$49
Non-Rolling Chip win %	18.9%		25.1%		(6.2)pts
Slot handle	$11		$29		$(18)
Slot hold %	1.9%		2.5%		(0.6)pts
Hotel Statistics
Occupancy %	95.7%		97.3%		(1.6)pts
Average daily room rate (ADR)	$514		$498		$16
Revenue per available room (RevPAR)	$492		$485		$7

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

	Three Months Ended
Sands Macao	December 31,
(Dollars in millions)		2025		2024	Change
Revenues:
Casino	$68		$78		$(10)
Rooms	5		5		-
Food and beverage	2		2		-
Mall	1		-		1
Convention, retail and other	-		1		(1)
Net revenues	$76		$86		$(10)
Adjusted Property EBITDA	$4		$20		$(16)
EBITDA Margin %	5.3%		23.3%		(18.0)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$26		$69		$(43)
Rolling Chip win %	8.39%		4.49%		3.90pts
Non-Rolling Chip drop	$421		$389		$32
Non-Rolling Chip win %	14.7%		16.5%		(1.8)pts
Slot handle	$870		$527		$343
Slot hold %	2.2%		2.9%		(0.7)pts
Hotel Statistics
Occupancy %	99.1%		99.1%		- pts
Average daily room rate (ADR)	$167		$174		$(7)
Revenue per available room (RevPAR)	$165		$173		$(8)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

	Three Months Ended
Marina Bay Sands	December 31,
(Dollars in millions)		2025		2024	Change
Revenues:
Casino	$1,204		$792		$412
Rooms	152		125		27
Food and beverage	114		95		19
Mall	87		82		5
Convention, retail and other	46		43		3
Net revenues	$1,603		$1,137		$466
Adjusted Property EBITDA	$806		$537		$269
EBITDA Margin %	50.3%		47.2%		3.1pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume	$13,403		$8,068		$5,335
Rolling Chip win %	4.36%		3.34%		1.02pts
Non-Rolling Chip drop	$2,881		$2,342		$539
Non-Rolling Chip win %	22.8%		21.4%		1.4pts
Slot handle	$6,645		$6,572		$73
Slot hold %	4.4%		3.7%		0.7pts
Hotel Statistics
Occupancy %	95.0%		94.3%		0.7pts
Average daily room rate (ADR)	$978		$927		$51
Revenue per available room (RevPAR)	$929		$874		$55

This compares to our theoretical Rolling Chip win percentage of 3.9% and 3.7% for the three months ended December 31, 2025 and 2024, respectively (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables.

Supplemental Data - Asian Retail Mall Operations

	For the Three Months Ended December 31, 2025					TTM December 31, 2025
(Dollars in millions except per square foot data)	Gross Revenue	Operating Profit	Operating Profit Margin	Gross Leasable Area (sq. ft.)	Occupancy % at End of Period	Tenant Sales Per Sq. Ft.
Shoppes at Venetian	$69	$62	89.9%	829,872	89.9%	$1,894
Shoppes at Four Seasons
Luxury Retail	29	27	93.1%	163,929	100.0%	5,389
Other Stores	12	10	83.3%	84,375	85.4%	1,973
	41	37	90.2%	248,304	95.0%	4,375
Shoppes at Londoner	27	24	88.9%	518,138	78.6%	1,589
Shoppes at Parisian	4	2	50.0%	256,825	71.9%	458
Total Cotai Strip in Macao	141	125	88.7%	1,853,139	84.9%	2,085
The Shoppes at Marina Bay Sands	87	80	92.0%	620,562	97.0%	2,967
Total	$228	$205	89.9%	2,473,701	88.0%	$2,346

Note:

Gross revenue figures are net of intersegment revenue eliminations.
Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.

Contacts
Daniel Briggs daniel.briggs@sands.com
Ron Reese ron.reese@sands.com
Las Vegas Sands Corp.