Filing Flows › Las Vegas Sands (LVS) › Q2 2026 › vs Q1 2026
Las Vegas Sands (LVS) Q2 2026 vs Q1 2026 (quarter over quarter)
Las Vegas Sands's revenue fell $431M (-12%) from $3.6B in Q1 2026 to $3.2B in Q2 2026. The biggest changes: Casino −$398M (-15%); Rooms −$18.0M (-5%); Food and Beverage −$8.0M (-5%). Operating margin 19.6% against 25.2% (-5.6 pts).
Las Vegas Sands, Q2 2026: revenue $3.2B (-0.7% year over year), operating margin 19.6%, net earnings $346M, operating cash flow $682M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 19.6% | 25.2% | -5.6 pts |
| Net margin | 11.0% | 15.8% | -4.8 pts |
| Free cash flow margin | 11.1% | 15.0% | -3.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Casino | $2.3B | $2.7B | −$398M | -15% |
| Rooms | $359M | $377M | −$18.0M | -5% |
| Mall | $198M | $204M | −$6.0M | -3% |
| Food and Beverage | $168M | $176M | −$8.0M | -5% |
| Convention, Retail and Other | $88.0M | $89.0M | −$1.0M | -1% |
| Revenue | $3.2B | $3.6B | −$431M | -12% |
| Operating profit | $618M | $904M | −$286M | -32% |
| Costs & expenses | $2.5B | $2.7B | −$145M | -5% |
| Pre-tax earnings | $461M | $748M | −$287M | -38% |
| Other expense, net | $157M | $156M | $1.0M | +0.6% |
| Research & development | $43.0M | $41.0M | $2.0M | +5% |
| SG&A | $331M | $302M | $29.0M | +10% |
| Other operating costs | $2.2B | $2.3B | −$176M | -8% |
| Net earnings | $346M | $567M | −$221M | -39% |
| Minority interests | $27.0M | $74.0M | −$47.0M | -64% |
| Income tax | $88.0M | $107M | −$19.0M | -18% |
| Depreciation & amortization | $350M | $357M | −$7.0M | -2% |
| Share-based compensation | $13.0M | $24.0M | −$11.0M | -46% |
| Working capital & other | $27.0M | $217M | −$190M | -88% |
| Operating cash flow | $682M | $731M | −$49.0M | -7% |
| Free cash flow (OCF − capex) | $350M | $537M | −$187M | -35% |
| Capital expenditures | $332M | $194M | $138M | +71% |
Questions
How much did Las Vegas Sands's revenue grow quarter over quarter in Q2 2026?
Las Vegas Sands's revenue fell $431M (-12%) from $3.6B in Q1 2026 to $3.2B in Q2 2026.
What drove Las Vegas Sands's revenue change in Q2 2026?
Casino −$398M (-15%); Rooms −$18.0M (-5%); Food and Beverage −$8.0M (-5%).