Analyst Consensus ?
ConsensusBuy49 ratings
Bullish2959.2%
Neutral2040.8%
Bearish00.0%
Las Vegas Sands Corp. · LVS · FY2025 Q4 · Calendar Q1 2026
LVS: Strong Singapore, but Macau margins remain the key test
The call supports a constructive demand and earnings-growth case through premium tourism, VIP activity and product innovation, but the evidence is mixed: Macau margin compression, higher costs and taxes make durable earnings growth less certain.
Reported After market closeNYSEConsumer Cyclical
$25.12B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.85
Consensus $0.77
EPS surprise
+11.1%
Reported versus consensus
Reported revenue
$3.65B
Consensus $3.34B
Revenue surprise
+9.1%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-14.0%
Event window
SPY move
-0.2%
Same window
Abnormal move
-13.8%
Stock minus SPY
Volume
2.9×
Versus trailing sessions
Subsequent drift
+7.6%
Up to 20 sessions
LVSSPY benchmark
Ask FN2 about LVS FY2025 Q4
Transcript, numbers and history already loaded
Why did LVS fall 14.0% after beating EPS estimates in FY2025 Q4?What changed in LVS's guidance and outlook in FY2025 Q4?Give me the bull and bear case for LVS after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current call showed record Marina Bay Sands EBITDA and continued strong VIP activity, while Macau performance remained sizable but faced sharper margin pressure. Management maintained its outlook, continued capital returns and increased emphasis on side-wager expansion and remaining property investments.
Guidance delta
Maintained; management continues to target $2.9B of annual EBITDA.
Key takeaways
- Marina Bay Sands delivered record EBITDA, supported by premium demand and high-value tourism.
- Macau EBITDA remained substantial, but mix shift and higher operating expenses compressed margins.
- VIP rolling-chip volume and side-wager products are growth initiatives, while taxes and promotional costs are important offsets.
Management priorities
- Complete remaining Marina Bay Sands capital projects and continue property upgrades.
- Expand side-wager options in Macau and pursue targeted incentives and service improvements.
- Balance share repurchases and dividends while evaluating potential development opportunities in Japan.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$38.78Previous close
$47Low
$62.24Average
$78High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Argus Research | Hold | Buy | Downgrade | Jul 30, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 27, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 23, 2026 |
| Stifel | Buy | Buy | Maintain | Jul 23, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jul 23, 2026 |
| Macquarie | Outperform | Outperform | Maintain | Jul 23, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 23, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jul 23, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 23, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Jul 20, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 14, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 10, 2026 |
| UBS | Neutral | Neutral | Maintain | Jun 4, 2026 |
| Jefferies | Hold | Hold | Maintain | Apr 23, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Jan 29, 2026 |
| Roth MKM | Buy | Buy | Maintain | Apr 20, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jan 26, 2023 |
| CBRE | Buy | Hold | Upgrade | Jan 26, 2023 |
| Union Gaming | Hold | Buy | Downgrade | Oct 19, 2020 |
| Roth Capital | Neutral | Buy | Downgrade | Sep 16, 2020 |
| CFRA | Hold | Sell | Upgrade | Apr 24, 2020 |
| Nomura | Buy | Buy | Maintain | Apr 23, 2020 |
| Standpoint Research | Hold | Buy | Downgrade | Jan 16, 2020 |
| HSBC | Hold | Buy | Downgrade | Apr 17, 2019 |
