Light & Wonder Inc

Latest Results (16.11.2025):

Light & Wonder Inc’s third quarter 2025 financial report highlights robust performance, with the company delivering a 78% increase in net income and 3% higher consolidated revenue, driven by strong gaming operations and record iGaming results. The report demonstrates disciplined execution in revenue growth, cash flow generation, and capital management, while also outlining strategic initiatives such as an ongoing transition to a sole ASX listing.

Earnings & Revenue Growth

The company reported consolidated revenue of $841 million, up 3% year-over-year, with net income surging 78% to $114 million and net income per share rising 89% to $1.34. Consolidated AEBITDA increased 18% to $375 million, with Adjusted NPATA growing 25% to $153 million.

Gaming & Digital Performance

Gaming revenue reached $558 million, buoyed by a 38% increase in gaming operations revenue, including significant contributions from base operations and Grover charitable gaming. Additionally, the premium installed base in North America grew for the 21st consecutive quarter, with record iGaming revenue driven by first-party content and digital partnerships.

Cash Flow & Share Repurchases

Strong operational efficiency produced $184 million in net cash from operating activities and $136 million in free cash flow, marking 55% and 64% growth year-over-year, respectively. Light & Wonder returned $111 million to shareholders through share repurchases, continuing its disciplined capital allocation strategy.

Debt Refinancing & Capital Strategy

The company successfully extended certain debt maturities from 2028 to 2033 and lowered the interest rate from 7.00% to 6.25% by issuing $1 billion in senior unsecured notes. This strategic refinancing, along with a flexible capital structure, supports ongoing innovation and growth initiatives as Light & Wonder advances its transition to a sole primary ASX listing.