Light & Wonder, Inc. reported solid second-quarter 2025 results, highlighting increased profitability, a successful acquisition, and a significant shift in its market listing strategy. Despite a slight dip in total revenue, the company saw net income and adjusted earnings rise, supported by strong gaming performance and disciplined investment.
Strong Earnings Amid Modest Revenue Dip
In Q2, the company reported $809 million in consolidated revenue, down 1% from the same period last year. However, net income jumped 16% to $95 million, driven by cost efficiencies and lower restructuring charges. Consolidated AEBITDA grew 7% year-over-year to $352 million, reflecting margin expansion across all business units and contributions from recent acquisitions.
Gaming revenue reached $528 million, down 2%, largely due to cautious customer spending amid macroeconomic uncertainty. Still, the business sold over 9,000 gaming units globally and saw its North American premium installed base increase for the 20th consecutive quarter. Gaming operations revenue was bolstered by the newly acquired Grover business, which added $21 million and more than 600 devices since the acquisition was announced in February.
Grover Acquisition Strengthens Operations
Completed in May for $850 million, the Grover acquisition brought a strong foothold in the charitable gaming market across five U.S. states. CEO Matt Wilson stated, “The integration of Grover is progressing ahead of schedule, and we are very well-positioned in the charitable gaming business with a range of growth opportunities ahead of us.”
By quarter-end, Grover had over 11,000 active devices, contributing to growth in installed base and revenue.
Digital Growth and SciPlay Monetization
SciPlay revenue fell 2% to $200 million, reflecting fewer payers for JACKPOT PARTY® Casino. However, monetization improved, with record-high average monthly revenue per paying user at $128.96. SciPlay’s AEBITDA rose 6% to $74 million, supported by its direct-to-consumer model, which accounted for 18% of total revenue.
iGaming continued its upward trajectory, with revenue rising 9% to $81 million—a new quarterly high. This segment’s AEBITDA grew 17% to $28 million, supported by expanding partnerships and strong North American performance.
Shift to Sole ASX Listing and Shareholder Returns
The company announced plans to move to a sole primary listing on the Australian Securities Exchange (ASX), with delisting from Nasdaq expected by November 2025, pending regulatory approval.
“Equity traded on the ASX now accounts for approximately 37% of our total equity,” said Board Chair Jamie Odell. “Our Board has determined that moving to a sole primary ASX listing is in the best long-term interests of our shareholders.”
Light & Wonder returned $266 million to shareholders in the first half of 2025 through buybacks, completing more than half of its $1 billion program. In July, the company added $500 million to the repurchase authorization, raising the total to $1.5 billion.
The company reaffirmed its full-year 2025 guidance, forecasting AEBITDA between $1.43 billion and $1.47 billion, including an estimated $65 million from Grover. Adjusted NPATA is projected to range from $550 million to $575 million.
CFO Oliver Chow noted, “Our financial performance underscores the benefit of our diversified model and the disciplined execution of the team.”
Source:
“Light & Wonder, Inc. Reports Second Quarter 2025 Results”, explore.investors.lnw.com, Aug 6, 2025
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