Global gaming supplier Light & Wonder reported a net loss of US$15 million in the three months to 31 December 2025, impacted by a US$128 million legal settlement charge from the resolution reached with Aristocrat over its “Dragon Train” slot machine series.
Top line results were strong, however, with consolidated revenue up 12% year-on-year to US$891 million and Adjusted EBITDA by 29% to US$405 million. Adjusted net profit after tax was up 27% to US$161 million.
By segment, gaming revenue increased 17% year-over-year to US$602 million in the fourth quarter, driven primarily by record gaming machine sales of US$234 million, up 20%. Light & Wonder said it shipped a record 7,000 North American units during the quarter, while North American gaming operations premium installed base grew for a 22nd consecutive quarter, adding over 700 units during Q4.
iGaming saw revenue rise by 21% to US$94 million with Adjusted EBITDA up 44% to US$36 million, while social media arm SciPlay reported a 4% decrease in revenue to US$195 million.
For FY25, Light & Wonder’s consolidated revenue grew by 4% year-on-year to US$3.3 billion with net income down 18% to US$276 million, also due to the “Dragon Train” settlement. Consolidated Adjusted EBITDA was up 16% to US$1.44 billion.
2025 also represented the completion of Light & Wonder’s three‑year financial targets cycle which it said reflected disciplined execution, earnings strength and cash flow delivery.
“We closed out 2025 with another strong quarter, delivering double-digit year-over-year growth in both revenue and cash flows,” said President and CEO, Matt Wilson. “We also achieved several important milestones, including the successful acquisition and integration of Grover, accelerating our expansion in the Charitable Gaming market, and our transition to a sole primary listing on the ASX. We also continued to invest in our studios, which is paying dividends as our franchises drive strong game performance across the portfolio.
“Looking ahead, we will remain focused on investing in product innovation and talent to strengthen our recurring revenue model, build on this momentum and enhance our global competitive position as we progress toward our 2028 financial targets.”
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