Light & Wonder reports $809m in Q2 revenue as net income rises 16% 

Key points: 

– Q2 2025 revenue down 1% YoY to $809m; net income rises to $95m

– iGaming revenue up 9%; gaming and SciPlay both decline 2%

– Adjusted EBITDA rises 7% to $352m; FY2025 guidance set at $1.43bn–$1.47bn

Light & Wonder has reported revenue of $809m for the second quarter of 2025, a 1% year-on-year decline. However, net income increased 16% to $95m, while adjusted EBITDA rose 7% to $352m, continuing the group’s multi-quarter focus on margin expansion and cost discipline.

The results come alongside integration of Grover Gaming’s charitable gaming business, which Light & Wonder acquired in May 2025 for $850m in upfront consideration. The company stated the acquisition positions it for long-term growth in a niche but regulated sector across five US states.

Listings

Light & Wonder has also announced it ends to solely list on the Australian Stock Exchange and delist from the Nasdaq by November 2025.

Gaming declines despite strong EBITDA

Gaming operations generated $528m in revenue in Q2 2025, down 2%, primarily due to a 16% decline in machine sales and an 11% drop in gaming systems revenue. Despite this, adjusted EBITDA for the segment grew 3% to $280m, supported by strong margin management and cost efficiencies.

In Q1 2025, gaming revenue had grown 4% to $495m, contributing to Light & Wonder’s 16th consecutive quarter of revenue growth at the time.

SciPlay impacted by user decline

Revenue from SciPlay fell 2% to $200m in Q2 2025. The segment was impacted by a decline in monthly players, particularly within its Jackpot Party Casino title. However, an increase in average monthly revenue per paying user partly offset this decline.

Adjusted EBITDA for SciPlay rose 6% to $74m. In Q1, SciPlay revenue had also declined 2%, but delivered stable margins and a 3% EBITDA increase, highlighting resilience within the direct-to-consumer model.

iGaming continues upward trend

iGaming was the only segment to post positive revenue growth in Q2 2025, increasing 9% to $81m. The segment’s adjusted EBITDA rose 17% to $28m, driven by partner expansion and platform innovation.

This follows a Q1 2025 iGaming revenue increase of 4% and an all-time high of $25.2bn in wagers processed, as reported in May. EBITDA margins in the iGaming unit have expanded steadily over the past four quarters.

Good to know: Light & Wonder received a vendor licence in the UAE in July 2025, allowing it to provide land-based machines, table games and iGaming content to licensed operators 

Operating cost savings and financial positioning

Total operating expenses fell by $36m, with the Q2 2025 figure coming in at $607m. Selling, general and administrative expenses were the largest category at $208m.

The company noted continued progress on its share buy-back programme, which received an additional $500m in authorised capacity this quarter. The group also arranged financing for the Grover acquisition via an $800m Term Loan A facility. 

Light & Wonder reaffirmed FY2025 adjusted EBITDA guidance of $1.43bn to $1.47bn. In Q1, the company posted $774m in revenue and adjusted EBITDA of $311m, reflecting continued momentum. 

Past performance and growth outlook

The company concluded FY2024 with $3.2bn in revenue, up 10% and net income of $336m. Light & Wonder repurchased $462m in shares during 2024 and continues to maintain a net leverage ratio within its 2.5x–3.5x target.

While Q2 saw modest revenue contraction, gains in income and margin efficiency – combined with new licensing in the UAE and progress on the Grover integration – signal a continued strategy of long-term operational diversification and capital allocation.