What is Light & Wonder's earnings per share (EPS)?

Light & Wonder (LNW) reported diluted earnings per share of $3.26 for fiscal year 2025. This represents a -11.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Light & Wonder Financials

LNW

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Light & Wonder (LNW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 47/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Light & Wonder has an operating margin of 20.6%, meaning the company retains $21 of operating profit per $100 of revenue. This strong profitability earns a score of 68/100, reflecting efficient cost management and pricing power. This is down from 20.9% the prior year.

Growth

Light & Wonder's revenue grew a modest 4.0% year-over-year to $3.3B. This slow but positive growth earns a score of 40/100.

Leverage

Light & Wonder has elevated debt relative to equity (D/E of 20.86), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Light & Wonder's current ratio of 1.60 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 28/100, which could limit financial flexibility.

Returns

100

Light & Wonder earns a strong 112.7% return on equity (ROE), meaning it generates $113 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 52.8% the prior year.

Altman Z-Score Grey Zone

1.91

Light & Wonder scores 1.91, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral

5/9

Light & Wonder passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

2.88x

For every $1 of reported earnings, Light & Wonder generates $2.88 in operating cash flow ($794.0M OCF vs $276.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.2x

Light & Wonder earns $2.2 in operating income for every $1 of interest expense ($683.0M vs $314.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.3B

YoY+4.0%

5Y CAGR+14.3%

10Y CAGR+1.9%

Light & Wonder generated $3.3B in revenue in fiscal year 2025. This represents an increase of 4.0% from the prior year.

EBITDA

$1.1B

YoY+5.8%

5Y CAGR+39.8%

Light & Wonder's EBITDA was $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.8% from the prior year.

Net Income

$276.0M

YoY-17.9%

Light & Wonder reported $276.0M in net income in fiscal year 2025. This represents a decrease of 17.9% from the prior year.

EPS (Diluted)

$3.26

YoY-11.4%

Light & Wonder earned $3.26 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 11.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$167.0M

YoY-14.8%

5Y CAGR-29.0%

10Y CAGR+2.6%

Light & Wonder held $167.0M in cash against $5.1B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

77M

YoY-10.5%

5Y CAGR-4.1%

10Y CAGR-1.2%

Light & Wonder had 77M shares outstanding in fiscal year 2025. This represents a decrease of 10.5% from the prior year.

Margins & Returns

Gross Margin

73.3%

YoY+2.5pp

10Y CAGR+13.3pp

Light & Wonder's gross margin was 73.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.5 percentage points from the prior year.

Operating Margin

20.6%

YoY-0.3pp

5Y CAGR+35.0pp

10Y CAGR+57.8pp

Light & Wonder's operating margin was 20.6% in fiscal year 2025, reflecting core business profitability. This is down 0.3 percentage points from the prior year.

Net Margin

8.3%

YoY-2.2pp

5Y CAGR+41.8pp

10Y CAGR+58.9pp

Light & Wonder's net profit margin was 8.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.2 percentage points from the prior year.

Return on Equity

112.7%

YoY+59.8pp

Light & Wonder's ROE was 112.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 59.8 percentage points from the prior year.

Capital Allocation

R&D Spending

$252.0M

YoY-3.8%

5Y CAGR+11.2%

10Y CAGR+3.2%

Light & Wonder invested $252.0M in research and development in fiscal year 2025. This represents a decrease of 3.8% from the prior year.

Share Buybacks

$880.0M

YoY+90.5%

Light & Wonder spent $880.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 90.5% from the prior year.

Capital Expenditures

N/A

LNW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.3B+4.0%	$3.2B+9.9%	$2.9B+15.5%	$2.5B+16.7%	$2.2B+26.7%	$1.7B
Cost of Revenue	$885.0M-4.9%	$931.0M+6.8%	$872.0M+18.2%	$738.0M	N/A	N/A
Gross Profit	$2.4B+7.6%	$2.3B+11.2%	$2.0B+14.4%	$1.8B	N/A	N/A
R&D Expenses	$252.0M-3.8%	$262.0M+14.9%	$228.0M+4.6%	$218.0M+14.7%	$190.0M+28.4%	$148.0M
SG&A Expenses	$869.0M-0.3%	$872.0M+7.9%	$808.0M+12.7%	$717.0M+5.6%	$679.0M+8.3%	$627.0M
Operating Income	$683.0M+2.2%	$668.0M+29.0%	$518.0M+89.7%	$273.0M+148.2%	$110.0M+144.9%	-$245.0M
Interest Expense	$314.0M+7.2%	$293.0M-5.2%	$309.0M-5.5%	$327.0M-31.6%	$478.0M-5.0%	$503.0M
Income Tax	$89.0M+4.7%	$85.0M+240.0%	$25.0M+92.3%	$13.0M+104.1%	-$318.0M-10500.0%	-$3.0M
Net Income	$276.0M-17.9%	$336.0M+106.1%	$163.0M-95.6%	$3.7B+890.6%	$371.0M+165.2%	-$569.0M
EPS (Diluted)	$3.26-11.4%	$3.68+110.3%	$1.75-95.5%	$38.78+928.6%	$3.77+162.6%	$-6.02

