The quarter came in well below the market bar. Adjusted diluted EPS was $0.59 versus published consensus of approximately $0.76, while revenue was $3.15 billion versus roughly $3.31 billion expected.
| Metric | Q2 2026 | Q2 2025 / consensus | Read |
|---|---|---|---|
| Net revenue | $3.15B (Income Statement) | $3.18B prior year; ~$3.31B consensus | Below expectations |
| Adjusted diluted EPS | $0.59 (Adjusted EPS reconciliation) | $0.79 prior year; ~$0.76 consensus | Miss |
| GAAP diluted EPS | $0.53 (Income Statement) | $0.66 prior year | Down |
| Consolidated adjusted property EBITDA | $1.12B (Adjusted Property EBITDA reconciliation) | $1.33B prior year | Down 16% |
| Repurchases | $787M (Capital return disclosure) | — | Capital return continued |
Reported profitability was the main disappointment. Consolidated adjusted property EBITDA fell to $1.12 billion from $1.33 billion, with margin dropping to 35.5% from 42.0% (Adjusted Property EBITDA by segment). The weakness was concentrated in Macao, where adjusted property EBITDA declined to $430 million from $566 million and the overall Macao margin fell to 24.0% from 31.5% (Segment results — Macao Operations).
The headline miss was amplified by unfavorable gaming hold, but the underlying picture was not uniformly weak. Macao’s reported EBITDA included an estimated $87 million negative impact from rolling-chip win rates below expected levels, partly offset by a $37 million positive impact at Marina Bay Sands (Hold-adjusted win percentage disclosure). Even after adjusting for that volatility, however, Marina Bay Sands EBITDA declined to $689 million from $768 million and its margin compressed to 49.9% from 55.3% (Segment results — Marina Bay Sands). Demand indicators were healthier: Marina Bay room revenue rose $17 million, food and beverage rose $14 million, and RevPAR increased $95 (Segment results — Marina Bay Sands).
Macao showed revenue growth in several properties but poor conversion into profit. The Londoner’s revenue rose $68 million, yet EBITDA fell $13 million as margin declined 4.9 points; The Plaza Macao and Four Seasons revenue fell $57 million and EBITDA fell $46 million, with margin down 19.4 points (Segment results — Macao properties). That combination suggests the miss was not only a temporary win-rate issue; operating leverage and mix were also unfavorable.
Capital returns softened the blow but did not change the earnings verdict. The company repurchased $787 million of stock during the quarter and authorized a new $6.0 billion repurchase capacity through July 21, 2029 (Capital return disclosure). That is a meaningful capital-allocation signal, but against a sizeable EPS and EBITDA miss, the filing lands as a clear earnings miss rather than merely volatile results.
Read the original 8-K on SEC EDGAR ↗