Las Vegas Sands Reports Fourth Quarter 2025 Results

"In Singapore, Marina Bay Sands once again delivered outstanding financial and operating performance.  Our elevated suite and service offerings position us for additional growth as travel and tourism spending in Asia continues to expand.

"In Macao, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us well for future growth.

"Our financial strength and industry-leading cash flow continue to support our investment programs in both Singapore and Macao, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.

"We repurchased $500 million of LVS shares under our share repurchase program during the quarter.  We look forward to utilizing our share repurchase program to continue to return excess capital to stockholders."

Net revenue was $3.65 billion, compared to $2.90 billion in the prior year quarter.  Operating income was $707 million, compared to $590 million in the prior year quarter.  Net income in the fourth quarter of 2025 was $448 million, compared to $392 million in the fourth quarter of 2024. 

Consolidated adjusted property EBITDA was $1.41 billion, compared to $1.11 billion in the prior year quarter.

Full year 2025 operating income was $2.82 billion, compared to $2.40 billion in 2024.  Net income attributable to Las Vegas Sands was $1.63 billion, or $2.35 per diluted share, in 2025.  This compared to $1.45 billion, or $1.96 per diluted share, in 2024.

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 16.4% to $2.05 billion, compared to the fourth quarter of 2024.  Net income for SCL was $213 million, compared to $237 million in the fourth quarter of 2024.

On a GAAP basis, 2025 total net revenues for SCL increased 5.1% to $7.44 billion, compared to 2024.  Net income for SCL was $901 million in 2025, compared to $1.05 billion in 2024.

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $191 million for the fourth quarter of 2025, compared to $180 million in the prior year quarter.  Our weighted average debt balance was $15.90 billion during the fourth quarter of 2025, compared to $14.0 billion during the fourth quarter of 2024.  Our weighted average borrowing cost was 4.6% during the fourth quarter of 2025, compared to 5.0% during the fourth quarter of 2024.

Our effective income tax rate for the fourth quarter of 2025 was 18.7%, compared to 15.0% in the prior year quarter.  The income tax rate for the fourth quarter of 2025 was primarily driven by a 17% statutory rate on our Singapore operations.

Stockholder Returns
During the fourth quarter of 2025, we repurchased $500 million of our common stock (approximately 8 million shares at a weighted average price of $61.39).  The remaining amount authorized under our share repurchase program was $1.56 billion as of December 31, 2025.  Since the resumption of our share repurchase program in the fourth quarter of 2023 through December 31, 2025, we have repurchased approximately 96 million shares of our common stock at an average price of $46.77, for a total investment of $4.50 billion.  The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.

During the fourth quarter of 2025, we purchased 25 million shares of SCL common stock for HKD 518 million (approximately $66 million at exchange rates in effect at the time of the transactions), increasing the company's ownership percentage of SCL to 74.80% as of December 31, 2025.

We paid a quarterly dividend of $0.25 per common share during the quarter.  Our next quarterly dividend of $0.30 per common share will be paid on February 18, 2026, to Las Vegas Sands stockholders of record on February 9, 2026.

Balance Sheet Items
Unrestricted cash balances as of December 31, 2025 were $3.84 billion.

As of December 31, 2025, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.63 billion.

In January 2026, the company drew down HKD 6.20 billion (approximately $797 million at exchange rates in effect at the time of the transaction) under the 2024 SCL Revolving Facility, in which the proceeds, coupled with cash on hand, were used to redeem in full the outstanding principal amount of the $800 million 3.800% SCL Senior Notes due January 8, 2026 and any accrued interest.

As of January 28, 2026, the company has access to $3.66 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.  In addition, we have $4.84 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project.

Capital Expenditures
Capital expenditures during the fourth quarter totaled $274 million, including construction, development and maintenance activities of $149 million at Marina Bay Sands and $121 million in Macao.

Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, January 28, 2026, at 1:30 p.m. Pacific Time.  Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.

About Sands (NYSE: LVS)
Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.  

Sands' portfolio of properties includes Marina Bay Sands^® in Singapore and The Venetian^® Macao, The Londoner Macao^®, The Parisian Macao^®, The Plaza^® Macao and Four Seasons^® Hotel Macao, and Sands^® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.  

Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com. 

Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources.  In addition, in certain portions included in this press release, the words "anticipates," "believes," "estimates," "expects," "intends," "looks forward to," "may," "plans," "positions," "remains," "seeks," "will" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements.  Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct.  These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements.  These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made.  Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.

Las Vegas Sands Corp.
Fourth Quarter 2025 Results
Non-GAAP Financial Measures

Within the company's fourth quarter 2025 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures.  The company believes these measures represent important internal measures of financial performance.  Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.  The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP.  The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.

The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance.  These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.

Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax.  Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results.  These measures also form the basis of certain internal management performance expectations.

Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes.  Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation.  Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures.  In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations.  Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP.  The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, which are not reflected in consolidated adjusted property EBITDA.  Not all companies calculate adjusted property EBITDA in the same manner.  As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.

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