Light & Wonder Inc
NASDAQ:LNW
Light & Wonder Inc
In the ever-evolving landscape of the gaming and entertainment industry, Light & Wonder Inc. shines as a versatile player renowned for its comprehensive suite of products and services. This company, formerly known as Scientific Games Corporation, provides a blend of digital and physical gaming solutions. Light & Wonder has carved a significant niche by capitalizing on its experience in creating engaging and immersive gaming experiences. By bridging traditional gaming with digital, the company appeals to a broad demographic, satisfying both the classic casino-goer with slot machines and table games, and the tech-savvy gamer seeking online and mobile platforms.
Revenue streams for Light & Wonder are as diversified as their product offerings. From selling gaming machines and leasing them to casinos, to delivering state-of-the-art systems that underpin the operational infrastructure of gaming floors, the company has positioned itself as a vital partner to gaming venues worldwide. Simultaneously, its digital arm benefits from licensing agreements, supplying content-rich experiences to interactive platforms that reach global audiences. By integrating high-tech solutions with compelling game design, Light & Wonder not only adapts to the shifting tides of the gaming industry but also drives growth through innovation and strategic acquisitions, enhancing their footprint in this dynamic market.
In the ever-evolving landscape of the gaming and entertainment industry, Light & Wonder Inc. shines as a versatile player renowned for its comprehensive suite of products and services. This company, formerly known as Scientific Games Corporation, provides a blend of digital and physical gaming solutions. Light & Wonder has carved a significant niche by capitalizing on its experience in creating engaging and immersive gaming experiences. By bridging traditional gaming with digital, the company appeals to a broad demographic, satisfying both the classic casino-goer with slot machines and table games, and the tech-savvy gamer seeking online and mobile platforms.
Revenue streams for Light & Wonder are as diversified as their product offerings. From selling gaming machines and leasing them to casinos, to delivering state-of-the-art systems that underpin the operational infrastructure of gaming floors, the company has positioned itself as a vital partner to gaming venues worldwide. Simultaneously, its digital arm benefits from licensing agreements, supplying content-rich experiences to interactive platforms that reach global audiences. By integrating high-tech solutions with compelling game design, Light & Wonder not only adapts to the shifting tides of the gaming industry but also drives growth through innovation and strategic acquisitions, enhancing their footprint in this dynamic market.
Revenue Growth: Light & Wonder reported Q3 revenue of $841 million, up 3% year-over-year, driven by strong gaming operations and iGaming performance.
Profitability: EBITDA reached $375 million, growing 18% year-over-year, with record margin expansion across all business segments.
Recurring Revenue: Recurring revenue rose 14% year-over-year and now accounts for about 69% of total revenue, providing greater earnings predictability.
EPSA and Net Income: Adjusted NPATA per share (EPSA) increased 35% year-over-year to $1.81, while diluted net income per share jumped 89% to $1.34.
iGaming Strength: iGaming delivered record revenue of $86 million, up 16% year-over-year, and EBITDA rose 42%, reflecting strong first-party content and platform growth.
Grover Integration: Grover contributed over $40 million in revenue and saw a sequential increase of 229 units, with further growth expected as Indiana market launch is prepared for early 2026.
Capital Returns: $111 million in share repurchases were made in the quarter, with a total of $1.5 billion returned to shareholders since 2022.
Guidance Reiterated: Management reiterated full-year 2025 guidance for EBITDA and adjusted NPATA, citing strong recurring revenue momentum and line of sight to double-digit growth for the year.
