Light & Wonder Financials

LNW

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 60/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Light & Wonder has an operating margin of 20.9%, meaning the company retains $21 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 17.8% the prior year.

Growth

Light & Wonder's revenue grew 9.9% year-over-year to $3.2B, a solid pace of expansion. This earns a growth score of 57/100.

Leverage

Light & Wonder has elevated debt relative to equity (D/E of 6.05), 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 1.61 indicates adequate short-term liquidity, earning a score of 44/100. The company can meet its near-term obligations, though with limited headroom.

Returns

100

Light & Wonder earns a strong 52.8% return on equity (ROE), meaning it generates $53 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 21.3% the prior year.

Altman Z-Score Grey Zone

2.24

Light & Wonder scores 2.24, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Strong

7/9

Light & Wonder passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.88x

For every $1 of reported earnings, Light & Wonder generates $1.88 in operating cash flow ($632.0M OCF vs $336.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.3x

Light & Wonder earns $2.3 in operating income for every $1 of interest expense ($668.0M vs $293.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

This page shows Light & Wonder (LNW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

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Key Financial Metrics

Revenue

$3.2B

YoY+9.9%

5Y CAGR+5.9%

10Y CAGR+6.0%

Light & Wonder generated $3.2B in revenue in fiscal year 2024. This represents an increase of 9.9% from the prior year.

EBITDA

$1.0B

YoY+14.1%

5Y CAGR+4.3%

10Y CAGR+13.8%

Light & Wonder's EBITDA was $1.0B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 14.1% from the prior year.

Free Cash Flow

N/A

Net Income

$336.0M

YoY+106.1%

Light & Wonder reported $336.0M in net income in fiscal year 2024. This represents an increase of 106.1% from the prior year.

EPS (Diluted)

$3.68

YoY+110.3%

Light & Wonder earned $3.68 per diluted share (EPS) in fiscal year 2024. This represents an increase of 110.3% from the prior year.

Cash & Debt

$196.0M

YoY-53.9%

5Y CAGR-8.9%

10Y CAGR+1.3%

Light & Wonder held $196.0M in cash against $3.8B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

86M

YoY-4.4%

5Y CAGR-1.7%

10Y CAGR+0.1%

Light & Wonder had 86M shares outstanding in fiscal year 2024. This represents a decrease of 4.4% from the prior year.

Gross Margin

70.8%

YoY+0.8pp

5Y CAGR+24.6pp

10Y CAGR+18.4pp

Light & Wonder's gross margin was 70.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the prior year.

Operating Margin

20.9%

YoY+3.1pp

5Y CAGR+8.8pp

10Y CAGR+30.6pp

Light & Wonder's operating margin was 20.9% in fiscal year 2024, reflecting core business profitability. This is up 3.1 percentage points from the prior year.

Net Margin

10.5%

YoY+4.9pp

5Y CAGR+16.0pp

10Y CAGR+23.7pp

Light & Wonder's net profit margin was 10.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 4.9 percentage points from the prior year.

Return on Equity

52.8%

YoY+31.5pp

Light & Wonder's ROE was 52.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 31.5 percentage points from the prior year.

R&D Spending

$262.0M

YoY+14.9%

5Y CAGR+9.6%

10Y CAGR+8.4%

Light & Wonder invested $262.0M in research and development in fiscal year 2024. This represents an increase of 14.9% from the prior year.

Share Buybacks

$462.0M

YoY+171.8%

10Y CAGR+31.7%

Light & Wonder spent $462.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 171.8% from the prior year.

Capital Expenditures

N/A

LNW Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$3.2B+9.9%	$2.9B+15.5%	$2.5B+16.7%	$2.2B+26.7%	$1.7B-28.9%	$2.4B
Cost of Revenue	$931.0M+6.8%	$872.0M+18.2%	$738.0M	N/A	N/A	$1.3B
Gross Profit	$2.3B+11.2%	$2.0B+14.4%	$1.8B	N/A	N/A	$1.1B
R&D Expenses	$262.0M+14.9%	$228.0M+4.6%	$218.0M+14.7%	$190.0M+28.4%	$148.0M-10.8%	$166.0M
SG&A Expenses	$872.0M+7.9%	$808.0M+12.7%	$717.0M+5.6%	$679.0M+8.3%	$627.0M+1.3%	$619.0M
Operating Income	$668.0M+29.0%	$518.0M+89.7%	$273.0M+148.2%	$110.0M+144.9%	-$245.0M-184.5%	$290.0M
Interest Expense	$293.0M-5.2%	$309.0M-5.5%	$327.0M-31.6%	$478.0M-5.0%	$503.0M-14.6%	$589.0M
Income Tax	$85.0M+240.0%	$25.0M+92.3%	$13.0M+104.1%	-$318.0M-10500.0%	-$3.0M+93.6%	-$47.0M
Net Income	$336.0M+106.1%	$163.0M-95.6%	$3.7B+890.6%	$371.0M+165.2%	-$569.0M-337.7%	-$130.0M
EPS (Diluted)	$3.68+110.3%	$1.75-95.5%	$38.78+928.6%	$3.77+162.6%	$-6.02-330.0%	$-1.40

