Filing Flows › Las Vegas Sands (LVS) › Q3 2026 › vs Q3 2025
Las Vegas Sands (LVS) Q3 2026 vs Q3 2025 (year over year)
Las Vegas Sands's revenue fell $115M (-3%) from $3.3B in Q3 2025 to $3.2B in Q3 2026. The biggest changes: Casino −$136M (-5%); Food and Beverage +$11.0M (+7%); Convention, Retail and Other +$5.0M (+6%). Operating margin 19.2% against 21.6% (-2.4 pts).
Las Vegas Sands, Q3 2026: revenue $3.2B (-4% year over year), operating margin 19.2%, net earnings $304M, operating cash flow $870M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 19.2% | 21.6% | -2.4 pts |
| Net margin | 9.5% | 12.6% | -3.1 pts |
| Free cash flow margin | 18.3% | 26.6% | -8.3 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Casino | $2.4B | $2.5B | −$136M | -5% |
| Rooms | $376M | $374M | $2.0M | +0.5% |
| Mall | $202M | $199M | $3.0M | +2% |
| Food and Beverage | $176M | $165M | $11.0M | +7% |
| Convention, Retail and Other | $92.0M | $87.0M | $5.0M | +6% |
| Revenue | $3.2B | $3.3B | −$115M | -3% |
| Operating profit | $618M | $719M | −$101M | -14% |
| Costs & expenses | $2.6B | $2.6B | −$14.0M | -0.5% |
| Pre-tax earnings | $454M | $582M | −$128M | -22% |
| Other expense, net | $164M | $137M | $27.0M | +20% |
| Research & development | $37.0M | $72.0M | −$35.0M | -49% |
| SG&A | $333M | $308M | $25.0M | +8% |
| Other operating costs | $2.2B | $2.2B | −$4.0M | -0.2% |
| Net earnings | $304M | $419M | −$115M | -27% |
| Minority interests | $48.0M | $72.0M | −$24.0M | -33% |
| Income tax | $102M | $91.0M | $11.0M | +12% |
| Depreciation & amortization | $340M | $368M | −$28.0M | -8% |
| Share-based compensation | $14.0M | $14.0M | $0 | 0% |
| Working capital & other | $212M | $314M | −$102M | -32% |
| Operating cash flow | $870M | $1.1B | −$245M | -22% |
| Free cash flow (OCF − capex) | $589M | $886M | −$297M | -34% |
| Capital expenditures | $281M | $229M | $52.0M | +23% |
Questions
How much did Las Vegas Sands's revenue grow year over year in Q3 2026?
Las Vegas Sands's revenue fell $115M (-3%) from $3.3B in Q3 2025 to $3.2B in Q3 2026.
What drove Las Vegas Sands's revenue change in Q3 2026?
Casino −$136M (-5%); Food and Beverage +$11.0M (+7%); Convention, Retail and Other +$5.0M (+6%).