Las Vegas Sands Q3 FY2026: revenue down 3.5%, EPS $0.48 misses
Las Vegas Sands missed on both lines in the September 2026 quarter: revenue fell 3.5% to $3.22 billion, adjusted property EBITDA dropped 16.7% to $1.12 billion, and GAAP EPS of $0.48 landed well below the $0.70 consensus. Read this as a margin problem at Marina Bay Sands rather than a demand collapse — Macao volumes grew while profit fell, and a $950 million buyback propped up the per-share numbers.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS fell to $0.48 from $0.61 a year ago, and adjusted EPS was $0.54 against a $0.70 consensus, a 22.9% shortfall on the adjusted basis. The release headline of "Net Income $352 million" is the total including $48 million owed to noncontrolling interests; the $304 million attributable to LVS shareholders is the figure that drives EPS. An effective tax rate of 22.5% versus 15.6% last year, plus $186 million of interest expense, squeezed what was left.
Revenue of $3.22 billion came in 3.5% below the $3.33 billion reported a year earlier and was up from $3.15 billion in Q2. Marina Bay Sands did the damage, with segment revenue down 9.9% to $1.29 billion, while Macao edged up 1.8% to $1.94 billion. Casino revenue was the weak spot at $2.37 billion versus $2.51 billion a year ago, and rooms, mall and food and beverage revenue all grew modestly.
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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 2026-10-23
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