Brightstar Lottery has announced its latest financial results, highlighting a flat revenue figure over the course of the full year, settling at $2.51bn, and a 3% revenue increase to $668m during the final quarter of 2025.
The operator has reported mixed results for the two time periods, with a significant reduction in debt over the course of the year juxtaposed with an adjusted EBITDA decline and sharp drop in income from continuing operations.
Q4: A strong finish?
Over the course of last year’s final quarter, Brightstar recorded a revenue figure of $668m, up 3% year-over-year, despite a 21% drop in income from continuing operations in comparison to results from the year prior – settling at $92m. This latest revenue figure also represents a 6.2% increase over the operator’s Q3 2025 results.
Elsewhere, the operator’s adjusted EBITDA rose by 5% in comparison to results from Q4 2024 to total $304m, complemented by an adjusted EBITDA margin of 45.5%, up from 44.5% the year prior. Free cash flow, however, dropped from a positive figure of $129m during the final quarter of 2024 to a negative figure of $298m during the final quarter of 2025, with the company attributing this decline to cash outflows related to the Italian Lotto license fee.
FY25: Debt reduction despite an income decline
Looking across Brightstar’s full 2025 period, revenue remained flat year-over-year at $2.51bn, with debt falling by 43%, down from $4.8bn at the conclusion of 2024 to $2.7bn at the close of 2025 – largely driven by the proceeds of IGT Gaming. Despite this reduction, however, full-year adjusted EBITDA dropped by 4% year-over-year to $1.12bn, with adjusted EBITDA margin slipping 1.9% to settle at 44.7% at the end of 2025.
Following suit was income from continuing operations, which fell by a troubling 50% in comparison to results from FY 2024, reaching $135m during FY 2025. Indeed, Brightstar has shown signs of recovering its income statistics in this regard lately, as 68% of this overall yearly income figure was achieved during the final quarter.
FY26: More of the same?
The operator has outlined expectations of another flat revenue figure for the full-year 2026 period, stating expected revenues of $2.5bn - $2.55bn during the period – alongside anticipated adjusted EBITDA of $1.16bn - $1.19bn which, if achieved, would represent a marginal increase over 2025’s figures.
It has been a busy start to the year for Brightstar, which has secured numerous recent contract extensions across the US, including in California and Wisconsin, during January. Elsewhere, the company also executed a 15-year concession agreement with the Government of the State of São Paulo to operate various lottery-type games through both retail and digital channels in Brazil.
In July 2025, Brightstar Lottery successfully completed its IGT Gaming sale for approximately $4.1bn
