Las Vegas Sands Q2 2026: flat revenue, profit down on low Macao hold
Neutral: Las Vegas Sands earned $0.53 a share on $3.154 billion of revenue, a 0.7% top-line decline and a 21.9% miss against the $0.7552 adjusted-EPS consensus, but management pins most of the damage on unusually low rolling-chip hold in Macao. Read the quarter as a hold-driven air pocket on a still-growing non-gaming business, not a collapse — and watch the $15.11 billion of debt against $581 million of equity.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS fell to $0.53 from $0.66, and adjusted EPS fell to $0.59 from $0.79. Both missed the $0.7552 consensus — the adjusted figure by $0.17, or 21.9%. Note the headline numbers: the $373 million of net income in the release includes $27 million belonging to noncontrolling interests, and it is the $346 million attributable to LVS, down 25.0% year over year, that drives the $0.53; a 5.7% smaller diluted share count (656 million versus 696 million) cushioned the per-share decline.
Net revenue of $3.154 billion was 0.7% below last year's $3.175 billion, and casino revenue — $2.341 billion, or 74.2% of the total — was the weak spot, down 3.1% from $2.415 billion. Every non-gaming line grew: rooms +4.1% to $359 million, malls +5.9% to $198 million, food and beverage +14.3% to $168 million, other +8.6% to $88 million. The release's own hold math says revenue would have been $98 million higher and adjusted property EBITDA $50 million higher had rolling-chip win rates been normal.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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