Analyst Consensus ?
ConsensusBuy49 ratings
Bullish3061.2%
Neutral1938.8%
Bearish00.0%
Las Vegas Sands Corp. · LVS · FY2026 Q1 · Calendar Q2 2026
LVS Q1 FY2026: Singapore and Macau EBITDA Surge, Shares Drop 8.6%
Las Vegas Sands posted a double beat in Q1 FY2026, with EPS of $0.91 versus $0.756 consensus (+20.4% surprise) and revenue of $3.585B versus $3.362B estimate (+6.6% surprise). Marina Bay Sands EBITDA climbed 30% year-over-year to $788M and Macau EBITDA rose 18% to $633M, with the latter improving sequentially from $608M in the prior quarter. The company returned $740M through share repurchases and paid a $0.30 dividend. Despite the beat, the stock fell 8.6% in the reaction window with a subsequent drift of -4.8%, suggesting investors focused on the absence of explicit guidance, elevated capex from the Venetian renovation and IR2 launch, and concerns about rolling hold sustainability. The bullish score of 82 and confident management tone contrast with the negative market reaction, indicating a disconnect between operational performance and near-term sentiment.
Reported After market closeNYSEConsumer Cyclical
$32.17B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.91
Consensus $1
EPS surprise
+20.4%
Reported versus consensus
Reported revenue
$3.58B
Consensus $3.36B
Revenue surprise
+6.6%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$48.55Previous close
$47Low
$62.24Average
$78High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 30, 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 |
|---|---|---|---|---|
| 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 |
| Argus Research | Buy | Buy | Maintain | Dec 1, 2025 |
| 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 $48.55. 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 | +25.6% | Jul 27, 2026 |
| Mizuho Securities | Analyst unavailable | $61 | $45.71 | +25.6% | Jul 23, 2026 |
| CBRE | Analyst unavailable | $62 | $45.95 | +27.7% | Jul 23, 2026 |
| Stifel Nicolaus | Steven Wieczynski | $60 | $45.25 | +23.6% | Jul 23, 2026 |
| Goldman Sachs | Analyst unavailable | $55 | $45.25 | +13.3% | Jul 23, 2026 |
| Barclays | Brandt Montour | $59 | $45.25 | +21.5% | Jul 23, 2026 |
| Morgan Stanley | Analyst unavailable | $68 | $45.25 | +40.1% | Jul 22, 2026 |
| Goldman Sachs | Analyst unavailable | $63 | $44.4 | +29.8% | Jul 15, 2026 |
| Barclays | Brandt Montour | $63 | $45.83 | +29.8% | Jul 9, 2026 |
| UBS | Analyst unavailable | $52 | $46.99 | +7.1% | Jul 2, 2026 |
| UBS | Robin Farley | $62 | $51.03 | +27.7% | Jun 4, 2026 |
| Morgan Stanley | Analyst unavailable | $69 | $51.86 | +42.1% | Apr 23, 2026 |
| Stifel Nicolaus | Analyst unavailable | $74 | $52.5 | +52.4% | Apr 23, 2026 |
| Jefferies | Analyst unavailable | $63 | $56.85 | +29.8% | Apr 23, 2026 |
| Wells Fargo | Analyst unavailable | $65 | $56.26 | +33.9% | Apr 16, 2026 |
| Morgan Stanley | Analyst unavailable | $66 | $57.64 | +35.9% | Feb 11, 2026 |
| Deutsche Bank | Analyst unavailable | $77 | $52.94 | +58.6% | Jan 29, 2026 |
| Stifel Nicolaus | Analyst unavailable | $72 | $53.64 | +48.3% | Jan 29, 2026 |
| CBRE | John DeCree | $72 | $61.26 | +48.3% | Jan 29, 2026 |
| Mizuho Securities | Analyst unavailable | $65 | $61.26 | +33.9% | Jan 29, 2026 |
| Barclays | Analyst unavailable | $64 | $61.26 | +31.8% | Jan 29, 2026 |
| Morgan Stanley | Analyst unavailable | $67 | $60.61 | +38.0% | Jan 16, 2026 |
| Barclays | Brandt Montour | $65 | $60.61 | +33.9% | Jan 16, 2026 |
| Jefferies | David Katz | $78 | $66.51 | +60.7% | Dec 24, 2025 |
| Goldman Sachs | Analyst unavailable | $80 | $65.23 | +64.8% | Dec 15, 2025 |
| UBS | Analyst unavailable | $68 | $66.25 | +40.1% | Dec 8, 2025 |
| Morgan Stanley | Stephen Grambling | $63 | $58.86 | +29.8% | Oct 28, 2025 |
| Goldman Sachs | Analyst unavailable | $64 | $57.6 | +31.8% | Oct 24, 2025 |
| Stifel Nicolaus | Analyst unavailable | $68 | $50.62 | +40.1% | Oct 23, 2025 |
| Mizuho Securities | Analyst unavailable | $63 | $50.62 | +29.8% | Oct 23, 2025 |
| Barclays | Analyst unavailable | $62 | $56.39 | +27.7% | Oct 23, 2025 |
| Susquehanna | Analyst unavailable | $63 | $50.62 | +29.8% | Oct 22, 2025 |
| UBS | Robin Farley | $65 | $57.52 | +33.9% | Aug 28, 2025 |
| Mizuho Securities | Ben Chaiken | $47 | $35.43 | -3.2% | Apr 24, 2025 |
| Stifel Nicolaus | Steven Wieczynski | $57 | $35.42 | +17.4% | Apr 24, 2025 |
| CBRE | Analyst unavailable | $45 | $32.56 | -7.3% | Apr 21, 2025 |
| Morgan Stanley | Stephen Grambling | $55 | $52.62 | +13.3% | Oct 24, 2024 |
