Light & Wonder Inc.
LNW.ASXConsumer Discretionary
Light & Wonder, Inc. is a leading cross-platform global games company with a focus on content and digital markets.
Market Data
$116.730
+0.0%$9.1B
28.7x
$4.069
0.00%
-0.2%
Latest Earnings
LNW - Q1 2026 Form 10-Q (Quarterly Report)
7 May 2026
Light & Wonder reported Q1 2026 revenue of $790M (+2.1% YoY) driven by Gaming segment growth, but net income declined 36.6% to $52M due to higher interest expense, increased restructuring costs, and elevated D&A. Adjusted EBITDA of $327M (+5.2% YoY) reflects solid operational performance, though the company faces headwinds from debt servicing costs and integration of the Grover acquisition completed in May 2025. Key points: Adjusted EBITDA grew 5.2% YoY to $327M, demonstrating underlying operational strength across segments; Gaming segment AEBITDA increased to $271M (+6.7% YoY), benefiting from gaming operations revenue growth of 38.2% to $239M; Operating cash flow of $139M in Q1 2026 reflects continued cash generation capability despite higher financing costs
Recent Announcements
LNW - Q1 2026 Earnings Presentation
This is Light & Wonder's Q1 2026 earnings presentation showing consolidated revenue of $790M (+2% YoY), adjusted AEBITDA of $327M (+5% YoY), and adjusted EPS of $1.45 (+7% YoY), with strong performance across Gaming, SciPlay, and iGaming segments, including $43M contribution from the Grover acquisition.
LNW - Q1 2026 Form 10-Q (Quarterly Report)
Light & Wonder reported Q1 2026 revenue of $790M (+2.1% YoY) driven by Gaming segment growth, but net income declined 36.6% to $52M due to higher interest expense, increased restructuring costs, and elevated D&A. Adjusted EBITDA of $327M (+5.2% YoY) reflects solid operational performance, though the company faces headwinds from debt servicing costs and integration of the Grover acquisition completed in May 2025. Key points: Adjusted EBITDA grew 5.2% YoY to $327M, demonstrating underlying operational strength across segments; Gaming segment AEBITDA increased to $271M (+6.7% YoY), benefiting from gaming operations revenue growth of 38.2% to $239M; Operating cash flow of $139M in Q1 2026 reflects continued cash generation capability despite higher financing costs
LNW - Q1 2026 Form 8-K (Earnings Release)
Light & Wonder delivered solid Q1 2026 results with 2% revenue growth to $790M and 5% consolidated AEBITDA growth to $327M, demonstrating margin expansion across all three business segments. Net income of $52M was impacted by ~$50M in legal reserve contingencies for legacy matters, but underlying operational performance remained strong with Gaming operations and iGaming delivering double-digit revenue growth. The company maintained net debt leverage at 3.5x within its 2.5x-3.5x target range and expects mid- to high-single digit AEBITDA growth for FY 2026, weighted toward the second half of the year. Key points: Gaming operations revenue surged 38% YoY to $239M, with North American premium installed base growing for 23rd consecutive quarter and adding 2,550 units YoY; iGaming delivered double-digit revenue growth of 18% and AEBITDA growth of 22%, driven by U.S. momentum and first-party content strength; Consolidated AEBITDA margin expanded across all three business segments with 1 percentage point overall improvement to 41%
LNW - Appendix 4E and Form 10-K (FY 2025)
Light & Wonder reported FY2025 revenue of $3.31B (+4% growth) but saw GAAP net income decline 18% to $276M. However, the company demonstrated strong operational performance with Consolidated AEBITDA rising 16% to $1.44B and Adjusted NPATA up 18% to $567M, driven by improved operational efficiency and cost management. Key points: Revenue growth of 4% to $3.31 billion driven by strong performance across business segments; Consolidated AEBITDA increased 16% to $1.44 billion, demonstrating improved operational efficiency; Adjusted NPATA rose 18% to $567 million with per-share growth of 27%
LNW Earnings Presentation FY 2025
Light & Wonder released its Fourth Quarter and Full Year 2025 earnings presentation dated February 24, 2026, reporting consolidated revenue of $3,314M (+4% YoY), adjusted AEBITDA of $1,443M (+16% YoY), and adjusted EPS of $6.69 (+27% YoY), while completing the Grover acquisition and transitioning to a sole ASX listing.
LNW - Form 8-K (Earnings Release FY 2025)
Light & Wonder reported strong Q4 2025 results with 12% revenue growth to $891M and record AEBITDA of $405M (29% increase), but posted a $15M net loss due to $128M litigation settlement and transition costs. The company achieved its full-year targets with $1.44B AEBITDA and returned $877M to shareholders through buybacks during 2025. Key points: Record quarterly AEBITDA of $405M across all three business segments, up 29% year-over-year; Strong Gaming performance with record 7,000 North American unit shipments and 35% Gaming operations revenue growth; Successful Grover acquisition integration adding 345 units sequentially and expanding into Indiana market
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