Light & Wonder (LNWO) Financials
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 Nov 4, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Nov 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 Sep 30, 2026, up 3.4% 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).
The business turns accounting earnings into cash, but FY2025 financing left far less equity supporting a larger liability base.
Cash conversion diverged from accounting profit: in FY2025, net income fell17.9% while operating cash flow rose25.6% . Operating cash flow reached287.7% of net income, so reported earnings were a weak guide to the period’s cash generation.
The margin structure improved at the gross level but barely reached operations: gross margin expanded to
The financing profile became materially more leveraged: total liabilities increased
Financial Health Signals
We do not publish a peer-relative financial health score for Light & Wonder Inc, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Light & Wonder Inc scores 1.88, placing it in the grey zone between 1.81 and 2.99. The largest contribution to the score comes from a market capitalization of $6.7B against total liabilities of $6.2B. 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.
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 operating efficiency signals passes.
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.
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
Earnings & Revenue
Light & Wonder Inc generated $824.0M in revenue in Q3 2026. This represents a decrease of 2.0% from the same quarter a year earlier. Against the prior quarter it is down 0.5%.
Light & Wonder Inc's EBITDA was $347.0M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.0% from the same quarter a year earlier. Against the prior quarter it is up 2.1%.
Light & Wonder Inc reported $133.0M in net income in Q3 2026. This represents an increase of 16.7% from the same quarter a year earlier. Against the prior quarter it is up 10.8%.
Light & Wonder Inc earned $1.72 per diluted share (EPS) in Q3 2026. This represents an increase of 28.4% from the same quarter a year earlier. Against the prior quarter it is up 12.4%.
Cash & Balance Sheet
Light & Wonder Inc generated $146.0M in free cash flow in Q3 2026, representing cash available after capex. This represents an increase of 39.0% from the same quarter a year earlier. Against the prior quarter it is down 7.6%.
Light & Wonder Inc held $139.0M in cash against $4.9B in long-term debt as of Q3 2026.
Not reported for Q3 2026.
Margins & Returns
Light & Wonder Inc's gross margin was 75.6% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is up 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.
Light & Wonder Inc's operating margin was 29.4% in Q3 2026, reflecting core business profitability. This is up 2.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.4 percentage points.
Light & Wonder Inc's net profit margin was 16.1% in Q3 2026, showing the share of revenue converted to profit. This is up 2.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.6 percentage points.
Light & Wonder Inc's quarterly ROE was 31.4% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is up 15.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 8.3 percentage points.
Capital Allocation
Light & Wonder Inc invested $56.0M in research and development in Q3 2026. This represents a decrease of 9.7% from the same quarter a year earlier. Against the prior quarter it is down 8.2%.
Light & Wonder Inc repurchased no shares in Q3 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Light & Wonder Inc invested $90.0M in capex in Q3 2026, funding long-term assets and infrastructure. This represents an increase of 13.9% from the same quarter a year earlier. Against the prior quarter it is up 8.4%.
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.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $824.0M-2.0% | $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% |
| Cost of Revenue | $201.0M-7.4% | $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 |
| Gross Profit | $623.0M-0.2% | $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 |
| R&D Expenses | $56.0M-9.7% | $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% |
| SG&A Expenses | $212.0M-3.2% | $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% |
| Operating Income | $242.0M+5.7% | $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% |
| EBITDA | $347.0M+3.0% | $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% |
| Income Tax | $34.0M+36.0% | $30.0M+3.4% | $10.0M-56.5% | $12.0M-50.0% | $25.0M+47.1% | $29.0M+11.5% | $23.0M+27.8% | $24.0Mn/m |
| Net Income | $133.0M+16.7% | $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% |
| EPS (Basic) | $1.74+27.0% | $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% |
| EPS (Diluted) | $1.72+28.4% | $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% |
| Diluted Shares (Avg) | 78M-8.8% | 79M-8.3% | 79M-8.9% | N/A | 85M-6.6% | 86M-7.0% | 87M-5.5% | N/A |
Not reported in any period shown, so not listed: Interest Expense.
