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Light & Wonder cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$146M in Q3 2026 · $935M over twelve months

Operating cash flow$236M
Capital spending−$90.0M
Free cash flow+$146M
Cash / net income1.8×
Cash conversion cycle83 days

Analysis

In Q3 2026, Light & Wonder generated $236M of operating cash flow and spent $90.0M on capital projects, leaving free cash flow of $146M. That is $41.0M more than in Q3 2025 ($105M).

Over the twelve months to Sep 30, 2026, operating cash flow was $935M; the largest uses were other financing ($693M), buybacks ($663M), other investing ($338M); besides operations, cash came from net borrowing (+) / repaid (−) ($620M); the cash balance fell by $137M.

Operating cash flow was $236M against net income of $133M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$105M, stock-based pay +$24.0M.

Its cash conversion cycle was 83 days (receivables 71 + inventory 89 − payables 77).

Free cash flow

Light & Wonder: free cash flow by quarterLight & Wonder: free cash flow by quarter$202MQ4 2024$124MQ1 2025$28.0MQ2 2025$105MQ3 2025$319MQ4 2025$65.0MQ1 2026$158MQ2 2026$146MQ3 2026
Operating cash flow less capital spending.
Light & Wonder: operating cash flow against capital spendingLight & Wonder: operating cash flow against capital spendingOperating cash flowCapital spending$202M$0Q4 2024$185M$61.0MQ1 2025$106M$78.0MQ2 2025$184M$79.0MQ3 2025$319M$0Q4 2025$139M$74.0MQ1 2026$241M$83.0MQ2 2026$236M$90.0MQ3 2026
Latest (Q3 2026): Operating cash flow $236M, Capital spending $90.0M.

Capital allocation, year by year

Light & Wonder: where the cash came from (up) and went (down), by fiscal yearLight & Wonder: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsBuybacksFY2021: Operating cash flow $685MFY2021: Net borrowing −$535MFY2021: Shares issued $4.0MFY2021: Acquisitions −$186M$689MFY2021FY2022: Operating cash flow −$381MFY2022: Shares issued $3.0MFY2022: Acquisitions −$136MFY2022: Buybacks −$405M$3.0MFY2022FY2023: Operating cash flow $590MFY2023: Shares issued $11.0MFY2023: Acquisitions −$4.0MFY2023: Buybacks −$170M$601MFY2023FY2024: Operating cash flow $632MFY2024: Shares issued $2.0MFY2024: Acquisitions −$5.0MFY2024: Buybacks −$462M$634MFY2024FY2025: Operating cash flow $794MFY2025: Net borrowing $230MFY2025: Shares issued $1.0MFY2025: Acquisitions −$861MFY2025: Buybacks −$880M$1.0BFY2025
Over these 5 years operating cash flow totalled $2.3B; the largest uses were buybacks ($1.9B) and acquisitions ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$139M
Debt$5.0B
Net debt$4.8B
Due within a year$53.0M

Light & Wonder funds itself: free cash flow was $935M over the last twelve months, and $139M of cash and investments stands against $5.0B of debt ($53.0M due within a year, 2.6× covered by cash).

Light & Wonder: debt maturities by year (FY2025)Light & Wonder: debt maturities by year (FY2025)$53.0MYear 1$63.0MYear 2$743MYear 3$2.6BYear 4$230MYear 5$1.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $139M of cash and investments now.

Where the cash came from and went

Light & Wonder: sources (+) and uses (−) of cash, Q3 2026Light & Wonder: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$236MNet borrowing (+) / repaid (−)−$140MCapital spending−$90.0MOther financing−$59.0MCash drawn (+) / kept (−)$58.0MTaxes on employees’ shares−$5.0M
Light & Wonder: sources (+) and uses (−) of cash, TTM to Q3 2026Light & Wonder: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$935MOther financing−$693MBuybacks−$663MNet borrowing (+) / repaid (−)$620MOther investing−$338MCash drawn (+) / kept (−)$137MExchange rates$2.0M

From profit to cash

Light & Wonder: net income to operating cash flow, Q3 2026Light & Wonder: net income to operating cash flow, Q3 2026Net income$133MDepreciation & amortization$105MStock-based pay$24.0MOperating cash flow$236M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202671897783
Q2 202669827576
Q1 202674827878
Q4 202570666868
Q3 202571778761
Q2 2025727410243
Q1 202571709842
Q4 202467688352

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$236M−$90.0M—−$140M$58.0M$146M
Q2 2026$241M−$83.0M−$141M—$3.0M$158M
Q1 2026$139M−$74.0M−$22.0M−$20.0M$13.0M$65.0M
Q4 2025$319M—−$500M$300M$63.0M$319M
Q3 2025$184M−$79.0M−$110M$805M−$58.0M$105M
Q2 2025$106M−$78.0M−$104M$155M−$4.0M$28.0M
Q1 2025$185M−$61.0M−$166M−$30.0M$45.0M$124M
Q4 2024$202M—−$243M—$95.0M$202M

Light & Wonder: income statement and cash flow

Light & Wonder, Q3 2026: revenue $824M (-2% year over year), operating margin 29.4%. The chart follows the revenue to costs, profit and cash.

Light & Wonder: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.