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Light & Wonder Inc
NASDAQ:LNW

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Light & Wonder Inc
NASDAQ:LNW
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Price: 87 USD -2.25% Market Closed
Market Cap: $7B

Light & Wonder Inc
Investor Relations

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.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 24, 2026
AI Summary
Q4 2025

Results: Light & Wonder said 2025 came in within its guided ranges for consolidated AEBITDA and adjusted NPATA, with EPSa up 27% to $6.69 and strong cash generation.

Gaming strength: Gaming was the main driver, with Q4 revenue up 17% to $602 million and AEBITDA up 26% to $323 million, helped by Grover, premium installs, and record game sales.

iGaming record: iGaming posted a third straight quarter of record revenue at $94 million, up 21%, as first-party content and the partner network kept expanding.

SciPlay mixed: SciPlay revenue was $195 million, but JACKPOT PARTY remained a drag; management said engagement is improving and they are increasing user acquisition again.

Outlook: Management expects another year of strong adjusted NPATA and EPSa growth in 2026, with costs from tariffs, legal items, and investments front-loaded in the first half.

AI push: The company framed AI as both a growth tool and an efficiency lever, and said it has already restarted Carbon as an AI-led platform development effort.

Capital returns: Light & Wonder repurchased $877 million of shares in 2025, completed 78% of its second buyback program, and said it expects to delever organically in 2026.

Key Financials
Consolidated revenue
$891 million
Consolidated revenue
$3.3 billion
Consolidated AEBITDA
$405 million
Consolidated AEBITDA
$1.44 billion
Adjusted NPATA
$161 million
Adjusted NPATA
$567 million
EPSa
$6.69
Gaming revenue
$602 million
Gaming operations revenue
$237 million
Gaming machine sales
$234 million
Gaming AEBITDA
$323 million
Gaming AEBITDA margin
54%
North American installed base
Over 48,300 units
North American premium installed base share
Over 53%
Average daily revenue per unit in North America
$47
Global gaming machine shipments
Over 12,300 units
Grover revenue since closing
$102 million
Grover installed base
Over 11,600 units
SciPlay revenue
$195 million
SciPlay AEBITDA
$80 million
Average revenue per daily active user
$1.10
Average monthly revenue per paying user
Over $133
Direct-to-consumer revenue mix
25%
iGaming revenue
$94 million
iGaming AEBITDA
$36 million
Wagers processed through OGS
$29.2 billion
Operating cash flow
$319 million
Free cash flow
$176 million
Operating cash flow
$794 million
Free cash flow
$452 million
Net debt leverage ratio
3.4x
Principal debt
$5.2 billion
Available liquidity
$927 million
Share repurchases in 2025
$877 million
Share repurchase authorization used
78%
Share repurchases since 2022
$1.9 billion
2026 tax rate
22% to 24%
Earnings Call Recording
Other Earnings Calls

Management

Mr. Jamie Ronald Odell M.B.A.
Executive Chairman
No Bio Available
Mr. Matthew R. Wilson
CEO, President & Director
No Bio Available
Ms. Antonia Korsanos BEC, C.A.
Executive Vice Chair
No Bio Available
Mr. Oliver Chow
Executive VP, CFO & Treasurer
No Bio Available
Mr. James Sottile
Executive VP, Chief Legal Officer & Corporate Secretary
No Bio Available
Ms. Siobhan Lane
Executive VP & Group Chief Executive of Gaming
No Bio Available
Mr. Vanja Kalabic
Senior VP & Chief Accounting Officer
No Bio Available
Mr. Nick Zangari
Senior Vice President of Investor Relations
No Bio Available
Mr. Stephen E. Richardson
Senior VP, Chief Compliance Officer & Director of Corporate Security
No Bio Available
Mr. Robert J. Parente
Executive VP & Chief Business Development Officer
No Bio Available

Contacts

Address
NEVADA
Las Vegas
6601 Bermuda Rd
Contacts
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