Filing Flows › Las Vegas Sands (LVS) › Q1 2026
Las Vegas Sands (LVS) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 24, 2026
Las Vegas Sands (LVS) reported revenue of $3.6B for the first quarter 2026 (Q1 2026), +25% from a year earlier and -2% from the quarter before. Operating margin was 25.2%, net earnings $567M (15.8% of revenue).
Las Vegas Sands, Q1 2026: revenue $3.6B (+25% year over year), operating margin 25.2%, net earnings $567M, operating cash flow $731M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6B | -2% | +25% |
| Operating profit | $904M | +28% | +48% |
| Net earnings | $567M | +44% | +61% |
| Operating cash flow | $731M | -39% | +39% |
| Free cash flow | $537M | -42% | +265% |
What changed
Revenue was $3.6B in Q1 2026, up 25% year over year and down 2% from the previous quarter. Casino was the largest line at 76% of revenue. Casino added $0.61B year over year (up 29%), 85% of the total change.
Operating profit was $0.90B, a 25.2% margin (up 3.9 points year over year). Of the extra revenue versus Q1 2025, 41% reached operating profit, above the 21% margin then. Total costs grew 19% against revenue growth of 25%. The fastest-growing cost line was Other operating costs (+22%). Net earnings were $0.57B, up 61% year over year. The effective tax rate was 14.3%.
Operating cash flow was $0.73B (up 39% year over year), 114% of net income including minority interests. Non-cash charges added back $0.36B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.29B. Capital expenditures of $0.19B left free cash flow of $0.54B.
Questions
What was Las Vegas Sands' revenue in the first quarter 2026?
Las Vegas Sands (LVS) reported revenue of $3.6B for the first quarter 2026 (Q1 2026), +25% from a year earlier and -2% from the quarter before.
Was Las Vegas Sands profitable in the first quarter 2026?
Operating profit was $904M (25.2% of revenue) and net earnings $567M.
Source: Las Vegas Sands 10-Q on SEC EDGAR.