Welcome to our dedicated page for Light & Wonder SEC filings (Ticker: LAWIL), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This SEC filings page for LIGHT & WONDER INC CDI (LAWIL) provides access to the U.S. regulatory documents of its underlying issuer, Light & Wonder, Inc., a Nevada corporation identified in SEC records with Commission File Number 001-11693 and common stock historically listed on The Nasdaq Stock Market under the symbol LNW. These filings are central for understanding the legal, governance, and listing framework that underpins LAWIL and its related CHESS Depositary Interests.
Among the most significant documents are Form 8-K current reports, which describe material events such as the company’s transition from a dual Nasdaq/ASX listing to a sole standard listing on the Australian Securities Exchange. One Form 8-K explains the adoption of Fourth Amended and Restated Bylaws to align with ASX listing rules, adjust voting standards to a majority of votes cast, update exclusive forum provisions under Nevada law, and move stock issuances toward uncertificated shares.
This page also surfaces Form 25, where Light & Wonder, Inc. notified the SEC of the voluntary removal of its common stock from listing and registration on Nasdaq under Rule 12d2-2(c). The Form 25 and related 8-K specify that the common stock was delisted from Nasdaq on November 13, 2025 and is expected to become deregistered under Section 12(b) of the Exchange Act after a ninety-day period.
Additional filings include a Form 8-K/A that amends a prior 8-K to update the timeline for the retirement of the company’s Chief Legal Officer and Corporate Secretary and the appointment of a successor, reported under Item 5.02. Regulation FD disclosures on Form 8-K also describe the furnishing of an Appendix 4A Statement of CHESS Depositary Interests on Issue to the Australian Securities Exchange.
On Stock Titan, these filings are paired with AI-powered summaries that explain the purpose and implications of each document in plain language, helping users interpret complex items such as Nasdaq delisting notices, bylaw amendments, and officer transition disclosures without reading every line of the original text.
James Sottile reported proposed sales of common stock in a Form 144 notice. The filing lists 2,600 common shares associated with Fidelity Brokerage Services LLC and an OTC listing date of 03/04/2026.
The notice records a prior sale of 1,591 common shares by James Sottile on 02/26/2026 for $150,479.45. The securities to be sold are tied to restricted stock vesting on 03/20/2019 (253 shares), 08/31/2019 (820 shares), 03/20/2020 (1,004 shares), and 08/31/2020 (523 shares).
Light & Wonder, Inc. director Hamish McLennan reported an open-market sale of 6,000 CHESS Depositary Interests, each representing one share of common stock, at $90.36 per share. After this sale, he directly holds 25,782 common shares. He also has indirect ownership of 6,380 shares through a superannuation fund and 9,750 shares through a family trust, both of which hold common stock on his behalf.
LNW submitted a Form 144 notifying a proposed sale of 1,591 common shares through Fidelity Brokerage Services LLC.
The filing lists the broker Fidelity Brokerage Services LLC, an OTC indicator and the filing date 02/26/2026. It also shows two prior restricted stock vesting entries: 639 shares vested on 03/20/2024 and 952 shares vested on 10/01/2024.
Light & Wonder, Inc. is a Nevada-based cross‑platform global games company focused on casino, social and digital gaming. It operates three segments: Gaming (machines, systems, table products and charitable gaming), SciPlay (social and casual mobile games) and iGaming (real‑money digital casino content and platforms).
The company’s common stock trades on the Australian Securities Exchange as CHESS Depositary Interests under “LNW” after a voluntary delisting from Nasdaq in 2025. As of June 30, 2025, non‑affiliate equity market value was $6.34 billion, and total common shares outstanding, including CDIs, were 77,148,711 as of February 18, 2026.
Light & Wonder’s strategy centers on creating evergreen content across platforms, expanding in high‑return markets, maximizing operating cash flow and using a disciplined capital allocation framework that includes R&D, acquisitions and share repurchases. In May 2025 it acquired Grover, a charitable electronic pull‑tab provider with over 11,600 units across more than 1,500 U.S. locations, which is reported within the Gaming segment.
