What is LIGHT & WONDER INC's earnings per share (EPS)?

LIGHT & WONDER INC (LNWO) 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 (LNWO) Financials

LNWO

Trailing 12 months to June 30, 2026

Revenue $3.3B +4.8% YoY

Net Income $271.0M -22.3% YoY

EPS (Diluted) $3.40 -13.9% YoY

Operating Cash Flow $883.0M +44.5% YoY

Market Cap $6.5B as of Sep 16, 2026

Price / Sales 1.9x on $3.3B revenue, trailing 12 months to June 30, 2026

Price / Earnings 23.8x on $271.0M net income, trailing 12 months to June 30, 2026

Price / Book 21.4x on $302.0M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 16, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 4, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LNWO SEC filings page.

LIGHT & WONDER INC (LNWO) reported $3.3B in revenue over the twelve months to Jun 30, 2026, up 4.8% 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 LNWO FY2025 2026-08-29

Operating margins have expanded, but capital returns and debt growth have converted a profitable operation into a highly leveraged balance sheet.

Cash conversion exceeds reported profitability: operating cash flow reached $794M in FY2025 against net income of $276M. Compared with FY2023, however, receivables rose from $506M to $689M while revenue increased, showing that some growth is tied up in customer balances even as total cash generation looks stronger than earnings.

Gross margin widened from 70.0% in FY2023 to 73.3% in FY2025, while operating margin remained around one-fifth. With revenue higher across that span, the pattern is consistent with improved cost absorption or mix, but does not by itself establish pricing power.

Leverage is highly sensitive to the thin equity base: debt-to-equity reached 20.9x in FY2025 as equity fell to $245M. Long-term debt reached $5.1B while FY2025 buybacks totaled $880M, so capital returns occurred alongside a thinner equity cushion rather than balance-sheet strengthening.

Financial Health Signals

Financial health score not available

LIGHT & WONDER INC does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Grey Zone

1.85

LIGHT & WONDER INC scores 1.85, 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

$828.0M

YoY+2.3%

QoQ+4.8%

5Y CAGR+7.3%

10Y CAGR+1.3%

LIGHT & WONDER INC generated $828.0M in revenue in Q2 2026. This represents an increase of 2.3% from the same quarter a year earlier. Against the prior quarter it is up 4.8%.

EBITDA

$340.0M

YoY+13.0%

QoQ+42.9%

LIGHT & WONDER INC's EBITDA was $340.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.0% from the same quarter a year earlier. Against the prior quarter it is up 42.9%.

Net Income

$120.0M

YoY+26.3%

QoQ+130.8%

5Y CAGR+1.9%

LIGHT & WONDER INC reported $120.0M in net income in Q2 2026. This represents an increase of 26.3% from the same quarter a year earlier. Against the prior quarter it is up 130.8%.

EPS (Diluted)

$1.53

YoY+37.8%

QoQ+131.8%

5Y CAGR+6.2%

LIGHT & WONDER INC earned $1.53 per diluted share (EPS) in Q2 2026. This represents an increase of 37.8% from the same quarter a year earlier. Against the prior quarter it is up 131.8%.

Cash & Balance Sheet

Free Cash Flow

$158.0M

YoY+464.3%

QoQ+143.1%

LIGHT & WONDER INC generated $158.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 464.3% from the same quarter a year earlier. Against the prior quarter it is up 143.1%.

Cash & Debt

$148.0M

YoY+8.8%

QoQ+0.7%

5Y CAGR-30.8%

10Y CAGR+3.9%

LIGHT & WONDER INC held $148.0M in cash against $5.1B in long-term debt as of Q2 2026.

Shares Outstanding

77M

YoY-8.2%

QoQ-2.1%

5Y CAGR-4.4%

LIGHT & WONDER INC had 77M shares outstanding in Q2 2026. This represents a decrease of 8.2% from the same quarter a year earlier. Against the prior quarter it is down 2.1%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

74.6%

YoY+1.7pp

QoQ-0.8pp

LIGHT & WONDER INC's gross margin was 74.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.8 percentage points.

Operating Margin

26.9%

YoY+2.0pp

QoQ+10.5pp

LIGHT & WONDER INC's operating margin was 26.9% in Q2 2026, reflecting core business profitability. This is up 2.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 10.5 percentage points.

Net Margin

14.5%

YoY+2.7pp

QoQ+7.9pp

5Y change-4.3pp

10Y change+21.6pp

LIGHT & WONDER INC's net profit margin was 14.5% in Q2 2026, showing the share of revenue converted to profit. This is up 2.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.9 percentage points.

Return on Equity

39.7%

YoY+26.2pp

QoQ+23.0pp

LIGHT & WONDER INC's ROE was 39.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 26.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 23.0 percentage points.

Capital Allocation

R&D Spending

$61.0M

YoY-4.7%

QoQ-9.0%

LIGHT & WONDER INC invested $61.0M in research and development in Q2 2026. This represents a decrease of 4.7% from the same quarter a year earlier. Against the prior quarter it is down 9.0%.

Share Buybacks

$141.0M

YoY+35.6%

QoQ+540.9%

LIGHT & WONDER INC spent $141.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 35.6% from the same quarter a year earlier. Against the prior quarter it is up 540.9%.

Capital Expenditures

$83.0M

YoY+6.4%

QoQ+12.2%

LIGHT & WONDER INC invested $83.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 6.4% from the same quarter a year earlier. Against the prior quarter it is up 12.2%.

LNWO 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.

