Global gaming supplier Light & Wonder has reported a vastly improved September quarter, with consolidated revenues climbing by 3% year-on-year and 4% quarter-on-quarter to US$841 million. This, the company explained, was driven by a 4% increase in gaming revenue to US$558 million and record iGaming revenue, up 16% from a year earlier to US$86 million.
Social gaming arm SciPlay saw revenue fall by 4% to US$197 million.
The improved performance saw net income grow by 78% year-on-year to US$114 million – also up from US$95 million in Q2 – while Adjusted EBITDA of US$375 million was 18% higher versus 3Q24 and 6.5% higher than in 2Q25.
This puts the group on track to achieve to its long-stated Adjusted EBITDA goal of US$1.4 billion annually, with Light & Wonder citing revenue growth from Gaming and iGaming coupled with strong margin expansion across all businesses and contributions from Grover.
“I want to thank all stakeholders for their continued support as we work toward completion of our transition to a sole primary listing on the Australian Securities Exchange (ASX) where we’ve been listed since 2022,” said Light & Wonder’s President and CEO, Matt Wilson.
“This move simplifies our listing structure for shareholders and further enhances Light & Wonder’s profile within a Gaming-attuned Australian market.
“Our R&D engine continues to deliver world-class content, reflected in another strong quarter for Gaming operations and record iGaming performance. We are reinvesting in the business to drive long-term sustained growth, as evidenced by the number and quality of new games and hardware showcased at this year’s G2E.”
In announcing its Q3 financial results, Light & Wonder reiterated its FY25 outlook with Adjusted EBITDA forecast to fall between US$1.43 billion and US$1.47 billion and net profit between US$550 million and US$575 million.
It added that the group had as of 31 October 2025 repurchased US$765 million worth of company stock this year and expects to utilize a “meaningful share” of the remaining available US$735 million capacity under its authorized US$1.5 billion share repurchase program by the end of the year.
The company stated that this may push its net debt leverage ratio slightly above the high end of the targeted range in the near term, however “if that were to occur, we would expect to quickly return within our targeted net debt leverage ratio range of 2.5x to 3.5x, underpinned by the business’s strong cash flow generation capabilities.”
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