Saturday 17 October 2026 Export LNWO’s income statement to Excel — free account

Light & Wonder, Inc.

Light & Wonder, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.3 billion, up 3.95% from fiscal 2024. In the quarter to June 2026, revenue grew 2.35%, EPS grew 38.4%, free cash flow grew 464.3% and total debt rose 5.68%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.

81.86 0.15 +0.18%

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Market cap: $7.0B
P/E: 24.0×
Fwd P/E: 15.2×
Dividend yield: —
F-score: 5/9
Altman Z: 2.06
Beneish M: −2.72
Dividend safety: n/a

Overview Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 37.36

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	4	4	—	5	1	—	2	—	3	1	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 7,030.00

Revenue 3,349.00

Net Income 271.00

Free Cash Flow 555.00

Net Debt 4,886.00

Current Ratio 1.73

Debt/Equity 16.99

P/E ratio 24.01

Fwd P/E 15.20

P/S ratio 1.89

P/B ratio 20.98

Past 5Y EPS Growth —

This Y EPS Growth 36.78%

Next Y EPS Growth 22.50%

Next Y revenue growth 2.29%

Next 5Y EPS Growth 27.78%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 55.22%

10-year low 10-year high

P/S against its own 10 years 47.07%

10-year low 10-year high

P/B against its own 10 years 88.69%

10-year low 10-year high

EV/Sales against its own 10 years 29.27%

10-year low 10-year high

EV/FCF against its own 10 years 1.80%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	Powerpack
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	515	306	261	246
Receivables	506	585	689	640
Inventory	177	158	169	193
Other	—	—	—	—
	1,311	1,183	1,283	1,240

	2023	2024	2025	Q'26
Payables	241	216	189	199
ST’ Debt	22	23	53	63
Other	—	—	—	—
	696	735	803	715

Compound Annual Growth %

	10y	5y	3y
Sales	1.85%	14.30%	9.68%
Cash Flow	6.72%	11.01%	0.00%
Earnings	0.00%	0.00%	(57.81%)
Book Value	0.00%	0.00%	(40.46%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	790	828	—	—	—
’25	774	809	841	890	3,314
’24	756	818	817	797	3,188
’23	670	731	731	770	2,902
’22	572	610	648	682	2,512
’21	453	581	539	580	2,153
’20	725	539	432	3	1,699

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	139	241	—	—	—
’25	185	106	184	319	794
’24	171	141	118	202	632
’23	185	34	204	167	590
’22	94	(37)	(351)	(87)	(381)
’21	123	149	187	226	685
’20	120	52	140	159	471

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	65	158	—	—	—
’25	124	28	105	227	484
’24	105	54	47	132	338
’23	132	(25)	134	107	348
’22	51	(94)	(409)	(145)	(597)
’21	88	109	144	173	514
’20	89	13	132	100	334

