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LNW

Light & Wonder, Inc.

LNW

Light & Wonder, Inc. • NASDAQ
$86.22 ▲ 0.00% (+0.00)
Market Cap $7.29 B
52w High $113.94
52w Low $69.56
Dividend Yield 0%
P/E 18.83
Volume 34.80M
Outstanding Shares 84.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $841M ▲ $395M ▲ $114M ▲ 13.555% ▲ $1.37 ▲ $331M ▲
Q2-2025 $809M ▲ $388M ▼ $95M ▲ 11.743% ▲ $1.13 ▲ $300M ▲
Q1-2025 $774M ▼ $393M ▼ $82M ▼ 10.594% ▼ $0.97 ▼ $264M ▼
Q4-2024 $797M ▼ $398M ▼ $108M ▲ 13.551% ▲ $1.22 ▲ $299M ▲
Q3-2024 $817M $412M $64M 7.834% $1.1 $244M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $324M ▲ $6.509B ▲ $5.786B ▼ $723M ▲
Q2-2025 $136M ▲ $6.49B ▲ $5.788B ▲ $702M ▲
Q1-2025 $134M ▼ $5.455B ▲ $4.835B ▲ $620M ▼
Q4-2024 $196M ▼ $5.421B ▼ $4.785B ▲ $636M ▼
Q3-2024 $347M $5.596B $4.738B $858M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $114M ▲ $184M ▲ $-79M ▲ $-48M ▼ $58M ▲ $105M ▲
Q2-2025 $95M ▲ $106M ▼ $-938M ▼ $831M ▲ $4M ▲ $28M ▼
Q1-2025 $82M ▼ $185M ▼ $-62M ▼ $-171M ▲ $-45M ▲ $124M ▼
Q4-2024 $108M ▲ $202M ▲ $-29M ▲ $-262M ▼ $-95M ▼ $132M ▲
Q3-2024 $64M $118M $-71M $-65M $-15M $47M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $560.00M ▲$250.00M ▼$240.00M ▼$240.00M ▲
Service
Service
 $1.06Bn ▲$530.00M ▼$570.00M ▲$600.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been growing again after the pandemic slump, helped by both land-based and digital gaming. Profitability has improved meaningfully: gross profit and operating income have trended up, and the company has moved from sizable losses a few years ago to consistent profits more recently. Earnings per share, while still somewhat volatile, have swung from deep negative to clearly positive, showing a successful turnaround. The overall picture is of a business that has become more efficient and profitable, but still operates in a cyclical industry where results can shift quickly with consumer demand and casino spending.

Balance Sheet

Balance Sheet The balance sheet today looks much cleaner than it did earlier in the decade. Total assets have gradually come down as non-core businesses were sold off, while equity has moved from negative to clearly positive, which is a major improvement in financial health. Debt levels, although still meaningful, are far lower than in the past, reducing balance sheet risk. Cash on hand is modest compared with total debt, which means the company still relies on ongoing cash generation and access to financing, but the overall leverage profile is much more manageable than it used to be.

Cash Flow

Cash Flow Cash generation has strengthened. Operating cash flow has been solidly positive in most recent years, supporting regular investment in game development and equipment. Free cash flow has moved from negative to comfortably positive, which means the business is now funding itself and has room to reduce debt or reinvest. Capital spending is steady rather than aggressive, suggesting disciplined investment rather than a heavy build-out phase. The key risk is that this cash performance is tied to gaming demand; a downturn in casino or online play could soften these flows, but current trends are supportive.

Competitive Edge

Competitive Edge Light & Wonder has recognizable game brands, long-standing relationships with casinos, and regulatory licenses in many jurisdictions, all of which create meaningful barriers for new entrants. Its cross-platform strategy—serving land-based casinos, social games, and real-money online gaming with shared content—gives it multiple ways to reach players and monetize its titles. However, it faces very strong, well-funded rivals like Aristocrat and IGT that also innovate rapidly. Some observers view its advantage as only modestly durable, especially because its research spending appears lighter than at least one key competitor. The ongoing legal dispute over game features underscores how intense and contentious this competitive environment can be.

Innovation and R&D

Innovation and R&D The company’s strategy is built around innovation in content and technology that works seamlessly across physical casinos, online gambling, and social casino apps. Its OpenGaming platform and the integration of SciPlay give it a strong digital backbone and access to data-driven game design. New slot cabinets, game mechanics, and cross-channel loyalty features are all aimed at keeping players engaged wherever they play. At the same time, its research and development effort, while productive, seems smaller relative to some top rivals, which could be a long-term weakness if not addressed. The decision to exit live dealer games and focus on core slot-style and digital content shows a more selective, returns-focused approach to innovation rather than trying to be everywhere at once.

Summary

Light & Wonder today looks like a reshaped company: more focused, more profitable, and less burdened by past leverage than it was just a few years ago. Its earnings and cash flow trends point to a successful transition toward a cross-platform gaming model that blends land-based, online, and social play. The balance sheet, while still carrying notable debt, is far healthier, with positive equity and improved flexibility. Competitively, the company benefits from strong brands, regulatory reach, and sticky customer relationships, but operates in a fiercely contested market where innovation speed and content quality are critical. Future performance will hinge on how well it executes its omni-channel strategy, integrates SciPlay, continues to refresh its game portfolio, and manages legal and competitive pressures in a highly regulated, cyclical industry.

NEWS

November 5, 2025 · 4:05 PM UTC

Light & Wonder, Inc. Reports Third Quarter 2025 Results

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October 23, 2025 · 5:40 PM UTC

Light & Wonder Provides Delisting Notice to Nasdaq

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October 17, 2025 · 9:19 PM UTC

Light & Wonder Statement on NV Legal Proceedings

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October 13, 2025 · 8:30 AM UTC

Light & Wonder Announces Update on Nasdaq Delisting Timetable

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October 6, 2025 · 4:05 PM UTC

Light & Wonder to Report Third Quarter 2025 Results on Wednesday, November 5, 2025

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