The strong operational performance and margin expansion, coupled with significant capital return, suggest robust underlying business health. Traders should monitor the integration of Grover and the company's ability to maintain deleveraging while investing in growth, as this could drive further upside.
Price Chart
Executive Summary
Light & Wonder reported strong Q4 and full-year 2025 results with 12% revenue growth and record AEBITDA, driven by robust gaming machine sales and operations. Despite a net loss due to a $128M legal settlement, non-GAAP profits and cash flow grew significantly. The company returned $877M to shareholders and maintained its 2028 financial targets.
Key Financial Metrics
Key Facts
- Q4 revenue increased 12% YoY to $891M, driven by 17% growth in Gaming revenue.
- Record Q4 AEBITDA of $405M (+29% YoY) and Adjusted NPATA of $161M (+27% YoY).
- Full-year net income was $276M (down 18% YoY) due to a $128M legal settlement charge.
- Full-year AEBITDA grew 16% to $1.44B, within the company's $1.43B-$1.47B guidance range.
- Returned $877M to shareholders via share repurchases in 2025, including $500M in Q4.
- Record North American gaming machine shipments of 7,000 units in Q4.
Financial Impact
Revenue growth of $94M and AEBITDA growth of $90M in Q4; $126M revenue and $199M AEBITDA growth for the full year.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Gaming | $2.2K | +6.0% |
| SciPlay | $794.00 | -3.0% |
| iGaming | $337.00 | +13.0% |
Risk Factors
- The $128M legal settlement charge significantly impacted GAAP net income.
- The company's net debt leverage ratio of 3.5x is at the high end of its target range, which could limit financial flexibility.
- Future performance depends on the successful integration of the Grover acquisition.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000750004-26-000010 |
| Document: lnw-20260224.htm | 0000750004-26-000010 |
| Document: 0000750004-26-000010-index-headers.html | 0000750004-26-000010 |
| Document: 0000750004-26-000010-index.html | 0000750004-26-000010 |
| Document: 0000750004-26-000010.txt | 0000750004-26-000010 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Apr 30, 2026 25w ago | DEFA14A | — | awaiting T+20 | — | — |
Feb 24, 2026 34w ago | 8-K | — | awaiting T+20 | — | — |
US Market Status
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