The significant EPS and revenue miss, combined with YoY declines in both top and bottom lines, will likely pressure the stock. The 20% dividend increase and aggressive buyback ($950M) signal management's confidence in cash flow, but the fundamental weakness at Marina Bay Sands (down ~10% revenue) is a key concern. Monitor the Q4 2026 earnings call for guidance on Macao recovery and MBS expansion timeline.
Price Chart
Executive Summary
Las Vegas Sands reported Q3 2026 results significantly below consensus, with EPS of $0.48 (GAAP diluted) vs. $0.74 consensus and revenue of $3.22B vs. $3.52B consensus. Net revenue declined 3.3% YoY, and consolidated adjusted property EBITDA fell 16.8% YoY to $1.12B, driven by weakness at Marina Bay Sands. The board announced a 20% dividend increase to $1.44/share annualized for 2027, and the company repurchased $950M of stock during the quarter.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP diluted EPS $0.48 vs. consensus $0.74 (miss of ~35%)
- Q3 2026 net revenue $3.22B vs. consensus $3.52B and YoY decline of 3.3% from $3.33B
- Net income fell to $352M from $491M YoY, a decline of 28.3%
- Consolidated adjusted property EBITDA $1.12B vs. $1.34B YoY, down 16.8%
- Marina Bay Sands net revenue declined 9.9% YoY to $1.294B; adjusted property EBITDA fell 20.6% to $590M
- Macao operations net revenue up 1.8% YoY to $1.94B, but adjusted property EBITDA down 12.0% to $529M
- Board announced 20% increase in recurring common stock dividend to $1.44/share annually ($0.36/quarter) for 2027
- Company repurchased $950M of common stock (~21M shares at $45.31 avg) in Q3
- Unrestricted cash $2.86B; total debt $15.30B as of Sep 30, 2026
- Effective tax rate rose to 22.5% from 15.6% YoY, primarily due to Singapore operations
Financial Impact
EPS miss of ~35% vs consensus; revenue miss of ~8.5% vs consensus; YoY revenue decline of 3.3% and net income decline of 28.3%
Risk Factors
- Continued weakness in Marina Bay Sands gaming revenue and EBITDA margins
- Elevated effective tax rate (22.5% vs 15.6% YoY) compressing net income
- High leverage with $15.30B total debt vs $2.86B cash; interest expense remains elevated at $186M/quarter
- Macao operations showing margin compression (EBITDA margin down to 27.3% from 31.5% YoY)
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001300514-26-000099 |
| Document: lvs-20261021.htm | 0001300514-26-000099 |
| Document: 0001300514-26-000099-index-headers.html | 0001300514-26-000099 |
| Document: 0001300514-26-000099-index.html | 0001300514-26-000099 |
| Document: 0001300514-26-000099.txt | 0001300514-26-000099 |
| 8-K Data (Synthetic) | 0001300514-26-000099 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | $36.27 | awaiting T+1 | — | $36.12 (−0.40%) |
Oct 23, 2026 4d ago | Institutional Cluster | $35.68 $36.57 | ▼ −2.49% | ▼ −1.78% | $36.12 (−1.23%) |
Oct 21, 2026 6d ago | 8-K | $36.53 $35.68 | ▲ +2.33% | ▲ +1.80% | $36.12 (+1.12%) |
Oct 14, 2026 13d ago | Press Release | $38.32 | awaiting T+1 | — | $36.12 (−5.74%) |
Oct 12, 2026 15d ago | Institutional Cluster | $36.15 $37.04 | ▲ +2.46% | ▲ +2.47% | $36.12 (−0.08%) |
Jul 15, 2026 14w ago | Press Release | $45.70 | awaiting T+1 | — | $36.12 (−20.96%) |
May 13, 2026 23w ago | 8-K | $50.64 $51.13 | ▲ +0.97% | ▲ +2.20% | $36.12 (−28.67%) |
May 5, 2026 25w ago | 8-K | $53.16 $53.75 | ▲ +1.11% | ▲ +1.44% | $36.12 (−32.05%) |
May 4, 2026 25w ago | 424B5 | $51.84 $52.25 | ▲ +0.79% | ▼ −0.00% | $36.12 (−30.32%) |
Apr 22, 2026 26w ago | 8-K | $51.93 $52.61 | ▲ +1.31% | ▲ +0.52% | $36.12 (−30.44%) |
US Market Status
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