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Dec 31, 2025
Las Vegas Sands Q4 2025 Earnings Report
Las Vegas Sands reported strong financial results for the fourth quarter of 2025, driven by increased net revenue and net income, with significant contributions from Marina Bay Sands and Macao operations.
Key Takeaways
Las Vegas Sands delivered a robust performance in Q4 2025, with net revenue reaching $3.65 billion and net income at $448 million. Consolidated Adjusted Property EBITDA stood at $1.41 billion, reflecting strong operational profitability across its integrated resorts, particularly Marina Bay Sands and Macao operations. The company also repurchased $500 million of common stock, demonstrating its commitment to returning capital to shareholders.
Net revenue increased to $3.65 billion in Q4 2025, up from $2.90 billion in the prior year quarter.
Net income for the quarter was $448 million, compared to $392 million in Q4 2024.
Consolidated Adjusted Property EBITDA reached $1.41 billion, showing a significant improvement from $1.11 billion in the prior year quarter.
The company repurchased $500 million of common stock, with a remaining authorization of $1.56 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Las Vegas Sands remains optimistic about future growth, driven by ongoing capital investment programs in Singapore and Macao, and expects to continue returning excess capital to stockholders through its share repurchase program.
Positive Outlook
- Enthusiasm for growth opportunities in both Singapore and Macao.
- Anticipated benefits from market-leading capital investment programs.
- Strong financial position and industry-leading cash flow to support investments.
- Continued pursuit of growth opportunities in new markets.
- Commitment to returning excess capital to stockholders through share repurchases.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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