Las Vegas Sands (LVS) Q1 FY2026 earnings: revenue $3.6 billion, up 25.3% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $3.6 billion for Q1 FY2026, the quarter ended 31 March 2026, up 25.3% on the same quarter a year earlier. Net income was $567 million, up 61.1% on the year, and diluted earnings per share $0.85. The figures are the company's own, from the 10-Q it filed with the SEC on 24 April 2026.
Revenue
$3.6 billion
+25.3% on the year · -1.8% on the quarter
Q2 FY2024Q1 FY2026
Operating margin
25.2%
21.3% a year earlier
Q2 FY2024Q1 FY2026
Net income
$567 million
+61.1% on the year · +43.5% on the quarter
Q2 FY2024Q1 FY2026
Diluted EPS
$0.85
+73.5% on the year · +46.6% on the quarter
Q2 FY2024Q1 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 1 kept.
Revenue and operating income rose: Net revenue rose 25.3% to $3.59 billion. Operating income was $904 million, against $609 million a year earlier.
Net income and EPS increased: Net income was $641 million, up 57.1%. Diluted EPS was $0.85, up 73.5% from $0.49. Adjusted EPS, a non-GAAP measure, was $0.91 against $0.59.
Adjusted property EBITDA increased: Consolidated adjusted property EBITDA was $1.42 billion, up 24.6%. The margin was 39.6%, compared with 39.8% a year earlier.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
731
1,204
526
-39.3%
+39.0%
Capital expenditure
194
274
379
-29.2%
-48.8%
Free cash flow
537
930
147
-42.3%
+265.3%
Free cash flow margin
15.0%
25.5%
5.1%
Cash from investing
-186
-266
-454
Cash from financing
-1,040
-451
-692
Depreciation and amortisation
357
363
362
-1.7%
-1.4%
Share-based compensation
24.0
15.0
11.0
+60.0%
+118.2%
Buybacks
753
501
416
+50.3%
+81.0%
Dividends paid
202
169
179
+19.5%
+12.8%
Dividend per share
$0.30
n/a
$0.25
+20.0%
Diluted shares, weighted
671m
n/a
713m
-5.9%
Shares outstanding at period end
663m
675m
707m
-1.8%
-6.2%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
1,198
1,590
2,699
-24.7%
-55.6%
Non-controlling interest
410
344
334
+19.2%
+22.8%
Debt
15,724
15,770
13,851
-0.3%
+13.5%
Operating lease liabilities
n/a
167
n/a
Finance lease liabilities
n/a
139
n/a
Other liabilities
3,844
3,910
4,363
-1.7%
-11.9%
Total liabilities and equity
21,176
21,920
21,247
-3.4%
-0.3%
Fixed assets
11,441
11,673
12,058
-2.0%
-5.1%
Goodwill
n/a
103
102
Intangible assets
n/a
470
558
Cash and equivalents
3,330
3,841
3,036
-13.3%
+9.7%
Receivables
677
742
435
-8.8%
+55.6%
Inventory
46.0
46.0
41.0
0.0%
+12.2%
Other assets
5,682
5,045
5,017
+12.6%
+13.3%
Total assets
21,176
21,920
21,247
-3.4%
-0.3%
Questions
What was Las Vegas Sands' revenue in Q1 FY2026?
Las Vegas Sands (LVS) reported revenue of $3.6 billion for Q1 FY2026, the quarter ended 31 March 2026, up 25.3% on the same quarter a year earlier.
How much did Las Vegas Sands earn in Q1 FY2026?
Net income for Q1 FY2026 was $567 million, up 61.1% on the year, and diluted earnings per share $0.85.
When did Las Vegas Sands report Q1 FY2026 results?
Las Vegas Sands filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 24 April 2026.
Each quarter as filed, linked to its filing. Read moreMoney is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-Q for the period ended 31 March 2026, filed 24 April 2026: the filing.