Brightstar Lottery (BRSL) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $607M, down 4% reported and 3% at constant currency; operational growth drivers accelerated to 4%, led by product sales and other service revenue.

• Adjusted EBITDA was $289M, down 2% YoY and in line with expectations; FY26 revenue and EBITDA outlooks were lowered while cash-from-operations outlook was maintained.

Financial highlights

• Q3 revenue was $607M vs. $629M; product sales rose 137% to $60M and service revenue declined 9% to $547M.

• Q3 income from continuing operations was $45M vs. $95M; diluted EPS was $0.12 vs. $0.29 and Adjusted EPS was $0.10 vs. $0.36.

• 9M revenue was $1.778B vs. $1.843B; Adjusted EBITDA increased to $861M from $818M and income from continuing operations rose to $164M from $43M.

• 9M diluted EPS was $0.49 vs. a loss of $0.31; Adjusted EPS was $0.34 vs. $0.55.

• Q3 operating cash flow was $73M vs. a $445M use; free cash flow was negative $8M vs. negative $509M.

Outlook and guidance

• FY26 revenue outlook was reduced to $2.435B–$2.455B from $2.50B–$2.55B; Adjusted EBITDA outlook was reduced to $1.14B–$1.16B from $1.16B–$1.19B.

• Mid-single-digit operational-driver growth is expected in H2, led by product sales, other service revenue and Italy B2C initiatives.

• Updated outlook assumes EUR/USD of 1.15 for FY26 and 1.12 in Q4; FX primarily drove the EBITDA outlook revision.

• Net cash used in operating activities is expected to be ~$900M including the final Italy Lotto payment; cash from operations excluding it is expected to be ~$750M, unchanged.

• FY26 CapEx is expected to be ~$450M, with timing shifts between FY26 and FY27.