Light & Wonder has reported $809 million in revenue for the second quarter of 2025. Its net income rose 16% to $95 million, and adjusted EBITDA increased 7% to $352 million, showing the company’s focus on increasing profits and controlling costs. This quarter also saw the introduction of Grover Gaming’s charitable gaming business, acquired in May for $850 million. 

The company also plans to streamline its public market presence by delisting from Nasdaq and moving to a sole listing on the Australian Stock Exchange by November 2025.

Segment Performance: iGaming Grows as Gaming and SciPlay Slip

Of its three main business units, only the iGaming segment posted revenue growth in Q2, increasing by 9% to $81 million, due to new partnerships and platform innovation. The unit also saw a 17% increase in adjusted EBITDA to $28 million after 4% growth in Q1 and an all-time high of $25.2 billion in processed wagers.

Gaming revenue fell 2% to $528 million in the second quarter. This decline was driven by a 16% drop in machine sales and an 11% reduction in gaming systems revenue. Still, segment EBITDA increased 3% to $280 million, aided by cost controls and strong margin management.

SciPlay also experienced a 2% drop in revenue to $200 million following a reduction in monthly active users. However, the segment reported a 6% rise in EBITDA to $74 million, with higher average revenue per paying user offsetting the churn.

Strategic Moves and Financial Position

Operating expenses declined by $36 million year-on-year, totaling $607 million for the quarter. The largest cost category was selling, general, and administrative expenses at $208 million. The company continued its share buyback program, authorising an additional $500 million this quarter. They also secured financing for the Grover acquisition via an $800 million Term Loan A facility.

Light & Wonder confirmed that its full-year 2025 adjusted EBITDA ranges between $1.43 billion to $1.47 billion. In Q1, the company reported $774 million in revenue and $311 million in adjusted EBITDA.

Long-Term Focus on Diversification and Global Reach

The company closed FY2024 with $3.2 billion in revenue, a 10% increase from the previous year. Light & Wonder positions itself for sustained global growth and strategic diversification with new licensing in the UAE for land-based and iGaming operations, plus share repurchases. The brand is focused on diversifying its portfolio and expanding reach across global markets.