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Light & Wonder vs Open Text: revenue, profit, margins and growth compared

Light & Wonder brought in $3.3B of revenue in fiscal 2025, Open Text $5.2B in fiscal 2026. Revenue changed by +4.0% at Light & Wonder and +1.5% at Open Text on the year before, so Light & Wonder grew faster. Light & Wonder kept 8.3% of its revenue as net profit, Open Text 12.3%.

Side by side, latest fiscal year

LNWOOTEX
Fiscal year endedFY2025 (December 31, 2025)FY2026 (June 30, 2026)
Revenue$3.3B$5.2B
Revenue growth+4.0%+1.5%
Net income$276M$643M
Net margin8.3%12.3%
Free cash flown/a$807.5M
Free cash flow marginn/a15.4%
Earnings per share (diluted)$3.26$2.58
Cash$167M$956M
Debt$5.2B$5.8B
Price to earnings25.19.4
Market value$6.3B$6.1B
Dividend yieldn/a4.52%
Rank by revenue in sector#119 of 751 · Technology#92 of 751 · Technology

Over the years

Revenue
LNWO FY2018: $3.4BLNWO FY2019: $2.4BLNWO FY2020: $1.7BLNWO FY2021: $2.2BLNWO FY2022: $2.5BLNWO FY2023: $2.9BLNWO FY2024: $3.2BLNWO FY2025: $3.3BOTEX FY2019: $2.9BOTEX FY2020: $3.1BOTEX FY2021: $3.4BOTEX FY2022: $3.5BOTEX FY2023: $4.5BOTEX FY2024: $5.8BOTEX FY2025: $5.2BOTEX FY2026: $5.2BFY18FY19FY20FY21FY22FY23FY24FY25FY26
LNWO $3.3BOTEX $5.2B
Net income
LNWO FY2018: -$352MLNWO FY2019: -$130MLNWO FY2020: -$569MLNWO FY2021: $371MLNWO FY2022: $3.7BLNWO FY2023: $163MLNWO FY2024: $336MLNWO FY2025: $276MOTEX FY2019: $285.5MOTEX FY2020: $234.2MOTEX FY2021: $310.7MOTEX FY2022: $397.1MOTEX FY2023: $150.4MOTEX FY2024: $465.1MOTEX FY2025: $435.9MOTEX FY2026: $643MFY18FY19FY20FY21FY22FY23FY24FY25FY26
LNWO $276MOTEX $643M
Net margin
LNWO FY2018: -10.5%LNWO FY2019: -5.4%LNWO FY2020: -33.5%LNWO FY2021: 17.2%LNWO FY2022: 146.3%LNWO FY2023: 5.6%LNWO FY2024: 10.5%LNWO FY2025: 8.3%OTEX FY2019: 10.0%OTEX FY2020: 7.5%OTEX FY2021: 9.2%OTEX FY2022: 11.4%OTEX FY2023: 3.4%OTEX FY2024: 8.1%OTEX FY2025: 8.4%OTEX FY2026: 12.3%FY18FY19FY20FY21FY22FY23FY24FY25FY26
LNWO 8.3%OTEX 12.3%
Revenue growth
LNWO FY2019: -29.0%LNWO FY2020: -28.9%LNWO FY2021: +26.7%LNWO FY2022: +16.7%LNWO FY2023: +15.5%LNWO FY2024: +9.9%LNWO FY2025: +4.0%OTEX FY2020: +8.4%OTEX FY2021: +8.9%OTEX FY2022: +3.2%OTEX FY2023: +28.4%OTEX FY2024: +28.6%OTEX FY2025: -10.4%OTEX FY2026: +1.5%FY19FY20FY21FY22FY23FY24FY25FY26
LNWO +4.0%OTEX +1.5%
Free cash flow
LNWO FY2018: -$45MLNWO FY2019: $261MOTEX FY2019: $812.4MOTEX FY2020: $881.8MOTEX FY2021: $812.4MOTEX FY2022: $888.7MOTEX FY2023: $655.4MOTEX FY2024: $808.4MOTEX FY2025: $687.4MOTEX FY2026: $807.5MFY18FY19FY20FY21FY22FY23FY24FY25FY26
LNWO $261MOTEX $807.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about Light & Wonder and Open Text

Which is bigger by revenue, Light & Wonder or Open Text?

Open Text is bigger by revenue: $5.2B in fiscal 2026, against $3.3B for Light & Wonder in fiscal 2025.

Which keeps more of its revenue as profit, Light & Wonder or Open Text?

Light & Wonder had a net margin of 8.3% in fiscal 2025; Open Text had 12.3% in fiscal 2026.

Which grew revenue faster, Light & Wonder or Open Text?

In their latest fiscal years revenue changed by +4.0% at Light & Wonder and +1.5% at Open Text.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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