The Light & Wonder Inc (ASX: LNW) share price is in focus today after the company delivered its full-year 2025 result, with revenue lifting 4% to US$3,314 million and adjusted NPATA climbing 18% to US$567 million.
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What did Light & Wonder report?
- Full-year revenue up 4% to US$3,314 million
- Consolidated AEBITDA rose 16% to US$1,443 million, with margins expanding to 44%
- Adjusted NPATA up 18% to US$567 million
- Earnings per share (EPSa) increased 27% year-on-year, reaching US$6.69
- Free cash flow grew 42% to US$452 million
- Returned US$877 million to shareholders through share repurchases
What else do investors need to know?
Light & Wonder's earnings were underpinned by strong growth in its Gaming and iGaming segments, offsetting a slight revenue dip at SciPlay. The company finalised its acquisition of Grover Gaming, which added over 11,600 units to its installed base and contributed US$102 million in revenue for the year.
The business also transitioned to a sole ASX primary listing, returning most of its available capital to shareholders while maintaining a net debt leverage ratio at 3.5 times AEBITDA—well within its target range. Recurring revenue represented 67% of overall sales, demonstrating the benefits of an ongoing focus on high-quality, stable earnings streams.
What's next for Light & Wonder?
Looking ahead, the company expects to again deliver strong adjusted NPATA and EPSa growth in FY26, emphasising recurring revenue and ongoing expansion in both hardware and digital content. Strategic investment will continue, with a focus on launching new cabinets in Australia and New Zealand, further integrating Grover, and delivering more first-party iGaming content.
Light & Wonder also aims to reduce debt levels over 2026, following major legal settlement payments, and will remain disciplined with capital management. Management maintains confidence in achieving its ambitious 2028 targets of US$2 billion AEBITDA and over US$10.55 per share in EPSa.
Light & Wonder share price snapshot
Over the past 12 months, Light & Wonder shares have declined 11%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 9% over the same period.
