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

Light & Wonder, Inc. (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, Inc. (LNW) Financials

LNW

Trailing 12 months to March 31, 2026

Revenue $3.3B +3.9% YoY

Net Income $246.0M -26.8% YoY

EPS (Diluted) $3.26 FY2025 annual

Operating Cash Flow $748.0M +15.8% YoY

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported May 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed May 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LNW SEC filings page.

Light & Wonder, Inc. (LNW) reported $3.3B in revenue over the twelve months to Mar 31, 2026, up 3.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI LNW FY2025 2026-10-04

Light & Wonder converts operating earnings into cash, but 2025’s heavier debt and shrinking equity left its financing structure more leveraged.

In FY2025, operating cash flow reached $794M against net income of $276M, showing cash generation substantially exceeded accounting profit. FY2024 showed the same pattern at $632M versus $336M, so the business’s earnings quality is being supported by cash conversion rather than merely reported net income.

Margin expansion continued: gross margin rose from 70.8% in FY2024 to 73.3% in FY2025. Revenue increased only 3.9%, yet operating profit margin stayed around 20.6%, indicating the improved gross economics were largely retained instead of being absorbed by operating expenses.

Leverage intensified as debt-to-equity climbed from 6.0x to 20.9x while total equity contracted from $636M to $245M. Long-term debt increased from $3.8B to $5.1B, and receivables rose to $689M as revenue reached $3.3B, leaving more financing dependent on creditors and customer collections.

Financial Health Signals

Financial Health Score 43/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Light & Wonder, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Light & Wonder, Inc. 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 78/100, reflecting efficient cost management and pricing power. This is down from 20.9% the prior year.

Growth

Light & Wonder, Inc.'s revenue grew a modest 4.0% year-over-year to $3.3B. This slow but positive growth earns a score of 56/100.

Leverage

Light & Wonder, Inc. 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 13/100, reflecting increased financial risk.

Liquidity

Light & Wonder, Inc.'s current ratio of 1.60 indicates adequate short-term liquidity, earning a score of 45/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Not available for Light & Wonder, Inc., and counted as zero in the overall score.

Returns

Light & Wonder, Inc. 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 68/100. This is up from 52.8% the prior year.

Altman Z-Score Grey Zone

1.93

Light & Wonder, Inc. scores 1.93, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

5/9

Light & Wonder, Inc. 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, Inc. 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

2.18x

Light & Wonder, Inc. earns $2.18 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

$790.0M

YoY+2.1%

QoQ-11.2%

5Y CAGR+11.8%

10Y CAGR+1.5%

Light & Wonder, Inc. generated $790.0M in revenue in Q1 2026. This represents an increase of 2.1% from the same quarter a year earlier. Against the prior quarter it is down 11.2%.

EBITDA

$238.0M

YoY-8.8%

QoQ+25.3%

Light & Wonder, Inc.'s EBITDA was $238.0M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 8.8% from the same quarter a year earlier. Against the prior quarter it is up 25.3%.

Net Income

$52.0M

YoY-36.6%

QoQ+446.7%

Light & Wonder, Inc. reported $52.0M in net income in Q1 2026. This represents a decrease of 36.6% from the same quarter a year earlier. Against the prior quarter it is up 446.7%.

EPS (Diluted)

$0.66

YoY-29.8%

Light & Wonder, Inc. earned $0.66 per diluted share (EPS) in Q1 2026. This represents a decrease of 29.8% from the same quarter a year earlier.

Cash & Balance Sheet

Free Cash Flow

$65.0M

YoY-47.6%

Light & Wonder, Inc. generated $65.0M in free cash flow in Q1 2026, representing cash available after capex. This represents a decrease of 47.6% from the same quarter a year earlier.

Cash & Debt

$147.0M

YoY+9.7%

QoQ-12.0%

5Y CAGR-31.4%

10Y CAGR+0.1%

Light & Wonder, Inc. held $147.0M in cash against $5.1B in long-term debt as of Q1 2026.

Shares Outstanding

79M

YoY-6.8%

QoQ+2.0%

5Y CAGR-3.9%

10Y CAGR-0.9%

Light & Wonder, Inc. had 79M shares outstanding in Q1 2026. This represents a decrease of 6.8% from the same quarter a year earlier. Against the prior quarter it is up 2.0%.

