Analyst Consensus ?
ConsensusBuy49 ratings
Bullish2959.2%
Neutral2040.8%
Bearish00.0%
Las Vegas Sands Corp. · LVS · FY2026 Q2 · Calendar Q3 2026
LVS: Premium Macau demand holds up as low VIP hold weighs on results
The quarter supports a constructive but conditional view: premium demand, product investment and Southeast Asian tourism remain growth drivers, while VIP volatility, event-related disruption and execution risk temper confidence in sustained earnings growth.
Reported After market closeNYSEConsumer Cyclical
$26.08B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.59
Consensus $0.76
EPS surprise
-22.1%
Reported versus consensus
Reported revenue
$3.15B
Consensus $3.31B
Revenue surprise
-4.7%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+1.7%
Event window
SPY move
-1.2%
Same window
Abnormal move
+3.0%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
-0.1%
Up to 20 sessions
LVSSPY benchmark
Ask FN2 about LVS FY2026 Q2
Transcript, numbers and history already loaded
Why did LVS rise 1.7% after missing EPS estimates in FY2026 Q2?What changed in LVS's guidance and outlook in FY2026 Q2?Give me the bull and bear case for LVS after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current quarter added evidence that premium Macau demand remained strong despite World Cup-related visitation disruption and unusually low VIP hold. Management also reported $787 million of repurchases, continued its major renovation and expansion plans, and said operating-expense growth should moderate in the second half.
Guidance delta
Management maintained its $700 million quarterly Macau EBITDA target and expects operating-expense growth to moderate in the second half.
Key takeaways
- Management said EBITDA was dampened by a 1.35% VIP rolling hold and World Cup-related disruption to high-value patron visitation.
- Macau’s premium segment outperformed the market; VIP rolling share reached 26% and mass GGR grew 8% year over year.
- LVS repurchased $787 million of stock in the quarter and increased its buyback authorization to $6 billion.
Management priorities
- Invest in premium products, service and entertainment across Singapore and Macau.
- Progress the Venetian Macau renovation and the Marina Bay Sands arena expansion.
- Continue share repurchases while pursuing growth in premium tourism and gaming.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$40.26Current
$47Low
$62.24Average
$78High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 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 current price $40.26. 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 | +51.5% | Jul 27, 2026 |
| Mizuho Securities | Analyst unavailable | $61 | $45.71 | +51.5% | Jul 23, 2026 |
| CBRE | Analyst unavailable | $62 | $45.95 | +54.0% | Jul 23, 2026 |
| Stifel Nicolaus | Steven Wieczynski | $60 | $45.25 | +49.0% | Jul 23, 2026 |
| Goldman Sachs | Analyst unavailable | $55 | $45.25 | +36.6% | Jul 23, 2026 |
| Barclays | Brandt Montour | $59 | $45.25 | +46.5% | Jul 23, 2026 |
| Morgan Stanley | Analyst unavailable | $68 | $45.25 | +68.9% | Jul 22, 2026 |
| Goldman Sachs | Analyst unavailable | $63 | $44.4 | +56.5% | Jul 15, 2026 |
| Barclays | Brandt Montour | $63 | $45.83 | +56.5% | Jul 9, 2026 |
| UBS | Analyst unavailable | $52 | $46.99 | +29.2% | Jul 2, 2026 |
| UBS | Robin Farley | $62 | $51.03 | +54.0% | Jun 4, 2026 |
| Morgan Stanley | Analyst unavailable | $69 | $51.86 | +71.4% | Apr 23, 2026 |
| Stifel Nicolaus | Analyst unavailable | $74 | $52.5 | +83.8% | Apr 23, 2026 |
| Jefferies | Analyst unavailable | $63 | $56.85 | +56.5% | Apr 23, 2026 |
| Wells Fargo | Analyst unavailable | $65 | $56.26 | +61.5% | Apr 16, 2026 |
| Morgan Stanley | Analyst unavailable | $66 | $57.64 | +63.9% | Feb 11, 2026 |
| Deutsche Bank | Analyst unavailable | $77 | $52.94 | +91.3% | Jan 29, 2026 |
| Stifel Nicolaus | Analyst unavailable | $72 | $53.64 | +78.8% | Jan 29, 2026 |
| CBRE | John DeCree | $72 | $61.26 | +78.8% | Jan 29, 2026 |
| Mizuho Securities | Analyst unavailable | $65 | $61.26 | +61.5% | Jan 29, 2026 |
| Barclays | Analyst unavailable | $64 | $61.26 | +59.0% | Jan 29, 2026 |
| Morgan Stanley | Analyst unavailable | $67 | $60.61 | +66.4% | Jan 16, 2026 |
| Barclays | Brandt Montour | $65 | $60.61 | +61.5% | Jan 16, 2026 |
| Jefferies | David Katz | $78 | $66.51 | +93.7% | Dec 24, 2025 |
| Goldman Sachs | Analyst unavailable | $80 | $65.23 | +98.7% | Dec 15, 2025 |
| UBS | Analyst unavailable | $68 | $66.25 | +68.9% | Dec 8, 2025 |
| Morgan Stanley | Stephen Grambling | $63 | $58.86 | +56.5% | Oct 28, 2025 |
| Goldman Sachs | Analyst unavailable | $64 | $57.6 | +59.0% | Oct 24, 2025 |
| Stifel Nicolaus | Analyst unavailable | $68 | $50.62 | +68.9% | Oct 23, 2025 |
| Mizuho Securities | Analyst unavailable | $63 | $50.62 | +56.5% | Oct 23, 2025 |
| Barclays | Analyst unavailable | $62 | $56.39 | +54.0% | Oct 23, 2025 |
| Susquehanna | Analyst unavailable | $63 | $50.62 | +56.5% | Oct 22, 2025 |
| UBS | Robin Farley | $65 | $57.52 | +61.5% | Aug 28, 2025 |
| Mizuho Securities | Ben Chaiken | $47 | $35.43 | +16.7% | Apr 24, 2025 |
| Stifel Nicolaus | Steven Wieczynski | $57 | $35.42 | +41.6% | Apr 24, 2025 |
| CBRE | Analyst unavailable | $45 | $32.56 | +11.8% | Apr 21, 2025 |
| Morgan Stanley | Stephen Grambling | $55 | $52.62 | +36.6% | Oct 24, 2024 |
| Stifel Nicolaus | Steven Wieczynski | $64 | $51.04 | +59.0% | Oct 24, 2024 |
| Deutsche Bank | Carlo Santarelli | $60 | $51.04 | +49.0% | Oct 24, 2024 |
| Barclays | Brandt Montour | $58 | $51.68 | +44.1% | Oct 17, 2024 |
| UBS | Robin Farley | $49 | $41.07 | +21.7% | Aug 23, 2024 |
| Deutsche Bank | Carlo Santarelli | $55 | $39.92 | +36.6% | Jul 25, 2024 |
| Macquarie | Chad Beynon | $56 | $39.34 | +39.1% | Jul 25, 2024 |
| Stifel Nicolaus | Steven Wieczynski | $55 | $39.34 | +36.6% | Jul 25, 2024 |
| Wells Fargo | Daniel Politzer | $53 | $40.32 | +31.6% | Jul 25, 2024 |
| Jefferies | David Katz | $47 | $41.43 | +16.7% | Jul 11, 2024 |
| CFRA | Zachary Warring | $61 | $46.8 | +51.5% | Apr 18, 2024 |
| Stifel Nicolaus | Steven Wieczynski | $65 | $50.23 | +61.5% | Apr 18, 2024 |
| Wells Fargo | Daniel Politzer | $60 | $50.23 | +49.0% | Apr 18, 2024 |
| Deutsche Bank | Carlo Santarelli | $62 | $50.23 | +54.0% | Apr 18, 2024 |
| Seaport Global | Vitaly Umansky | $63 | $50.43 | +56.5% | Apr 15, 2024 |
| Morgan Stanley | Stephen Grambling | $62 | $52.22 | +54.0% | Apr 9, 2024 |
| Mizuho Securities | Ben Chaiken | $70 | $50.9 | +73.9% | Mar 26, 2024 |
| CFRA | Zachary Warring | $60 | $50.15 | +49.0% | Jan 25, 2024 |
| Morgan Stanley | Stephen Grambling | $71 | $62.14 | +76.4% | Apr 20, 2023 |
| Barclays | Brandt Montour | $57 | $48.75 | +41.6% | Dec 15, 2022 |
| Wells Fargo | Daniel Politzer | $33 | $38.64 | -18.0% | Nov 2, 2022 |
| Stifel Nicolaus | Steven Wieczynski | $50 | $38.96 | +24.2% | Aug 4, 2022 |
| Credit Suisse | Benjamin Chaiken | $59 | $39.4 | +46.5% | Jul 21, 2022 |
| Morgan Stanley | Analyst unavailable | $38 | $35.9 | -5.6% | May 2, 2022 |
| Morgan Stanley | Analyst unavailable | $39 | $35.62 | -3.1% | Apr 25, 2022 |
| UBS | Robin Farley | $53 | $43.75 | +31.6% | Jan 22, 2022 |
| Goldman Sachs | Stephen Grambling | $66 | $42.99 | +63.9% | Jan 17, 2022 |
| Credit Suisse | Benjamin Chaiken | $60 | $38.77 | +49.0% | 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
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% 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 · 2026-08-14T15:16:37.823147+00:00
- FN2 earnings calendar · 2026-08-27T01:23:13.912278+00:00
- Polygon adjusted daily market bars · 2026-09-22T02:40:52.296983+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T02:40:52.294022+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.