$LVS · LAS VEGAS SANDS CORP

Las Vegas Sands reported Q3 2026 results with net revenue of $3.22B (vs. $3.33B YoY), net income of $352M (vs. $491M), and diluted EPS of $0.48 (vs. $0.61). Consolidated Adjusted Property EBITDA fell to $1.12B from $1.34B, with margin compressing to 34.8% from 40.3%. Both Macao and Marina Bay Sands posted significant EBITDA declines. The company repurchased $950M in stock and announced a 20% dividend increase to $1.44/share annually for 2027.

Extended-hours trading shows LVS at $36.40, down 2.96% from the regular-session close of $37.51. The broad EBITDA margin compression across both Macao and Singapore properties is driving the negative reaction despite the $950M buyback and dividend raise.

The broad-based margin deterioration across both Macao and Singapore — LVS's two crown-jewel markets — raises questions about the pace and durability of the post-pandemic earnings recovery.

The Macao recovery narrative faces headwinds as LVS's property-level margins broadly deteriorated despite volume growth in gaming segments. Marina Bay Sands, typically the highest-margin asset, posted its weakest margin in recent quarters, which may signal competitive or operational pressure in the

Macao operations saw EBITDA margin decline across all major properties — Venetian Macao fell to 31.6% from 35.0%, Londoner Macao to 26.0% from 31.9%. Marina Bay Sands margin compressed 6.1 points to 45.6%. Effective tax rate jumped to 22.5% from 15.6% YoY, driven by Singapore's 17% statutory rate.