LVS · Las Vegas Sands Corp.

Las Vegas Sands delivered strong first quarter 2026 results, with net revenue increasing 25.3% year-over-year to $3.59 billion and net income surging 57.1% to $641 million. Diluted earnings per share rose 73.5% to $0.85, outpacing revenue growth and demonstrating significant operating leverage. The performance was driven by broad-based growth across both the Singapore and Macao markets, with CEO Patrick Dumont highlighting the successful execution of strategic objectives. Consolidated adjusted property EBITDA increased 24.6% to $1.42 billion, reflecting robust profitability in the company's integrated resort operations. Sands China Ltd. (SCL) contributed significantly to the results, reporting a 23.6% increase in net revenues to $2.10 billion and a 45.5% rise in net income to $294 million. Operating expenses increased to $2.68 billion from $2.25 billion in the prior year, primarily due to higher resort operations costs, though these were well-covered by revenue growth. Interest expense, net of amounts capitalized, rose to $188 million from $174 million, attributed to a higher weighted average debt balance of $16.0 billion. The effective income tax rate was 14.3%, primarily driven by the 17% statutory rate in Singapore. The company remained active in returning capital to shareholders, repurchasing $740 million of common stock (approximately 13 million shares) during the quarter and paying a quarterly dividend of $0.30 per share. As of March 31, 2026, the company maintained a strong liquidity position with $3.33 billion in unrestricted cash and access to $3.97 billion in revolving credit facilities.