What changed in this filing

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Item 1. Financial Statements

2026-07-24 compared with 2026-04-24 · 244 added, 90 removed, 545 unchanged (38% of the section changed)

49 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

(In millions, except per share data)

2 unchanged sentences

Food and beverage 168 147 344 288

Mall 198 187 402 373

Convention, retail and other 88 81 177 165

2 unchanged sentences

Casino 1,349 1,242 2,854 2,399

Rooms 94 87 186 168

Food and beverage 145 130 294 256

Mall 22 22 47 44

Convention, retail and other 64 57 129 116

7 unchanged sentences

Loss on disposal or impairment of assets 2 8 10 15

2,536 2,392 5,217 4,645

Operating income 618 783 1,522 1,392

2 unchanged sentences

Interest expense, net of amounts capitalized ( 189 ) ( 194 ) ( 377 ) ( 368 )

Other expense ( 3 ) ( 1 )

Other income (expense) 1 ( 22 ) ( 2 ) ( 23 )

Loss on modification or early retirement of debt — — — ( 5 )

4 unchanged sentences

Net income attributable to Las Vegas Sands Corp.

$ 346 $ 461 $ 913 $ 813

Earnings per share:

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

(In millions)

5 unchanged sentences

Comprehensive income attributable to Las Vegas Sands Corp.

$ 365 $ 489 $ 899 $ 875

The accompanying notes are an integral part of these condensed consolidated financial statements.

9 unchanged sentences

Income (Loss) Retained

Noncontrolling

Earnings Noncontrolling

Interests Total

(In millions)

Balance at March 31, 2026 $ 1 $ ( 9,774 ) $ 6,180 $ 38 $ 4,753 $ 410 $ 1,608

Net income — — — — 346 27 373

Currency translation adjustment — — — ( 2 ) — — ( 2 )

Foreign currency hedge adjustments — — — 21 — 9 30

Stock-based compensation — — 13 — — — 13

Repurchase of common stock — ( 796 ) — — — — ( 796 )

Dividends declared ($ 0.30 per share) and noncontrolling interest payments

— — — — ( 199 ) ( 130 ) ( 329 )

Balance at June 30, 2026 $ 1 $ ( 10,570 ) $ 6,193 $ 57 $ 4,900 $ 316 $ 897

Balance at January 1, 2026 $ 1 $ ( 9,028 ) $ 6,159 $ 71 $ 4,387 $ 344 $ 1,934

2 unchanged sentences

Foreign currency hedge adjustments — — — 10 — 4 14

Exercise of stock options — — 4 — — — 4

Stock-based compensation — — 36 — — 1 37

1 unchanged sentence

Repurchase of common stock — ( 1,542 ) — — — — ( 1,542 )

Settlement of contracts for purchase of noncontrolling interest — — 2 — — ( 2 ) —

Capped call option contract

— — 52 — — — 52

Dividends declared ($ 0.25 per share)

Dividends declared ($ 0.60 per share) and noncontrolling interest payments

— — — — ( 400 ) ( 130 ) ( 530 )

Balance at June 30, 2026 $ 1 $ ( 10,570 ) $ 6,193 $ 57 $ 4,900 $ 316 $ 897

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (CONTINUED)

Las Vegas Sands Corp.

Stockholders’ Equity

Stock Treasury

Stock Capital in

Par Value Accumulated

Comprehensive

Income (Loss) Retained

Earnings Noncontrolling

Interests Total

(In millions)

Balance at March 31, 2025 $ 1 $ ( 7,213 ) $ 6,307 $ ( 24 ) $ 3,628 $ 334 $ 3,033

Net income — — — — 461 58 519

Currency translation adjustment — — — 105 — ( 3 ) 102

Foreign currency hedge adjustments — — — ( 77 ) — ( 18 ) ( 95 )

Stock-based compensation — — 14 — — — 14

Repurchase of common stock — ( 808 ) — — — — ( 808 )

Settlement of contracts for purchase of noncontrolling interest — — ( 128 ) — — ( 9 ) ( 137 )

Unsettled contract for purchase of noncontrolling interest — — ( 100 ) — — — ( 100 )

Dividends declared ($ 0.25 per share) and noncontrolling interest payments

— — — — ( 175 ) ( 71 ) ( 246 )

Balance at June 30, 2025 $ 1 $ ( 8,021 ) $ 6,093 $ 4 $ 3,914 $ 291 $ 2,282

Balance at January 1, 2025 $ 1 $ ( 6,759 ) $ 6,245 $ ( 58 ) $ 3,455 $ 276 $ 3,160

2 unchanged sentences

Foreign currency hedge adjustments — — — ( 70 ) — ( 15 ) ( 85 )