Dividends Per Share

Not reported for Q1 2026.

Margins & Returns

Gross Margin

75.4%

YoY+2.7pp

QoQ+2.2pp

Light & Wonder, Inc.'s gross margin was 75.4% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is up 2.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.2 percentage points.

Operating Margin

16.5%

YoY-5.5pp

QoQ+7.2pp

Light & Wonder, Inc.'s operating margin was 16.5% in Q1 2026, reflecting core business profitability. This is down 5.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.2 percentage points.

Net Margin

6.6%

YoY-4.0pp

QoQ+8.3pp

5Y change+9.9pp

10Y change+20.1pp

Light & Wonder, Inc.'s net profit margin was 6.6% in Q1 2026, showing the share of revenue converted to profit. This is down 4.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 8.3 percentage points.

Return on Equity

16.7%

YoY+3.5pp

QoQ+22.8pp

Light & Wonder, Inc.'s ROE was 16.7% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 3.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 22.8 percentage points.

Capital Allocation

R&D Spending

$67.0M

YoY+3.1%

QoQ+9.8%

Light & Wonder, Inc. invested $67.0M in research and development in Q1 2026. This represents an increase of 3.1% from the same quarter a year earlier. Against the prior quarter it is up 9.8%.

Share Buybacks

$22.0M

YoY-86.7%

QoQ-95.6%

Light & Wonder, Inc. spent $22.0M on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 86.7% from the same quarter a year earlier. Against the prior quarter it is down 95.6%.

Capital Expenditures

$74.0M

YoY+21.3%

Light & Wonder, Inc. invested $74.0M in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 21.3% from the same quarter a year earlier.

