Las Vegas Sands Corp (LVS) · Oct 21, 2026 · Earnings

Las Vegas Sands earnings miss as Singapore EBITDA plunges

Miss — Adjusted EPS $0.54 vs ~$0.72 consensus; revenue $3.22B vs ~$3.37B

Las Vegas Sands’ Q3 earnings missed on revenue and adjusted EPS as Marina Bay Sands weakness outweighed improving Macao volumes.

Sands is a two-market Asia integrated-resort operator: Macao is the recovery and reinvestment story, while Marina Bay Sands and its large expansion project are the longer-term growth engine. The Singapore expansion is currently expected to be completed by June 2030 and open in January 2031.

The quarter missed the market on both major earnings measures. Adjusted diluted EPS was $0.54 versus published expectations of roughly $0.72-$0.74, while revenue was $3.22 billion versus roughly $3.37-$3.40 billion expected. The filing reported net revenue of $3.22 billion versus $3.33 billion a year earlier.

Metric	Q3 2026	Q3 2025 / expectation
Revenue	$3.22B (Income Statement)	$3.33B prior year; ~$3.37B consensus
Adjusted diluted EPS	$0.54 (Adjusted EPS reconciliation)	$0.78 prior year; ~$0.72-$0.74 consensus
Consolidated adjusted property EBITDA	$1.12B (Adjusted Property EBITDA)	$1.34B prior year
Operating income	$618M (Income Statement)	$719M prior year
Net income attributable to LVS	$304M (Income Statement)	$419M prior year

Singapore was the decisive setback. Marina Bay Sands revenue fell $142 million and adjusted property EBITDA fell $153 million year over year, with EBITDA margin dropping to 45.6% from 51.7%. Gaming volumes were mixed rather than collapsing—non-rolling chip drop increased—but lower win rates and a weaker premium-gaming contribution erased the benefit of higher room rates and occupancy. 〔0〕

Macao showed operational progress, but not enough profit growth. Macao revenue increased to $1.94 billion from $1.91 billion, and gaming volumes improved across the portfolio, but Macao adjusted property EBITDA declined to $529 million from $601 million. The key issue is conversion: more activity did not translate into higher earnings, with Macao margin falling to 27.3% from 31.5%.

The result weakens the near-term growth story while leaving the long-term investment plan intact. Operating income fell to $618 million from $719 million, and the effective tax rate rose to 22.5% from 15.6%, adding pressure below the property-level results. At the same time, Sands repurchased $950 million of stock and spent $281 million on capital projects, including $121 million at Marina Bay Sands, showing that management is still funding the expansion and returning capital despite the earnings shortfall.

Bottom line: This was a clear earnings miss, driven primarily by a sharp Marina Bay Sands profit decline and weaker margins across both markets. The long-term expansion strategy remains funded, but the filing makes the near-term earnings recovery look less secure than expected.

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

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Las Vegas Sands earnings miss as Singapore EBITDA plunges

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