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$841.0M+4.0%	$809.0M+4.5%	$774.0M-2.9%	$797.0M-2.6%	$818.0M+8.2%	$756.0M-1.8%	$770.0M+5.3%	$731.0M
Cost of Revenue	$217.0M-0.9%	$219.0M+3.8%	$211.0M-8.3%	$230.0M-2.5%	$236.0M+7.8%	$219.0M	N/A	N/A
Gross Profit	$624.0M+5.8%	$590.0M+4.8%	$563.0M-0.7%	$567.0M-2.6%	$582.0M+8.4%	$537.0M	N/A	N/A
R&D Expenses	$62.0M-3.1%	$64.0M-1.5%	$65.0M-4.4%	$68.0M+3.0%	$66.0M+6.5%	$62.0M+1.6%	$61.0M+10.9%	$55.0M
SG&A Expenses	$219.0M+5.3%	$208.0M-4.1%	$217.0M+1.4%	$214.0M-2.7%	$220.0M+0.9%	$218.0M+4.3%	$209.0M+2.5%	$204.0M
Operating Income	$229.0M+13.4%	$202.0M+18.8%	$170.0M+0.6%	$169.0M-3.4%	$175.0M+6.1%	$165.0M+5.8%	$156.0M+6.1%	$147.0M
Interest Expense	-$84.0M-9.1%	-$77.0M-13.2%	-$68.0M-113.2%	$516.0M+788.0%	-$75.0M0.0%	-$75.0M-196.2%	$78.0M0.0%	$78.0M
Income Tax	$25.0M-13.8%	$29.0M+26.1%	$23.0M-4.2%	$24.0M-7.7%	$26.0M+44.4%	$18.0M+700.0%	-$3.0M-121.4%	$14.0M
Net Income	$114.0M+20.0%	$95.0M+15.9%	$82.0M-24.1%	$108.0M+31.7%	$82.0M0.0%	$82.0M+22.4%	$67.0M-10.7%	$75.0M
EPS (Diluted)	$1.34+20.7%	$1.11+18.1%	$0.94-21.0%	$1.19+32.2%	$0.90+2.3%	$0.88+22.2%	$0.72-11.1%	$0.81

