Reduced revenue, increased profit for Q2 reported by Light & Wonder
Light & Wonder Reports Solid Q2 2025 Earnings, Boosts Share Repurchase Authorization
Game manufacturer Light & Wonder has announced its second-quarter earnings for 2025, showing consolidated revenue of $809 million, a slight decrease of 1% year-over-year, while net income increased 16% to $95 million. Consolidated adjusted EBITDA rose 7% to $352 million, reflecting strong earnings growth and margin expansion across all business segments supported by solid game performance and strategic investments [1][2][3][4].
Regarding share repurchases, the company returned $266 million to shareholders in the first half of 2025, completing about 55% of its $1.0 billion share repurchase plan authorized in June 2024. Since March 2022, Light & Wonder has repurchased $1.3 billion worth of shares, which represents 18% of total outstanding shares before these programs began. On July 31, 2025, the company increased its buyback authorization from $1.0 billion to $1.5 billion, showing continued confidence in its outlook and commitment to capital management [1][4].
The company's net-debt leverage ratio remains within its targeted range following the acquisition of Grover. Light & Wonder added 845 units in North America during the second quarter of 2025, and recorded 600 unit sales for its new subsidiary, Grover Gaming, dating back to February 2025. All 600 unit sales for Grover Gaming were in pre-existing Grover jurisdictions [1][4].
In terms of unit sales, revenues, profits, cash flow, or share repurchases, no new information was provided in this paragraph. Light & Wonder ended the quarter with $4.9 billion in debt and a leverage-to-cash flow ratio of 3.7. Cash flow grew seven percent to $352 million for Light & Wonder in the second quarter of 2025 [1][4].
CEO Matt Wilson is pleased with the progress of the integration of Grover Gaming and sees growth opportunities in the charitable gaming business. CFO Oliver Chow expects a smooth transition to Light & Wonder's sole ASX listing with the added $500 million capacity to the repurchase program. Company Chairman Jamie Odell states that moving to a sole primary ASX listing is in the best long-term interests of shareholders, as ASX now accounts for approximately 37 percent of their total equity [1][4].
In summary:
| Metric | Q2 2025 Result | Change YoY / Notes | |-----------------------------|--------------------------|-------------------------------------| | Revenue | $809 million | Down 1% | | Net Income | $95 million | Up 16% | | Consolidated Adjusted EBITDA| $352 million | Up 7% | | Share Repurchase (H1 2025) | $266 million returned | 55% of $1.0 billion plan completed | | Total Shares Repurchased | $1.3 billion since 2022 | 18% reduction in outstanding shares| | New Buyback Authorization | Increased to $1.5 billion| As of July 31, 2025 |
This reflects a strong financial performance amid some macroeconomic uncertainty, with ongoing investments in growth and shareholder returns [1][4].
Despite Light & Wonder's slightly reduced revenue, the company demonstrated a robust financial performance in Q2 2025, with net income and adjusted EBITDA both showing growth. Moreover, the company boosted its share repurchase authorization, showcasing continued confidence in its business and investment strategy.