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$890.0M+5.8%	$841.0M+4.0%	$809.0M+4.5%	$774.0M-2.9%	$797.0M-2.4%	$817.0M-0.1%	$818.0M+8.2%	$756.0M
Cost of Revenue	$238.0M+9.7%	$217.0M-0.9%	$219.0M+3.8%	$211.0M-8.3%	$230.0M-6.5%	$246.0M+4.2%	$236.0M+7.8%	$219.0M
Gross Profit	$652.0M+4.5%	$624.0M+5.8%	$590.0M+4.8%	$563.0M-0.7%	$567.0M-0.7%	$571.0M-1.9%	$582.0M+8.4%	$537.0M
R&D Expenses	$61.0M-1.6%	$62.0M-3.1%	$64.0M-1.5%	$65.0M-4.4%	$68.0M+3.0%	$66.0M0.0%	$66.0M+6.5%	$62.0M
SG&A Expenses	$225.0M+2.7%	$219.0M+5.3%	$208.0M-4.1%	$217.0M+1.4%	$214.0M-2.7%	$220.0M0.0%	$220.0M+0.9%	$218.0M
Operating Income	$82.0M-64.2%	$229.0M+13.4%	$202.0M+18.8%	$170.0M+0.6%	$169.0M+6.3%	$159.0M-9.1%	$175.0M+6.1%	$165.0M
Interest Expense	$543.0M+746.4%	-$84.0M-9.1%	-$77.0M-13.2%	-$68.0M-113.2%	$516.0M+806.8%	-$73.0M+2.7%	-$75.0M0.0%	-$75.0M
Income Tax	$12.0M-52.0%	$25.0M-13.8%	$29.0M+26.1%	$23.0M-4.2%	$24.0M+41.2%	$17.0M-34.6%	$26.0M+44.4%	$18.0M
Net Income	-$15.0M-113.2%	$114.0M+20.0%	$95.0M+15.9%	$82.0M-24.1%	$108.0M+68.8%	$64.0M-22.0%	$82.0M0.0%	$82.0M
EPS (Diluted)	N/A	$1.34+20.7%	$1.11+18.1%	$0.94	N/A	$0.71-21.1%	$0.90+2.3%	$0.88