LNWO Balance Sheet
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.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.3B-2.9% | $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% |
| Current Assets | $1.2B-9.9% | $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% |
| Cash & Equivalents | $139.0M-41.1% | $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% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $194.0M+10.9% | $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% |
| Accounts Receivable | $632.0M-4.1% | $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% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | $3.4B+0.1% | $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% |
| Total Liabilities | $5.9B+1.9% | $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% |
| Current Liabilities | $703.0M+13.2% | $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% |
| Non-Current Liabilities | $5.2B+0.5% | $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% |
| Long-Term Debt | $4.9B+0.5% | $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% |
| Total Equity | $423.0M-41.5% | $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% |
| Retained Earnings | $486.0M-62.8% | $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% |
LNWO Cash Flow 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.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $236.0M+28.3% | $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% |
| Depreciation & Amortization | $105.0M-2.8% | $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% |
| Stock-Based Compensation | $24.0M-14.3% | $33.0M+6.5% | $32.0M+18.5% | N/A | $28.0M-3.4% | $31.0M0.0% | $27.0M+22.7% | N/A |
| Capital Expenditures | $90.0M+13.9% | $83.0M+6.4% | $74.0M+21.3% | N/A | $79.0M | $78.0M | $61.0M | N/A |
| Free Cash Flow | $146.0M+39.0% | $158.0M+464.3% | $65.0M-47.6% | N/A | $105.0M | $28.0M | $124.0M | N/A |
| Investing Cash Flow | -$90.0Mn/m | -$83.0Mn/m | -$73.0Mn/m | -$92.0Mn/m | -$79.0Mn/m | -$938.0Mn/m | -$62.0Mn/m | -$29.0Mn/m |
| Financing Cash Flow | -$204.0Mn/m | -$162.0M-119.5% | -$79.0Mn/m | -$291.0Mn/m | -$48.0Mn/m | $831.0Mn/m | -$171.0Mn/m | -$262.0Mn/m |
| Share Buybacks | $0-100.0% | $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% |
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.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.6%+1.4pp | 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% |
| Operating Margin | 29.4%+2.1pp | 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 |
| Net Margin | 16.1%+2.6pp | 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 |
| Return on Equity | 31.4%+15.7pp | 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 |
| Return on Assets | 2.1%+0.3pp | 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 |
| Current Ratio | 1.69-0.4x | 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 |
| Debt-to-Equity | 11.62+4.9x | 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 |
| Liabilities-to-Equity | 13.94+5.9x | 20.07+11.8x | 19.47+11.7x | 25.38+17.9x | 8.00+2.5x | 8.25+2.2x | 7.80+2.1x | 7.52+1.3x |
| Asset Turnover | 0.130.0x | 0.130.0x | 0.120.0x | 0.140.0x | 0.130.0x | 0.120.0x | 0.140.0x | 0.150.0x |
| FCF Margin | 17.7%+5.2pp | 19.1%+15.6pp | 8.2%-7.8pp | N/A | 12.5% | 3.5% | 16.0% | N/A |
Where Light & Wonder Inc Ranks
Frequently Asked Questions
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.
Light & Wonder Inc (LNWO) revenue grew by 4.0% year-over-year, from $3.2B to $3.3B in fiscal year 2025.
Yes, Light & Wonder Inc (LNWO) reported a net income of $290.0M over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net income of $276.0M, with a net profit margin of 8.3%.
Light & Wonder Inc (LNWO) had EBITDA of $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Light & Wonder Inc (LNWO) had $167.0M in cash and equivalents against $5.1B in long-term debt.
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.
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.
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.
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.
Light & Wonder Inc (LNWO) generated $794.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Light & Wonder Inc (LNWO) had $6.5B in total assets as of fiscal year 2025, including both current and long-term assets.
Light & Wonder Inc (LNWO) invested $252.0M in research and development during fiscal year 2025.
Light & Wonder Inc (LNWO) had a current ratio of 1.60 as of fiscal year 2025, which is generally considered healthy.
Light & Wonder Inc (LNWO) had a debt-to-equity ratio of 20.86 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Light & Wonder Inc (LNWO) had a liabilities-to-equity ratio of 25.38 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
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.
Light & Wonder Inc (LNWO) trades at 23.0x earnings, its market capitalization divided by $290.0M net income, trailing 12 months to September 30, 2026. The market capitalization is $6.7B as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Light & Wonder Inc (LNWO) trades at 2.0x sales, its market capitalization divided by $3.3B revenue, trailing 12 months to September 30, 2026. The market capitalization is $6.7B as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Light & Wonder Inc (LNWO) has an Altman Z-Score of 1.88, 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.
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.
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.
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.