LNW Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LNW quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$3.3B	$3.3B+4.0%	$3.2B+9.9%	$2.9B+15.5%	$2.5B+16.7%	$2.2B+26.7%	$1.7B-28.9%	$2.4B-29.0%	$3.4B+9.1%	$3.1B+6.9%	$2.9B+4.5%	$2.8B+54.4%	$1.8B+63.8%	$1.1B+17.5%	$928.6M+7.2%	$865.9M
Cost of Revenue	$868.0M	$885.0M-4.9%	$931.0M+6.8%	$872.0M+18.2%	$738.0M	N/A	N/A	$1.3B+2.3%	$1.3B+7.8%	$1.2B+5.2%	$1.1B+0.2%	$1.1B+30.0%	$849.4M+43.6%	$591.7M+14.2%	$518.3M+7.6%	$481.7M
Gross Profit	$2.5B	$2.4B+7.6%	$2.3B+11.2%	$2.0B+14.4%	$1.8B	N/A	N/A	$1.1B-47.6%	$2.1B+9.8%	$1.9B+8.0%	$1.8B+7.4%	$1.7B+76.6%	$937.0M+87.7%	$499.2M+21.7%	$410.3M+6.8%	$384.2M
R&D Expenses	$254.0M	$252.0M-3.8%	$262.0M+14.9%	$228.0M+4.6%	$218.0M+14.7%	$190.0M+28.4%	$148.0M-10.8%	$166.0M-17.8%	$202.0M+9.8%	$184.0M-10.2%	$204.8M+11.4%	$183.9M+57.2%	$117.0M+350.0%	$26.0M+293.9%	$6.6M+8.2%	$6.1M
SG&A Expenses	$889.0M	$869.0M-0.3%	$872.0M+7.9%	$808.0M+12.7%	$717.0M+5.6%	$679.0M+8.3%	$627.0M+1.3%	$619.0M-11.2%	$697.0M+13.7%	$613.0M+6.2%	$577.0M+1.6%	$567.7M+11.8%	$507.7M+90.6%	$266.4M+48.5%	$179.4M+3.8%	$172.9M
Operating Income	$643.0M	$683.0M+2.2%	$668.0M+29.0%	$518.0M+89.7%	$273.0M+148.2%	$110.0M+144.9%	-$245.0M-184.5%	$290.0M+9.0%	$266.0M-32.5%	$394.0M+201.7%	$130.6M+112.7%	-$1.0B-493.3%	-$172.7M-843.7%	-$18.3M-129.1%	$62.9M-31.8%	$92.2M
EBITDA	N/A	$1.1B+5.8%	$1.0B+14.1%	$902.0M+30.2%	$693.0M+36.4%	$508.0M+149.0%	$204.0M-75.5%	$832.0M-13.0%	$956.0M-11.2%	$1.1B+23.9%	$869.3M+816.1%	-$121.4M-143.1%	$281.6M+53.0%	$184.1M-13.9%	$213.7M+5.2%	$203.2M
Interest Expense	$301.0M	$314.0M+7.2%	$293.0M-5.2%	$309.0M-5.5%	$327.0M-31.6%	$478.0M-5.0%	$503.0M-14.6%	$589.0M-1.3%	$597.0M-2.1%	$610.0M-7.8%	$661.4M-0.5%	$664.9M+116.4%	$307.2M+157.1%	$119.5M+19.5%	$100.0M-4.5%	$104.7M
Income Tax	$76.0M	$89.0M+4.7%	$85.0M+240.0%	$25.0M+92.3%	$13.0M+104.1%	-$318.0M-10500.0%	-$3.0M+93.6%	-$47.0M-461.5%	$13.0M-13.3%	$15.0M+112.0%	-$125.0M+58.3%	-$299.9M-15.1%	-$260.6M-121.4%	-$117.7M-668.6%	$20.7M+12.5%	$18.4M
Net Income	$246.0M	$276.0M-17.9%	$336.0M+106.1%	$163.0M-95.6%	$3.7B+890.6%	$371.0M+165.2%	-$569.0M-337.7%	-$130.0M+63.1%	-$352.0M-45.5%	-$242.0M+31.6%	-$353.7M+74.6%	-$1.4B-495.1%	-$234.3M-675.8%	-$30.2M+51.8%	-$62.6M-396.8%	-$12.6M
