Las Vegas Sands released its fourth-quarter earnings report Wednesday that showed gains across the board.
Net revenue was $3.65 billion compared to $2.9 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.
“We remain enthusiastic about our opportunities to deliver growth in both Singapore and Macau, as we realize the benefits of our market-leading capital investment programs,” said Robert Goldstein, chairman and chief executive officer. “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 Macau, Goldstein said their decades-long commitment to making investments that enhance the business and tourism appeal of Macau and support its development positions the operator well for future growth.
“Our financial strength and industry-leading cash flow continue to support our investment programs in both Singapore and Macau, our pursuit of growth opportunities in new markets, and our program to return excess capital to stockholders,” Goldstein said.
Marina Bay Sands’s adjusted property EBITDA was $806 million, with high hold on rolling play impacting it by $45 million.
Macau’s adjusted property EBITDA of $608 million had high hold on rolling play that impacted it by $26 million.
On a GAAP basis, total net revenue for Sands China 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 revenue 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.
Interest expense, net of amounts capitalized, was $191 million for the fourth quarter of 2025 compared to $180 million in the prior-year quarter. The weighted average debt balance was $15.9 billion during the fourth quarter of 2025, compared to $14 billion during the fourth quarter of 2024. The weighted average borrowing cost was 4.6% during the fourth quarter of 2025 compared to 5.0% during the fourth quarter of 2024.
The 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 the Singapore operations.
During the fourth quarter of 2025, Sands repurchased $500 million of its common stock (approximately 8 million shares at a weighted average price of $61.39). The remaining amount authorized under the share repurchase program was $1.56 billion as of December 31. Since the resumption of the share-repurchase program in the fourth quarter of 2023 through December 31, 2025, Sands repurchased approximately 96 million shares of common stock at an average price of $46.77 for a total investment of $4.5 billion.
During the fourth quarter of 2025, Sands purchased 25 million shares of SCL common stock for HKD518 million (approximately $66 million at exchange rates in effect at the time of the transactions), increasing the company’s ownership percentage of SCL to 74.8% as of December 31.
Sands paid a quarterly dividend of $0.25 per common share during the quarter. The next quarterly dividend of $0.30 per common share will be paid on February 18 to Las Vegas Sands stockholders of record on February 9.
Unrestricted cash balances as of December 31 were $3.84 billion. Total debt outstanding, net of deferred offering costs and original issue discounts excluding finance leases, was $15.63 billion.
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 Macau.