| Stifel Nicolaus | Steven Wieczynski | $64 | $51.04 | +31.8% | Oct 24, 2024 |
| Deutsche Bank | Carlo Santarelli | $60 | $51.04 | +23.6% | Oct 24, 2024 |
| Barclays | Brandt Montour | $58 | $51.68 | +19.5% | Oct 17, 2024 |
| UBS | Robin Farley | $49 | $41.07 | +0.9% | Aug 23, 2024 |
| Deutsche Bank | Carlo Santarelli | $55 | $39.92 | +13.3% | Jul 25, 2024 |
| Macquarie | Chad Beynon | $56 | $39.34 | +15.3% | Jul 25, 2024 |
| Stifel Nicolaus | Steven Wieczynski | $55 | $39.34 | +13.3% | Jul 25, 2024 |
| Wells Fargo | Daniel Politzer | $53 | $40.32 | +9.2% | Jul 25, 2024 |
| Jefferies | David Katz | $47 | $41.43 | -3.2% | Jul 11, 2024 |
| CFRA | Zachary Warring | $61 | $46.8 | +25.6% | Apr 18, 2024 |
| Stifel Nicolaus | Steven Wieczynski | $65 | $50.23 | +33.9% | Apr 18, 2024 |
| Wells Fargo | Daniel Politzer | $60 | $50.23 | +23.6% | Apr 18, 2024 |
| Deutsche Bank | Carlo Santarelli | $62 | $50.23 | +27.7% | Apr 18, 2024 |
| Seaport Global | Vitaly Umansky | $63 | $50.43 | +29.8% | Apr 15, 2024 |
| Morgan Stanley | Stephen Grambling | $62 | $52.22 | +27.7% | Apr 9, 2024 |
| Mizuho Securities | Ben Chaiken | $70 | $50.9 | +44.2% | Mar 26, 2024 |
| CFRA | Zachary Warring | $60 | $50.15 | +23.6% | Jan 25, 2024 |
| Morgan Stanley | Stephen Grambling | $71 | $62.14 | +46.2% | Apr 20, 2023 |
| Barclays | Brandt Montour | $57 | $48.75 | +17.4% | Dec 15, 2022 |
| Wells Fargo | Daniel Politzer | $33 | $38.64 | -32.0% | Nov 2, 2022 |
| Stifel Nicolaus | Steven Wieczynski | $50 | $38.96 | +3.0% | Aug 4, 2022 |
| Credit Suisse | Benjamin Chaiken | $59 | $39.4 | +21.5% | Jul 21, 2022 |
| Morgan Stanley | Analyst unavailable | $38 | $35.9 | -21.7% | May 2, 2022 |
| Morgan Stanley | Analyst unavailable | $39 | $35.62 | -19.7% | Apr 25, 2022 |
| UBS | Robin Farley | $53 | $43.75 | +9.2% | Jan 22, 2022 |
| Goldman Sachs | Stephen Grambling | $66 | $42.99 | +35.9% | Jan 17, 2022 |
| Credit Suisse | Benjamin Chaiken | $60 | $38.77 | +23.6% | Oct 21, 2021 |
Track every rating change on LVS the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-8.6%
Event window
SPY move
-0.4%
Same window
Abnormal move
-8.2%
Stock minus SPY
Volume
3.1×
Versus trailing sessions
Subsequent drift
-4.8%
Up to 20 sessions
LVSSPY benchmark
Follow LVS with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
From Q4 FY2025 to Q1 FY2026: Macau EBITDA improved from $608M to $633M sequentially, while Marina Bay Sands EBITDA eased from a record $806M to $788M (still up 30% year-over-year). The prior quarter's Macau margin compression of 390 basis points and the $44M gaming tax headwind were not reiterated as concerns. Management's strategic focus shifted from side-wager rollout and SCL stake increases toward the IR2 luxury hotel launch and Venetian renovation. The NBA China Games Week partnership highlighted last quarter was not referenced. Slot and ETG segments grew 31% year-over-year, and retail tenant sales hit an all-time high, up 37%. Guidance sentiment moved from 'maintained' to 'not provided.'
Guidance delta
Prior quarter guidance was 'maintained,' with a $2.9B annual EBITDA target and a goal to improve Macau margins to the low-30% range. This quarter, guidance sentiment is 'not provided.' Management expressed confidence in reaching $700M quarterly Macau EBITDA but did not formally restate or update the annual EBITDA target or margin goal.
Key takeaways
- EBITDA grew strongly in both Singapore (+30% YoY to $788M) and Macau (+18% YoY to $633M).
- $740M of LVS stock was repurchased and a $0.30 per share dividend was paid.
- Strategic focus shifts to IR2 luxury hotel launch and Venetian refurbishment beginning Q3 2026.
- Premium segment and mass-market growth both contributed to Macau market-share gains.
- Rolling hold affected by a shift toward side-bet play alongside traditional VIP betting.
Management priorities
- Launch IR2, positioned as the world's most luxurious hotel, targeting over 20% ROI.
- Renovate the Venetian with phased rollout starting Q3 2026, completing by 2027/28.
- Portfolio-wide room and suite refreshes emphasizing luxury offerings.
- Continue share repurchase program and dividend policy.
- Expand entertainment programming and arena events to drive visitation.
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 · 2026-07-30T10:41:15.931255+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T10:41:15.928413+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 . For educational purposes only; not investment advice.