Filing Flows › Light & Wonder (LAWIL) › Q1 2025
Light & Wonder (LAWIL) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Light & Wonder (LAWIL) reported revenue of $774M for the first quarter 2025 (Q1 2025), +2% from a year earlier and -3% from the quarter before. Operating margin was 22.0%, net earnings $82.0M (10.6% of revenue).
Light & Wonder, Q1 2025: revenue $774M (+2% year over year), operating margin 22.0%, net earnings $82.0M, operating cash flow $185M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $774M | -3% | +2% |
| Operating profit | $170M | +1% | +3% |
| Net earnings | $82.0M | -24% | 0% |
| Operating cash flow | $185M | -8% | +8% |
| Free cash flow | $111M | — | +19% |
What changed
Revenue was $774.0M in Q1 2025, up 2% year over year and down 3% from the previous quarter. Gaming was the largest line at 64% of revenue. Gaming added $19.0M year over year (up 4%), 106% of the total change. SciPlay declined 2%.
Operating profit was $170.0M, a 22.0% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 28% reached operating profit, above the 22% margin then. Total costs grew 2% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+21%). Net earnings were $82.0M, roughly flat year over year. The effective tax rate was 21.9%.
Operating cash flow was $185.0M (up 8% year over year), 226% of net earnings. Non-cash charges added back $91.0M of depreciation and amortization and $27.0M of share-based compensation. Working capital and other items used $15.0M. After capital expenditures ($61.0M) and change in restricted cash impacting working capital ($8.0M) and payments on license obligations ($5.0M), free cash flow as the company reports it was $111.0M.
Questions
What was Light & Wonder's revenue in the first quarter 2025?
Light & Wonder (LAWIL) reported revenue of $774M for the first quarter 2025 (Q1 2025), +2% from a year earlier and -3% from the quarter before.
Was Light & Wonder profitable in the first quarter 2025?
Operating profit was $170M (22.0% of revenue) and net earnings $82.0M.
Source: Light & Wonder 10-Q on SEC EDGAR.