EPS (Basic)	N/A	$3.32-11.9%	$3.77+110.6%	$1.79-95.4%	$38.78+904.7%	$3.86+164.1%	-$6.02-330.0%	-$1.40+63.8%	-$3.87-42.3%	-$2.72+32.8%	-$4.05+75.0%	-$16.23-485.9%	-$2.77-669.4%	-$0.36+48.6%	-$0.70-400.0%	-$0.14
EPS (Diluted)	—	$3.26-11.4%	$3.68+110.3%	$1.75-95.5%	$38.78+928.6%	$3.77+162.6%	-$6.02-330.0%	-$1.40+63.8%	-$3.87-42.3%	-$2.72+32.8%	-$4.05+75.0%	-$16.23-485.9%	-$2.77-669.4%	-$0.36+48.6%	-$0.70-400.0%	-$0.14
Diluted Shares (Avg)	N/A	85M-6.6%	91M-2.2%	93M-2.1%	95M-3.1%	98M+3.2%	95M+2.2%	93M+2.2%	91M+2.2%	89M+1.9%	87M+1.6%	86M+1.5%	85M-0.5%	85M-5.6%	90M-2.3%	92M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Revenue	$790.0M+2.1%	$890.0M+11.7%	$841.0M+2.9%	$809.0M-1.1%	$774.0M+2.4%	$797.0M+3.5%	$817.0M+11.8%	$818.0M+11.9%
Cost of Revenue	$194.0M-8.1%	$238.0M+3.5%	$217.0M-11.8%	$219.0M-7.2%	$211.0M-3.7%	$230.0M	$246.0M	$236.0M
Gross Profit	$596.0M+5.9%	$652.0M+15.0%	$624.0M+9.3%	$590.0M+1.4%	$563.0M+4.8%	$567.0M	$571.0M	$582.0M
R&D Expenses	$67.0M+3.1%	$61.0M-10.3%	$62.0M-6.1%	$64.0M-3.0%	$65.0M+4.8%	$68.0M+11.5%	$66.0M+20.0%	$66.0M+13.8%
SG&A Expenses	$237.0M+9.2%	$225.0M+5.1%	$219.0M-0.5%	$208.0M-5.5%	$217.0M-0.5%	$214.0M+2.4%	$220.0M+7.8%	$220.0M+8.4%
Operating Income	$130.0M-23.5%	$82.0M-51.5%	$229.0M+44.0%	$202.0M+15.4%	$170.0M+3.0%	$169.0M+8.3%	$159.0M+8.2%	$175.0M+54.9%
EBITDA	$238.0M-8.8%	$190.0M-28.8%	$337.0M+35.3%	$301.0M+14.9%	$261.0M+4.0%	$267.0M+10.8%	$249.0M+5.1%	$262.0M+18.6%
Interest Expense	-$81.0M-19.1%	$543.0M+5.2%	-$84.0M-15.1%	-$77.0M-2.7%	-$68.0M+9.3%	$516.0M+561.5%	-$73.0M-193.6%	-$75.0M-196.2%
Income Tax	$10.0M-56.5%	$12.0M-50.0%	$25.0M+47.1%	$29.0M+11.5%	$23.0M+27.8%	$24.0M+900.0%	$17.0M+21.4%	$26.0M+73.3%
Net Income	$52.0M-36.6%	-$15.0M-113.9%	$114.0M+78.1%	$95.0M+15.9%	$82.0M0.0%	$108.0M+61.2%	$64.0M-14.7%	$82.0M+8300.0%
EPS (Basic)	$0.68-29.9%	N/A	$1.37+90.3%	$1.12+21.7%	$0.97+6.6%	N/A	$0.72-13.3%	$0.92+9300.0%
EPS (Diluted)	$0.66-29.8%	N/A	$1.34+88.7%	$1.11+23.3%	$0.94+6.8%	N/A	$0.71-12.3%	$0.90+9100.0%
Diluted Shares (Avg)	79M-8.9%	N/A	85M-6.6%	86M-6.5%	87M-5.5%	N/A	91M-1.1%	92M+1.1%

