Brightstar Lottery PLC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Brightstar Lottery PLC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,154	4,939	3,981	4,032	3,115	4,089	2,597	2,529	2,512	2,511
Cost of revenue	582	579
Gross profit	4,572	4,360
Research and development	344	313	263	266	191	238	45	36	43	47
Selling, general and administrative	946	816	846	850	707	810	400	246	235	215
Selling and marketing								109	122	123
Operating expenses	4,493	4,990	3,507	3,554	3,223	3,187	1,854	1,777	1,826
Operating income	660	-51.1	474	478	-107	902	743	752	686
Interest expense	469	448	417	411	398	341	289	207	206	172
Interest income	12.8	10.4	14.2	12	15	13	8	10	9	31
Other non-operating income	18.4	-33.4	-51.4	21	-33	-98	-15	-13	-11
Pre-tax income	323	-977	134	128	-848	529	772	488	521	299
Income tax	59.2	-29.4	144	131	28	274	212	223	250	165
Income from continuing operations			-139	-129	-939	65	420	116	117	-1
Net income to minority interests								151	160	140
Net income	211	-1,069	-21.4	-19	-898	482	275	156	348	147
EBITDA	1,543	751	1,081	1,092	459	1,428	1,235	967	890
EPS, basic	1.05	-5.26	-0.10	-0.09	-4.39	2.35	1.36	0.78	1.73	0.74
EPS, diluted	1.05	-5.26	-0.10	-0.09	-4.39	2.33	1.35	0.77	1.71	0.74
Shares, basic (weighted)	202	203	204	204	205	205	202	200	202	197
Shares, diluted (weighted)	202	203	204	204	205	207	203	203	204	197
Dividend per share	0.80	0.80	0.80	0.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	294	1,057	251	655	907	591	590	508	584	1,446
Receivables	947	938	949	875	846	903	670	403	468	526
Inventory	347	320	283	162	169	183	254	110	113	116
Other current assets	425	408	543	513	480	593	467	141	114	193
Total current assets	2,290	3,065	2,287	2,634	3,440	2,487	2,131	2,123	6,165	2,336
Property, plant and equipment	358	194	185	146	132	119	118	74	85	90
Lease right-of-use assets				297	288	283	254	103	102	92
Goodwill	6,810	5,724	5,060	4,931	4,713	4,656	2,662	2,678	2,650	2,707
Intangible assets	2,874	2,273	2,045	1,750	1,577	1,413	1,375	87	89	125
Total assets	15,060	15,159	13,649	13,645	12,992	11,322	10,433	10,465	10,278	9,158
Accounts payable	1,216	1,241	1,142	1,059	1,126	1,035	731	643	718	766
Accrued liabilities	127	121	115	99.7	118	75	75	50	51	41
Deferred revenue	80.5	81.1	72	66.7	108	104	91	33	36	39
Short-term debt	0.08	599	0	462	393	0	61	0	208	118
Total current liabilities	2,342	3,677	2,002	2,468	2,615	1,914	1,848	1,691	2,687	3,072
Long-term debt	7,863	7,777	7,977	7,600	7,857	6,477	5,690	5,655	5,153	4,060
Lease liabilities				272	266	269	239	88	83	72
Other non-current liabilities	445	446	471	396	360	323	372	129	125	156
Total liabilities	11,411	12,447	10,897	11,160	11,431	9,351	8,454	8,513	8,217	7,568
Total debt	7,863	8,377	8,012	8,066	8,250	6,477	5,751	5,655	5,361	4,178
Paid-in capital	2,850	2,677	2,534	2,396	2,347	2,329	2,199	2,065	1,931	1,153
Retained earnings	38.1	-1,032	-1,008	-1,020	-1,920	-1,439	-1,164	-1,008	-660	-513
Treasury stock					0	-41	-156	-156	-156	-413
Other comprehensive income	161	340	262	263	330	412	529	521	516	628
Shareholders' equity	3,069	2,005	1,808	1,658	777	1,282	1,429	1,443	1,652	875
Minority interests	357	350	944	827	784	689	550	510	409	715
Total equity	3,426	2,355	2,752	2,485	1,561	1,971	1,979	1,952	2,061	1,590
Total liabilities and equity	15,060	15,159	13,649	13,645	12,992	11,322	10,433	10,465	10,278	9,158
Shares outstanding	202	203	204	204	205	204	199	200	202	187

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	264	-948	115	112	-839	670	414	307	508	287
Depreciation and amortization	882	802	607	614	566	526	492	215	204	221
Stock-based compensation	26.3	4.7	33.1	27	-7	35	34	34	38	15
Deferred income tax	-154	-296	-34.5	-68	-78	38	-42	-36	-36	-45
Change in receivables	-23.8	45.5	-72.1	-49	74	-95	114	-55	-85	-14
Change in inventory	-76.3	51.4	12.6	84	17	-13	-17	-21	-5	1
Change in payables	37.1	-3.03	-56.3	28	5	-36	-60	54	106	89
Cash from operations	338	663	29.6	1,093	866	978	899	1,012	1,050	-99
Capital expenditures	-542	-698	-472	-377	-255	-238	-162	-147	-149	-316
Acquisitions	0	0			0	0	-142	0
Cash from investing	-339	296	-512	-312	-269	636	168	-393	-357	3,502
Debt issued	0	1,762	1,688	1,397	750	1,339	0	0	556	1,862
Debt repaid	-358	-1,754	-1,900	-848	-959	-2,846	-597	-801	-500	-2,936
Stock issued	12.7	0	0	0	0
Share buybacks	0			0	0	-41	-115	0	0	-271
Dividends paid	-161	-163	-163	-164	-41	-41	-161	-160	-161	-770
Cash from financing	-312	-247	-312	-376	-438	-1,898	-1,065	-610	-606	-2,716
Exchange rate effect	9.65	52.1	-0.2	-22	76	-37	-70	-11	-51	39
Net change in cash	-314	712	-793	405	159	-284	2	10	87	686
Free cash flow	-204	-34.6	-443	716	611	740	737	865	901	-415
Interest paid	451	417	446	400	410	369	228	208	221	213
Income taxes paid	183	296	179	197	89	188	283	149	241	220

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $9.96 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	11.9%	Pre-tax income / revenue.
Net margin	5.9%	Net income / revenue.
FCF margin	-16.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-3.9%	Cash from operations / revenue.
Effective tax rate	55.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.5%	Net income / average total assets.
R&D / revenue	1.9%	Research and development expense / revenue.
SG&A / revenue	8.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	12.6%	Capital expenditures / revenue.
D&A / revenue	8.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-4.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-57.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-18.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-56.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-18.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-109.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-146.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-47.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-15.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-10.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-6.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.76x	Current assets / current liabilities.
Quick ratio	0.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.47x	(Cash + short-term investments) / current liabilities.
Debt / equity	4.77x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	45.6%	Total debt / total assets.
Liabilities / assets	82.6%	Total liabilities / total assets.
Net debt	$2.73B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-$736.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	30.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.96B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
Fixed asset turnover	28.7x	Revenue / average property, plant and equipment.
Receivables turnover	5.05x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
FCF conversion	-282.3%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.74	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.74	Net income per basic share, as reported (split-adjusted).
Revenue per share	$12.75	Revenue / diluted weighted shares.
FCF per share	-$2.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.50	Cash from operations / diluted weighted shares.
Book value per share	$4.68	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$10.47	Tangible book value / shares outstanding.
Cash per share	$7.74	(Cash + short-term investments) / shares outstanding.
Payout ratio	523.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.84B	Share price x shares outstanding.
Enterprise value	$4.57B	Market cap + total debt - cash - short-term investments.
P/E	12.5x	Market cap / net income. Only when net income is positive.
P/S	0.73x	Market cap / revenue.
P/B	2.10x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	1.82x	Enterprise value / revenue.
FCF yield	-22.6%	Free cash flow / market cap.
Earnings yield	8.0%	Net income / market cap (the inverse of P/E).
Dividend yield	41.9%	Dividends paid over the period / market cap.
Shareholder yield	56.6%	(Dividends paid + share buybacks) / market cap.

What was Brightstar Lottery PLC's revenue in fiscal 2025?

Brightstar Lottery PLC reported revenue of $2.51B for fiscal 2025, 0% lower than the year before.

Was Brightstar Lottery PLC profitable in fiscal 2025?

Yes. Net income was $147.0M, a net margin of 5.9%.

How much free cash flow did Brightstar Lottery PLC generate in fiscal 2025?

Cash from operations of $99.0M minus capital expenditures of $316.0M left free cash flow of -$415.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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