Exercise of stock options — — 4 — — — 4

Stock-based compensation — — 24 — — 1 25

1 unchanged sentence

Repurchase of common stock — ( 1,262 ) — — — — ( 1,262 )

Dividends declared ($ 0.30 per share)

Settlement of contracts for purchase of noncontrolling interest — — ( 126 ) — — ( 11 ) ( 137 )

Unsettled contract for purchase of noncontrolling interest — — ( 100 ) — — — ( 100 )

Capped call option contract

— — 52 — — — 52

Balance at March 31, 2026 $ 1 $ ( 9,774 ) $ 6,180 $ 38 $ 4,753 $ 410 $ 1,608

Dividends declared ($ 0.50 per share) and noncontrolling interest payments

— — — — ( 354 ) ( 71 ) ( 425 )

Balance at June 30, 2025 $ 1 $ ( 8,021 ) $ 6,093 $ 4 $ 3,914 $ 291 $ 2,282

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

(In millions)

5 unchanged sentences

Amortization of deferred financing costs and original issue discount 31 28

Change in fair value of derivatives

Paid-in-kind interest income ( 1 ) ( 1 )

Loss on modification or early retirement of debt — 5

13 unchanged sentences

Capital expenditures ( 526 ) ( 665 )

Proceeds from disposal of property and equipment 6 —

Acquisition of intangible assets and other ( 3 ) ( 75 )

Net cash used in investing activities ( 186 ) ( 454 )

Proceeds from loan receivable 1,264 —

Net cash generated from (used in) investing activities 760 ( 740 )

Cash flows from financing activities:

2 unchanged sentences

Repurchase of common stock ( 1,541 ) ( 1,216 )

Dividends paid

( 202 ) ( 179 )

Dividends paid and noncontrolling interest payments ( 530 ) ( 425 )

Proceeds from debt

1 unchanged sentence

Payments of financing costs ( 9 ) ( 201 )

Settled contracts for purchase of noncontrolling interest

Unsettled contracts for purchase of noncontrolling interest

( 55 ) ( 24 )

23 unchanged sentences

As part of the Concession entered into by Venetian Macau Limited (“VML,” a subsidiary of Sands China Ltd.

(“SCL”), a majority-owned subsidiary of the Company) and the Macao government, VML has committed to invest, or cause to be invested, at least 35.84 billion patacas (approximately $ 4.44 billion at exchange rates in effect on March 31, 2026).

Of this total, 33.39 billion patacas (approximately $ 4.14 billion at exchange rates in effect on March 31, 2026) must be invested in non-gaming projects.

Of this total, 33.39 billion patacas (approximately $ 4.13 billion at exchange rates in effect on June 30, 2026) must be invested in non-gaming projects.

These investments must be accomplished by December 2032.

For the years ended December 31, 2024 and 2023, the Company spent a total of approximately 5.80 billion patacas (approximately $ 718 million at exchange rates in effect on March 31, 2026 ), on these projects.

The annual amounts were reviewed and confirmed as qualified spend under the Concession by the Macao government following audits conducted in May 2025 and July 2024, with results issued in November 2025 and 2024, respectively.

The Macao government conducts an annual audit to confirm qualified concession investments for the prior year.

For the year ended December 31, 2025, the Company spent approximately 2.52 billion patacas (approximately $ 313 million at exchange rates in effect on March 31, 2026);

The Macao government conducts annual audits to verify qualified concession investments for the prior year.

For the years ended December 31, 2024 and 2023, approximately 5.80 billion patacas (approximately $ 718 million at exchange rates in effect on June 30, 2026 ) was confirmed as qualified spend under the Concession.

For the year ended December 31, 2025, the Company spent approximately 2.52 billion patacas (approximately $ 312 million at exchange rates in effect on June 30, 2026);

however, as of the date of this filing, the audit process for the 2025 investments is in progress and the ultimate amount confirmed as qualified spend under the Concession may differ from the amount reported above based on the results of the audit.

3 unchanged sentences

In January 2025, MBS entered into a second supplemental agreement to the Second Development Agreement with the Singapore government (the “Second Supplemental Agreement”) whereby MBS committed to assume liability for the cost of the land premium associated with (i) the additional 2,000 square meters of gaming area and 10,000 square meters of ancillary area in support of the gaming area (collectively, the “Additional Gaming Area”) and (ii) other adjustments to the land premiums resulting from the consequential changes to the allocations of gross floor area for the MBS Expansion Project since the first payment made in 2019 (the “Additional Gross Floor Area,” and collectively with the Additional Gaming Area, the “Additional Land Premium”).

The dates by which MBS has agreed with the Singapore government to commence and complete construction of the MBS Expansion Project pursuant to the Second Supplemental Agreement are July 8, 2025 and July 8, 2029, respectively.

