Light & Wonder Stock Price, News & Analysis

Light & Wonder, Inc. (LNW) is described in its public communications as a cross-platform global games company. The company states that it operates through three unique yet highly complementary business segments, with a focus on creating immersive game content and experiences. Light & Wonder emphasizes combining the talents of its large global team with an understanding of customers and players to deliver what it calls unforgettable gaming experiences across channels.

In its news releases, Light & Wonder highlights that it delivers content and games wherever players choose to engage. The company repeatedly notes that "it’s all about the games," underscoring a strategic focus on game content and player engagement rather than on any single distribution channel. Light & Wonder also states that it is committed to high standards of integrity, including promoting player responsibility and implementing sustainable practices.

Business Segments and Cross-Platform Focus

According to the company’s own descriptions, Light & Wonder’s operations are organized into three main business areas: Gaming, SciPlay, and iGaming. In its quarterly results, the company reports revenue and AEBITDA for each of these segments, indicating that they are distinct but related parts of a broader games-focused strategy.

• Gaming: The Gaming segment is presented as a core part of the business. Light & Wonder discusses its Gaming operations, including a premium installed base in North America and gaming operations units. It also reports on game sales and gaming operations revenue, and notes contributions from Grover charitable gaming within this segment.
• SciPlay: SciPlay is reported as a separate business segment. The company notes SciPlay’s revenue and refers to the expansion of direct-to-consumer revenue within this segment.
• iGaming: The iGaming segment is identified as another distinct business line. Light & Wonder reports record iGaming revenue and discusses margin expansion in this area.

Across these segments, Light & Wonder refers to a cross-platform strategy and a content roadmap, indicating that it aims to use its game content across multiple channels and platforms. The company also references an omni-channel strategy in connection with the integration of Grover Gaming’s charitable gaming business into its broader operations.

Geographic and Corporate Context

Light & Wonder, Inc. is incorporated in Nevada and lists its principal executive offices in Las Vegas, Nevada, as disclosed in its SEC filings. The company’s common stock previously traded on The Nasdaq Stock Market under the symbol LNW. In multiple filings and press releases, Light & Wonder explains that it has been dual listed on Nasdaq and the Australian Securities Exchange (ASX) and has pursued a transition to a sole primary listing on the ASX.

In a Form 25 filing with the SEC, Light & Wonder certified that it was voluntarily removing its common stock from listing and registration on Nasdaq. The filing states that, pursuant to this Form 25, the company’s common stock was delisted from Nasdaq on November 13, 2025, with deregistration under Section 12(b) of the Exchange Act expected 90 days after the filing date. In related press releases, the company describes this move as part of its strategy to align its capital markets presence with its long-term growth plans and shareholder base, and to consolidate trading liquidity onto the ASX.

Capital Structure, Debt and Share Repurchases

Light & Wonder regularly reports on its capital allocation and leverage in its quarterly results and SEC filings. The company discloses principal face value of debt outstanding, net debt leverage ratios, and available liquidity, and describes actions taken in the debt markets.

In 2025, Light & Wonder announced and completed a private offering of senior unsecured notes due 2033 through its wholly owned subsidiary, Light and Wonder International, Inc. The company states that the net proceeds were used to repay borrowings under a revolving credit facility, redeem outstanding senior unsecured notes due 2028, and fund general corporate purposes, which may include equity repurchases. The company also notes that these new notes are guaranteed on a senior basis by Light & Wonder and certain subsidiaries.

In its quarterly earnings releases, Light & Wonder provides detail on its share repurchase programs. It reports having returned significant capital to shareholders through repurchases of its common stock over multiple years, including utilization of a multi-hundred-million-dollar repurchase authorization. The company links these repurchases to its broader capital allocation strategy and references a targeted net debt leverage ratio range, while acknowledging that accelerated repurchases can temporarily move leverage above the top end of that range.

Grover Charitable Gaming Acquisition

In 2025, Light & Wonder reported the completion of a strategic acquisition of Grover Gaming’s charitable gaming business. The company describes Grover as a provider of electronic pull-tabs operating in several U.S. states and states that Grover’s financial results are reported within the Gaming segment. Light & Wonder notes that it borrowed under a term loan facility to fund the acquisition and that the integration of Grover into its omni-channel strategy is progressing ahead of schedule, with additional gaming units added after the acquisition announcement.

The company also reports that Grover contributed to consolidated revenue and AEBITDA in its quarterly results. Light & Wonder highlights Grover’s role in charitable gaming and references opportunities related to new markets, while noting that expected contributions can vary based on the timing of investments and market expansion.

Financial Reporting and Non-GAAP Metrics

Light & Wonder’s earnings releases include both GAAP and non-GAAP financial measures. The company reports Consolidated AEBITDA, Adjusted NPATA, and free cash flow, and identifies these as non-GAAP metrics. It states that additional information on these measures is provided in reconciliations at the end of its releases and in its SEC filings. The company also provides forward-looking guidance ranges for Consolidated AEBITDA and Adjusted NPATA, describing these guidance figures as forward-looking non-GAAP financial measures presented on a supplemental basis.