LNW Balance Sheet

LNW quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$6.5B+19.2%	$5.4B-2.4%	$5.6B-7.6%	$6.0B-23.8%	$7.9B-1.3%	$8.0B+2.2%	$7.8B+1.2%	$7.7B-0.1%	$7.7B+9.0%	$7.1B-8.3%	$7.7B-20.5%	$9.7B+136.5%	$4.1B+87.9%	$2.2B+1.2%	$2.2B
Current Assets	$1.3B+8.5%	$1.2B-9.8%	$1.3B-22.6%	$1.7B-2.2%	$1.7B-20.6%	$2.2B+35.0%	$1.6B+18.0%	$1.4B-27.0%	$1.9B+68.0%	$1.1B-5.0%	$1.2B-9.9%	$1.3B+36.3%	$957.4M+97.6%	$484.6M+19.5%	$405.6M
Cash & Equivalents	$167.0M-14.8%	$196.0M-53.9%	$425.0M-53.5%	$914.0M+56.2%	$585.0M-37.0%	$928.0M+196.5%	$313.0M+86.3%	$168.0M-78.7%	$788.8M+585.3%	$115.1M-10.6%	$128.7M-25.1%	$171.8M+11.8%	$153.7M+41.0%	$109.0M+4.4%	$104.4M
Inventory	$169.0M+7.0%	$158.0M-10.7%	$177.0M+9.9%	$161.0M+64.3%	$98.0M-17.6%	$119.0M-51.2%	$244.0M+13.0%	$216.0M-11.1%	$243.1M+0.3%	$242.3M-2.5%	$248.5M-6.4%	$265.6M+92.7%	$137.8M+93.3%	$71.3M-10.6%	$79.7M
Accounts Receivable	$689.0M+17.8%	$585.0M+15.6%	$506.0M+11.2%	$455.0M+7.6%	$423.0M-3.4%	$438.0M-42.0%	$755.0M+26.0%	$599.0M+10.7%	$540.9M+9.3%	$495.0M+1.6%	$487.1M+4.0%	$468.4M+35.4%	$346.0M+64.8%	$209.9M+15.0%	$182.5M
Goodwill	$3.4B+16.6%	$2.9B-1.9%	$2.9B+0.9%	$2.9B+0.9%	$2.9B+5.9%	$2.7B-0.1%	$2.7B-16.6%	$3.3B+11.0%	$3.0B+2.3%	$2.9B-4.2%	$3.0B-26.6%	$4.1B+247.2%	$1.2B+47.6%	$801.4M+4.3%	$768.4M
Total Liabilities	$6.2B+29.9%	$4.8B0.0%	$4.8B-1.3%	$4.8B-51.5%	$10.0B-4.9%	$10.5B+6.0%	$9.9B-2.6%	$10.2B+4.4%	$9.8B+8.1%	$9.0B-2.2%	$9.2B-5.0%	$9.7B+151.6%	$3.9B+111.9%	$1.8B+6.0%	$1.7B
Current Liabilities	$803.0M+9.3%	$735.0M+5.6%	$696.0M+11.9%	$622.0M-36.1%	$974.0M+17.1%	$832.0M+8.6%	$766.0M+2.5%	$747.0M+1.0%	$739.8M+6.8%	$692.4M+5.9%	$653.9M-0.3%	$655.8M+45.2%	$451.6M+76.2%	$256.3M+8.1%	$237.1M
Non-Current Liabilities	$5.4B+33.7%	$4.0B-1.0%	$4.1B-3.2%	$4.2B-53.1%	$9.0B-6.8%	$9.7B+5.7%	$9.2B-3.0%	$9.4B+4.7%	$9.0B+8.2%	$8.3B-2.8%	$8.6B-5.4%	$9.1B+165.7%	$3.4B+117.8%	$1.6B+5.7%	$1.5B
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+6.7%	$8.7B-3.5%	$9.0B+2.9%	$8.7B+8.9%	$8.0B-1.6%	$8.2B-1.3%	$8.3B+161.3%	$3.2B+117.8%	$1.5B+6.4%	$1.4B
Total Equity	$245.0M-61.5%	$636.0M-16.9%	$765.0M-22.7%	$990.0M+143.9%	-$2.3B+15.0%	-$2.7B-25.9%	-$2.1B+14.4%	-$2.5B-21.5%	-$2.0B-4.7%	-$1.9B-29.5%	-$1.5B-38446.2%	$3.9M-99.0%	$375.0M+2.8%	$364.8M-17.8%	$443.7M
Retained Earnings	$1.3B+27.2%	$1.0B+49.4%	$680.0M+31.5%	$517.0M+116.4%	-$3.2B+10.5%	-$3.5B-19.5%	-$3.0B-4.6%	-$2.8B-14.8%	-$2.5B-10.9%	-$2.2B-19.0%	-$1.9B-296.2%	-$470.7M-99.1%	-$236.4M-14.6%	-$206.2M-43.6%	-$143.6M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Total Assets	$6.4B+16.7%	$6.5B+19.2%	$6.5B+16.3%	$6.5B+17.2%	$5.5B-2.4%	$5.4B-2.4%	$5.6B-4.9%	$5.5B-7.1%
Current Assets	$1.2B+1.8%	$1.3B+8.5%	$1.3B+3.4%	$1.2B-4.0%	$1.2B-11.6%	$1.2B-9.8%	$1.3B-25.6%	$1.3B-25.7%
Cash & Equivalents	$147.0M+9.7%	$167.0M-14.8%	$236.0M-32.0%	$136.0M-57.6%	$134.0M-70.2%	$196.0M-53.9%	$347.0M-61.1%	$321.0M-64.7%
Inventory	$185.0M+9.5%	$169.0M+7.0%	$175.0M-4.4%	$187.0M+0.5%	$169.0M-3.4%	$158.0M-10.7%	$183.0M0.0%	$186.0M+1.6%
Accounts Receivable	$614.0M-2.4%	$689.0M+17.8%	$659.0M+13.6%	$643.0M+11.8%	$629.0M+24.8%	$585.0M+15.6%	$580.0M+21.6%	$575.0M+15.2%
Goodwill	$3.4B+15.5%	$3.4B+16.6%	$3.4B+13.8%	$3.4B+14.7%	$2.9B-0.2%	$2.9B-1.9%	$3.0B+1.8%	$2.9B-0.2%
Total Liabilities	$6.1B+25.2%	$6.2B+29.9%	$5.8B+22.1%	$5.8B+21.8%	$4.8B+1.7%	$4.8B0.0%	$4.7B-0.1%	$4.8B+0.4%
Current Liabilities	$676.0M-10.2%	$803.0M+9.3%	$621.0M-8.7%	$697.0M+0.1%	$753.0M+11.2%	$735.0M+5.6%	$680.0M+9.9%	$696.0M+20.6%
Non-Current Liabilities	$5.4B+31.7%	$5.4B+33.7%	$5.2B+27.3%	$5.1B+25.5%	$4.1B+0.1%	$4.0B-1.0%	$4.1B-1.6%	$4.1B-2.4%
Long-Term Debt	$5.1B+30.8%	$5.1B+32.8%	$4.9B+27.1%	$4.8B+25.2%	$3.9B+0.8%	$3.8B-0.1%	$3.9B-0.1%	$3.8B-0.4%
Total Equity	$311.0M-49.8%	$245.0M-61.5%	$723.0M-15.7%	$702.0M-10.7%	$620.0M-25.7%	$636.0M-16.9%	$858.0M-10.5%	$786.0M-25.0%
Retained Earnings	$351.0M-68.0%	$1.3B+27.2%	$1.3B+43.9%	$1.2B+41.4%	$1.1B+44.1%	$1.0B+49.4%	$908.0M+48.1%	$844.0M+56.9%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.

