Light & Wonder Reports 9% Rise in Q2 EBITDA

Light & Wonder reported higher earnings and stronger cash generation in the second quarter of 2026, with growth across Gaming and iGaming while maintaining its full-year financial outlook.

For the quarter ended June 30, consolidated revenue reached $828 million, up 2% year over year. Net income increased 26% to $120 million, while earnings per share rose 38% to $1.53. Consolidated Adjusted EBITDA grew 9% to $383 million.

Gaming and iGaming Support Growth

Gaming revenue increased 5% to $554 million. Gaming operations revenue climbed 18% to $247 million, while Table products rose 13% to $62 million. Gaming machine sales revenue declined 4% because of lower shipments tied to fewer new openings and expansions.

The North American Gaming operations premium installed base added 652 units, marking its 24th consecutive quarter of growth and an increase of more than 2,550 units year over year. Grover added 277 units sequentially and more than 1,540 year over year. Light & Wonder shipped 8,796 new gaming machines globally, including more than 4,900 in North America.

iGaming revenue rose 14%, with AEBITDA increasing 18%. North American momentum, first-party content and partner network growth supported the performance despite higher UK gaming duties.

Matt Wilson, President and Chief Executive Officer of Light & Wonder, stated that the company’s second-quarter performance demonstrates the continued success of its content-driven operating strategy, delivering broad-based growth, improved margins, and high-quality earnings across all three business segments. He highlighted that ongoing investments in studios and content are generating meaningful returns, with the company’s leading franchises continuing to drive strong game performance throughout Light&Wonder’s portfolio.

Wilson also noted:

“Gaming momentum remained robust, with our North American premium installed base growing for the 24th consecutive quarter, and Grover continuing to scale across existing and new markets. iGaming once again delivered double-digit growth in both revenue and AEBITDA, reflecting the resilience of our North American momentum even as we navigate headwinds from increased UK gaming duties, while SciPlay continued to grow its direct-to-consumer revenue. [...].”

Cash Flow and Balance Sheet

Net cash provided by operating activities jumped 127% to $241 million, while adjusted free cash flow rose 50% to $156 million. The company repurchased approximately 1.6 million CDIs for $134 million during the quarter and $156 million during the first half.

Debt stood at $5.2 billion at June 30, producing a net debt leverage ratio of 3.4x. Light & Wonder remains committed to bringing that ratio below 3.0x during the first half of 2027.

CFO Oliver Chow said, “The second quarter demonstrated continued scaling across the business, with margin expansion across all three businesses translating into strong underlying cash generation. [...]

At the same time, we are continuing to invest deliberately in AI and infrastructure, work we believe will compound over time and support both growth and efficiency across the business. Going forward, our focus will be to pare back on share repurchases and rapidly de-lever our balance sheet to below 3.0x net debt leverage as we progress toward an investment grade level leverage profile.”

Light & Wonder maintained its 2026 outlook, expecting Consolidated Adjusted EBITDA growth in the mid- to high-single digits.

Source:

“Light & Wonder, Inc. Reports Second Quarter 2026 Results”, explore.lnw.com, August 4, 2026