LNW Q2 2025 Form 10-Q

• Q2 2025 revenue of $809 million, up 1.2% YoY
• Adjusted EBITDA of $301 million, up 7.5% YoY
• Completed acquisition of Grover Gaming, expanding charitable gaming business

Light & Wonder Inc. reported its Q2 2025 financial results, with total revenue of $809 million, up 1.2% year-over-year. Services revenue was $566 million, while products revenue was $243 million. The company's adjusted EBITDA was $301 million, an increase of 7.5% compared to the prior year quarter. During the quarter, Light & Wonder completed the acquisition of Grover Gaming, expanding its charitable gaming business. The company continued to invest in research and development, with R&D expenses of $64 million. Light & Wonder also saw an increase in depreciation, amortization and impairment charges to $99 million. Overall, the company reported net income of $95 million, or $1.11 per diluted share, for the quarter.

For the full year 2025, Light & Wonder expects revenue in the range of $3.2 billion to $3.3 billion and adjusted EBITDA between $650 million and $670 million.

The company remains focused on executing its strategy, including growing its digital and iGaming businesses, expanding its charitable gaming operations, and driving operational efficiencies. Light & Wonder is also exploring options to transition to a sole primary listing on the Australian Securities Exchange.