Las Vegas Sands (LVS) Q2 FY2026 earnings: revenue $3.2 billion, down 0.7% on the year
Las Vegas Sands Corp. (LVS) reported revenue of $3.2 billion for Q2 FY2026, the quarter ended 30 June 2026, down 0.7% on the same quarter a year earlier. Net income was $346 million, down 24.9% on the year, and diluted earnings per share $0.53. The figures are the company's own, from the 10-Q it filed with the SEC on 24 July 2026.
Revenue
$3.2 billion
-0.7% on the year · -12.0% on the quarter
Q3 FY2024Q2 FY2026
Operating margin
19.6%
24.7% a year earlier
Q3 FY2024Q2 FY2026
Net income
$346 million
-24.9% on the year · -39.0% on the quarter
Q3 FY2024Q2 FY2026
Diluted EPS
$0.53
-19.7% on the year · -37.6% on the quarter
Q3 FY2024Q2 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 1 raised, 1 kept.
Net revenue slightly lower: Net revenue was $3.15 billion against $3.18 billion a year earlier. Six-month net revenue was $6.74 billion against $6.04 billion.
Adjusted property EBITDA down to $1.12 billion: Consolidated adjusted property EBITDA was $1.12 billion against $1.33 billion. Six-month figure was $2.54 billion against $2.47 billion.
Macao EBITDA and margin fell: Macao Operations adjusted property EBITDA was $430 million against $566 million, a 24.0% margin against 31.5%. Six-month EBITDA was $1,063 million against $1,101 million.
$ 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
Q2 FY2026
Q1 FY2026
Q2 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
682
731
178
-6.7%
+283.1%
Capital expenditure
332
194
286
+71.1%
+16.1%
Free cash flow
350
537
-108
-34.8%
Free cash flow margin
11.1%
15.0%
-3.4%
Cash from investing
946
-186
-286
Cash from financing
-1,583
-1,040
512
Depreciation and amortisation
350
357
371
-2.0%
-5.7%
Share-based compensation
15.0
24.0
17.0
-37.5%
-11.8%
Buybacks
788
753
800
+4.6%
-1.5%
Dividends paid
328
202
246
+62.4%
+33.3%
Dividend per share
$0.30
$0.30
$0.25
0.0%
+20.0%
Diluted shares, weighted
656m
671m
696m
-2.2%
-5.7%
Shares outstanding at period end
648m
663m
687m
-2.3%
-5.7%
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
Q2 FY2026
Q1 FY2026
Q2 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
581
1,198
1,991
-51.5%
-70.8%
Non-controlling interest
316
410
291
-22.9%
+8.6%
Debt
15,262
15,724
15,820
-2.9%
-3.5%
Other liabilities
3,750
3,844
3,748
-2.4%
+0.1%
Total liabilities and equity
19,909
21,176
21,850
-6.0%
-8.9%
Fixed assets
11,470
11,441
12,044
+0.3%
-4.8%
Goodwill
n/a
n/a
103
Intangible assets
n/a
n/a
538
Cash and equivalents
3,376
3,330
3,450
+1.4%
-2.1%
Receivables
622
677
533
-8.1%
+16.7%
Inventory
46.0
46.0
40.0
0.0%
+15.0%
Other assets
4,395
5,682
5,142
-22.7%
-14.5%
Total assets
19,909
21,176
21,850
-6.0%
-8.9%
Questions
What was Las Vegas Sands' revenue in Q2 FY2026?
Las Vegas Sands (LVS) reported revenue of $3.2 billion for Q2 FY2026, the quarter ended 30 June 2026, down 0.7% on the same quarter a year earlier.
How much did Las Vegas Sands earn in Q2 FY2026?
Net income for Q2 FY2026 was $346 million, down 24.9% on the year, and diluted earnings per share $0.53.
When did Las Vegas Sands report Q2 FY2026 results?
Las Vegas Sands filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 24 July 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 30 June 2026, filed 24 July 2026: the filing.