International Game Technology PLC

Latest Results (18.05.2026):

International Game Technology PLC (IGT) reported results for the first quarter of 2025 (Q1 2025). Revenue was $583 million (down 12% y/y; down 10% at constant currency) and Adjusted EBITDA was $250 million (42.8% margin, down 24% y/y; down 22% at constant currency). Income from continuing operations was $8 million (includes a $33 million non‑cash foreign exchange translation impact) and diluted loss per share from continuing operations was $(0.11) (adjusted EPS $0.09). IGT generated $168 million of operating cash flow and $92 million of free cash flow, finished the quarter with $631 million of cash and $2.2 billion of total liquidity, and reported net debt of $5.047 billion. Management cites lower U.S. multi‑state jackpot activity, product sales timing, incremental investments and FX as main drivers of the year‑over‑year comparison, and issued FY 2025 guidance at the low end of prior ranges: ~ $2.55 billion revenue and ~ $1.10 billion Adjusted EBITDA.

Revenue

Q1 2025 total revenue $583M vs $661M in Q1 2024 (‑12% y/y; ‑10% constant currency). Service revenue $557M (down mainly from lower U.S. multi‑state jackpot activity and prior‑year license/terminal sales), product sales $26M (down 39%).

Profitability and margins

Adjusted EBITDA $250M (42.8% margin) vs $327M in Q1 2024. GAAP operating income $138M and operating margin 23.7%, reflecting lower high‑margin jackpot/LMA flow‑through, timing of product sales, rebranding and incremental growth investments, and negative FX translation.

Income, EPS and FX impact

Income from continuing operations $8M in Q1 2025 vs $116M prior year; reported diluted loss per share from continuing operations $(0.11). Results include a $33M non‑cash foreign exchange translation loss that materially affected GAAP earnings; adjusted diluted EPS from continuing operations was $0.09.

Cash flow and liquidity

Net cash provided by operating activities from continuing operations $168M (vs $65M prior year). Free cash flow $92M. Cash and cash equivalents $631M; total liquidity $2.2B (includes $1.5B undrawn capacity).

Balance sheet and leverage

Net debt $5.047B as of March 31, 2025 (compares with $4.777B at Dec 31, 2024 in company tables), with management noting pro‑forma net debt leverage of ~2.8x assuming a $2B committed debt reduction following the Gaming & Digital sale.

Operational drivers

Year‑over‑year weakness was driven primarily by much lower U.S. multi‑state jackpot wager activity and related LMA incentives, and timing of multi‑year central system licenses and terminal/product sales in the prior year; global same‑store sales normalized were modestly positive versus last year.

Outlook (Full‑Year 2025)

IGT now expects FY 2025 revenue of approximately $2.55B and Adjusted EBITDA of approximately $1.10B (low end of prior ranges). Cash from operations is expected to be a use of about $350M, largely to reflect incremental FX impact on Italy Lotto license fee installments.

Other notable items

IGT executed a €1.0B term loan (€500M drawn to repay borrowings; €500M committed but undrawn pending Italy Lotto award), declared a quarterly dividend of $0.20 per share, and continues rebranding/separation costs related to Lottery vs Gaming & Digital.