Light & Wonder record revenue growth despite Dragon Train drama
Light & Wonder has reported its fourth-quarter and full-year 2025 financial results, highlighting revenue growth and improved underlying earnings despite a quarterly loss linked to litigation and transition costs.
For the quarter ended December 31, consolidated revenue increased approximately 12 per cent year-on-year to $891 million. The company recorded a net loss of $15 million, primarily reflecting a legal settlement and other non-recurring expenses. Consolidated AEBITDA rose 29 per cent to $405 million, while adjusted NPATA also posted solid growth.
“We closed out 2025 with another strong quarter, delivering double-digit year-over-year growth in both revenue and cash flows,” President and Chief Executive Officer of Light & Wonder Matt Wilson said.
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“We also achieved several important milestones, including the successful acquisition and integration of Grover, accelerating our expansion in the Charitable Gaming market, and our transition to a sole primary listing on the ASX. We also continued to invest in our studios, which is paying dividends as our franchises drive strong game performance across the portfolio.
“Gaming momentum remained robust, with more than 700 North American Gaming operations units added sequentially and over 12,300 units shipped globally during the quarter, while iGaming delivered another quarterly revenue and AEBITDA records.
“Looking ahead, we will remain focused on investing in product innovation and talent to strengthen our recurring revenue model, build on this momentum, and enhance our global competitive position as we progress toward our 2028 financial targets.”
Gaming revenue climbed 17 per cent during the quarter, supported by strong machine sales and continued momentum across key game franchises. The SciPlay and iGaming divisions also contributed to overall performance, reinforcing the group’s diversified revenue base.
During the reporting period, Light & Wonder resolved its Dragon Train litigation with Aristocrat in January 2026, agreeing to pay approximately $128 million to settle the matter. The company said the resolution removes uncertainty and enables management to focus on product development and operational execution. Strategic and financial targets remain unchanged following the settlement.
For the full year, revenue reached $3.3 billion, representing growth of roughly 4 per cent compared with the prior year. Net income totalled $276 million. The company also returned $877 million to shareholders through share repurchases.
Light & Wonder further completed its transition to a sole primary listing on the Australian Securities Exchange, marking a significant milestone in its corporate restructuring and positioning for future growth.
“The sustainable margin expansion and cash flow growth achieved in 2025 reflect our disciplined execution and focus on initiatives designed to navigate dynamic external conditions beyond our control,” Chief Financial Officer of Light & Wonder Oliver Chow said.
Light & Wonder was rebranded from Scientific Games in 2022 as the company sold off their lotto and sports betting arms, instead focussing on a cross-platform gaming, including their impressive online slots portfolio.
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