LNW Cash Flow Statement

LNW quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$748.0M	$794.0M+25.6%	$632.0M+7.1%	$590.0M+254.9%	-$381.0M-155.6%	$685.0M+45.4%	$471.0M-13.7%	$546.0M+57.8%	$346.0M-31.8%	$507.0M+21.0%	$419.0M+1.2%	$414.2M+103.5%	$203.5M+18.9%	$171.2M+9.2%	$156.8M-8.4%	$171.1M
Depreciation & Amortization	N/A	$406.0M+12.5%	$361.0M-6.0%	$384.0M-8.6%	$420.0M+5.5%	$398.0M-11.4%	$449.0M-17.2%	$542.0M-21.4%	$690.0M+1.0%	$683.0M-7.5%	$738.7M-18.2%	$903.2M+98.8%	$454.3M+124.5%	$202.4M+34.2%	$150.8M+35.9%	$111.0M
Stock-Based Compensation	N/A	$121.0M+10.0%	$110.0M-6.8%	$118.0M+71.0%	$69.0M-38.9%	$113.0M+101.8%	$56.0M+75.0%	$32.0M-27.3%	$44.0M+63.0%	$27.0M-23.5%	$35.3M+39.0%	$25.4M+5.4%	$24.1M+8.1%	$22.3M-7.9%	$24.2M+12.6%	$21.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$285.0M-27.1%	$391.0M+33.0%	$294.0M+7.7%	$272.9M+36.2%	$200.4M+86.4%	$107.5M+27.5%	$84.3M+88.2%	$44.8M+3.2%	$43.4M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$261.0M+680.0%	-$45.0M-121.1%	$213.0M+45.8%	$146.1M-31.7%	$213.8M+122.7%	$96.0M+10.5%	$86.9M-22.4%	$112.0M-12.3%	$127.7M
Investing Cash Flow	-$1.2B	-$1.2B-353.9%	-$258.0M-2.8%	-$251.0M-104.1%	$6.1B+1483.7%	-$442.0M-155.5%	-$173.0M+34.2%	-$263.0M+67.0%	-$798.0M-92.3%	-$415.0M-82.0%	-$228.0M+15.5%	-$269.7M+91.9%	-$3.3B-100.2%	-$1.7B-1073.2%	-$141.9M+11.9%	-$161.1M
Financing Cash Flow	$413.0M	$321.0M+155.6%	-$577.0M+26.8%	-$788.0M+85.6%	-$5.5B-704.6%	-$679.0M-246.7%	$463.0M+458.9%	-$129.0M+17.3%	-$156.0M-126.9%	$580.0M+395.9%	-$196.0M-7.0%	-$183.2M-105.8%	$3.2B+105.2%	$1.5B+15334.7%	-$10.1M+59.1%	-$24.7M
Share Buybacks	$736.0M	$880.0M+90.5%	$462.0M+171.8%	$170.0M-58.0%	$405.0M	$0	$0	N/A	N/A	N/A	$0	$0-100.0%	$29.5M+3587.5%	$800K-98.8%	$68.5M	$0