Construction works for the project commenced in May 2025.

Construction works for the MBS Expansion project commenced in May 2025 and, pursuant to the Second Supplemental Agreement, MBS has agreed with the Singapore government to complete construction by July 8, 2029.

While the Company’s current estimate is that construction will be complete by June 2030 with an anticipated opening date in January 2031, any extension of the completion date beyond the July 8, 2029 deadline is subject to the approval of the Singapore government.

The Company’s estimated total project cost is approximately $ 8.0 billion, inclusive of financing fees and interest, and land premiums.

The Company has incurred approximately $ 3.0 billion as of June 30, 2026, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS development project site and the payments of 1.13 billion Singapore dollars (“SGD”) (made in April 2025) and SGD 173 million (made in March 2026) (approximately $ 848 million and $ 137 million, respectively, at exchange rates in effect at the time of the payment) for the Additional Gaming Area and Additional Gross Floor Area, respectively.

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The Company’s estimated total project cost is approximately $ 8.0 billion, inclusive of financing fees and interest, and land premiums.

The Company has incurred approximately $ 2.8 billion as of March 31, 2026, inclusive of the payment made in 2019 for the lease of the parcels of land underlying the MBS development project site and the payments of 1.13 billion Singapore dollars (“SGD”) (made in April 2025) and SGD 173 million (made in March 2026) (approximately $ 848 million and $ 137 million, respectively, at exchange rates in effect at the time of the payment) for the Additional Gaming Area and Additional Gross Floor Area, respectively.

Loan Receivable

In May 2026, the Company received $ 1.26 billion of proceeds from the early repayment in full of the seller financing loan related to the sale of the Company’s Las Vegas real property and operations.

Interest income recognized on the loan was $ 6 million and $ 20 million for the three and six months ended June 30, 2026, respectively.

Note 2 — Accounts Receivable, Net and Customer Contract Related Liabilities

11 unchanged sentences

Exchange rate impact

Balance at March 31

Balance at June 30

Customer Contract Related Liabilities

8 unchanged sentences

Balance at January 1 $ 181 $ 112 $ 39 $ 38 $ 930 $ 763

Balance at March 31

Balance at June 30

100 95 39 38 920 787

1 unchanged sentence

____________________

(1) Of this amount, $ 173 million and $ 172 million as of March 31 and January 1, 2026, and $ 171 million and $ 175 million as of March 31 and January 1, 2025, respectively, related to mall deposits that are accounted for based on lease terms usually greater than one year.

(1) Of this amount, $ 172 million as of June 30 and January 1, 2026, and $ 175 million as of June 30 and January 1, 2025, related to mall deposits that are accounted for based on lease terms usually greater than one year.

LAS VEGAS SANDS CORP.

20 unchanged sentences

6.000 % 500 500

Notes due May 2031 5.300 % 500 —

Notes due May 2033 5.650 % 500 —

Notes due August 2034

35 unchanged sentences

(1) The stated interest rate represents the coupon rate for each of the senior notes.

For floating-rate debt, interest rates are the rates in effect as of March 31, 2026; these rates are not necessarily an indication of future interest rates.

For floating-rate debt, interest rates are the rates in effect as of June 30, 2026; these rates are not necessarily an indication of future interest rates.

The effective interest rate for each issuance of debt approximates the stated interest rate.

(2) Unamortized deferred financing costs of $ 138 million and $ 146 million as of March 31, 2026 and December 31, 2025, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the 2025 Singapore Delayed Draw Term Facility are included in “Other assets, net” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets.

(2) Unamortized deferred financing costs of $ 127 million and $ 146 million as of June 30, 2026 and December 31, 2025, respectively, related to the Company’s revolving credit facilities and the undrawn portion of the 2025 Singapore Delayed Draw Term Facility are included in “Other assets, net” and “Prepaid expenses and other” in the accompanying condensed consolidated balance sheets.

LAS VEGAS SANDS CORP.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

LVSC Senior Notes

In May 2026, in an underwritten public offering, LVSC issued two series of senior unsecured notes in an aggregate principal amount of $ 1.0 billion, consisting of $ 500 million of 5.300 % Senior Notes due May 15, 2031 and $ 500 million of 5.650 % Senior Notes due May 18, 2033.

Interest on the LVSC senior notes is payable semi-annually in arrears.

The net proceeds from the offering, together with cash on hand, were used in June 2026 to redeem in full the outstanding principal amount of the $ 1.0 billion 3.500 % LVSC Senior Notes due August 18, 2026 and any accrued interest, and to pay transaction-related fees and expenses.

2024 LVSC Revolving Facility

As of March 31, 2026, the Company had $ 1.50 billion of available borrowing capacity under the 2024 LVSC Revolving Facility, net of outstanding letters of credit.

