Light & Wonder Posts $1.44B EBITDA and $877M Share Buybacks in 2025
Light & Wonder, Inc. reported robust full-year 2025 financial results, highlighted by record revenues, strong cash flow growth, and a major litigation settlement. The company also completed its transition to a sole ASX listing and returned $877 million to shareholders through share repurchases.
- Full-year consolidated revenue up 4% to $3.3 billion
- Record consolidated AEBITDA growth of 16% to $1.44 billion
- Returned $877 million to shareholders via share repurchases in 2025
- Resolved $128 million litigation settlement with Aristocrat
- Transitioned to sole primary listing on the ASX
Strong Finish to 2025
Light & Wonder, Inc. (ASX: LNW) closed out 2025 with a solid financial performance, reporting a 4% increase in consolidated revenue to $3.3 billion and a 16% rise in consolidated Adjusted EBITDA (AEBITDA) to $1.44 billion. Despite a net loss in the fourth quarter driven by one-off charges, the company achieved record quarterly revenues and margin expansion across its core segments: Gaming, SciPlay, and iGaming.
The company’s gaming operations in North America showed particular strength, with over 700 new gaming units added sequentially and a record 7,000 gaming machine shipments in Q4 alone. Grover, the charitable gaming business acquired earlier in 2025, contributed $41 million in revenue during the quarter and expanded into the Indiana market, further diversifying Light & Wonder’s portfolio.
Capital Returns and Legal Resolution
Light & Wonder returned $877 million to shareholders through share repurchases during 2025, including $500 million in the final quarter, bringing total capital returned since 2022 to $1.9 billion. The average repurchase price represented a significant discount to the current ASX share price, underscoring disciplined capital allocation.
In a notable development, the company settled a protracted litigation dispute with competitor Aristocrat for approximately $128 million. This resolution removes a significant overhang, allowing management to focus on operational execution and innovation without distraction.
Strategic Milestones and Outlook
2025 also marked Light & Wonder’s successful transition to a sole primary listing on the Australian Securities Exchange, streamlining its capital markets profile. The company refinanced debt to extend maturities to 2033 and secured lower interest rates, maintaining a net debt leverage ratio within targeted ranges despite aggressive share buybacks.
Management reaffirmed its commitment to ambitious 2028 financial targets, emphasizing continued investment in product innovation, talent acquisition, and recurring revenue growth. The company’s diversified gaming franchises and expanding digital footprint position it well to capitalise on evolving market opportunities.
Chief Executive Matt Wilson highlighted the momentum across all business segments and the strategic value of the Grover acquisition, while CFO Oliver Chow underscored disciplined cost management and sustainable margin expansion as key pillars for long-term shareholder value.
Bottom Line?
Light & Wonder’s 2025 results set a strong foundation, but investors will watch closely how the company balances growth investments with disciplined capital returns amid evolving market dynamics.
Questions in the middle?
- How will the $128 million Aristocrat settlement impact future competitive dynamics?
- What are the key drivers and risks to achieving the 2028 financial targets?
- How will the Grover acquisition shape Light & Wonder’s charitable gaming strategy?
