Light & Wonder Reports $841 Million Revenue in Q3 2025, Net Income Rises to $114 Million

Light & Wonder, Inc. reported a consolidated revenue of $841 million for the third quarter of 2025, marking a 3% increase from $817 million in the same period last year. For the nine months ending September 30, 2025, total revenue reached $2.424 billion, slightly up from $2.391 billion in 2024. The company’s net income for the quarter was $114 million, or $1.34 per diluted share, compared to $64 million, or $0.71 per diluted share, in the prior year. Year-to-date net income also saw a significant rise, reaching $291 million, up from $228 million in 2024.

The company experienced notable changes in its revenue streams, particularly within its Gaming segment, which saw a 4% increase in revenue for the third quarter, driven by a $26 million rise in gaming operations revenue. This growth was supported by the recent acquisition of Grover, which contributed $40 million in revenue. However, the SciPlay segment reported a 4% decline in revenue for the quarter, attributed to a decrease in average monthly payers, particularly for the JACKPOT PARTY® Casino game. In contrast, iGaming revenue increased by 16% for the quarter, reflecting strong performance in North American markets.

Operationally, Light & Wonder completed the acquisition of Grover Charitable Gaming in May 2025 for $850 million, with additional contingent payments based on revenue metrics. This acquisition is expected to enhance the company’s footprint in the charitable gaming sector across five U.S. states. The company also issued $1 billion in senior unsecured notes due 2033, which were used to redeem existing debt and support general corporate purposes, including share repurchases. As of September 30, 2025, the company had a total cash and cash equivalents balance of $236 million, alongside a $1 billion revolving credit facility.

In terms of operational metrics, the company reported an increase in its installed base of gaming machines, with 47,240 units in the U.S. and Canada, a 42% increase year-over-year. However, average daily revenue per unit decreased slightly, indicating potential challenges in monetization. The company’s total operating expenses decreased by 7% to $612 million for the quarter, primarily due to lower costs associated with product sales and restructuring expenses.

Looking ahead, Light & Wonder anticipates continued growth driven by its diversified gaming portfolio and strategic initiatives, including the transition to a sole primary listing on the ASX, expected to take effect on November 13, 2025. The company is also actively managing the impact of recent trade tariffs and macroeconomic conditions on its operations, with ongoing efforts to enhance operational efficiencies and mitigate cost pressures.