As of June 30, 2026, the Company had $ 1.50 billion of available borrowing capacity under the 2024 LVSC Revolving Facility, net of outstanding letters of credit.

2024 SCL Credit Facility

During the three months ended March 31, 2026, the Company drew down 6.20 billion Hong Kong dollars (“HKD,” approximately $ 797 million at exchange rates in effect at the time of the transaction) under the 2024 SCL Revolving Facility, the proceeds from which together with cash on hand, were used to redeem the outstanding principal amount of the $ 800 million 3.800 % SCL Senior Notes due January 8, 2026 (the “2026 SCL Senior Notes”) and any accrued interest.

As of March 31, 2026, the Company had HKD 13.30 billion (approximately $ 1.70 billion at exchange rates in effect on March 31, 2026 ) of available borrowing capacity under the 2024 SCL Revolving Facility.

In April 2026, the Company paid HKD 2.40 billion (approximately $ 307 million at exchange rates in effect at the time of the payment) of the outstanding balance under the 2024 SCL Revolving Facility.

During the six months ended June 30, 2026, the Company drew down 6.20 billion Hong Kong dollars (“HKD,” approximately $ 797 million at exchange rates in effect at the time of the transaction) under the 2024 SCL Revolving Facility, the proceeds from which together with cash on hand, were used to redeem the outstanding principal amount of the $ 800 million 3.800 % SCL Senior Notes due January 8, 2026 and any accrued interest.

Additionally, during the six months ended June 30, 2026, the Company paid HKD 4.80 billion (approximately $ 613 million at exchange rates in effect at the time of the transaction) toward the outstanding balance under the 2024 SCL Revolving Facility.

As of June 30, 2026, the Company had HKD 18.10 billion (approximately $ 2.31 billion at exchange rates in effect on June 30, 2026 ) of available borrowing capacity under the 2024 SCL Revolving Facility.

2025 Singapore Credit Facility

As of March 31, 2026, MBS had SGD 588 million (approximately $ 456 million at exchange rates in effect on March 31, 2026) of available borrowing capacity under the 2025 Singapore Revolving Facility, net of outstanding letters of credit of SGD 162 million (approximately $ 125 million at exchange rates in effect on March 31, 2026).

As of March 31, 2026, SGD 6.30 billion (approximately $ 4.88 billion at exchange rates in effect on March 31, 2026) remains available to be drawn under the 2025 Singapore Delayed Draw Term Loan Facility.

As of June 30, 2026, MBS had SGD 589 million (approximately $ 455 million at exchange rates in effect on June 30, 2026) of available borrowing capacity under the 2025 Singapore Revolving Facility, net of outstanding letters of credit of SGD 161 million (approximately $ 125 million at exchange rates in effect on June 30, 2026).

In April 2026, MBS drew down SGD 250 million (approximately $ 196 million at exchange rates in effect at the time of the transaction) from the 2025 Singapore Delayed Draw Term Loan Facility.

As of June 30, 2026, SGD 6.05 billion (approximately $ 4.68 billion at exchange rates in effect on June 30, 2026) remains available to be drawn under the 2025 Singapore Delayed Draw Term Loan Facility.

Debt Covenant Compliance

As of March 31, 2026, management believes the Company was in compliance with all debt covenants.

The senior notes and LVSC, SCL and Singapore credit facilities generally contain various covenants, including covenants which pertain to leverage ratios and interest coverage ratios.

As of June 30, 2026, management believes the Company was in compliance with all debt covenants.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Cash Flows from Financing Activities

Cash flows from financing activities related to debt and finance lease obligations are as follows:

Three Months Ended

Six Months Ended

(In millions)

Proceeds from LVSC Senior Notes $ 998 $ 1,499

Proceeds from 2024 SCL Revolving Facility

Proceeds from 2025 Singapore Credit Facility

$ 797 $ 2,797

Repayment on SCL Senior Notes

Proceeds from 2024 SCL Term Loan Facility

$ 1,991 $ 6,781

Repayment on 2025 Singapore Credit Facility

Repayment on 2024 SCL Term Loan Facility

Repayment on 2012 Singapore Credit Facility

Repayments on LVSC Senior Notes $ ( 1,000 ) $ ( 500 )

Repayments on SCL Senior Notes ( 800 ) ( 1,625 )

Repayments on 2024 SCL Revolving Facility ( 613 ) —

Repayments on 2025 Singapore Credit Facility ( 29 ) ( 14 )

Repayments on 2024 SCL Term Loan Facility ( 25 ) —

Repayments on 2012 Singapore Credit Facility — ( 2,708 )

Repayments on finance leases

$ ( 2,477 ) $ ( 4,856 )

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 4 — Derivative Instruments

During the year ended December 31, 2024, the Company executed HKD/USD swaps, designated as hedges of portions of the cash flows related to the SCL senior notes due 2027 through 2031 (the “SCL Swaps”).