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	$139.0M-24.9%	$319.0M+57.9%	$184.0M+55.9%	$106.0M-24.8%	$185.0M+8.2%	$202.0M+21.0%	$118.0M-42.2%	$141.0M+314.7%
Depreciation & Amortization	$108.0M+18.7%	$108.0M+10.2%	$108.0M+20.0%	$99.0M+13.8%	$91.0M+5.8%	$98.0M+15.3%	$90.0M0.0%	$87.0M-19.4%
Stock-Based Compensation	$32.0M+18.5%	N/A	$28.0M-3.4%	$31.0M0.0%	$27.0M+22.7%	N/A	$29.0M-6.5%	$31.0M+10.7%
Capital Expenditures	$74.0M+21.3%	N/A	N/A	N/A	$61.0M	N/A	N/A	N/A
Free Cash Flow	$65.0M-47.6%	N/A	N/A	N/A	$124.0M	N/A	N/A	N/A
Investing Cash Flow	-$73.0M-17.7%	-$92.0M-217.2%	-$79.0M-11.3%	-$938.0M-978.2%	-$62.0M+12.7%	-$29.0M+52.5%	-$71.0M+1.4%	-$87.0M-42.6%
Financing Cash Flow	-$79.0M+53.8%	-$291.0M-11.1%	-$48.0M+26.2%	$831.0M+549.2%	-$171.0M-163.1%	-$262.0M+51.2%	-$65.0M+55.5%	-$185.0M-362.5%
Share Buybacks	$22.0M-86.7%	$500.0M+105.8%	$110.0M+150.0%	$104.0M-30.7%	$166.0M+564.0%	$243.0M+872.0%	$44.0M-60.7%	$150.0M+2900.0%

Not reported in any period shown, so not listed: Dividends Paid.

LNW Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LNW quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	73.3%+2.5pp	70.8%+0.8pp	70.0%-0.7pp	70.6%	N/A	N/A	46.2%-16.5pp	62.7%+0.4pp	62.3%+0.6pp	61.6%+1.6pp	60.0%+7.5pp	52.4%+6.7pp	45.8%+1.6pp	44.2%-0.2pp	44.4%
Operating Margin	20.6%-0.3pp	20.9%+3.1pp	17.8%+7.0pp	10.9%+5.8pp	5.1%+19.5pp	-14.4%-26.6pp	12.1%+4.2pp	7.9%-4.9pp	12.8%+8.2pp	4.5%+41.7pp	-37.1%-27.5pp	-9.7%-8.0pp	-1.7%-8.4pp	6.8%-3.9pp	10.7%
Net Margin	8.3%-2.2pp	10.5%+4.9pp	5.6%	146.3%	17.2%+50.7pp	-33.5%-28.0pp	-5.4%+5.0pp	-10.5%-2.6pp	-7.8%+4.4pp	-12.3%+38.3pp	-50.5%-37.4pp	-13.1%-10.4pp	-2.8%+4.0pp	-6.7%-5.3pp	-1.5%
Return on Equity	112.7%+59.8pp	52.8%+31.5pp	21.3%-349.9pp	371.2%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-6007.7%-5999.6pp	-8.1%+9.1pp	-17.2%-14.3pp	-2.8%
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%-5.5pp	-1.7%+2.9pp	-4.6%-1.4pp	-3.1%+1.9pp	-5.0%+13.0pp	-18.0%-15.6pp	-2.4%-1.7pp	-0.7%+2.1pp	-2.9%-2.3pp	-0.6%
Current Ratio	1.600.0x	1.61-0.3x	1.88-0.8x	2.72+0.9x	1.78-0.8x	2.62+0.5x	2.11+0.3x	1.83-0.7x	2.54+0.9x	1.61-0.2x	1.80-0.2x	1.99-0.1x	2.12+0.2x	1.89+0.2x	1.71
Debt-to-Equity	20.86+14.8x	6.05+1.0x	5.04+1.1x	3.91	N/A	N/A	N/A	N/A	N/A	N/A	N/A	2118.54+2110.1x	8.43+4.5x	3.98+0.9x	3.08
Asset Turnover	0.51-0.1x	0.59+0.1x	0.52+0.1x	0.42+0.1x	0.27+0.1x	0.21-0.1x	0.31-0.1x	0.440.0x	0.400.0x	0.410.0x	0.36+0.2x	0.18-0.1x	0.27-0.2x	0.420.0x	0.40
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	10.9%+12.3pp	-1.3%-8.2pp	6.9%+1.8pp	5.1%-2.7pp	7.8%+2.4pp	5.4%-2.6pp	8.0%-4.1pp	12.1%-2.7pp	14.8%

