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Jun 30, 2025
Light & Wonder Q2 2025 Earnings Report
Light & Wonder delivered second quarter 2025 results with strong margin expansion and record digital performance.
Key Takeaways
Light & Wonder reported Q2 2025 consolidated revenue of $809 000 000, net income of $95 000 000 (EPS $1.11), operating income of $202 000 000, free cash flow of $29 000 000, and adjusted NPATA per share of $1.58. Gaming operations remained resilient, SciPlay outpaced the market, and iGaming achieved record quarterly revenue of $81 000 000.
Consolidated revenue was $809 000 000, down 1% year-over-year.
Net income grew 16% to $95 000 000, EPS $1.11.
Consolidated AEBITDA expanded 7% to $352 000 000, a 44% margin.
iGaming set a quarterly revenue record of $81 000 000, up 9%.
Revenue by Segment
Forward Guidance
For FY 2025, the Company provided consolidated AEBITDA guidance of $1.43 billion to $1.47 billion and adjusted NPATA guidance of $550 million to $575 million, expecting earnings to be second half weighted with low double-digit AEBITDA growth in Q3 and acceleration in Q4 driven by international game sales timing.
Positive Outlook
- FY 2025 AEBITDA guidance of $1.43 B–$1.47 B
- Adjusted NPATA guidance of $550 M–$575 M
- Earnings expected to be second half weighted
- Q3 AEBITDA growth forecast in low double-digits
- Acceleration in Q4 driven by international game sales timing
Challenges Ahead
- FY 2025 guidance may vary with Grover contributions timing
- Adjusted NPATA outlook subject to market volatility
- Second half weighting could lead to softer H1 performance
- International sales timing uncertainty may affect Q4 results
Historical Earnings Impact
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Avg. Return Before/After Earnings
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