Light & Wonder Q3: Revenue falls to $824m despite 16.7% net income growth

Light & Wonder has reported its financial results for the third quarter of 2026, having witnessed a net revenue decrease of 2% to $824, even while the supplier managed to increase net income 16.7% to $133m. 

Along with the rise in net income, Light & Wonder’s consolidated AEBITDA for Q3 grew 2.1% year-over-year to $383m. The supplier’s adjusted NPATA also rose during the quarterly period, increasing 6.5% to $163m. 

Gaming revenue for Light & Wonder reported a decrease of 1% to $554m, although the sector’s consolidated AEBITDA still increased 2% for a total of $312m. SciPlay revenue decreased 12% to $163m, while consolidated AEBITDA fell 6% to $67m. 

On September 16, Light & Wonder SciPlay CEO Josh Wilson announced his intentions to step down from the role by October 30, with current Light & Wonder CFO Oliver Chow having taken over responsibilities following Wilson’s exit. 

"Josh has made a substantial contribution to SciPlay over more than two decades, taking the business through its initial public offering and building a portfolio of leading social casino titles alongside a strong team and culture,” Light & Wonder President & CEO Matt Wilson said at the time of announcement. 

“We are taking the time to appoint the right leader for SciPlay's next phase. Our confidence in the social casino category, in SciPlay's brands and in the opportunity to grow direct-to-consumer remains unchanged."

On a more positive note for Light & Wonder, the supplier’s iGaming business saw 13% revenue growth during Q3 to $97m, as well as a 9% increase in consolidated AEBITDA to $37m. 

Gaming operations accounted for $248m of the sector’s total Q3 revenue and increased 2.9%, while revenue from gaming machine sales climbed 5.3% to $199m. Gaming systems and table products failed to replicate their counterparts’ performance, however, decreasing 23.6% and 7.1%, respectively, to $55m and $52m. 

For SciPlay revenue, third-party platforms drove $120m of Light & Wonder’s revenue during Q3, equating to a fall of 23.6%. Direct-to-consumer platforms generated an additional $53m and increased 32.5%. 

Light & Wonder’s net income increase may have also been assisted by a 4.9% decrease in operating expenses to $582m, also helping the supplier’s operating income rise 5.7% to $242m.

In August, Light & Wonder confirmed that Chairman Jamie Odell and Vice Chair Toni Korsanos intend to exercise a portion of their vested stock options under the company's 2003 Incentive Compensation Plan through a cashless exercise mechanism.

The decision comes ahead of the options' expiry in March 2027, with the supplier noting that only limited trading windows remain available under its Securities Trading Policy before that deadline.