As of March 31, 2026, the SCL Swaps had a total notional value of $ 3.41 billion and expire in line with the maturity dates of the related hedged cash flows.

As of June 30, 2026, the SCL Swaps had a total notional value of $ 3.41 billion and expire in line with the maturity dates of the related hedged cash flows.

During the year ended December 31, 2025, the Company executed SGD/USD swaps, designated as hedges of the Company’s net investment in MBS (the “MBS Net Investment Hedges”), and HKD/USD forwards, designated as hedges of the Company’s net investment in SCL (the “SCL Net Investment Hedges,” and together with the MBS Net Investment Hedges, the “Net Investment Hedges”).

As of March 31, 2026, the MBS Net Investment Hedges had a total notional value of $ 1.80 billion and expire on various dates beginning March 2028 through December 2030, and the SCL Net Investment Hedges had a total notional value of $ 387 million and expire in June and September 2026.

During the three months ended March 31, 2026, the Company executed additional HKD/USD Forwards, designated as hedges of portions of the cash flows related to the SCL senior notes due 2028 through 2031 (the “SCL Forwards”).

As of March 31, 2026, the SCL Forwards had a total notional value of $ 527 million and expire in line with the maturity dates of the related hedged cash flows.

Two of the SCL Net Investment Hedges, with a total notional value of $ 258 million, expired in June 2026.

As of June 30, 2026, the MBS Net Investment Hedges had a total notional value of $ 1.80 billion and expire on various dates beginning March 2028 through December 2030, and the remaining SCL Net Investment Hedges had a total notional value of $ 129 million and expire in September 2026.

During the six months ended June 30, 2026, the Company executed additional HKD/USD forwards, designated as hedges of portions of the cash flows related to the SCL senior notes due 2028 through 2031 (the “SCL Forwards”).

As of June 30, 2026, the SCL Forwards had a total notional value of $ 527 million and expire in line with the maturity dates of the related hedged cash flows.

For each reporting period, the fair value of each hedging derivative is recorded as an asset or liability with the offset recorded to “Accumulated other comprehensive income” (“AOCI”) in the accompanying condensed consolidated balance sheets.

2 unchanged sentences

Portions of the amounts recorded in AOCI related to the fair value of the SCL Swaps and SCL Forwards are reclassified to “Other income (expense)” in the same period the hedged cash flows affect earnings.

Additionally, upon execution of the SCL Forwards, there is an immediate foreign currency gain or loss resulting from the difference between the contractual forward exchange rate and the spot exchange rate on the execution date.

Additionally, upon execution of the SCL Forwards, there was an immediate foreign currency gain or loss resulting from the difference between the contractual forward exchange rate and the spot exchange rate on the execution date.

This initial income or cost is reclassified from AOCI to “Other income (expense)” and “Interest expense, net of amounts capitalized” over the duration of the forward using an appropriate amortization methodology dependent on the hedged item.

The following table presents the net changes in AOCI associated with each year’s hedging activities, net of tax:

Three Months Ended March 31,

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The following table presents the net changes in AOCI associated with each period’s hedging activities, net of tax:

Three Months Ended June 30,

Cash Flow Hedges Net Investment Hedges Cash Flow Hedges Net Investment Hedges

(In millions)

Net loss from hedge adjustments recognized in AOCI as of January 1

$ ( 48 ) $ 15 $ ( 32 ) $ —

Net gain (loss) from hedge adjustments recognized in AOCI as of April 1 $ ( 69 ) $ 20 $ ( 22 ) $ —

Hedge adjustments recognized during the current period 38 ( 5 ) ( 26 ) ( 31 )

Net (gain) loss reclassified from AOCI into earnings

( 27 ) — ( 8 ) —

Net gain (loss) from hedge adjustments recognized in AOCI as of March 31

$ ( 69 ) $ 20 $ ( 22 ) $ —

As of March 31, 2026, approximately $ 40 million of the net loss deferred in AOCI related to the SCL Swaps and SCL Forwards is expected to be reclassified from AOCI into “Other income (expense)” over the 12-month period ending March 31, 2027.

