Las Vegas Sands

Q2 FY2026 EarningsQ2 FY26 results missed consensus across all primary metrics: revenue of $3.15B vs. $3.31B expected, and Diluted EPS of $0.53 vs. $0.71 expected. The shortfall was primarily driven by unfavorable win percentages in Macao, specifically a 0.62% Rolling Chip win rate at The Venetian Macao compared to the 3.30% expected. Consolidated Adjusted Property EBITDA fell 16.1% YoY to $1.12B, pressured by competitive labor markets and renovation-related room inventory disruptions in Macao. While underlying volumes in Singapore remain robust, the 19.1% effective tax rate exceeded the 16.3% consensus, further weighing on the bottom line.