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Dec 31, 2025
Brightstar Lottery Q4 2025 Earnings Report
Brightstar Lottery PLC reported better-than-expected fourth quarter 2025 revenue and profit growth, driven by strong U.S. jackpot activity and iLottery expansion.
Key Takeaways
Brightstar Lottery delivered a strong Q4'25 with revenue growing 3% to $668 million. While GAAP net income from continuing operations decreased due to higher tax provisions and FX impacts compared to the prior year, Adjusted EBITDA grew 5% to $304 million. The company successfully completed the sale of IGT Gaming for $4.1 billion during the year, significantly reducing net debt leverage to 2.4x.
Q4 revenue of $668 million exceeded expectations, supported by 3.5% same-store sales growth.
Net debt was reduced by over $2 billion following the IGT Gaming sale, reaching a leverage ratio of 2.4x.
Returned over $1 billion to shareholders in FY'25 through dividends and share repurchases.
Board declared a quarterly dividend of $0.23, a 15% increase from the historical run rate.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For FY'26, Brightstar expects accelerated organic revenue growth and continued investment in high-ROI digital and international initiatives.
Positive Outlook
- Projected FY'26 revenue of $2.50 - $2.55 billion.
- Expected organic revenue growth of more than five percent.
- Adjusted EBITDA guidance of $1.16 - $1.19 billion.
- Expansion into Italy B2C digital and São Paulo lottery markets.
- OPtiMa cost savings program expanded to $80 million.
Challenges Ahead
- Incremental $175 million impact from Italy Lotto license fee amortization.
- Approximately $1.68 billion cash outflow for final Italy Lotto license payment.
- Expected $50 million investment in growth initiatives impacting short-term EBITDA.
- Higher project costs associated with the recent contract renewal cycle.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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