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Dec 31, 2025
Light & Wonder Q4 2025 Earnings Report
Light & Wonder reported its fourth quarter and full year 2025 financial results, highlighting record AEBITDA and strong growth in Gaming and iGaming segments.
Key Takeaways
Light & Wonder delivered a strong finish to 2025, achieving record quarterly AEBITDA of $405 million and consolidated revenue of $891 million. Despite a net loss in Q4 due to a $128 million legal settlement, the company saw robust performance in North American gaming operations and record iGaming revenue, while successfully transitioning to a sole ASX listing.
Achieved record quarterly Consolidated AEBITDA of $405 million, up 29% year-over-year.
Gaming revenue increased 17% to $602 million, driven by record machine sales and premium installed base growth.
iGaming reached record quarterly revenue of $94 million, supported by U.S. momentum and content proliferation.
Returned $500 million to shareholders through share repurchases in Q4 alone, totaling $877 million for the full year.
Revenue by Segment
Forward Guidance
The company remains committed to its FY 2028 financial targets and expects continued deleveraging through 2026.
Positive Outlook
- Reiterated commitment to ambitious FY 2028 financial targets.
- Expectation to continue deleveraging throughout 2026.
- Strong recurring revenue model driven by gaming operations and SciPlay.
- Successful integration of Grover providing expansion in Charitable Gaming.
- Lowered interest costs by 25 basis points through Term Loan B repricing.
Challenges Ahead
- Impact of $128 million legal settlement charge on current liquidity.
- Decline in SciPlay revenue due to lower average monthly payers.
- Potential risks from U.K. gaming legislation changes.
- Exposure to fluctuations in currency rates and foreign operations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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