Net gain reclassified from AOCI into earnings ( 3 ) — ( 38 ) —

Net gain (loss) from hedge adjustments recognized in AOCI as of June 30 $ ( 34 ) $ 15 $ ( 86 ) $ ( 31 )

Six Months Ended June 30,

Cash Flow Hedges Net Investment Hedges Cash Flow Hedges Net Investment Hedges

(In millions)

Net gain (loss) from hedge adjustments recognized in AOCI as of January 1 $ ( 48 ) $ 15 $ ( 32 ) $ —

Hedge adjustments recognized during the current period 44 — ( 8 ) ( 31 )

Net gain reclassified from AOCI into earnings ( 30 ) — ( 46 ) —

Net gain (loss) from hedge adjustments recognized in AOCI as of June 30 $ ( 34 ) $ 15 $ ( 86 ) $ ( 31 )

As of June 30, 2026, approximately $ 28 million of the net loss deferred in AOCI related to the SCL Swaps and SCL Forwards is expected to be reclassified from AOCI into “Other income (expense)” over the 12-month period ending June 30, 2027.

The actual amounts that will be reclassified over the next twelve months may vary from this amount as a result of changes in market conditions.

The cash flow impact is included in operating activities for the SCL Swaps and SCL Forwards, and in investing activities for the Net Investment Hedges in the accompanying condensed consolidated statements of cash flows.

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 5 — Equity and Earnings Per Share

In April 2026, the Company’s Board of Directors declared a quarterly dividend of $ 0.30 per common share (a total estimated to be approximately $199 million) to be paid on May 13, 2026, to stockholders of record on May 5, 2026.

In July 2026, the Company’s Board of Directors declared a quarterly dividend of $ 0.30 per common share (a total estimated to be approximately $ 194 million) to be paid on August 12, 2026, to stockholders of record on August 4, 2026.

Share Repurchases

The following table presents information about our repurchases of common stock:

Three Months Ended March 31,

Six Months Ended June 30,

(Dollars in millions)

2 unchanged sentences

Total cost of shares repurchased

$ 1,542 $ 1,262

Commissions and excise tax included in total cost $ 15 $ 12

As of March 31, 2026, the remaining amount authorized under the share repurchase program was $ 817 million.

As of June 30, 2026, the remaining amount authorized under the share repurchase program was $ 29 million.

In July 2026, the Company’s Board of Directors authorized increasing the remaining share repurchase amount to $ 6.0 billion and extending the share repurchase program’s expiration date to July 21, 2029.

All share repurchases of the Company’s common stock have been recorded as treasury stock in the accompanying condensed consolidated balance sheets.

Repurchases of the Company’s common stock are made at the Company’s discretion in accordance with applicable federal securities laws in the open market or otherwise, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases or block trades, subject to market conditions, applicable legal requirements and other factors.

Repurchases of the Company’s common stock are made at the Company’s discretion in accordance with

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

applicable federal securities laws in the open market or otherwise, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases or block trades, subject to market conditions, applicable legal requirements and other factors.

The timing, method 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.

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

(In millions)

Weighted-average common shares outstanding (used in the calculation of basic earnings per share)

654 695 661 704

Potential dilution from stock options and restricted stock and stock units

Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)

656 696 663 704

Antidilutive stock options and restricted stock and stock units excluded from the calculation of diluted earnings per share

Diluted earnings per share is calculated using the treasury stock method.

Noncontrolling Interests

In June 2026, SCL paid a dividend of HKD 0.50 per share to SCL shareholders (a total of $ 517 million, of which the Company retained $ 387 million during the six months ended June 30, 2026).

Note 6 — Income Taxes

The Company’s effective income tax rate was 14.3 % for the three months ended March 31, 2026, compared to 13.4 % for the three months ended March 31, 2025.

The effective income tax rate for the three months ended March 31, 2026, reflects a 17 % statutory tax rate on the Company’s Singapore operations, a 21 % corporate income tax rate on its domestic operations, and a zero percent tax rate on its Macao gaming operations due to the Company’s income tax exemption in Macao.

The Company’s effective income tax rate was 16.1 % for the six months ended June 30, 2026, compared to 14.2 % for the six months ended June 30, 2025.

The effective income tax rate for the six months ended June 30, 2026, reflects a 17 % statutory tax rate on the Company’s Singapore operations, a 21 % corporate income tax rate on its domestic operations, and a zero percent tax rate on its Macao gaming operations due to the Company’s income tax exemption in Macao.

The Company entered into a shareholder dividend tax agreement with the Macao government, which provided for a payment at an applicable rate of gross gaming revenue for the tax year 2023 through the tax year 2025 as a substitution for a 12 % tax otherwise due from VML’s shareholders on dividend distributions paid from VML’s gaming profits.

In January 2026, the Company requested this tax agreement be extended through December 31, 2027.

The effective income tax rate for the three months ended March 31, 2026, anticipates a similar shareholder dividend tax agreement will be entered into for 2026 and 2027;

The effective income tax rate for the six months ended June 30, 2026, anticipates a similar shareholder dividend tax agreement will be entered into for 2026 and 2027;

however, there is no assurance such agreement will be granted.