The company highlights extensive regulatory oversight of its land‑based and digital operations across roughly 478 jurisdictions, significant competition from major global gaming suppliers, and sensitivity to economic cycles, currency movements and changing gaming laws. It reports approximately 6,800 employees worldwide and emphasizes ESG initiatives, including responsible gaming, environmental programs, supplier diversity and human capital development.
Light & Wonder, Inc. reported solid fourth-quarter and full-year 2025 results, combining strong operating performance with sizable one-time charges. Q4 revenue rose 12% to $891 million, led by 17% growth in Gaming revenue and record North American gaming machine shipments of 7,000 units.
The company posted a Q4 net loss of $15 million, or $0.19 per diluted share, driven by $177 million of restructuring and other costs, including a $128 million legal settlement, a $25 million contingent consideration adjustment, and ASX transition costs. Despite this, Q4 Consolidated AEBITDA grew 29% to $405 million and Adjusted NPATA rose 27% to $161 million, or $1.96 per diluted share.
For 2025, revenue reached $3.314 billion, up 4%, while net income declined to $276 million, or $3.26 per diluted share, largely due to $219 million of restructuring and related items. Full-year Consolidated AEBITDA increased 16% to $1.443 billion and Adjusted NPATA climbed 18% to $567 million, or $6.69 per diluted share, in line with previously provided outlook ranges.
Cash generation was strong: net cash from operating activities grew to $794 million and free cash flow to $452 million, both meaningfully higher than 2024. The company returned $877 million to shareholders in 2025 through repurchasing 10.1 million shares or CDIs, and has cumulatively bought back 24.4 million since 2022. Principal face value of debt stood at $5.207 billion with a net debt leverage ratio of 3.5x, or 3.4x on a combined basis including Grover, within the stated 2.5x–3.5x target range.
The Vanguard Group filed an amended Schedule 13G reporting beneficial ownership of 4,690,772 shares of Light & Wonder Inc common stock, representing 5.75% of the class as of 12/31/2025.
Vanguard reports shared voting power over 2,285,015 shares and shared dispositive power over all 4,690,772 shares, with no sole voting or dispositive power. The securities are held in the ordinary course of business and not for the purpose of changing or influencing control.
The filing explains that after an internal realignment on 01/12/2026, Vanguard no longer performs portfolio management or proxy voting, and certain subsidiaries or business divisions are expected to report holdings separately. Vanguard’s clients have the economic right to dividends and sale proceeds, with no single client holding more than 5% of the class.
Light & Wonder, Inc. received a Form 4 filing from investment entities affiliated with Fine Capital regarding sales of common stock. On January 27, 2026, these reporting persons sold 2,225, 2,426, and 4,386 shares of common stock in three separate transactions.
The weighted average sale prices were $112.2933, $113.2784, and $113.9387, respectively. After the final transaction, the reporting persons had an indirect pecuniary interest in 8,151,955 shares. The filing explains this interest is held through investments in private funds, and each reporting person disclaims beneficial ownership beyond their pecuniary interest.
Entities associated with Fine Capital reported selling 5,694 shares of Light & Wonder, Inc. common stock on January 22, 2026. The sale was executed at a weighted average price of $116.2875 per share, with individual trade prices ranging from $116.2783 to $116.4219. After this transaction, the reporting parties had an indirect pecuniary interest in 8,160,992 shares, held through investments in private funds. The reporting persons state that they disclaim beneficial ownership of these securities except to the extent of their pecuniary interest.
Light & Wonder, Inc. amended its main credit facility through Amendment No. 4, creating a new tranche of $2,134,562,718.75 term loans under its Credit Agreement that will mature on April 14, 2029 and replace the existing term loans. The amendment also lowers the interest margins to 2.00% per annum over term benchmark rates such as SOFR, EURIBOR and BBSY, and to 1.00% per annum over ABR. These changes update the pricing and structure of the company’s secured term debt without increasing the stated principal amount. The amendment is documented in Amendment No. 4, dated January 22, 2026, with JPMorgan Chase Bank, N.A. acting as administrative and collateral agent and as issuing and swingline lender.