| Argus | Buy | Buy | Maintain | Oct 26, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jul 26, 2018 |
| Bank of America | Neutral | Buy | Downgrade | Jul 2, 2018 |
| Telsey Advisory Group | Perform | Market Perform | Maintain | Mar 14, 2018 |
| Aegis Capital | Buy | Buy | Maintain | Dec 22, 2016 |
| CLSA | Perform | Perform | Maintain | Sep 20, 2016 |
| Buckingham Research | Neutral | Neutral | Maintain | Aug 11, 2016 |
| Gabelli & Co. | Buy | Buy | Maintain | Oct 27, 2015 |
| Brean Capital | Buy | Buy | Maintain | Mar 18, 2015 |
| Union Gaming Research | Buy | Buy | Maintain | Jan 22, 2015 |
| Craig-Hallum | Buy | Hold | Upgrade | Aug 7, 2014 |
| FBR Capital | Market Perform | Market Perform | Maintain | Jun 25, 2014 |
| ISI Group | Neutral | Buy | Downgrade | Sep 16, 2013 |
| Lazard | Buy | Buy | Maintain | Jun 20, 2013 |
| Credit Agricole | Buy | Buy | Maintain | May 2, 2013 |
| Argus Capital | Buy | Hold | Upgrade | Feb 12, 2013 |
| Compass Point | Neutral | Sell | Upgrade | Jan 23, 2013 |
| Cantor Fitzgerald | Hold | Buy | Downgrade | Nov 2, 2012 |
| Imperial Capital | Outperform | In Line | Upgrade | Aug 22, 2012 |
| Topeka Capital | Buy | Buy | Maintain | Jul 30, 2012 |
| Topeka | Buy | Buy | Maintain | Jul 30, 2012 |
| Phillip Securities | Neutral | Accumulate | Downgrade | Jul 26, 2012 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 17, 2012 |
| Sterne Agee | Buy | Buy | Maintain | Apr 23, 2012 |
| Bank oferica | Buy | Buy | Maintain | Mar 29, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $38.78. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $61 | $47.3 | +57.3% | Jul 27, 2026 |
| Mizuho Securities | Analyst unavailable | $61 | $45.71 | +57.3% | Jul 23, 2026 |
| CBRE | Analyst unavailable | $62 | $45.95 | +59.9% | Jul 23, 2026 |
| Stifel Nicolaus | Steven Wieczynski | $60 | $45.25 | +54.7% | Jul 23, 2026 |
| Goldman Sachs | Analyst unavailable | $55 | $45.25 | +41.8% | Jul 23, 2026 |
| Barclays | Brandt Montour | $59 | $45.25 | +52.1% | Jul 23, 2026 |
| Morgan Stanley | Analyst unavailable | $68 | $45.25 | +75.3% | Jul 22, 2026 |
| Goldman Sachs | Analyst unavailable | $63 | $44.4 | +62.5% | Jul 15, 2026 |
| Barclays | Brandt Montour | $63 | $45.83 | +62.5% | Jul 9, 2026 |
| UBS | Analyst unavailable | $52 | $46.99 | +34.1% | Jul 2, 2026 |
| UBS | Robin Farley | $62 | $51.03 | +59.9% | Jun 4, 2026 |
| Morgan Stanley | Analyst unavailable | $69 | $51.86 | +77.9% | Apr 23, 2026 |
| Stifel Nicolaus | Analyst unavailable | $74 | $52.5 | +90.8% | Apr 23, 2026 |
| Jefferies | Analyst unavailable | $63 | $56.85 | +62.5% | Apr 23, 2026 |
| Wells Fargo | Analyst unavailable | $65 | $56.26 | +67.6% | Apr 16, 2026 |
| Morgan Stanley | Analyst unavailable | $66 | $57.64 | +70.2% | Feb 11, 2026 |
| Deutsche Bank | Analyst unavailable | $77 | $52.94 | +98.6% | Jan 29, 2026 |
| Stifel Nicolaus | Analyst unavailable | $72 | $53.64 | +85.7% | Jan 29, 2026 |
| CBRE | John DeCree | $72 | $61.26 | +85.7% | Jan 29, 2026 |
| Mizuho Securities | Analyst unavailable | $65 | $61.26 | +67.6% | Jan 29, 2026 |
| Barclays | Analyst unavailable | $64 | $61.26 | +65.0% | Jan 29, 2026 |
| Morgan Stanley | Analyst unavailable | $67 | $60.61 | +72.8% | Jan 16, 2026 |
| Barclays | Brandt Montour | $65 | $60.61 | +67.6% | Jan 16, 2026 |
| Jefferies | David Katz | $78 | $66.51 | +101.1% | Dec 24, 2025 |
| Goldman Sachs | Analyst unavailable | $80 | $65.23 | +106.3% | Dec 15, 2025 |
| UBS | Analyst unavailable | $68 | $66.25 | +75.3% | Dec 8, 2025 |
| Morgan Stanley | Stephen Grambling | $63 | $58.86 | +62.5% | Oct 28, 2025 |
| Goldman Sachs | Analyst unavailable | $64 | $57.6 | +65.0% | Oct 24, 2025 |
| Stifel Nicolaus | Analyst unavailable | $68 | $50.62 | +75.3% | Oct 23, 2025 |
| Mizuho Securities | Analyst unavailable | $63 | $50.62 | +62.5% | Oct 23, 2025 |
