Light & Wonder has released its financial results for Q2 of 2025, demonstrating a successful focus on profitability and operational efficiency.
While total revenue saw a marginal 1% year-on-year decline to $809 million, the company posted significant gains in its bottom-line metrics.
Net income increased by a healthy 16% to $95 million, and adjusted EBITDA rose 7% to $352 million. These results highlight the effectiveness of the group’s strategy to enhance margins and manage costs, a trend that has continued for multiple quarters.
The period also saw the company begin integrating Grover Gaming’s charitable gaming business, an $850 million acquisition aimed at securing long-term growth in a regulated niche sector across five US states.
The performance of Light & Wonder in Q2 was varied across its three main segments. The Gaming division, its largest, generated $528 million in revenue, a 2% decrease primarily due to a 16% drop in machine sales.
However, strong margin management pushed the segment’s adjusted EBITDA up by 3% to $280 million. The SciPlay social casino segment also saw revenue fall 2% to $200 million, impacted by a decline in monthly players, though this was partially offset by higher user spending.
In contrast, the iGaming division was the standout performer, continuing its upward trend with revenue growing 9% to $81 million and adjusted EBITDA surging 17% to $28 million, driven by platform innovation and new partnerships.
Light & Wonder‘s commitment to cost discipline was evident as total operating expenses fell by $36 million. The company also made strategic moves to bolster its financial position, securing an $800 million loan facility for the Grover acquisition and authorizing an additional $500 million for its share buy-back program.
Looking ahead, the company reaffirmed its full-year adjusted EBITDA guidance of $1.43 billion to $1.47 billion and recently secured a vendor license in the UAE, further diversifying its global footprint.
