Light & Wonder, Inc. reported its financial results for the second quarter ended June 30, 2025, on August 6, 2025. Consolidated revenue decreased slightly by 1% year-over-year to $809 million, falling short of market expectations. Despite the revenue dip, net income increased by 16% to $95 million, or $1.11 per share, and Consolidated AEBITDA rose 7% to $352 million, expanding the margin to 44%. Gaming revenue was down 2% to $528 million, impacted by cautious purchasing behavior and delayed capital expenditure from customers, though the North American premium installed base grew for the 20th consecutive quarter.
SciPlay revenue decreased 2% to $200 million, primarily due to a decline in average monthly payers, but AEBITDA grew 6% to $74 million, driven by the direct-to-consumer platform. iGaming revenue achieved a quarterly record of $81 million, up 9%, with AEBITDA increasing 17% to $28 million. The company successfully completed the Grover acquisition, adding over 600 units since the announcement, and its contributions were $21 million to Gaming operations revenue. Operating cash flow was $106 million, and free cash flow was $29 million.
The Board of Directors approved a transition to a sole primary listing on the ASX, with delisting from Nasdaq expected by the end of November 2025, following an extensive diligence process. Light & Wonder returned $266 million to shareholders through share repurchases in the first half of 2025 and increased its share repurchase program from $1.0 billion to $1.5 billion on July 31, 2025. The company provided updated FY 2025 Consolidated AEBITDA guidance of $1.43 billion to $1.47 billion, inclusive of an estimated $65 million from Grover, and an Adjusted NPATA guidance range of $550 million to $575 million.
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