| Barclays | Analyst unavailable | $62 | $56.39 | +59.9% | Oct 23, 2025 |
| Susquehanna | Analyst unavailable | $63 | $50.62 | +62.5% | Oct 22, 2025 |
| UBS | Robin Farley | $65 | $57.52 | +67.6% | Aug 28, 2025 |
| Mizuho Securities | Ben Chaiken | $47 | $35.43 | +21.2% | Apr 24, 2025 |
| Stifel Nicolaus | Steven Wieczynski | $57 | $35.42 | +47.0% | Apr 24, 2025 |
| CBRE | Analyst unavailable | $45 | $32.56 | +16.0% | Apr 21, 2025 |
| Morgan Stanley | Stephen Grambling | $55 | $52.62 | +41.8% | Oct 24, 2024 |
| Stifel Nicolaus | Steven Wieczynski | $64 | $51.04 | +65.0% | Oct 24, 2024 |
| Deutsche Bank | Carlo Santarelli | $60 | $51.04 | +54.7% | Oct 24, 2024 |
| Barclays | Brandt Montour | $58 | $51.68 | +49.6% | Oct 17, 2024 |
| UBS | Robin Farley | $49 | $41.07 | +26.4% | Aug 23, 2024 |
| Deutsche Bank | Carlo Santarelli | $55 | $39.92 | +41.8% | Jul 25, 2024 |
| Macquarie | Chad Beynon | $56 | $39.34 | +44.4% | Jul 25, 2024 |
| Stifel Nicolaus | Steven Wieczynski | $55 | $39.34 | +41.8% | Jul 25, 2024 |
| Wells Fargo | Daniel Politzer | $53 | $40.32 | +36.7% | Jul 25, 2024 |
| Jefferies | David Katz | $47 | $41.43 | +21.2% | Jul 11, 2024 |
| CFRA | Zachary Warring | $61 | $46.8 | +57.3% | Apr 18, 2024 |
| Stifel Nicolaus | Steven Wieczynski | $65 | $50.23 | +67.6% | Apr 18, 2024 |
| Wells Fargo | Daniel Politzer | $60 | $50.23 | +54.7% | Apr 18, 2024 |
| Deutsche Bank | Carlo Santarelli | $62 | $50.23 | +59.9% | Apr 18, 2024 |
| Seaport Global | Vitaly Umansky | $63 | $50.43 | +62.5% | Apr 15, 2024 |
| Morgan Stanley | Stephen Grambling | $62 | $52.22 | +59.9% | Apr 9, 2024 |
| Mizuho Securities | Ben Chaiken | $70 | $50.9 | +80.5% | Mar 26, 2024 |
| CFRA | Zachary Warring | $60 | $50.15 | +54.7% | Jan 25, 2024 |
| Morgan Stanley | Stephen Grambling | $71 | $62.14 | +83.1% | Apr 20, 2023 |
| Barclays | Brandt Montour | $57 | $48.75 | +47.0% | Dec 15, 2022 |
| Wells Fargo | Daniel Politzer | $33 | $38.64 | -14.9% | Nov 2, 2022 |
| Stifel Nicolaus | Steven Wieczynski | $50 | $38.96 | +28.9% | Aug 4, 2022 |
| Credit Suisse | Benjamin Chaiken | $59 | $39.4 | +52.1% | Jul 21, 2022 |
| Morgan Stanley | Analyst unavailable | $38 | $35.9 | -2.0% | May 2, 2022 |
| Morgan Stanley | Analyst unavailable | $39 | $35.62 | +0.6% | Apr 25, 2022 |
| UBS | Robin Farley | $53 | $43.75 | +36.7% | Jan 22, 2022 |
| Goldman Sachs | Stephen Grambling | $66 | $42.99 | +70.2% | Jan 17, 2022 |
| Credit Suisse | Benjamin Chaiken | $60 | $38.77 | +54.7% | Oct 21, 2021 |
Track every rating change on LVS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationLas Vegas Sands Corporation, in conjunction with its various subsidiaries, specializes in the development, ownership, and ongoing management of comprehensive integrated resort properties across both Asian and United States markets. The company maintains a significant portfolio of establishments in Macao, People's Republic of China, including The Venetian Macao Resort Hotel, the Londoner Macao, The Parisian Macao, The Plaza Macao (which encompasses the Four Seasons Hotel Macao, Cotai Strip), and the Sands Macao. Furthermore, its Asian operations extend to Singapore, where it presides over the iconic Marina Bay Sands.…
Historical context
All LVS earningsConsumer Cyclical peers this season
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Latest beats and misses
Who reports nextBeat on EPS
- COSTFY2026 Q4 · September 24, 2026+3.2% EPS+2.9% move
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- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
Get the LVS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-29T06:20:58.731463+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T06:20:58.728631+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-29. For educational purposes only; not investment advice.