Every 8-K that LIGHT & WONDER INC (LNWO) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow LNWO and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full LNWO filings page.
Light & Wonder, Inc. reported that Board Chair Jamie Odell and Vice Chair Toni Korsanos have notified the company of their intention to exercise a portion of their vested options on a cashless basis under the company’s 2003 Incentive Compensation Plan. The cashless mechanism provides them with CHESS Depositary Interests (CDIs) equal to the value of the positive difference between the option exercise price and the CDI price at exercise. The company states that the CDIs used to satisfy the exercises will come from existing quoted CDIs held in the Light & Wonder Employee Share Trust, so no further dilution will occur. To cover income tax liabilities arising from the exercises, each director will sell a portion of the net CDIs received, not exceeding the value of their tax liability, in line with the company’s Securities Trading Policy, with Appendix 3Y notices to be lodged after completion.
Light & Wonder, Inc. reported solid results for the quarter ended June 30, 2026. Revenue grew to $828 million, up 2% year-over-year, driven by 5% growth in Gaming, 14% in iGaming and partially offset by a 9% decline in SciPlay revenue.
Net income increased 26% to $120 million, or $1.53 diluted EPS, while Consolidated AEBITDA rose 9% to $383 million, lifting the AEBITDA margin to 46%. Net cash provided by operating activities surged to $241 million, up 127%, and Adjusted free cash flow reached $156 million, up 50%.
The company returned $134 million to shareholders in the quarter via repurchase of about 1.6 million CDIs, and has bought back $2.1 billion (26.2 million shares/CDIs) since 2022, or roughly 27% of prior shares. Debt totaled $5.2 billion, with a net debt leverage ratio of 3.4x, and management reiterated its full-year 2026 outlook and its goal to reduce leverage below 3.0x in the first half of 2027.
Light & Wonder, Inc. plans to release financial results for the second quarter ended June 30, 2026 on August 4, 2026, after U.S. markets close and before the ASX opens on August 5, 2026. An investor conference call and simultaneous webcast will follow at 7:00 p.m. U.S. Eastern Time / 9:00 a.m. Australian Eastern Standard Time to discuss the results.
The company reiterates its 2026 outlook for mid-to-high single-digit Consolidated AEBITDA growth and states a commitment to deleveraging its balance sheet toward the mid-point of its targeted net debt leverage ratio range during 2026 and to below 3.0x in the first half of 2027, subject to the continuation of share repurchases. Approximately US$180 million remains under the ongoing share repurchase program. As of July 1, 2026, total shares outstanding, including common stock and CDIs, were 77,049,181, following the repurchase of 1,612,580 CDIs in Q2 FY26 for about US$134 million; repurchases were paused on June 29, 2026 ahead of the Q2 blackout period.
Light & Wonder, Inc. filed an 8-K to share that Board Chair Jamie Odell and Vice Chair Toni Korsanos have notified the company they intend to exercise a portion of their vested options on a cashless basis under the 2003 Incentive Compensation Plan.
The cashless mechanism will deliver CDIs equal to the value of the positive difference between the option exercise price and the CDI price at exercise, resulting in fewer CDIs being issued. A portion of the net CDIs received will be sold solely to cover each director’s resulting tax liability, in line with the company’s Securities Trading Policy, and Appendix 3Y notices will be lodged after completion.
Light & Wonder, Inc. reported the results of its annual stockholder meeting held on June 10, 2026. Stockholders elected all nominated directors, including Jamie R. Odell, Matthew R. Wilson and others, each receiving between about 45.6 million and 51.9 million votes in favor with broker non-votes recorded.
Stockholders approved, on an advisory basis, the compensation of the company’s named executive officers with 48,053,880 votes for and 3,941,357 against. They also approved 2026 long-term incentive equity grants to the director-CEO under ASX Listing Rule 10.14 and approved the aggregate annual non-employee director compensation limit under ASX Listing Rule 10.17.
Finally, stockholders ratified the appointment of Deloitte & Touche LLP as independent registered public accounting firm for the fiscal year ending December 31, 2026, with 50,325,283 votes for, 3,530,235 against and 163,174 abstentions.
Light & Wonder, Inc. furnished the script for its 2026 annual meeting, highlighting a five‑year transformation, balance sheet repair, portfolio reshaping and a shift to a sole primary ASX listing. The company has returned about $1.9 billion to stockholders since March 2022, repurchasing roughly 25% of shares outstanding prior to the buyback program.
The script describes a net debt leverage ratio target range of 2.5x–3.5x, after leverage had previously peaked at 10.5x. For 2026, management is forecasting mid‑to‑high single‑digit consolidated AEBITDA growth, with expectations of “meaningful” growth in adjusted NPATA and adjusted earnings per share.
Longer term, Light & Wonder reiterates 2028 targets from its Q1 FY26 earnings presentation, including consolidated AEBITDA of $2 billion and EPSa of over $10.55, which it notes would be nearly double the 2024 base. The script emphasizes that these are forward‑looking, non‑GAAP measures and refers stockholders to the Q1 FY26 materials for reconciliations and further detail.
Light & Wonder, Inc. reported first quarter 2026 results with revenue of $790 million, up 2% from $774 million a year earlier, led by Gaming and iGaming growth. Net income was $52 million, or $0.66 diluted EPS, down from $82 million, mainly due to about $50 million of legacy legal reserve contingencies and higher interest expense.
Consolidated AEBITDA rose 5% to $327 million with margin improving to 41%. Adjusted NPATA was $115 million, and Adjusted NPATA per diluted share increased to $1.45. Adjusted Free cash flow climbed to $207 million, an 86% increase, while net cash from operating activities declined to $139 million, reflecting $137 million of litigation settlement payments.
Gaming revenue grew 3% to $512 million, SciPlay revenue declined 7% to $187 million, and iGaming revenue increased 18% to $91 million. The company ended March 31, 2026 with $5.14 billion of total debt, cash of $147 million, and a net debt leverage ratio of 3.5x. Management reaffirmed a 2026 outlook for mid- to high-single digit full-year Consolidated AEBITDA growth and continues to target reducing net debt leverage below 3.0x during the first half of 2027.
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.
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.