Light & Wonder Reports Strong Q1 Results
Light & Wonder reported its sixteenth consecutive quarter of year-over-year revenue growth, with performance gains across all segments in Q1 2025. The company also reaffirmed its $1.4 billion AEBITDA target while preparing for a major acquisition in the U.S. charitable gaming market.
Revenue Up Across Core Divisions
Gaming revenue grew 4% year-on-year to $495 million, supported by increases in table products, systems, and operations. SciPlay saw a slight dip in revenue to $202 million, though player engagement remained strong, and monetization metrics improved. iGaming revenue rose 4% to $77 million, driven by growth in the U.S. and partner network expansion.
Focus on Content and Long-Term Strategy
CEO Matt Wilson commented on the company’s priorities and direction:
“Our R&D investment, vast array of product offerings and comprehensive content strategy continue to deliver success in game deployment and franchise expansions. We continue to see our omni-channel strategy prosper with enhanced game development and performance fueling our existing businesses, and further opportunity to extend this strategy with the pending Grover Charitable Gaming Acquisition. We remain confident in the various avenues of growth that we see for 2025 with continued execution on our robust product roadmap driving performance across the business. We are committed to executing off the strong foundation of world class talent and game portfolio that we have built for long-term success.”
Capital Returns and Financial Structure
The company repurchased approximately 1.9 million shares in the quarter, returning $166 million to shareholders. Debt remained within the targeted leverage range, and the upcoming Grover acquisition is set to be financed through a new $800 million loan facility.
CFO Oliver Chow stated:
“This quarter is a further testament to our commitment to value creation as we generated strong cash flow coupled with another meaningful quarter of share buyback. Our solid performance continues to be underpinned by a focus on streamlining and optimizing our business to enhance margins as reflected in the quarter across the three business units and corporate functions. The initiatives and processes that we have in place enable us to remain nimble and adaptable to a dynamic environment and positions us well to be a sustainable compounder of growth well into the future.”
In response to new trade tariffs introduced in April 2025, Light & Wonder is implementing cost control and supply chain adjustments to offset expected near-term cost pressures. The company remains on track to meet its full-year AEBITDA target of $1.4 billion.