)
Edge3 Oct 2025
Epiroc: A Culture of Moving Mountains
From automation to electrification, Swedish industrial giant Epiroc is leading a transformation in how the world mines.
Light & Wonder (LNW) investor relations material
Light & Wonder Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Achieved earnings and margin growth across all business segments in Q2 2025, despite a 1% revenue decline to $809 million, with strong performance in iGaming and SciPlay and successful Grover integration.
Completed Grover Charitable Gaming acquisition for $850 million upfront and up to $200 million in contingent payments, adding over 600 units and accelerating entry into Indiana.
Returned $266 million to shareholders via share repurchases in H1 2025; buyback authorization increased by $500 million, with $1.5 billion total program and $950 million capacity remaining.
Announced transition to a sole ASX listing by November 2025, with Nasdaq delisting expected and move into ASX 50 anticipated.
Maintained 20 consecutive quarters of North American premium installed base growth, adding 845 units sequentially and over 2,700 year-over-year.
Financial highlights
Q2 2025 consolidated revenue was $809 million, with $21 million from Grover and record iGaming revenue; net income rose 16% to $95 million.
Consolidated AEBITDA increased 7% year-over-year to $352 million, with a 44% margin (up 400 bps); Adjusted NPATA per share rose 11% to $1.58.
Free cash flow was $29 million, impacted by a $73 million legal settlement; normalized free cash flow exceeded $100 million.
H1 2025 revenue was $1.6 billion, flat year-over-year; net income up 8% to $177 million.
Cash and cash equivalents at quarter-end were $136 million; $1.0 billion available under the revolver.
Outlook and guidance
FY 2025 consolidated AEBITDA guidance set at $1.43–$1.47 billion, including ~$65 million from Grover; Adjusted NPATA guidance at $550–$575 million.
Q3 2025 consolidated EBITDA growth expected in low double digits year-over-year, with further acceleration in Q4.
Committed to long-term target of $2 billion EBITDA by 2028, with ongoing investments in new markets and studio expansion.
Ongoing operational efficiency initiatives and cost controls expected to mitigate near-term cost pressures from tariffs.
No significant impact expected from discontinuation of Live Casino operations on long-term iGaming growth.
Why move to a sole ASX listing now?
How will share repurchases affect leverage?
Detail Grover's integration progress.
How will the ASX listing impact index inclusion?
Detail the strategy for Jackpot Party growth.
Explain the impact of tax law changes.
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Light & Wonder earnings date
Q3 20255 Nov, 2025
Next Light & Wonder earnings date
Q3 20255 Nov, 2025
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
Company Research22 Sep 2025
Moody's: Shaping Global Credit
Explore Moody's evolution from publishing manuals to becoming a giant in credit ratings, guiding issuers, investors, and regulators worldwide.
)
Edge19 Sep 2025
American Express: An Empire of Plastic
How history, brand, and structure have steadily built American Express' moat, and why Warren Buffett still calls it a one-of-a-kind business.
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
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage