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Sep 30
Light & Wonder Q3 2025 Earnings Report
Light & Wonder reported a strong Q3 2025, driven by robust performance in Gaming and iGaming, with a significant boost from Grover and disciplined cost management.
Key Takeaways
Light & Wonder delivered a solid Q3 2025 with increased revenue, a 78% surge in net income, record iGaming performance, and strong cash flow, supported by contributions from the Grover acquisition.
Revenue grew to $841 million, up 3% from the prior year, driven by growth in Gaming and record iGaming revenue.
Net income surged 78% to $114 million, reflecting higher margins and lower restructuring costs.
Free cash flow increased 64% year-over-year to $136 million, with strong cash from operations and lower tax payments.
SciPlay saw a revenue decline but grew ARPDAU to $1.08 and AMRPPU to $126.23, showing stronger monetization.
Light & Wonder
Light & Wonder
Light & Wonder Revenue by Segment
Revenue by Segment
Gaming Revenue
CapyFin.comSciPlay Revenue
CapyFin.comiGaming Revenue
CapyFin.com Forward Guidance
Maintained full-year 2025 guidance for Consolidated AEBITDA of $1.43B to $1.47B and Adjusted NPATA of $550M to $575M.
Positive Outlook
- Strong ongoing momentum in iGaming and Gaming operations.
- Successful Grover integration contributing to installed base and revenue.
- Expanded Adjusted NPATA and AEBITDA margin across segments.
- Robust capital returns with over $1.5B in share repurchases to date.
- Interest savings from refinancing and extended debt maturities to 2033.
Challenges Ahead
- SciPlay revenue decline due to reduced average monthly payers.
- Continued pressure on international unit shipments and gaming machine sales.
- Increased interest payments affecting cash flow from operations.
- Pending ASX listing transition costs impacted quarterly expenses.
- Potential short-term leverage ratio pressure due to buybacks.