Key Moments:
- Las Vegas Sands (NYSE: LVS) exceeded Wall Street projections with third-quarter earnings and revenue growth
- The company plans to raise its quarterly dividend to 30 cents per share from 25 cents, beginning in 2026
- Board approved an increase to the share repurchase program, raising the cap to $2 billion
Q3 Performance Surpasses Expectations
Las Vegas Sands impressed investors in Wednesday’s after-hours trading as it announced third-quarter results that topped analyst expectations and revealed significant enhancements to its shareholder return initiatives.
For the July through September period, the company reported earnings of 78 cents per share on revenue of $3.38 billion. These results reflected a year-over-year increase of 77% in earnings per share and a 24% jump in revenue. Analyst consensus had anticipated earnings of 63 cents per share on revenue of approximately $3.1 billion.
Las Vegas Sands, $LVS, Q3-25. Results:
📊 Adj. EPS: $0.78 🟢
💰 Revenue: $3.33B 🟢
📈 Net Income: $491M
🔎 Marina Bay Sands drove record performance with $743M in EBITDA, aided by strong rolling chip volume. pic.twitter.com/oIIDTbul06— EarningsTime (@Earnings_Time) October 22, 2025
Dividend Hike and Expanded Buyback Program
Citing its robust quarterly performance, Las Vegas Sands stated it will increase its quarterly dividend to 30 cents per share from 25 cents, effective in 2026. This marks the second dividend boost since its reinstatement in July 2023. With this latest increase, the company’s dividend has risen 50% since being restored after a pandemic-related three-year hiatus.
The company ended the quarter with unrestricted cash of $3.35 billion, positioning it well to continue returning capital to shareholders. During the September quarter, Las Vegas Sands repurchased about $500 million of its own shares. The board further authorized an increase in the buyback program from $700 million remaining to $2 billion in capacity.
| Shareholder Return Metrics | Details |
|---|---|
| Dividends | Increase from $0.25 to $0.30 per share (beginning 2026) |
| Buyback Program | Expanded from $700 million remaining to $2 billion |
| Shares Repurchased (Q3) | ~$500 million LVS shares, plus $337 million Sands China equity |
| Total Shares Repurchased (Q4 2023 – Sept 30, 2025) | ~88 million shares at $45.42 average price, totaling $4.0 billion |
“Since the resumption of our share repurchase program in the fourth quarter of 2023 through September 30, 2025, we have repurchased approximately 88 million shares of our common stock at an average price of $45.42, for a total investment of $4.0 billion,” according to a statement. “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.”
In addition, the company acquired $337 million worth of Sands China equity during the quarter. Sands China oversees the group’s five Macau casino hotels.
Macau Recovery Drives Results
Strong performance in Macau contributed to Las Vegas Sands’ Q3 success. The company recorded adjusted EBITDA of $601 million in the region during the quarter. The operator invested $99 million to upgrade its Macau properties in the same period.
“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,” said CEO Robert Goldstein in the press release.
- Author
Daniel Williams
