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Light & Wonder, Inc.(LNW)Earnings, Financials & Key Ratios
LNW•NASDAQ
$97.97
26.6× P/E·Price updated Jul 2, 2026
AboutLight & Wonder, Inc. develops technology-based products and services, and related content for the gaming, lottery, social and digital gaming industries in the United States and internationally. The company's Gaming segment sells new and used gaming machines, electronic table systems, video lottery terminals, conversion game kits, and spare parts; table products, including shufflers; and perpetual licenses to proprietary table games. It also supplies game content, gaming machines; provides table game products and services to licensed gaming entities; and installs and supports casino management systems, such as ongoing hardware and software maintenance and upgrade services of customer casino management systems. The company's SciPlay segment develops and publishes digital games on mobile and web platforms. It sells virtual coins, chips, or bingo cards, which players can use to play slot games, table games, or bingo games. Its iGaming segment provides a suite of digital gaming content, including digital real-money gaming, distribution platforms, content, products, and services. This segment also offers the Open Platform System, which offers a range of reporting and administrative functions and tools providing operators control over various areas of digital gaming operations. The company also offers software design, development, licensing, maintenance, support services, and technology solutions. Light & Wonder, Inc. was incorporated in 1984 and is based in Las Vegas, Nevada.Show more
- Revenue$3.19B+9.9%
- EBITDA$1.03B+14.1%
- Net Income$336M+106.1%
- EPS (Diluted)3.68+110.3%
- Gross Margin70.8%+1.2%
- EBITDA Margin32.28%+3.8%
- Operating Margin20.95%+17.4%
- Net Margin10.54%+87.6%
- ROE47.97%+183.4%
LNW Price & Volume
Light & Wonder, Inc. (LNW) stock price & volume — 10-year historical chart
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Margin Expansion Offsets High Leverage Debt Profile
Investment Thesis • Updated 2025Q3
VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Strained
Cash Flow:Improving
Primary Risk:High leverage and litigation
Key Thesis Takeaways
- Light & Wonder is successfully pivoting toward high-margin digital content, evidenced by gross margins expanding to 74.2% in 2025Q3.
- However, the company's aggressive capital return strategy, including $110.0M in quarterly share repurchases, occurs against a backdrop of a 6.91 debt-to-equity ratio.
- Investors should weigh the potential for sustained operational scaling against the significant risks posed by persistent litigation and a highly compressed equity base of $723.0M.
Verdict Logic
while the company demonstrates strong operational cash generation with an OCF/NI ratio of 1.61, the elevated debt-to-equity ratio of 6.91 and ongoing litigation risks warrant a cautious, wait-and-see approach.
LNW Growth Metrics
Light & Wonder, Inc. (LNW) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years5.96%
5 Years5.95%
3 Years13.98%
TTM1.87%
Profit CAGR
10 Years-
5 Years-
3 Years-3.25%
TTM35.25%
EPS CAGR
10 Years-
5 Years-
3 Years-0.8%
TTM27.86%
Return on Capital
10 Years2.99%
5 Years5.33%
3 Years9.52%
Last Year14%
LNW Recent Earnings
Light & Wonder, Inc. (LNW) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 5/12 qtrs (45%)
Q1 2026Latest
Feb 24, 2026Metric
Actual
Est
EPS
$1.92+8.5%
$1.77
Rev
$890M
—
Q4 2025
Nov 5, 2025Metric
Actual
Est
EPS
$1.81+34.1%
$1.35
Rev
$841M-3.0%
$867M
Q3 2025
Aug 6, 2025Metric
Actual
Est
EPS
$1.58+9.7%
$1.44
Rev
$809M-6.7%
$867M
Q2 2025
May 7, 2025Metric
Actual
Est
EPS
$1.35+15.4%
$1.17
Rev
$774M-3.9%
$805M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 24, 2026 | $1.92vs $1.77+8.5% | $890M |
| Q4 2025 | Nov 5, 2025 | $1.81vs $1.35+34.1% | $841Mvs $867M-3.0% |
| Q3 2025 | Aug 6, 2025 | $1.58vs $1.44+9.7% | $809Mvs $867M-6.7% |
| Q2 2025 | May 7, 2025 | $1.35vs $1.17+15.4% | $774Mvs $805M-3.9% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Light & Wonder, Inc. (LNW)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $97.97 | $8.13B | 26.62 | 9.86% | 10.54% | 47.97% | — | |
| $12.42 | $1.01B | 20.70 | 8.12% | 3.79% | 18.97% | — | |
| $26.91 | $13.34B | -3322.22 | 26.99% | 0.93% | 7.88% | — | |
| $32.31 | $3.45B | 230.79 | 22.76% | 2.98% | 12.91% | — | |
| $20.78 | $2.78B | -3.56 | 5.82% | -13.54% | -44.61% | — | |
| $6.47 | $1.67B | -14.70 | 31.04% | -22.27% | -22.2% | — |
Compare LNW vs Peers
Light & Wonder, Inc. (LNW) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
LNW SEC Filings & Documents
Light & Wonder, Inc. (LNW) SEC filings — annual & quarterly reports (10-K, 10-Q)
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LNW Frequently Asked Questions
Light & Wonder, Inc. (LNW) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Light & Wonder, Inc.'s revenue?
Light & Wonder, Inc. (LNW) reported $3.22B in revenue for fiscal year 2024. This represents a 2002% increase from $153.2M in 1995.
How fast is Light & Wonder, Inc. growing?
Light & Wonder, Inc. (LNW) grew revenue by 9.9% over the past year. This is steady growth.
Is LNW profitable?
Yes, Light & Wonder, Inc. (LNW) is profitable, generating $399.0M in net income for fiscal year 2024 (10.5% net margin).
Dividend & Returns
What is LNW's return on equity?
Light & Wonder, Inc. (LNW) has a return on equity (ROE) of 48.0%. This is excellent, indicating efficient use of shareholder capital.
What is Light & Wonder, Inc.'s free cash flow?
Light & Wonder, Inc. (LNW) generated $389.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.