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.66	1.53	—	—	—
’25	0.94	1.11	1.34	(0.19)	3.26
’24	0.88	0.90	0.71	1.20	3.68
’23	0.23	(0.01)	0.81	0.73	1.75
’22	0.26	34.61	3.42	0.32	38.78
’21	(0.16)	1.10	1.84	0.95	3.77
’20	(1.69)	(2.15)	(1.23)	(0.95)	(6.02)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	4.56	13.73	14.79	16.02	3.76	36.89	40.10	53.77	76.52	69.56	Analyst estimates 2026–2028 Powerpack
	High	16.10	54.95	62.80	31.63	43.87	90.20	70.59	89.02	115.00	113.95
People
People	Employees	8,400	8,600	9,700	9,800	9,000	9,500	6,100	6,500	6,800	6,800
	Revenue/emp, $m	0.34	0.36	0.35	0.24	0.19	0.23	0.41	0.45	0.47	0.49
Income, $m
Income, $m	Revenue	2,883	3,084	3,363	2,388	1,699	2,153	2,512	2,902	3,188	3,314
	Gross margin, %	61.63	62.26	62.68	68.76	64.10	71.71	70.62	69.95	70.80	73.30
	EBT	(479)	(227)	(339)	(377)	(804)	(294)	(163)	205	421	365
	EBT margin, %	(16.60)	(7.36)	(10.08)	(15.79)	(47.32)	(13.66)	(6.49)	7.06	13.21	11.01
	Net income	(354)	(242)	(352)	(118)	(548)	390	3,697	180	336	276
	Depreciation	808	683	690	542	503	398	420	384	361	406
Per share, $
Per share, $	Revenue	33.03	34.65	36.96	25.68	17.88	22.43	26.44	31.89	35.82	39.93
	Earnings	(4.05)	(2.72)	(3.87)	(1.40)	(6.02)	3.86	38.78	1.79	3.77	3.32
	Cash flow	4.80	5.70	3.80	5.87	4.96	7.14	(4.01)	6.48	7.10	9.57
	Capex	(2.93)	(3.19)	(3.86)	(2.41)	(1.44)	(1.78)	(2.27)	(2.66)	(3.30)	(3.73)
	Free cash flow	1.86	2.51	(0.05)	3.46	3.52	5.35	(6.28)	3.82	3.80	5.83
	Book value	(22.17)	(22.78)	(27.07)	(22.67)	(26.57)	(21.94)	12.22	8.41	7.15	2.95
	Shares, m	87	89	91	93	95	96	95	91	89	83
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	17.36	1.50	45.08	22.91	31.53
	P/S	0.42	1.44	0.48	1.04	2.32	2.98	2.20	2.54	2.41	2.58
	P/B	0.00	0.00	0.00	0.00	0.00	0.00	4.76	9.65	12.09	34.92
	EV/Sales	3.18	4.03	3.11	4.54	7.22	6.73	3.37	3.70	3.53	4.06
	EV/FCF	109.79	86.44	(123.90)	44.73	48.20	33.32	(12.50)	40.00	43.51	33.26
Cash, $m
Cash, $m	Operating cash flow	419	507	346	546	471	685	(381)	590	632	794
	Capex	(256)	(284)	(351)	(224)	(137)	(171)	(216)	(242)	(294)	(310)
	Free cash flow	163	223	(5)	322	334	514	(597)	348	338	484
Balance, $m
Balance, $m	Working capital	424	1,137	622	849	1,349	758	1,072	615	448	480
	Total debt	8,074	8,777	9,037	8,725	9,303	8,690	3,894	3,874	3,870	5,163
	Net debt	7,934	7,959	8,830	8,361	8,330	8,064	2,933	3,359	3,564	4,902
	Shareholders’ equity	(1,936)	(2,027)	(2,463)	(2,108)	(2,524)	(2,106)	1,161	765	636	245
Returns, %
Returns, %	ROA	(4.77)	(3.27)	(4.56)	(1.67)	(7.21)	4.68	52.91	2.82	6.12	4.65
	ROIC	1.36	4.15	2.61	2.90	(2.64)	1.15	4.17	7.85	9.94	8.29
	ROE	20.62	12.21	15.68	5.69	24.57	(16.03)	(777.78)	16.93	47.97	62.66

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
DKNG DraftKings Inc.	$17.2B	— (loss-making)	90.5×	−4.58% (below 0%: shrinking)	n/m	−51.62% (below 0%: shrinking)	38.21%	(4.72%)	Compare
FLUT Flutter Entertainment PLC	$13.2B	— (loss-making)	43.5×	+3.32% (above 0%: growing)	n/m	+21.15% (above 0%: growing)	39.60%	(3.33%)	Compare
LNWO Light & Wonder, Inc.	$7.0B	24.0×	15.2×	+2.35% (above 0%: growing)	+38.39% (above 0%: growing)	+464.29% (above 0%: growing)	74.64%	26.93%
CHDN Churchill Downs, Incorporated	$5.7B	14.0×	12.1×	+4.93% (above 0%: growing)	+13.58% (above 0%: growing)	+2.58% (above 0%: growing)	42.76%	36.43%	Compare
SGHC Super Group (SGHC) Limited	$5.7B	15.1×	14.9×	+32.30% (above 0%: growing)	+100.00% (above 0%: growing)	−39.92% (below 0%: shrinking)	100.00%	25.15%	Compare
RSI Rush Street Interactive, Inc.	$4.4B	61.7×	69.2×	+46.27% (above 0%: growing)	−44.44% (below 0%: shrinking)	+128.07% (above 0%: growing)	35.47%	11.74%	Compare
BRSL Brightstar Lottery	$1.8B	7.3×	16.1×	−7.45% (below 0%: shrinking)	n/m	−719.07% (below 0%: shrinking)	46.92%	19.69%	Compare
ACEL Accel Entertainment, Inc.	$898.0M	15.8×	16.9×	+9.59% (above 0%: growing)	+66.67% (above 0%: growing)	+266.72% (above 0%: growing)	31.30%	8.71%	Compare
CDRO Codere Online Luxembourg, S.A.	$437.9M	— (loss-making)	—	+232.74% (above 0%: growing)	+94.12% (above 0%: growing)	+7,111.62% (above 0%: growing)	47.71%	0.00%	Compare
Median of peers	$5.1B	15.1×	16.9×	+7.26%	+66.67%	+11.86%	41.18%	10.23%

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Light & Wonder, Inc. (LNWO) key facts

Strength: Light & Wonder, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.3 billion, up 3.95% from fiscal 2024.
Light & Wonder, Inc. (LNWO) is a Gambling company in the Consumer Cyclical sector.
As of October 16, 2026, LNWO traded at $81.86, a market capitalization of $7.0 billion.
Return on equity was 62.7% and debt-to-equity 16.99.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.06 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.