Light and Wonder Grows Profit in Q2 Despite Small Revenue Drop

Light & Wonder shared its Q2 2025 earnings, showing a small dip in revenue while managing to grow profits and improve efficiency across several areas of its business. Despite a 1% year-over-year revenue drop, the company posted a 16% increase in net income, supported by cost controls, strong margin performance, and gains in the iGaming segment. The recently completed Grover Gaming acquisition and plans to shift to a sole listing on the ASX also signal where the supplier is heading next.

Good to know

• Net income for Q2 2025 rose to $95 million, up 16% from the same period last year.
• Revenue totaled $809 million, down 1% year-over-year.
• iGaming revenue rose 9% to $81 million, while gaming and SciPlay both declined slightly.

CEO Matt Wilson said the company is staying focused on content innovation and channel growth while highlighting progress with Grover Gaming’s integration. He also announced the Board’s decision to pursue a sole ASX listing after what he described as “an extensive diligence process.” Wilson added:

“We remain committed to R&D investment to further proliferate our high-performing content across channels and continue to realize the benefits of strong game performance.”

Light and Wonder Grows Net Income Despite Dip in Q2 Revenue

Gaming operations brought in $528 million in Q2 but fell 2% year-over-year due to lower sales of gaming machines and systems, which dropped 16% and 11% respectively. SciPlay reported $200 million in revenue, also down 2%, impacted by a decline in monthly users — especially for Jackpot Party Casino. However, this was partially offset by higher average revenue per user. iGaming was the only segment that posted year-over-year growth, up 9% to $81 million.

Adjusted EBITDA reached $352 million for the quarter, a 7% year-over-year rise. Gaming operations delivered $280 million of that total, up 3%. SciPlay generated $74 million, up 6%, while iGaming contributed $28 million — a 17% jump from Q2 last year. CFO Oliver Chow credited the performance to careful execution and spending discipline, noting:

“Margin expansion was meaningful, reflecting business performance as well as optimization of resource allocation across digital, content and platform innovation.”

Total operating expenses were cut by $36 million compared to the prior year, with Q2 costs reported at $607 million. SG&A accounted for the largest portion at $208 million. Chow added that financing for the Grover deal was completed in the quarter, and that the share buyback program remains active, with an extra $500 million in capacity added recently.

Light & Wonder completed its $850 million acquisition of Grover Gaming’s charitable gaming business in May. That deal plays a central role in the supplier’s expanded focus. In July, the company also received a gaming vendor license from the UAE’s General Commercial Gaming Regulatory Authority (GCGRA), giving it permission to offer land-based games, table games, and iGaming content in that market.

For the full year, Light & Wonder now expects adjusted EBITDA in the $1.43 to $1.47 billion range.

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