LNW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.5B+19.2%	$5.4B-2.4%	$5.6B-7.6%	$6.0B-23.8%	$7.9B-1.3%	$8.0B
Current Assets	$1.3B+8.5%	$1.2B-9.8%	$1.3B-22.6%	$1.7B-2.2%	$1.7B-20.6%	$2.2B
Cash & Equivalents	$167.0M-14.8%	$196.0M-53.9%	$425.0M-53.5%	$914.0M+56.2%	$585.0M-37.0%	$928.0M
Inventory	$169.0M+7.0%	$158.0M-10.7%	$177.0M+9.9%	$161.0M+64.3%	$98.0M-17.6%	$119.0M
Accounts Receivable	$689.0M+17.8%	$585.0M+15.6%	$506.0M+11.2%	$455.0M+7.6%	$423.0M-3.4%	$438.0M
Goodwill	$3.4B+16.6%	$2.9B-1.9%	$2.9B+0.9%	$2.9B+0.9%	$2.9B+5.9%	$2.7B
Total Liabilities	$6.2B+29.9%	$4.8B0.0%	$4.8B-1.3%	$4.8B-51.5%	$10.0B-4.9%	$10.5B
Current Liabilities	$803.0M+9.3%	$735.0M+5.6%	$696.0M+11.9%	$622.0M-36.1%	$974.0M+17.1%	$832.0M
Long-Term Debt	$5.1B+32.8%	$3.8B-0.1%	$3.9B-0.5%	$3.9B-55.2%	$8.6B-6.6%	$9.3B
Total Equity	$245.0M-61.5%	$636.0M-16.9%	$765.0M-22.7%	$990.0M+143.9%	-$2.3B+15.0%	-$2.7B
Retained Earnings	$1.3B+27.2%	$1.0B+49.4%	$680.0M+31.5%	$517.0M+116.4%	-$3.2B+10.5%	-$3.5B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$6.5B-0.7%	$6.5B+0.3%	$6.5B+19.0%	$5.5B+0.6%	$5.4B-3.1%	$5.6B+1.0%	$5.5B-0.9%	$5.6B
Current Assets	$1.3B-3.0%	$1.3B+6.9%	$1.2B+4.5%	$1.2B+0.1%	$1.2B-7.5%	$1.3B-0.8%	$1.3B-3.8%	$1.3B
Cash & Equivalents	$167.0M-29.2%	$236.0M+73.5%	$136.0M+1.5%	$134.0M-31.6%	$196.0M-43.5%	$347.0M+8.1%	$321.0M-28.7%	$450.0M
Inventory	$169.0M-3.4%	$175.0M-6.4%	$187.0M+10.7%	$169.0M+7.0%	$158.0M-13.7%	$183.0M-1.6%	$186.0M+6.3%	$175.0M
Accounts Receivable	$689.0M+4.6%	$659.0M+2.5%	$643.0M+2.2%	$629.0M+7.5%	$585.0M+0.9%	$580.0M+0.9%	$575.0M+14.1%	$504.0M
Goodwill	$3.4B+0.3%	$3.4B+0.2%	$3.4B+14.9%	$2.9B+1.0%	$2.9B-2.2%	$3.0B+1.0%	$2.9B0.0%	$2.9B
Total Liabilities	$6.2B+7.4%	$5.8B0.0%	$5.8B+19.7%	$4.8B+1.0%	$4.8B+1.0%	$4.7B-0.3%	$4.8B0.0%	$4.8B
Current Liabilities	$803.0M+29.3%	$621.0M-10.9%	$697.0M-7.4%	$753.0M+2.4%	$735.0M+8.1%	$680.0M-2.3%	$696.0M+2.8%	$677.0M
Long-Term Debt	$5.1B+4.4%	$4.9B+1.6%	$4.8B+24.0%	$3.9B+1.0%	$3.8B-0.1%	$3.9B0.0%	$3.8B-0.1%	$3.9B
Total Equity	$245.0M-66.1%	$723.0M+3.0%	$702.0M+13.2%	$620.0M-2.5%	$636.0M-25.9%	$858.0M+9.2%	$786.0M-5.9%	$835.0M
Retained Earnings	$1.3B-1.1%	$1.3B+9.6%	$1.2B+8.7%	$1.1B+8.1%	$1.0B+11.9%	$908.0M+7.6%	$844.0M+10.8%	$762.0M

LNW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$794.0M+25.6%	$632.0M+7.1%	$590.0M+254.9%	-$381.0M-155.6%	$685.0M+45.4%	$471.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$1.2B-353.9%	-$258.0M-2.8%	-$251.0M-104.1%	$6.1B+1483.7%	-$442.0M-155.5%	-$173.0M
Financing Cash Flow	$321.0M+155.6%	-$577.0M+26.8%	-$788.0M+85.6%	-$5.5B-704.6%	-$679.0M-246.7%	$463.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$880.0M+90.5%	$462.0M+171.8%	$170.0M-58.0%	$405.0M	$0	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$319.0M+73.4%	$184.0M+73.6%	$106.0M-42.7%	$185.0M-8.4%	$202.0M+71.2%	$118.0M-16.3%	$141.0M-17.5%	$171.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$92.0M-16.5%	-$79.0M+91.6%	-$938.0M-1412.9%	-$62.0M-113.8%	-$29.0M+59.2%	-$71.0M+18.4%	-$87.0M-22.5%	-$71.0M
Financing Cash Flow	-$291.0M-506.3%	-$48.0M-105.8%	$831.0M+586.0%	-$171.0M+34.7%	-$262.0M-303.1%	-$65.0M+64.9%	-$185.0M-184.6%	-$65.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$500.0M+354.5%	$110.0M+5.8%	$104.0M-37.3%	$166.0M-31.7%	$243.0M+452.3%	$44.0M-70.7%	$150.0M+500.0%	$25.0M

