Filing Flows › Las Vegas Sands (LVS) › Q2 2026 › vs Q2 2025
Las Vegas Sands (LVS) Q2 2026 vs Q2 2025 (year over year)
Las Vegas Sands's revenue fell $21.0M (-0.7%) from $3.2B in Q2 2025 to $3.2B in Q2 2026. The biggest changes: Casino −$74.0M (-3%); Food and Beverage +$21.0M (+14%); Rooms +$14.0M (+4%). Operating margin 19.6% against 24.7% (-5.1 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 19.6% | 24.7% | -5.1 pts |
| Net margin | 11.0% | 14.5% | -3.5 pts |
| Free cash flow margin | 11.1% | -3.4% | +14.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Casino | $2.3B | $2.4B | −$74.0M | -3% |
| Rooms | $359M | $345M | $14.0M | +4% |
| Mall | $198M | $187M | $11.0M | +6% |
| Food and Beverage | $168M | $147M | $21.0M | +14% |
| Convention, Retail and Other | $88.0M | $81.0M | $7.0M | +9% |
| Revenue | $3.2B | $3.2B | −$21.0M | -0.7% |
| Operating profit | $618M | $783M | −$165M | -21% |
| Costs & expenses | $2.5B | $2.4B | $144M | +6% |
| Pre-tax earnings | $461M | $609M | −$148M | -24% |
| Other expense, net | $157M | $174M | −$17.0M | -10% |
| Research & development | $43.0M | $69.0M | −$26.0M | -38% |
| SG&A | $331M | $292M | $39.0M | +13% |
| Other operating costs | $2.2B | $2.0B | $131M | +6% |
| Net earnings | $346M | $461M | −$115M | -25% |
| Minority interests | $27.0M | $58.0M | −$31.0M | -53% |
| Income tax | $88.0M | $90.0M | −$2.0M | -2% |
| Depreciation & amortization | $350M | $371M | −$21.0M | -6% |
| Share-based compensation | $13.0M | $14.0M | −$1.0M | -7% |
| Working capital & other | $27.0M | $668M | −$641M | -96% |
| Operating cash flow | $682M | $178M | $504M | +283% |
| Free cash flow (OCF − capex) | $350M | −$108M | $458M | — |
| Capital expenditures | $332M | $286M | $46.0M | +16% |
Questions
How much did Las Vegas Sands's revenue grow year over year in Q2 2026?
Las Vegas Sands's revenue fell $21.0M (-0.7%) from $3.2B in Q2 2025 to $3.2B in Q2 2026.
What drove Las Vegas Sands's revenue change in Q2 2026?
Casino −$74.0M (-3%); Food and Beverage +$21.0M (+14%); Rooms +$14.0M (+4%).