Las Vegas Sands has reported the financial results for the quarter ended March 31, 2026.
“We continued to execute our strategic objectives during the quarter as we delivered growth in both Singapore and Macao while continuing to increase the return of capital to shareholders,” said Patrick Dumont, chairman and chief executive officer.
“Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead.”
Net revenue was $3.59 billion, compared to $2.86 billion in the prior year quarter. Operating income was $904 million, compared to $609 million in the prior year quarter. Net income in the first quarter of 2026 was $641 million, compared to $408 million in the first quarter of 2025.
Consolidated adjusted property EBITDA was $1.42 billion, compared to $1.14 billion in the prior year quarter.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 23.6% to $2.10 billion, compared to the first quarter of 2025. Net income for SCL increased 45.5% to $294 million, compared to $202 million in the first quarter of 2025.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $188 million for the first quarter of 2026, compared to $174 million in the prior year quarter. The weighted average debt balance was $16.0 billion during the first quarter of 2026, compared to $13.86 billion during the first quarter of 2025. The weighted average borrowing cost was 4.6% during the first quarter of 2026, compared to 4.9% during the first quarter of 2025.
The effective income tax rate for the first quarter of 2026 was 14.3%, compared to 13.4% in the prior year quarter. The income tax rate for the first quarter of 2026 was primarily driven by a 17% statutory rate on the Singapore operations.
Stockholder Returns
“During the first quarter of 2026, we repurchased $740 million of our common stock (approximately 13 million shares at a weighted average price of $56.64). The remaining amount authorized under our share repurchase program was $817 million as of March 31, 2026. Since the resumption of our share repurchase program in the fourth quarter of 2023 through March 31, 2026, we have repurchased 14.3% of our outstanding shares, approximately 109 million shares of our common stock at an average price of $47.95, for a total investment of $5.24 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company’s financial position, earnings, legal requirements, other investment opportunities and market conditions,” the Company reported.
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