Light & Wonder hits $809m in revenue, increases net income 16% for Q2 2025

Light & Wonder has reported its financial results for the second quarter of 2025, having witnessed a slight revenue decrease of 1% year-over-year for a total of $809m, while net income grew 16% from the prior year period to $95m throughout the quarter. 

“We remain committed to R&D investment to further proliferate our high-performing content across channels and continue to realize the benefits of strong game performance,” Light & Wonder President and CEO Matt Wilson said. 

“Additionally, I am pleased that the integration of Grover is progressing ahead of schedule, and we are very well-positioned in the charitable gaming business with a range of growth opportunities ahead of us. Following an extensive diligence process, I am excited to announce the Board’s decision to transition to a sole ASX listing, which I believe will deliver tremendous shareholder value going forward.”

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

The supplier’s consolidated AEBITDA managed to increase by 7% from the prior year period for a total of $352m, with an adjusted full year (FY) 2025 guidance now set between $1.43bn-$1.47bn. Light & Wonder also completed its acquisition of Grover Gaming’s charitable gaming business in May 2025 for an upfront consideration of $850m.

“Our financial performance in the second quarter underscores the benefit of our diversified business model and the disciplined execution of the team. Margin expansion was meaningful, reflecting business performance as well as optimization of resource allocation across digital, content and platform innovation,” Light & Wonder CFO Oliver Chow said. 

“During the quarter, we continued to invest across the portfolio, arranged financing for the Grover acquisition and continued to execute to our share buy-back program. Additionally, with the added $500 million capacity to the program, we expect a smooth transition to our sole ASX listing.”

Q2 2025 revenue was primarily driven by Light & Wonder’s gaming operations, having accounted for $528m throughout the second quarter of 2025 but falling 2% from the prior year period. The supplier’s SciPlay operations reported a revenue figure of $200m for Q2 2025, equating to a decrease of 2% from the prior year period. iGaming was the only sector to witness an increase in revenue year-over-year, rising 9% for a total of $81m for the second quarter of 2025. 

Good to know: Light & Wonder announced an important leadership change on June 23 with the upcoming retirement of its EVP, Chief Legal Officer and Corporate Secretary James Sottile, effective December 31, 2025

Light & Wonder stated the decrease in revenue for gaming operations was primarily driven by decreases in Gaming machine sales of 16% and Gaming systems of 11%, respectively, year-over-year. SciPlay revenue was reportedly affected by a decline in monthly players attributable to Jackpot Party Casino, but partially offset by an increase in average monthly revenue per playing user. 

The supplier’s gaming operations generated an adjusted EBITDA of $280m for the second quarter of 2025, equating to an increase of 3% from the prior year period. SciPlay adjusted EBITDA increased 6% year-over-year to $74m, while iGaming reported an adjusted EBITDA of $28m and grew 17% from the prior year period. 

Light & Wonder managed to cut its operating expenses by $36m year-over-year, reporting a total cost of $607m for Q2 2025. Selling, general and administrative accounted for the highest expense throughout the second quarter of 2025, costing Light & Wonder $208m for the period. 

In July 2025, the supplier received a gaming-related vendor license from the General Commercial Gaming Regulatory Authority (GCGRA) in the UAE, allowing Light & Wonder to offer land-based gaming machines, table games and iGaming content to licensed operators across the country. 

Kirk Geller

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