Light & Wonder reported Q2 2025 consolidated revenue of $809 million, a 7% year-over-year increase driven by record iGaming performance and strong SciPlay results.
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Adjusted EBITDA rose 7% to $1.43 billion, with margins expanding 400 basis points to 44% due to the growth of higher-margin iGaming and direct-to-consumer operations.
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Net income grew to $95 million in Q2 2025, up from $82 million in the same period last year, with adjusted NPATA reaching $135 million.
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The company significantly reduced its net-debt leverage ratio to 3.7, down from 6.2 in December 2021, keeping it near the target range of 2.5x–3.5x.
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Free cash flow declined to $29 million, down from $70 million in the prior-year period, as a result of acquisition-related outlays and integration costs.
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Operating margins improved to 12% from 10% year-over-year, supported by the removal of non-recurring items such as $17 million in restructuring charges and $31 million in intangible amortization.
Insights
01
Light & Wonder reported Q2 2025 consolidated revenue of $809 million, a 7% year-over-year increase driven by record iGaming performance and strong SciPlay results.
02
Adjusted EBITDA rose 7% to $1.43 billion, with margins expanding 400 basis points to 44% due to the growth of higher-margin iGaming and direct-to-consumer operations.
03
Net income grew to $95 million in Q2 2025, up from $82 million in the same period last year, with adjusted NPATA reaching $135 million.
04
The company significantly reduced its net-debt leverage ratio to 3.7, down from 6.2 in December 2021, keeping it near the target range of 2.5x–3.5x.
05
Free cash flow declined to $29 million, down from $70 million in the prior-year period, as a result of acquisition-related outlays and integration costs.
06
Operating margins improved to 12% from 10% year-over-year, supported by the removal of non-recurring items such as $17 million in restructuring charges and $31 million in intangible amortization.