Light & Wonder Reports $3.314 Billion Revenue for Fiscal Year 2025, Operating Income Up 152%

Light & Wonder, Inc. reported a total revenue of $3.314 billion for the fiscal year ending December 31, 2025, marking a 4% increase from $3.188 billion in 2024. The company's operating income rose significantly to $683 million, a 152% increase compared to the previous year. However, net income saw a decline of 18%, falling to $276 million from $336 million in 2024. The decrease in net income was attributed to higher interest expenses and increased restructuring costs, particularly related to the settlement with Aristocrat and the acquisition of Grover, which contributed to a $130 million legal matter reserve.

The company experienced notable changes in its business segments. Gaming revenue grew by 8% to $2.183 billion, driven by strong performance in gaming operations and contributions from Grover, which added $102 million in revenue. SciPlay, however, saw a 3% decline in revenue to $794 million, primarily due to a decrease in average monthly payers, although average revenue per paying user increased. The iGaming segment reported a 13% increase in revenue to $338 million, bolstered by growth in the North American market and the expansion of its partner network.

Strategically, Light & Wonder completed the acquisition of Grover on May 16, 2025, for an upfront payment of $850 million, with potential additional payments based on revenue metrics. This acquisition is expected to enhance the company's presence in the charitable gaming sector. Additionally, the company transitioned to a sole primary listing on the Australian Securities Exchange (ASX) after delisting from Nasdaq, which may impact liquidity and trading prices of its common stock.

Operationally, the company reported an increase in its installed base of gaming machines, with U.S. and Canada units rising by 42% to 48,326. However, international units decreased by 6% to 18,898, reflecting challenges in certain markets. The company also noted a favorable foreign currency exchange impact of $20 million on its consolidated revenues. As of December 31, 2025, Light & Wonder employed approximately 6,800 people globally, with a focus on maintaining a diverse and skilled workforce to support its growth initiatives.

Looking ahead, Light & Wonder aims to continue executing its strategic roadmap, focusing on expanding its market share and enhancing its product offerings across all segments. The company is closely monitoring economic conditions, inflationary pressures, and supply chain challenges that could impact its operations and financial performance. The management remains optimistic about leveraging its diversified portfolio and strategic acquisitions to drive future growth.