Las Vegas Sands Reports Strong Q4 and Annual Results Driven by Asia Operations
Solid Financial Performance in Q4 2025
Las Vegas Sands (LVS), the international leader in casino and hospitality, announced its financial outcomes for the fourth quarter of 2025, showcasing a robust increase in revenue. The company’s strong results were significantly supported by its exceptional operations in Asia, particularly in Singapore.
Key Metrics Highlight Growth and Profitability
During Q4, LVS recorded net revenues of $3.65 billion, up from $2.9 billion in the same quarter last year. Operating income rose to $707 million compared to $590 million previously, while net income improved to $448 million, an increase from $392 million in Q4 2024. Adjusted property EBITDA also grew significantly, reaching $1.41 billion versus $1.11 billion a year earlier.
Marina Bay Sands, one of LVS’s premier properties in Singapore, played a pivotal role by contributing $806 million to the total adjusted property EBITDA, boosted by favorable rolling play results. Meanwhile, operations in Macau generated $608 million in adjusted property EBITDA, a $26 million improvement from the prior year quarter, also due to strong rolling play outcomes.
Annual Performance Reflects Continued Expansion
For the full year 2025, LVS posted an operating income of $2.82 billion, up from $2.4 billion in 2024. Net income attributable to the company stood at $1.63 billion or $2.35 per diluted share, marking continuous year-over-year improvement.
Sands China Limited (SCL), the company’s Macau division, reported revenues of $2.05 billion for Q4, reflecting a 16.4% increase year-over-year. However, net income slightly declined to $213 million from $237 million during the same period last year. Annually, SCL’s total revenues reached $7.44 billion, up 5.1%, with net income totaling $901 million.
Impact of Tax Changes and Capital Investment
The company’s financial results also reflected the effect of an increased income tax rate in Singapore, rising from 15% in Q4 2024 to 18.7% in Q4 2025, partly due to recent tax reforms. LVS carried a debt load of $15.9 billion while capital expenditures for the quarter amounted to $274 million, primarily driven by ongoing construction and maintenance projects in both Macau and Singapore.
As of December 31, LVS held $3.84 billion in unrestricted cash reserves. The company repurchased $500 million worth of common stock during Q4, buying back 8 million shares at an average price of $61.39. The share buyback program still has capacity to repurchase up to $1.56 billion in shares. Additionally, 25 million shares of Sands China Limited common stock were acquired for $66 million.
LVS distributed a quarterly dividend of $0.25 per common share, with the next dividend of $0.30 per share scheduled for payment on February 18, 2026.
Executive Outlook on Future Growth
Robert G. Goldstein, LVS’s Chairman and CEO, expressed satisfaction with the company’s achievements and emphasized the team’s optimism for further expansion in the Asian markets. He credited the results to sustained investments in Singapore and Macau, driven by strong financial health and steady cash flow generation.
Goldstein highlighted the company’s commitment to supporting growth initiatives, pursuing new market opportunities, and returning capital to shareholders through ongoing programs.
He concluded by reaffirming the continuation of the share repurchase plan to enhance shareholder value.
