Light & Wonder reported a solid second‑quarter 2025 performance, with consolidated revenue climbing 7 % year‑over‑year to $809 million. The growth was largely driven by a record $81 million from iGaming and robust results across the SciPlay portfolio. Adjusted EBITDA mirrored revenue growth, rising 7 % to $1.43 billion and expanding its margin by 400 basis points to 44 %, a gain attributed mainly to higher‑margin direct‑to‑consumer and iGaming operations. Net debt remained comfortably within the company’s target leverage band of 2.5×–3.5×, and free cash flow, after significant acquisition‑related outlays, settled at $29 million.
The presentation clarifies that Light & Wonder relies on several non‑GAAP measures—Consolidated AEBITDA, Grover Adjusted EBITDA, and AEBITDA from discontinued operations—to gauge operating performance and liquidity. These figures are reconciled to comparable GAAP metrics, with adjustments removing restructuring costs, amortization of acquired intangibles, and other non‑recurring items. The resulting metrics feed into key ratios such as Net Debt Leverage and Combined Net Debt Leverage, offering management a clearer view of cash generation and debt‑servicing capacity.
Net income for the quarter rose to $95 million, up from $82 million a year earlier, while adjusted NPATA climbed to $135 million. This improvement was driven by a $31 million amortization of intangibles and a $17 million restructuring charge. Operating margins improved to 12 % from 10 %, and consolidated EBITDA margin reached 44 %. Despite the lower free cash flow of $29 million—down from $70 million a year earlier—the company’s net‑debt leverage ratio fell sharply to 3.7 from 6.2 in December 2021, reflecting a significant debt reduction.
Geographically, the results cover Light & Wonder’s global operations, with particular emphasis on its U.S. iGaming and European SciPlay segments. The time frame spans the second quarter of 2025, with comparative data drawn from the same period in 2024 and earlier years to illustrate trends. The analysis underscores that while profitability has strengthened, cash generation remains constrained by acquisition‑related payments and integration costs.
