Light & Wonder Inc reported revenue of $891 million in the fourth quarter of 2025, an 11.8% increase compared to the same period last year.
The casino equipment and digital games provider described the quarter as a strong end to the year, driven by disciplined operations, high levels of game sales and the achievement of its three-year financial goals. However, the company posted a net loss of US$15 million for the three months ended December 31, compared with a US$107 million profit in the prior-year quarter.
The quarterly loss fluctuation was primarily due to a US$128 million payment related to the settlement of a dispute with Aristocrat Leisure Ltd over alleged trade secrets related to the Dragon Train game. Additional impacts included a US$25 million adjustment linked to contingent acquisition costs and US$18 million associated with transitioning its primary listing to the Australian Securities Exchange (ASX) in November.
Gaming revenue grew 16.9% to $602 million, driven by sales of nearly 7,000 machines in North America, which increased segment revenue by 20%.
Despite the net loss, adjusted consolidated EBITDA rose 28.6% year-on-year to US$405 million, setting quarterly records across the company’s land-based gaming, SciPlay digital and iGaming segments. President and CEO Matt Wilson pointed to double-digit growth in revenue and cash flow, as well as milestones including the acquisition of Grover Charitable Gaming and the successful ASX listing.
With the Aristocrat agreement removing legal uncertainty and key segments delivering record EBITDA, Light & Wonder enters 2026 focused on integrating recent acquisitions, expanding its installed base, and sustaining growth across terrestrial and digital channels.
