Las Vegas Sands Net Income Climbs 61% to $567M in Q1 FY2026
The casino and resort operator reported net income of $567 million for the quarter ending March 31, 2026, up from $352 million in the prior-year period, as total revenue jumped 29% to $3.59 billion.
Las Vegas Sands Corp. (NYSE: LVS), a global developer and operator of integrated resorts, posted net income of $567 million for the three months ending March 31, 2026, a 61% increase from $352 million in the same quarter of 2025. Read more earnings reports.
Total revenue for Q1 FY2026 reached $3.59 billion, up 29% from $2.86 billion in the year-ago quarter. The company generated net revenue of $2.74 billion for the period, compared to $2.13 billion a year earlier.
Operating income rose to $904 million from $609 million in Q1 FY2025, an increase of 48%. Cost of revenue climbed to $1.51 billion from $1.16 billion as the company scaled operations alongside revenue growth.
Cash from operations totaled $731 million for the quarter, up from $526 million in the prior-year period. Cash from investing activities was negative $186 million, an improvement from negative $454 million a year earlier. Cash from financing activities showed an outflow of $1.04 billion, compared to $692 million in Q1 FY2025.
The company reported diluted earnings per share of $0.85, up from $0.49 in the same quarter of 2025. Weighted average diluted shares outstanding declined to 671 million from 713 million, reflecting share buyback activity.
Labor and related expenses for the quarter totaled $559 million, up from $486 million in Q1 FY2025. Selling, general and administrative expenses rose to $302 million from $273 million. Research and development expenses fell to $41 million from $69 million in the prior-year period.
Interest expense increased to $188 million from $174 million. Income tax expense climbed to $107 million from $63 million as pretax income rose.
Total assets stood at $21.18 billion as of March 31, 2026, down from $21.92 billion at the end of 2025. Cash and cash equivalents declined to $3.33 billion from $3.84 billion. Property, plant and equipment totaled $11.44 billion, compared to $11.67 billion at year-end 2025.
Total liabilities decreased to $19.57 billion from $19.99 billion at the end of December 2025. Current liabilities rose to $4.63 billion from $4.22 billion. Total stockholders' equity declined to $1.20 billion from $1.59 billion, reflecting share repurchase activity that increased treasury stock to $9.77 billion from $9.03 billion.
Retained earnings rose to $4.75 billion from $4.39 billion at the end of 2025. Common shares outstanding decreased to 663 million from 675 million over the same period.
Financial Summary
| Metric | Q1 FY2026 | Q1 FY2025 | Change |
|---|---|---|---|
| Total Revenue | $3.59 billion | $2.86 billion | +29% |
| Net Revenue | $2.74 billion | $2.13 billion | +29% |
| Operating Income | $904 million | $609 million | +48% |
| Net Income | $567 million | $352 million | +61% |
| Diluted EPS | $0.85 | $0.49 | +73% |
| Cash from Operations | $731 million | $526 million | +39% |
Balance Sheet Highlights
| Item | March 31, 2026 | December 31, 2025 |
|---|---|---|
| Total Assets | $21.18 billion | $21.92 billion |
| Cash & Equivalents | $3.33 billion | $3.84 billion |
| Total Liabilities | $19.57 billion | $19.99 billion |
| Stockholders' Equity | $1.20 billion | $1.59 billion |
| Shares Outstanding | 663 million | 675 million |