In its quarterly summaries, Light & Wonder discusses revenue trends by segment, changes in net income and margins, and factors affecting cash flows. It attributes changes in results to items such as game performance, macroeconomic conditions affecting customer purchasing behavior, operational efficiencies, cost management, legal settlements, acquisition-related costs, and contributions from Grover.

Regulatory Filings and ASX Disclosures

Light & Wonder files periodic reports and current reports on Form 8-K with the SEC. Several of these filings reference information furnished to the Australian Securities Exchange, such as Appendix 4A statements of CHESS Depositary Interests on issue. The company notes in multiple 8-K filings that such information is furnished rather than filed, and that it is not deemed incorporated by reference into other SEC filings unless specifically stated.

In connection with its move to a sole ASX listing, Light & Wonder’s board approved amendments to its bylaws. An 8-K filing describes the adoption of Fourth Amended and Restated Bylaws, effective November 13, 2025, to align with ASX listing rules, modify certain voting standards, update exclusive forum provisions to reflect Nevada law and practice, change the default for stock issuances to uncertificated shares, and make other clarifying and administrative updates.

Corporate Governance and Leadership Changes

Light & Wonder discloses changes in key corporate roles through its SEC filings. An amended Form 8-K describes a planned transition in the role of Chief Legal Officer and Corporate Secretary, including the appointment of a new Corporate Secretary and the timeline for assuming the Chief Legal Officer role. The company also uses press releases to announce senior appointments, such as the creation of an Executive Vice President, Global Chief Corporate Affairs Officer role, based in Sydney, with responsibilities in corporate affairs and stakeholder engagement.

Legal Proceedings

In a public statement, Light & Wonder provides an update on ongoing litigation in Nevada involving Aristocrat. The company reports that a Nevada court granted Aristocrat’s renewed motion to obtain discovery of math models for certain Light & Wonder hold and spin games released since 2021. Light & Wonder states that it remains confident, based on expert review, that there is no evidence of Aristocrat math being used in any commercially released games other than specific titles identified in its statement. The company notes that fact discovery and expert discovery in the U.S. litigation process are scheduled to close on specified future dates.

Commitment to Responsibility and Practices

In its "About Light & Wonder" sections, the company states that it is committed to the highest standards of integrity. This includes references to promoting player responsibility and implementing sustainable practices. While these statements are high-level, they indicate that Light & Wonder positions responsible play and sustainability as part of its corporate identity and communications.

FAQs about Light & Wonder, Inc. (LNW)

• What does Light & Wonder, Inc. do?
  Light & Wonder describes itself as a cross-platform global games company. It operates through three complementary segments—Gaming, SciPlay and iGaming—and focuses on creating immersive game content and experiences across channels.
• How is Light & Wonder’s business organized?
  The company reports its results through three reportable segments: Gaming, SciPlay and iGaming. Each segment is presented separately in its financial disclosures, with revenue and AEBITDA reported for each.
• Where is Light & Wonder based?
  According to its SEC filings, Light & Wonder, Inc. is a Nevada corporation with principal executive offices in Las Vegas, Nevada.
• On which exchanges does Light & Wonder trade?
  Light & Wonder’s common stock previously traded on The Nasdaq Stock Market under the symbol LNW and is also listed on the Australian Securities Exchange (ASX). The company has filed a Form 25 to voluntarily delist from Nasdaq and has described a transition to a sole primary listing on the ASX.
• What are Light & Wonder’s main business segments?
  The company identifies three main segments: Gaming, SciPlay and iGaming. It reports segment revenue, AEBITDA and margins for each, and describes them as unique yet highly complementary businesses within a cross-platform games strategy.
• What is the Grover charitable gaming business and how does it relate to Light & Wonder?
  Light & Wonder completed the acquisition of Grover Gaming’s charitable gaming business, which it describes as a provider of electronic pull-tabs in several U.S. states. Grover’s results are reported within the Gaming segment, and the company notes that the integration of Grover is part of its omni-channel strategy.
• How does Light & Wonder describe its approach to capital allocation?
  In its earnings releases, Light & Wonder discusses a capital allocation approach that includes share repurchases, management of net debt leverage within a targeted range, and the use of debt offerings and credit facilities. It links these actions to its long-term financial objectives and flexibility.
• What non-GAAP financial measures does Light & Wonder use?
  The company reports non-GAAP measures such as Consolidated AEBITDA, Adjusted NPATA and free cash flow. It states that reconciliations and additional information for these measures are provided in its releases and SEC filings.
• What recent changes has Light & Wonder made to its stock exchange listings?
  Light & Wonder has announced and executed a plan to move from a dual listing on Nasdaq and the ASX to a sole primary listing on the ASX. It filed a Form 25 with the SEC to voluntarily delist its common stock from Nasdaq, and its press releases provide an indicative timetable for this transition.
• How does Light & Wonder address responsibility and sustainability?
  In its public descriptions, the company states that it is committed to high standards of integrity, including promoting player responsibility and implementing sustainable practices. These themes appear in the "About Light & Wonder" sections of its press releases.