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Gross Margin	75.4%+2.7pp	73.3%+2.1pp	74.2%+4.3pp	72.9%+1.8pp	72.7%+1.7pp	71.1%	69.9%	71.2%
Operating Margin	16.5%-5.5pp	9.2%-12.0pp	27.2%+7.8pp	25.0%+3.6pp	22.0%+0.1pp	21.2%+0.9pp	19.5%-0.7pp	21.4%+5.9pp
Net Margin	6.6%-4.0pp	-1.7%-15.2pp	13.6%+5.7pp	11.7%+1.7pp	10.6%-0.3pp	13.6%+4.9pp	7.8%-2.4pp	10.0%+10.2pp
Return on Equity	16.7%+3.5pp	-6.1%-23.1pp	15.8%+8.3pp	13.5%+3.1pp	13.2%+3.4pp	17.0%+8.2pp	7.5%-0.4pp	10.4%+10.5pp
Return on Assets	0.8%-0.7pp	-0.2%-2.2pp	1.8%+0.6pp	1.5%0.0pp	1.5%0.0pp	2.0%+0.8pp	1.1%-0.1pp	1.5%+1.5pp
Current Ratio	1.78+0.2x	1.600.0x	2.13+0.2x	1.77-0.1x	1.57-0.4x	1.61-0.3x	1.88-0.9x	1.85-1.2x
Debt-to-Equity	16.34+10.1x	20.86+14.8x	6.77+2.3x	6.86+2.0x	6.26+1.7x	6.05+1.0x	4.49+0.5x	4.90+1.2x
Asset Turnover	0.120.0x	0.140.0x	0.130.0x	0.120.0x	0.140.0x	0.150.0x	0.150.0x	0.150.0x
FCF Margin	8.2%-7.8pp	N/A	N/A	N/A	16.0%	N/A	N/A	N/A

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Light & Wonder, Inc. LNW	FY2025	$3.3B	$276.0M	8.3%	$7.2B	43/100
Super Group (SGHC) Limited SGHC	FY2025	$2.2B	$218.0M	9.8%	$5.7B	36/100
Churchill Downs Inc CHDN	FY2025	$2.9B	$383.0M	13.1%	$5.6B	39/100
Rush Street Interactive, Inc. RSI	FY2025	$1.1B	$33.3M	2.9%	$2.2B	53/100
Sharplink, Inc. SBET	FY2025	$28.1M	-$734.6M	N/A	$1.9B	36/100
DraftKings Inc. DKNG	FY2025	$6.1B	$3.7M	0.1%	$9.7B	38/100

Where Light & Wonder, Inc. Ranks

Frequently Asked Questions

What is Light & Wonder, Inc.'s annual revenue?

Light & Wonder, Inc. (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, Inc.'s revenue growing?

Light & Wonder, Inc. (LNW) revenue grew by 4.0% year-over-year, from $3.2B to $3.3B in fiscal year 2025.

Is Light & Wonder, Inc. profitable?

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

What is Light & Wonder, Inc.'s EBITDA?

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

How much debt does Light & Wonder, Inc. have?

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

What is Light & Wonder, Inc.'s gross margin?

Light & Wonder, Inc. (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, Inc.'s operating margin?

Light & Wonder, Inc. (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, Inc.'s net profit margin?

Light & Wonder, Inc. (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, Inc.'s return on equity (ROE)?

Light & Wonder, Inc. (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, Inc.'s operating cash flow?

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

What are Light & Wonder, Inc.'s total assets?

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

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

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

Does Light & Wonder, Inc. buy back shares?

Yes, Light & Wonder, Inc. (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, Inc. have outstanding?

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

What is Light & Wonder, Inc.'s current ratio?

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

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

Light & Wonder, Inc. (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, Inc.'s return on assets (ROA)?

Light & Wonder, Inc. (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, Inc.'s Altman Z-Score?

Light & Wonder, Inc. (LNW) has an Altman Z-Score of 1.93, 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, Inc.'s Piotroski F-Score?

Light & Wonder, Inc. (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Light & Wonder, Inc.'s earnings high quality?

Light & Wonder, Inc. (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, Inc. cover its interest payments?

Light & Wonder, Inc. (LNW) has an interest coverage ratio of 2.18x, 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, Inc.?

Light & Wonder, Inc. (LNW) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.