LNWO quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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	$859.0M	$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	$251.0M	$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	$892.0M	$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	$664.0M	$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	$297.0M	$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	$77.0M	$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	$271.0M	$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)	$3.40	$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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$828.0M+2.3%	$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%
Cost of Revenue	$210.0M-4.1%	$194.0M-8.1%	$238.0M+3.5%	$217.0M-11.8%	$219.0M-7.2%	$211.0M-3.7%	$230.0M	$246.0M
Gross Profit	$618.0M+4.7%	$596.0M+5.9%	$652.0M+15.0%	$624.0M+9.3%	$590.0M+1.4%	$563.0M+4.8%	$567.0M	$571.0M
R&D Expenses	$61.0M-4.7%	$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%
SG&A Expenses	$211.0M+1.4%	$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%
Operating Income	$223.0M+10.4%	$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%
EBITDA	$340.0M+13.0%	$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%
Interest Expense	-$81.0M-5.2%	-$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%
Income Tax	$30.0M+3.4%	$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%
Net Income	$120.0M+26.3%	$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%
EPS (Basic)	$1.55+38.4%	$0.68-29.9%	-$0.13-110.7%	$1.37+90.3%	$1.12+21.7%	$0.97+6.6%	$1.22+64.9%	$0.72-13.3%
EPS (Diluted)	$1.53+37.8%	$0.66-29.8%	-$0.13-110.9%	$1.34+88.7%	$1.11+23.3%	$0.94+6.8%	$1.19+65.3%	$0.71-12.3%
Diluted Shares (Avg)	79M-8.3%	79M-8.9%	N/A	85M-6.6%	86M-7.0%	87M-5.5%	N/A	91M-1.1%

LNWO Balance Sheet

LNWO quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$6.4B-1.9%	$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%
Current Assets	$1.2B+0.2%	$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%
Cash & Equivalents	$148.0M+8.8%	$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%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$193.0M+3.2%	$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%
Accounts Receivable	$640.0M-0.5%	$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%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$3.4B+0.3%	$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%
Total Liabilities	$6.1B+4.7%	$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%
Current Liabilities	$715.0M+2.6%	$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%
Non-Current Liabilities	$5.3B+5.0%	$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%
Long-Term Debt	$5.1B+5.2%	$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%
Total Equity	$302.0M-57.0%	$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%
Retained Earnings	$353.0M-70.4%	$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%

LNWO Cash Flow Statement

LNWO quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$883.0M	$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	-$327.0M	-$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	-$580.0M	$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	$773.0M	$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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$241.0M+127.4%	$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%
Depreciation & Amortization	$117.0M+18.2%	$108.0M+18.7%	$108.0M+11.3%	$108.0M+20.0%	$99.0M+13.8%	$91.0M+5.8%	$97.0M+12.8%	$90.0M0.0%
Stock-Based Compensation	$33.0M+6.5%	$32.0M+18.5%	N/A	$28.0M-3.4%	$31.0M0.0%	$27.0M+22.7%	N/A	$29.0M-6.5%
Capital Expenditures	$83.0M+6.4%	$74.0M+21.3%	N/A	N/A	$78.0M	$61.0M	N/A	N/A
Free Cash Flow	$158.0M+464.3%	$65.0M-47.6%	N/A	N/A	$28.0M	$124.0M	N/A	N/A
Investing Cash Flow	-$83.0M+91.2%	-$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%
Financing Cash Flow	-$162.0M-119.5%	-$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%
Share Buybacks	$141.0M+35.6%	$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%

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

LNWO 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.

LNWO quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	74.6%+1.7pp	75.4%+2.7pp	73.3%+2.1pp	74.2%+4.3pp	72.9%+1.8pp	72.7%+1.7pp	71.1%	69.9%
Operating Margin	26.9%+2.0pp	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
Net Margin	14.5%+2.7pp	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
Return on Equity	39.7%+26.2pp	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
Return on Assets	1.9%+0.4pp	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
Current Ratio	1.730.0x	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
Debt-to-Equity	16.78+9.9x	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
Asset Turnover	0.130.0x	0.120.0x	0.140.0x	0.130.0x	0.120.0x	0.140.0x	0.150.0x	0.150.0x
FCF Margin	19.1%+15.6pp	8.2%-7.8pp	N/A	N/A	3.5%	16.0%	N/A	N/A

Where LIGHT & WONDER INC Ranks

Frequently Asked Questions

What is LIGHT & WONDER INC's annual revenue?

LIGHT & WONDER INC (LNWO) 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 (LNWO) 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 (LNWO) 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 (LNWO) 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 (LNWO) 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 (LNWO) 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 (LNWO) 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 (LNWO) 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 (LNWO) 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 (LNWO) 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 (LNWO) 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 (LNWO) invested $252.0M in research and development during fiscal year 2025.

Does LIGHT & WONDER INC buy back shares?

Yes, LIGHT & WONDER INC (LNWO) 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 (LNWO) had 77M shares outstanding as of fiscal year 2025.

What is LIGHT & WONDER INC's current ratio?

LIGHT & WONDER INC (LNWO) 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 (LNWO) 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 (LNWO) 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 P/E ratio?

LIGHT & WONDER INC (LNWO) trades at 23.8x earnings, its market capitalization divided by net income of $271.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $6.5B as of Sep 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is LIGHT & WONDER INC's price-to-sales ratio?

LIGHT & WONDER INC (LNWO) trades at 1.9x sales, its market capitalization divided by revenue of $3.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $6.5B as of Sep 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is LIGHT & WONDER INC's Altman Z-Score?

LIGHT & WONDER INC (LNWO) has an Altman Z-Score of 1.85, 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 (LNWO) 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 (LNWO) 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 (LNWO) 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.