Casino equipment and online games provider Light & Wonder Inc reported fourth-quarter 2025 revenue of US$891 million, an 11.8-percent increase from a year earlier, according to a Tuesday announcement.
The company said it delivered a “strong finish” to 2025, achieving “solid financial results underpinned by disciplined execution and robust game performance, while completing its three-year financial targets and value creation cycle”.
Light & Wonder however posted a net loss of US$15 million in the three months to December 31, compared with a US$107-million profit in the prior-year period.
“Net loss was impacted by approximately US$128 million legal settlement charge associated with a strategic resolution of the Aristocrat matter, US$25 million contingent acquisition consideration fair value adjustment, and US$18 million in Australian Securities Exchange (ASX) transition costs,” the firm stated.
Light & Wonder – which in November moved to a sole primary listing on the ASX –, said in mid-January it had agreed to pay US$127.5 million to market rival Aristocrat Leisure Ltd to resolve a dispute about alleged infringement of Aristocrat trade secrets over Light & Wonder’s “Dragon Train” game.
Light & Wonder’s consolidated adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) stood at US$405 million in the final quarter of 2025, up 28.6 percent from a year ago.
The group has three main segments: land-based gaming; the digital games unit SciPlay; and iGaming.
During the fourth quarter, “all three businesses delivered record adjusted EBITDA,” the gaming supplier said.
Matt Wilson, Light & Wonder’s president and chief executive, said in prepared remarks that the company “closed out 2025 with another strong quarter, delivering double-digit year-over-year growth in both revenue and cash flows”.
“We also achieved several important milestones, including the successful acquisition and integration of Grover, accelerating our expansion in the Charitable Gaming market, and our transition to a sole primary listing on the ASX,” he stated.
In May last year, Light & Wonder paid US$850 million to acquire the charitable gaming assets – known as Grover Charitable Gaming – of U.S.-based Grover Gaming Inc and G2 Gaming Inc.
Mr Wilson added: “Gaming momentum remained robust, with more than 700 North American gaming operations units added sequentially and over 12,300 units shipped globally during the quarter, while iGaming delivered another quarterly revenue and adjusted EBITDA records.”
Segment performance
Fourth-quarter gaming revenue increased by 16.9 percent year-on-year, to US$602 million, driven by “record North American Gaming machine sales of 7,000 units, which led to a 20-percent revenue increase of US$39 million year-over-year,” the group said.
“Gaming operations also grew US$62 million, or 35 percent, benefitting from an increase in our North American installed base of 2,688 units, up 7 percent year-over-year to 36,692 units,” the firm noted.
Globally, the company shipped 12,361 new gaming machine units in the three months to December 31, compared to 9,589 units a year earlier. Fourth-quarter 2025 shipments included 5,361 units sold in the international market, including Asia Pacific, compared with 3,609 units in the prior-year period.
Revenue in the iGaming segment grew by 20.5 percent year-on-year, to US$94 million, while SciPlay revenue fell 4.4 percent, to US$195 million.
For full-year 2025, Light & Wonder posted a net profit of US$276 million, down 17.9 percent from the prior year. That was on revenue that rose 4.0 percent year-on-year, to just over US$3.31 billion. Consolidated adjusted EBITDA last year stood at US$1.44 billion, 16.0-percent higher than in 2024.
The group’s net debt stood at US$5.04 billion as of December 31 last year, compared to US$3.71 billion a year earlier. It reflected a net debt leverage ratio of 3.5 times, at the top end of Light & Wonder’s target range of 2.5 times to 3.5 times.
In January, the ASX-listed firm announced a new tranche of US$2.13-billion term loans under an existing credit agreement, with the aim of repaying existing debt.
Oliver Chow, Light & Wonder’s chief financial officer, said in commentary included in Tuesday’s announcement: “We maintained our net debt leverage ratio within our targeted range following the Grover acquisition and ASX listing transition, and we expect to continue deleveraging throughout 2026, supported by the strength of our business profile, absent any high return capital allocation opportunities.”
He added: “Our priorities remain unchanged: disciplined cost management, sustainable margin growth, and continued improvement in both the quality and quantum of cash flows over time.”
