Consolidated Revenue Grows to $828 Million as Gaming Operations, iGaming, and Segment Margin Expansion Drive Strong Cash Generation
Light & Wonder, Inc. has announced its financial results for the Q2 ended June 30, 2026, delivering broad-based consolidated earnings growth and margin expansion across all business segments. Consolidated revenue grew 2% year-over-year to $828 million, underpinned by a deliberate strategy to scale high-quality recurring revenue through strong performance in gaming operations, Grover charitable gaming, and iGaming.
Segment Performance and Strategic Growth
The second quarter showcased the strength of Light & Wonder’s game portfolio and disciplined operational execution. Total Gaming revenue rose 5% year-over-year to $554 million, led by an 18% increase in Gaming operations revenue ($247 million) and a 13% rise in Table products ($62 million). North American Gaming operations premium installed base extended its growth streak to a 24th consecutive quarter by adding 652 units sequentially, while Grover expanded its footprint by 277 units.
Meanwhile, iGaming delivered double-digit growth with revenue and AEBITDA increasing 14% and 18%, respectively, driven by first-party content momentum in North America despite regulatory U.K. tax increases. SciPlay also continued to scale its direct-to-consumer revenue within a mature social casino market.
Executive Perspectives
Matt Wilson, President and Chief Executive Officer of Light & Wonder, stated:
“Our second quarter results reflect continued execution of our content-centric operating model, with broad-based growth, margin expansion and quality earnings across all three businesses. We continue to see the benefits of our sustained investment in studios and content, as our franchises drive strong game performance across the portfolio.”
Oliver Chow, Chief Financial Officer, added:
“The second quarter demonstrated continued scaling across the business, with margin expansion across all three businesses translating into strong underlying cash generation. As signaled last quarter, we accelerated our pace of share repurchases, returning $134 million to shareholders in the second quarter alone, bringing first-half repurchases to $156 million and making tangible progress on our commitment to return meaningful capital to shareholders, while maintaining balance sheet flexibility.”
Balance Sheet, Leverage, and Full-Year Outlook
As of June 30, 2026, the principal face value of the company’s outstanding debt stood at $5.2 billion, translating to a net debt leverage ratio of 3.4x. Light & Wonder remains firmly committed to reducing its net debt leverage ratio to below 3.0x during the first half of 2027 with the intention of progressing toward an investment-grade leverage profile. Moving forward, the company plans to pare back share repurchases to rapidly de-lever its balance sheet while maintaining ongoing investments in AI and infrastructure.
Light & Wonder has maintained its full-year 2026 financial outlook, anticipating Consolidated AEBITDA growth in the mid- to high-single digits as it continues executing its long-term strategy toward its 2028 financial targets.
