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Light & Wonder (LNW) investor relations material
Light & Wonder Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved 3% year-over-year revenue growth to $841 million in Q3 2025, with net income up 78% to $114 million and net income per share up 89% to $1.34.
Consolidated Adjusted EBITDA rose 18% to $375 million, with margin expansion across all business segments.
Recurring revenue grew 14% year-over-year to $580 million, now representing 69% of consolidated revenue.
Grover acquisition contributed $40 million in revenue and over 11,250 units to the installed base, with integration progressing and expansion into Indiana planned.
Transitioning to a sole standard listing on the ASX, with Nasdaq delisting expected November 14, 2025; 57% of shares converted to ASX-tradable interests as of November 4, 2025.
Financial highlights
Gaming revenue increased 4% year-over-year to $558 million, with a 38% rise in gaming operations and $40 million from Grover; AEBITDA margin up to 55%.
iGaming revenue reached a record $86 million, up 16% year-over-year, with AEBITDA up 42% to $34 million and margin expanding by 800 basis points to 40%.
SciPlay revenue declined 4% to $197 million, but direct-to-consumer revenue rose to 20% of segment total and AEBITDA margin expanded by 400 basis points to 36%.
Free cash flow reached $136 million, up 64% year-over-year; net cash from operating activities was $184 million, up 55% year-over-year.
Net income margin for Q3 2025 was 14%, up from 8% in Q3 2024; consolidated AEBITDA margin was 45%, up from 39% year-over-year.
Outlook and guidance
Full-year 2025 guidance reiterated: Consolidated AEBITDA between $1.43–$1.47 billion and Adjusted NPATA between $550–$575 million.
Targeting 2028 consolidated AEBITDA of $2.0 billion and EPSa above $10.55, more than double 2024 levels.
Expecting continued momentum in recurring revenue and North American sales, with strong tailwinds from new hardware and game launches.
Tariff impacts anticipated in Q4 and into 2026, with ongoing mitigation efforts.
No significant impact expected from the discontinuation of Live Casino operations on long-term iGaming growth.
Grover's Indiana market entry: expected impact?
Pace of remaining share repurchases and leverage?
Explain SciPlay's revenue decline vs AEBITDA growth.
Grover's Indiana launch impact on 2026 growth
SciPlay's path to 2026 revenue growth
Share repurchase plan: timing and leverage impact
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Next Light & Wonder earnings date
Q4 202524 Feb, 2026
Next Light & Wonder earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Light & Wonder Inc operates as a developer of technology-based products and services, and related content for the gaming, lottery, social, and digital gaming industries worldwide. The company's Gaming segment offers gaming machines and platforms; table games products; utility products; electronic table systems; and online
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