Corporate expense included $ 4 million and $ 3 million of shareholder dividend tax for the three months ended March 31, 2026 and 2025, respectively.

Corporate expense included $ 7 million and $ 6 million of shareholder dividend tax for the six months ended June 30, 2026 and 2025, respectively.

LAS VEGAS SANDS CORP.

2 unchanged sentences

Note 7 — Leases

Lease revenue for the Company’s mall operations consisted of the following:

Three Months Ended

Lease revenue consisted of the following:

Three Months Ended June 30,

Mall Other Mall Other

(In millions)

1 unchanged sentence

Overage rents 27 — 20 —

$ 172 $ 1 $ 160 $ 1

Six Months Ended June 30,

Mall Other Mall Other

(In millions)

Minimum rents $ 291 $ 1 $ 280 $ 1

Overage rents 58 — 40 —

$ 349 $ 1 $ 320 $ 1

Note 8 — Fair Value Disclosures

2 unchanged sentences

The tables exclude cash, restricted cash, accounts receivable, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.

March 31, 2026

June 30, 2026

Hierarchy Level

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Treasury Bills $ 222 $ 222

Loan receivable (2)

$ 1,264 $ 1,228

Prepaid expenses and other

SCL Net Investment Hedge (2)

Other accrued liabilities:

SCL Swaps (3)

Other assets, net

SCL Forwards (2)

$ 15,252 $ 15,169

Other long-term liabilities

SCL Swaps and Forwards (3)(5)

SCL Swaps (2)(4)

MBS Net Investment Hedge (2)(5)

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The other items included in this table are not accounted for at fair value.

(2) The fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.

(2) The estimated fair value is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).

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(4) This amount excludes the accrued interest portion of the fair value related to the periodic interest payment swaps.

This accrual component, amounting to $ 2 million as of March 31, 2026 and $ 4 million as of December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.

This accrual component, amounting to $ 4 million as of June 30, 2026 and December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.

(5) This amount excludes the accrued interest portion of the fair value related to the periodic interest payment swaps.

This accrual component, amounting to $ 3 million as of March 31, 2026 and December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.

As of March 31, 2026 and December 31, 2025, the amounts of the Company’s other assets and liabilities that were accounted for at fair value were immaterial.

This accrual component, amounting to $ 3 million as of June 30, 2026 and December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.

(6) The fair value was estimated based on level 2 inputs and reflected the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.

As of June 30, 2026 and December 31, 2025, the amounts of the Company’s other assets and liabilities that were accounted for at fair value were immaterial.

Note 9 — Commitments and Contingencies

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On January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC” or “Plaintiff”) filed a claim with the Macao First Instance Court against VML, LVS (Nevada) International Holdings, Inc.

(“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and Venetian Casino Resort (“VCR”) (collectively, the “Defendants”) for 3.0 billion patacas (approximately $ 372 million at exchange rates in effect on March 31, 2026), which alleged a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the “U.S.

(“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and Venetian Casino Resort (“VCR”) (collectively, the “Defendants”) for 3.0 billion patacas (approximately $ 371 million at exchange rates in effect on June 30, 2026), which alleged a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR (collectively, the “U.S.

Defendants”) for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001.

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Evidence gathering by the Macao First Instance Court commenced by letters rogatory, which was completed on March 14, 2019.

On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $ 11.95 billion at exchange rates in effect on March 31, 2026), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022.

On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $ 11.94 billion at exchange rates in effect on June 30, 2026), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022.

On September 4, 2019, the Macao First Instance Court allowed AAEC’s amended request.

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Consolidated adjusted property EBITDA should not be interpreted as an alternative to income 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 and income taxes, which are not reflected in consolidated adjusted property EBITDA.

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.

Consolidated adjusted property EBITDA is used by the CODM and management, as well as industry analysts, to evaluate operations and operating performance.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The Company’s segment information as of March 31, 2026 and December 31, 2025, and for the three months ended March 31, 2026 and 2025 is as follows:

The Company’s segment information as of June 30, 2026 and December 31, 2025, and for the three and six months ended June 30, 2026 and 2025 is as follows:

The Venetian Macao The Londoner Macao The Parisian Macao The Plaza Macao and Four Seasons Macao Sands Macao Ferry Operations and Other Total Macao Marina Bay Sands Inter-company Royalties Total

(In millions)

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Casino $ 457 $ 548 $ 165 $ 59 $ 88 $ — $ 1,317 $ 1,024 $ — $ 2,341

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Interest expense, net of amounts capitalized ( 189 )

Other income 1

Income tax expense ( 88 )

