Light & Wonder Q3 revenue hits $841m, net income up 78.1%

Light & Wonder has reported its financial results for the third quarter of 2025, as consolidated revenue increased 2.9% to $841m, while the supplier also managed to generate net income growth of 78.1% for a total of $114m.

The increase in consolidated revenue was primarily attributed to 4% growth witnessed from Light & Wonder's gaming vertical, which accounted for $558m of revenue throughout Q3 2025. The supplier's iGaming business produced an additional $86m of revenue and increased 16% from the prior year period, but Light & Wonder also reported a decrease in SciPlay revenue of 4% to $197m.

Light & Wonder's consolidated AEBITDA for Q3 2025 was reported to be $375m, reflecting growth of 17.6% and said to be primarily attributed to the increases in gaming and iGaming revenue throughout the quarter. The revenue figure generated by the supplier's iGaming vertical also represents an all-time high for Light & Wonder across a quarterly period.

"We are reinvesting in the business to drive long-term sustained growth, as evidenced by the number and quality of new games and hardware showcased at this year's G2E," Light & Wonder President & CEO Matt Wilson said.

"Additionally, we are thrilled to report that the integration of Grover Gaming into our omni-channel strategy is progressing well. The team is fully prepared to participate in the opening of the Indiana charitable gaming market, expected in the coming months."

Despite the decrease in revenue reported from SciPlay ventures, Light & Wonder still managed to generate an 8% increase in adjusted AEBITDA for the vertical to $71m. Gaming and iGaming reported Q3 2025 adjusted AEBITDAs of $305m and $34m, respectively, equating to increases of 14% and 42% year-over-year.

Gaming revenue for the third quarter of 2025 was driven primarily by a 9% increase in North American units for Light & Wonder to nearly 36,000 in operation. Table game products generated a 6% increase in revenue to $56m, helping to offset a decrease of 21% in revenue produced from gaming machines to $189m.

Third-party platforms accounted for $157m of the SciPlay business' revenue for Q3 2025, representing a decrease of 13.3%. Direct-to-consumer platforms generated a Q3 2025 revenue of $40m, increasing by 60% from the prior year period.

The increase in net income throughout the third quarter of 2025 may have also stemmed from a 7% decrease in operating expenses for Light & Wonder to $612m.

The decrease in costs also helped generate an operating income of $229m for the supplier, equating to growth of 44%. Costs of services and products combined to account for $217m of operating expenses for Q3 2025, while selling, general and administrative expenses cost an additional $219m.

In May 2025, Light & Wonder finalized its previously announced acquisition of the charitable gaming assets of Grover Gaming for $850m in cash, along with a potential four-year, revenue-based earn-out of up to $200m in additional cash.

For the 12 months ending on September 30, 2025, Light & Wonder reported a combined AEBITDA of $1.43bn from Grover Gaming assets, while the vertical's operating income from October 1, 2024 through May 15, 2025 was $64m.