LNW Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$5.4B-2.4%	$5.6B-7.6%	$6.0B-23.8%	$7.9B-1.3%	$8.0B+2.2%	$7.8B
Current Assets	$1.2B-9.8%	$1.3B-22.6%	$1.7B-2.2%	$1.7B-20.6%	$2.2B+35.0%	$1.6B
Cash & Equivalents	$196.0M-53.9%	$425.0M-53.5%	$914.0M+56.2%	$585.0M-37.0%	$928.0M+196.5%	$313.0M
Inventory	$158.0M-10.7%	$177.0M+9.9%	$161.0M+64.3%	$98.0M-17.6%	$119.0M-51.2%	$244.0M
Accounts Receivable	$585.0M+15.6%	$506.0M+11.2%	$455.0M+7.6%	$423.0M-3.4%	$438.0M-42.0%	$755.0M
Goodwill	$2.9B-1.9%	$2.9B+0.9%	$2.9B+0.9%	$2.9B+5.9%	$2.7B-0.1%	$2.7B
Total Liabilities	$4.8B0.0%	$4.8B-1.3%	$4.8B-51.5%	$10.0B-4.9%	$10.5B+6.0%	$9.9B
Current Liabilities	$735.0M+5.6%	$696.0M+11.9%	$622.0M-36.1%	$974.0M+17.1%	$832.0M+8.6%	$766.0M
Long-Term Debt	$3.8B-0.1%	$3.9B-0.5%	$3.9B-55.2%	$8.6B-6.6%	$9.3B+6.7%	$8.7B
Total Equity	$636.0M-16.9%	$765.0M-22.7%	$990.0M+143.9%	-$2.3B+15.0%	-$2.7B-25.9%	-$2.1B
Retained Earnings	$1.0B+49.4%	$680.0M+31.5%	$517.0M+116.4%	-$3.2B+10.5%	-$3.5B-19.5%	-$3.0B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$6.5B+0.3%	$6.5B+19.0%	$5.5B+0.6%	$5.4B-2.1%	$5.5B-0.9%	$5.6B+0.6%	$5.6B-5.7%	$5.9B
Current Assets	$1.3B+6.9%	$1.2B+4.5%	$1.2B+0.1%	$1.2B-8.2%	$1.3B-3.8%	$1.3B+2.2%	$1.3B-23.8%	$1.7B
Cash & Equivalents	$236.0M+73.5%	$136.0M+1.5%	$134.0M-31.6%	$196.0M-38.9%	$321.0M-28.7%	$450.0M+5.9%	$425.0M-52.3%	$891.0M
Inventory	$175.0M-6.4%	$187.0M+10.7%	$169.0M+7.0%	$158.0M-15.1%	$186.0M+6.3%	$175.0M-1.1%	$177.0M-3.3%	$183.0M
Accounts Receivable	$659.0M+2.5%	$643.0M+2.2%	$629.0M+7.5%	$585.0M+1.7%	$575.0M+14.1%	$504.0M-0.4%	$506.0M+6.1%	$477.0M
Goodwill	$3.4B+0.2%	$3.4B+14.9%	$2.9B+1.0%	$2.9B-1.2%	$2.9B0.0%	$2.9B-0.7%	$2.9B+1.4%	$2.9B
Total Liabilities	$5.8B0.0%	$5.8B+19.7%	$4.8B+1.0%	$4.8B+0.7%	$4.8B0.0%	$4.8B-0.7%	$4.8B+1.0%	$4.7B
Current Liabilities	$621.0M-10.9%	$697.0M-7.4%	$753.0M+2.4%	$735.0M+5.6%	$696.0M+2.8%	$677.0M-2.7%	$696.0M+12.4%	$619.0M
Long-Term Debt	$4.9B+1.6%	$4.8B+24.0%	$3.9B+1.0%	$3.8B-0.1%	$3.8B-0.1%	$3.9B0.0%	$3.9B-0.1%	$3.9B
Total Equity	$723.0M+3.0%	$702.0M+13.2%	$620.0M-2.5%	$636.0M-19.1%	$786.0M-5.9%	$835.0M+9.2%	$765.0M-20.2%	$959.0M
Retained Earnings	$1.3B+9.6%	$1.2B+8.7%	$1.1B+8.1%	$1.0B+20.4%	$844.0M+10.8%	$762.0M+12.1%	$680.0M+10.9%	$613.0M

LNW Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$632.0M+7.1%	$590.0M+254.9%	-$381.0M-155.6%	$685.0M+45.4%	$471.0M-13.7%	$546.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$285.0M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	$261.0M
Investing Cash Flow	-$258.0M-2.8%	-$251.0M-104.1%	$6.1B+1483.7%	-$442.0M-155.5%	-$173.0M+34.2%	-$263.0M
Financing Cash Flow	-$577.0M+26.8%	-$788.0M+85.6%	-$5.5B-704.6%	-$679.0M-246.7%	$463.0M+458.9%	-$129.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$462.0M+171.8%	$170.0M-58.0%	$405.0M	$0	$0	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$184.0M+73.6%	$106.0M-42.7%	$185.0M-8.4%	$202.0M+43.3%	$141.0M-17.5%	$171.0M+2.4%	$167.0M-18.1%	$204.0M
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	-$79.0M+91.6%	-$938.0M-1412.9%	-$62.0M-113.8%	-$29.0M+66.7%	-$87.0M-22.5%	-$71.0M-16.4%	-$61.0M+15.3%	-$72.0M
Financing Cash Flow	-$48.0M-105.8%	$831.0M+586.0%	-$171.0M+34.7%	-$262.0M-41.6%	-$185.0M-184.6%	-$65.0M+87.9%	-$537.0M-267.8%	-$146.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$110.0M+5.8%	$104.0M-37.3%	$166.0M-31.7%	$243.0M+62.0%	$150.0M+500.0%	$25.0M0.0%	$25.0M-77.7%	$112.0M