Net income $ 373

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The Venetian Macao The Londoner Macao The Parisian Macao The Plaza Macao and Four Seasons Macao Sands Macao Ferry Operations and Other Total Macao Marina Bay Sands Inter-company Royalties Total

(In millions)

Three Months Ended June 30, 2025

Casino $ 524 $ 495 $ 143 $ 122 $ 63 $ — $ 1,347 $ 1,068 $ — $ 2,415

Rooms 50 95 34 28 4 — 211 134 — 345

Food and beverage 15 27 11 7 3 — 63 84 — 147

Mall 62 21 5 37 — — 125 62 — 187

Convention, retail and other 10 4 1 — 1 25 41 40 — 81

Net revenues 661 642 194 194 71 25 1,787 1,388 — 3,175

Intersegment revenues 2 — — — — 8 10 — 67 77

Net revenues before intersegment eliminations 663 642 194 194 71 33 1,797 1,388 67 3,252

Payroll and related expenses 110 100 49 28 23 12 322 184 — 506

Gaming taxes 251 259 72 74 30 — 686 243 — 929

Other expenses (1)

66 78 29 26 9 15 223 193 67 483

Segment expenses 427 437 150 128 62 27 1,231 620 67 1,918

Segment/Consolidated adjusted property EBITDA $ 236 $ 205 $ 44 $ 66 $ 9 $ 6 $ 566 $ 768 $ — $ 1,334

Other Operating Costs and Expenses

Stock-based compensation (2)

Corporate ( 69 )

Pre-opening ( 9 )

Development ( 69 )

Depreciation and amortization ( 371 )

Amortization of leasehold interests in land ( 20 )

Loss on disposal or impairment of assets ( 8 )

Operating income 783

Other Non-Operating Costs and Expenses

Interest income 42

Interest expense, net of amounts capitalized ( 194 )

Other expense ( 22 )

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(In millions)

Three Months Ended March 31, 2025

Six Months Ended June 30, 2026

Casino $ 1,013 $ 1,132 $ 341 $ 271 $ 173 $ — $ 2,930 $ 2,150 $ — $ 5,080

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Other expense ( 2 )

Income tax expense ( 195 )

Net income $ 1,014

LAS VEGAS SANDS CORP.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The Venetian Macao The Londoner Macao The Parisian Macao The Plaza Macao and Four Seasons Macao Sands Macao Ferry Operations and Other Total Macao Marina Bay Sands Inter-company Royalties Total

(In millions)

Six Months Ended June 30, 2025

Casino $ 1,019 $ 897 $ 316 $ 254 $ 131 $ — $ 2,617 $ 1,925 $ — $ 4,542

Rooms 103 168 69 57 9 — 406 263 — 669

Food and beverage 30 51 23 14 5 — 123 165 — 288

Mall 121 42 10 76 — — 249 124 — 373

Convention, retail and other 24 13 3 1 1 50 92 73 — 165

Net revenues 1,297 1,171 421 402 146 50 3,487 2,550 — 6,037

Intersegment revenues 4 — — — — 15 19 1 128 148

Net revenues before intersegment eliminations 1,301 1,171 421 402 146 65 3,506 2,551 128 6,185

Payroll and related expenses 218 196 98 55 46 23 636 356 — 992

Gaming taxes 486 469 156 155 62 — 1,328 451 — 1,779

Other expenses (1)

136 148 57 52 19 29 441 371 128 940

Segment expenses 840 813 311 262 127 52 2,405 1,178 128 3,711

Segment/Consolidated adjusted property EBITDA $ 461 $ 358 $ 110 $ 140 $ 19 $ 13 $ 1,101 $ 1,373 $ — $ 2,474

Other Operating Costs and Expenses

Stock-based compensation (2)

Corporate ( 142 )

Pre-opening ( 13 )

Development ( 138 )

Depreciation and amortization ( 733 )

Amortization of leasehold interests in land ( 35 )

Loss on disposal or impairment of assets ( 15 )

Operating income 1,392

Other Non-Operating Costs and Expenses

Interest income 84

Interest expense, net of amounts capitalized ( 368 )

Other expense ( 23 )

Loss on modification or early retirement of debt ( 5 )

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(1) Consists of gaming and non-gaming operating expenses and selling, general and administrative expenses for each segment.

(2) D uring the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense of $ 24 million and $ 9 million, respectively, of which $ 21 million and $ 8 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

(2) D uring the three months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense of $ 15 million and $ 17 million, respectively, of which $ 9 million and $ 12 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

D uring the six months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense of $ 39 million and $ 26 million, respectively, of which $ 30 million and $ 20 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

LAS VEGAS SANDS CORP.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Three Months Ended

Six Months Ended

(In millions)

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Ferry Operations and Other 171 375

10,628 10,546

Marina Bay Sands 7,310 7,760

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements