Light & Wonder, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Light & Wonder, Inc. 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	2,883	3,084	3,363	2,388	1,699	2,153	2,512	2,902	3,188	3,314
Cost of revenue	1,106	1,164	1,255	1,284			738	872	931	885
Gross profit	1,777	1,920	2,108	1,104			1,774	2,030	2,257	2,429
Research and development	205	184	202	166	148	190	218	228	262	252
Selling, general and administrative	577	613	697	619	627	679	717	808	872	869
Operating income	131	394	266	290	-245	110	273	518	668	683
Interest expense	661	610	597	589	503	478	327	309	293	314
Interest income						5	17	34	20	16
Other non-operating income	13.9	0	17	13	-4	33	11	11	48	1
Pre-tax income	-479	-227	-339	-377	-804	-294	-163	205	421	365
Income tax	-125	15	13	-47	-3	-318	13	25	85	89
Income from continuing operations	-354	-242
Net income to minority interests				12
Net income	-354	-242	-352	-130	-569	371	3,675	163	336	276
EBITDA	869	1,077	956	832	204	508	693	902	1,029	1,089
EPS, basic	-4.05	-2.72	-3.87	-1.40	-6.02	3.86	38.78	1.79	3.77	3.32
EPS, diluted	-4.05	-2.72	-3.87	-1.40	-6.02	3.77	38.78	1.75	3.68	3.26
Shares, basic (weighted)	87.3	89	91	93	95	96	95	91	89	83
Shares, diluted (weighted)	87.3	89	91	93	95	98	95	93	91	85

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	115	789	168	313	928	585	914	425	196	167
Receivables	495	541	599	755	438	423	455	506	585	689
Inventory	242	243	216	244	119	98	161	177	158	169
Other current assets	114	131	233	252		88	117
Total current assets	1,117	1,876	1,369	1,615	2,181	1,732	1,694	1,311	1,183	1,283
Property, plant and equipment	612	568	547	500	242	213	204	236	286	348
Lease right-of-use assets			0	105	52	51	49	52	44	43
Goodwill	2,888	2,956	3,280	2,734	2,730	2,892	2,919	2,945	2,890	3,371
Intangible assets	1,768	1,605	1,809	1,516	1,088	946	797	605	454	808
Other non-current assets	47.7	57.6	77	198	47	80	67	60	71	63
Total assets	7,087	7,725	7,718	7,809	7,984	7,883	6,009	5,552	5,421	6,462
Accounts payable	189	190	225	226	150	204	154	241	216	189
Accrued liabilities	454	509	477	495	343	428	380	404	447	535
Deferred revenue	58.8	42.7	73	84	19	31	32	25	21	28
Short-term debt	49.3	40.3	45	45	44	44	24	22	23	53
Total current liabilities	692	740	747	766	832	974	622	696	735	803
Long-term debt	8,025	8,736	8,992	8,680	9,259	8,646	3,870	3,852	3,847	5,110
Lease liabilities			0	88	43	40	37	39	31	29
Other non-current liabilities	236	203	334	292	190	170	232	180	160	264
Total liabilities	9,023	9,752	10,181	9,917	10,508	9,989	4,848	4,787	4,785	6,217
Total debt	8,074	8,777	9,037	8,725	9,303	8,690	3,894	3,874	3,870	5,163
Paid-in capital	791	808	835	1,208	1,268	1,337	1,370	1,118	1,200	1,276
Retained earnings	-2,219	-2,461	-2,824	-2,954	-3,529	-3,158	517	680	1,016	1,292
Treasury stock	-175	-175	-175	-175	-175	-175	-580	-751	-1,216	-2,101
Other comprehensive income	-334	-200	-300	-292	-218	-261	-318	-283	-365	-223
Shareholders' equity	-1,936	-2,027	-2,463	-2,108	-2,653	-2,256	990	765
Minority interests			0	104	129	150	171	0
Total equity	-1,936	-2,027	-2,463	-2,108	-2,524	-2,106	1,161	765	636	245
Total liabilities and equity	7,087	7,725	7,718	7,809	7,984	7,883	6,009	5,552	5,421	6,462
Shares outstanding	88	90	92	94	95	97	91	90	86	77.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-354	-242	-352	-118	-548	390	3,697	180	336	276
Depreciation and amortization	739	683	690	542	449	398	420	384	361	406
Stock-based compensation	35.3	27	44	32	56	113	69	118	110	121
Deferred income tax	-167	-11	-32	-7	-14	-271	-29	-84	-82	-18
Change in inventory	2.5	-2	2	-21	4	9	-65	-29	2	-19
Change in payables	14.7	65	-126	-42	-31	91	-74	65	59	40
Cash from operations	419	507	346	546	471	685	-381	590	632	794
Capital expenditures	-273	-294	-391	-285
Acquisitions	0	-58	-297	0	-13	-186	-136	-4	-5	-861
Cash from investing	-228	-415	-798	-263	-173	-442	6,116	-251	-258	-1,171
Debt repaid	-49.8	-23	-39	-44	-190	-595	-280	-205	0	-530
Stock issued		0	0	342	0	0	3	11	2	1
Share buybacks	0				0	0	-405	-170	-462	-880
Cash from financing	-196	580	-156	-129	463	-679	-5,463	-788	-577	321
Exchange rate effect	-4.9	5	-6	1	7	-6	-6	3	-6	10
Net change in cash	-9.9	677	-614	155	768	-442	266	-446	-209	-46
Free cash flow	146	213	-45	261
Interest paid	575	633	633	549	471	453	351	306	286	289
Income taxes paid	38	33	33	41	22	38	692	147	164	118

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $78.23 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	74.4%	Gross profit / revenue.
Operating margin	19.8%	Operating income / revenue.
EBITDA margin	33.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.4%	Pre-tax income / revenue.
Net margin	8.1%	Net income / revenue.
Operating cash flow margin	26.4%	Cash from operations / revenue.
Effective tax rate	22.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	4.3%	Net income / average total assets.
R&D / revenue	7.5%	Research and development expense / revenue.
SG&A / revenue	26.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	13.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	2.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	35.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	5.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	39.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-17.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-57.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-11.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-56.2%	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	25.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	11.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	19.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.5%	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	-4.1%	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	-6.6%	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	-3.6%	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	-2.2%	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	1.73x	Current assets / current liabilities.
Quick ratio	1.10x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / assets	80.6%	Total debt / total assets.
Liabilities / assets	95.3%	Total liabilities / total assets.
Net debt	$4.98B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.51x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$525.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	64.3%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Fixed asset turnover	9.68x	Revenue / average property, plant and equipment.
Inventory turnover	4.45x	Cost of revenue / average inventory.
Days inventory	82 days	365 x average inventory / cost of revenue.
Receivables turnover	5.23x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.
Days payables	85 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	67 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.45	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.
Revenue per share	$42.66	Revenue / diluted weighted shares.
Operating cash flow per share	$11.25	Cash from operations / diluted weighted shares.
Cash per share	$1.92	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.03B	Share price x shares outstanding.
Enterprise value	$11.01B	Market cap + total debt - cash - short-term investments.
P/E	22.2x	Market cap / net income. Only when net income is positive.
P/S	1.80x	Market cap / revenue.
P/OCF	6.83x	Market cap / cash from operations, when positive.
EV/Sales	3.29x	Enterprise value / revenue.
EV/EBIT	16.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.96x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Shareholder yield	12.8%	(Dividends paid + share buybacks) / market cap.

What was Light & Wonder, Inc.'s revenue in fiscal 2025?

Light & Wonder, Inc. reported revenue of $3.31B for fiscal 2025, 4% higher than the year before.

Was Light & Wonder, Inc. profitable in fiscal 2025?

Yes. Net income was $276.0M, a net margin of 8.3%.

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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