LNW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	73.3%+2.5pp	70.8%+0.8pp	70.0%-0.7pp	70.6%	N/A	N/A
Operating Margin	20.6%-0.3pp	20.9%+3.1pp	17.8%+7.0pp	10.9%+5.8pp	5.1%+19.5pp	-14.4%
Net Margin	8.3%-2.2pp	10.5%+4.9pp	5.6%-140.7pp	146.3%+129.1pp	17.2%+50.7pp	-33.5%
Return on Equity	112.7%+59.8pp	52.8%+31.5pp	21.3%-349.9pp	371.2%	N/A	N/A
Return on Assets	4.3%-1.9pp	6.2%+3.3pp	2.9%-58.2pp	61.2%+56.5pp	4.7%+11.8pp	-7.1%
Current Ratio	1.60-0.0	1.61-0.3	1.88-0.8	2.72+0.9	1.78-0.8	2.62
Debt-to-Equity	20.86+14.8	6.05+1.0	5.04+1.1	3.91+7.7	-3.83-0.3	-3.49
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	73.3%-0.9pp	74.2%+1.3pp	72.9%+0.2pp	72.7%+1.6pp	71.1%+1.3pp	69.9%-1.3pp	71.2%+0.1pp	71.0%
Operating Margin	9.2%-18.0pp	27.2%+2.3pp	25.0%+3.0pp	22.0%+0.8pp	21.2%+1.7pp	19.5%-1.9pp	21.4%-0.4pp	21.8%
Net Margin	-1.7%-15.3pp	13.6%+1.8pp	11.7%+1.2pp	10.6%-3.0pp	13.6%+5.7pp	7.8%-2.2pp	10.0%-0.8pp	10.8%
Return on Equity	-6.1%-21.9pp	15.8%+2.2pp	13.5%+0.3pp	13.2%-3.8pp	17.0%+9.5pp	7.5%-3.0pp	10.4%+0.6pp	9.8%
Return on Assets	-0.2%-2.0pp	1.8%+0.3pp	1.5%-0.0pp	1.5%-0.5pp	2.0%+0.9pp	1.1%-0.3pp	1.5%+0.0pp	1.5%
Current Ratio	1.60-0.5	2.13+0.4	1.77+0.2	1.57-0.0	1.61-0.3	1.88+0.0	1.85-0.1	1.98
Debt-to-Equity	20.86+14.1	6.77-0.1	6.86+0.6	6.26+0.2	6.05+1.6	4.49-0.4	4.90+0.3	4.61
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Light & Wonder's annual revenue?

Light & Wonder (LNW) reported $3.3B in total revenue for fiscal year 2025. This represents a 4.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Light & Wonder's revenue growing?

Light & Wonder (LNW) revenue grew by 4% year-over-year, from $3.2B to $3.3B in fiscal year 2025.

Is Light & Wonder profitable?

Yes, Light & Wonder (LNW) reported a net income of $276.0M in fiscal year 2025, with a net profit margin of 8.3%.

What is Light & Wonder's EBITDA?

Light & Wonder (LNW) had EBITDA of $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Light & Wonder have?

As of fiscal year 2025, Light & Wonder (LNW) had $167.0M in cash and equivalents against $5.1B in long-term debt.

What is Light & Wonder's gross margin?

Light & Wonder (LNW) had a gross margin of 73.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Light & Wonder's operating margin?

Light & Wonder (LNW) had an operating margin of 20.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Light & Wonder's net profit margin?

Light & Wonder (LNW) had a net profit margin of 8.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Light & Wonder's return on equity (ROE)?

Light & Wonder (LNW) has a return on equity of 112.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Light & Wonder's operating cash flow?

Light & Wonder (LNW) generated $794.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Light & Wonder's total assets?

Light & Wonder (LNW) had $6.5B in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Light & Wonder spend on research and development?

Light & Wonder (LNW) invested $252.0M in research and development during fiscal year 2025.

Does Light & Wonder buy back shares?

Yes, Light & Wonder (LNW) spent $880.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Light & Wonder have outstanding?

Light & Wonder (LNW) had 77M shares outstanding as of fiscal year 2025.

What is Light & Wonder's current ratio?

Light & Wonder (LNW) had a current ratio of 1.60 as of fiscal year 2025, which is generally considered healthy.

What is Light & Wonder's debt-to-equity ratio?

Light & Wonder (LNW) had a debt-to-equity ratio of 20.86 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Light & Wonder's return on assets (ROA)?

Light & Wonder (LNW) had a return on assets of 4.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Light & Wonder's Altman Z-Score?

Light & Wonder (LNW) has an Altman Z-Score of 1.91, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Light & Wonder's Piotroski F-Score?

Light & Wonder (LNW) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Light & Wonder's earnings high quality?

Light & Wonder (LNW) has an earnings quality ratio of 2.88x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Light & Wonder cover its interest payments?

Light & Wonder (LNW) has an interest coverage ratio of 2.2x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Light & Wonder?

Light & Wonder (LNW) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.