LNW Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	70.8%+0.8pp	70.0%-0.7pp	70.6%	N/A	N/A	46.2%
Operating Margin	20.9%+3.1pp	17.8%+7.0pp	10.9%+5.8pp	5.1%+19.5pp	-14.4%-26.6pp	12.1%
Net Margin	10.5%+4.9pp	5.6%-140.7pp	146.3%+129.1pp	17.2%+50.7pp	-33.5%-28.0pp	-5.4%
Return on Equity	52.8%+31.5pp	21.3%-349.9pp	371.2%	N/A	N/A	N/A
Return on Assets	6.2%+3.3pp	2.9%-58.2pp	61.2%+56.5pp	4.7%+11.8pp	-7.1%-5.5pp	-1.7%
Current Ratio	1.61-0.3	1.88-0.8	2.72+0.9	1.78-0.8	2.62+0.5	2.11
Debt-to-Equity	6.05+1.0	5.04+1.1	3.91+7.7	-3.83-0.3	-3.49+0.6	-4.12
FCF Margin	N/A	N/A	N/A	N/A	N/A	10.9%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	74.2%+1.3pp	72.9%+0.2pp	72.7%+1.6pp	71.1%0.0pp	71.2%+0.1pp	71.0%	N/A	N/A
Operating Margin	27.2%+2.3pp	25.0%+3.0pp	22.0%+0.8pp	21.2%-0.2pp	21.4%-0.4pp	21.8%+1.6pp	20.3%+0.2pp	20.1%
Net Margin	13.6%+1.8pp	11.7%+1.2pp	10.6%-3.0pp	13.6%+3.5pp	10.0%-0.8pp	10.8%+2.2pp	8.7%-1.6pp	10.3%
Return on Equity	15.8%+2.2pp	13.5%+0.3pp	13.2%-3.8pp	17.0%+6.6pp	10.4%+0.6pp	9.8%+1.1pp	8.8%+0.9pp	7.8%
Return on Assets	1.8%+0.3pp	1.5%-0.0pp	1.5%-0.5pp	2.0%+0.5pp	1.5%+0.0pp	1.5%+0.3pp	1.2%-0.1pp	1.3%
Current Ratio	2.13+0.4	1.77+0.2	1.57-0.0	1.61-0.2	1.85-0.1	1.98+0.1	1.88-0.9	2.78
Debt-to-Equity	6.77-0.1	6.86+0.6	6.26+0.2	6.05+1.2	4.90+0.3	4.61-0.4	5.04+1.0	4.02
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 $3.2B in total revenue for fiscal year 2024. This represents a 9.9% 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 9.9% year-over-year, from $2.9B to $3.2B in fiscal year 2024.

Is Light & Wonder profitable?

Yes, Light & Wonder (LNW) reported a net income of $336.0M in fiscal year 2024, with a net profit margin of 10.5%.

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

Light & Wonder (LNW) reported diluted earnings per share of $3.68 for fiscal year 2024. This represents a 110.3% 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.

What is Light & Wonder's EBITDA?

Light & Wonder (LNW) had EBITDA of $1.0B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Light & Wonder have?

As of fiscal year 2024, Light & Wonder (LNW) had $196.0M in cash and equivalents against $3.8B in long-term debt.

What is Light & Wonder's gross margin?

Light & Wonder (LNW) had a gross margin of 70.8% in fiscal year 2024, 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 20.9% in fiscal year 2024, 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 10.5% in fiscal year 2024, 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 52.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Light & Wonder's operating cash flow?

Light & Wonder (LNW) generated $632.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Light & Wonder's total assets?

Light & Wonder (LNW) had $5.4B in total assets as of fiscal year 2024, including both current and long-term assets.

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

Light & Wonder (LNW) invested $262.0M in research and development during fiscal year 2024.

Does Light & Wonder buy back shares?

Yes, Light & Wonder (LNW) spent $462.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Light & Wonder have outstanding?

Light & Wonder (LNW) had 86M shares outstanding as of fiscal year 2024.

What is Light & Wonder's current ratio?

Light & Wonder (LNW) had a current ratio of 1.61 as of fiscal year 2024, which is generally considered healthy.

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

Light & Wonder (LNW) had a debt-to-equity ratio of 6.05 as of fiscal year 2024, 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 6.2% for fiscal year 2024, 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 2.24, 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 7 out of 9, indicating strong 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 1.88x, 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 2.3x, 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 60 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.