Filing Flows › Light & Wonder (LAWIL) › Q2 2025
Light & Wonder (LAWIL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Light & Wonder (LAWIL) reported revenue of $809M for the second quarter 2025 (Q2 2025), -1% from a year earlier and +5% from the quarter before. Operating margin was 25.0%, net earnings $95.0M (11.7% of revenue).
Light & Wonder, Q2 2025: revenue $809M (-1% year over year), operating margin 25.0%, net earnings $95.0M, operating cash flow $106M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $809M | +5% | -1% |
| Operating profit | $202M | +19% | +15% |
| Net earnings | $95.0M | +16% | +16% |
| Operating cash flow | $106M | -43% | -25% |
| Free cash flow | $29.0M | — | -59% |
What changed
Revenue was $809.0M in Q2 2025, down 1% year over year and up 5% from the previous quarter. Gaming was the largest line at 65% of revenue. Gaming lost $11.0M year over year (down 2%), 122% of the total change.
Operating profit was $202.0M, a 25.0% margin (up 3.6 points year over year). Total costs fell 6% while revenue fell 1%. Net earnings were $95.0M, up 16% year over year. The effective tax rate was 23.4%.
Operating cash flow was $106.0M (down 25% year over year), 112% of net earnings. Non-cash charges added back $99.0M of depreciation and amortization and $31.0M of share-based compensation. Working capital and other items used $119.0M. After capital expenditures, net ($70.0M) and payments on license obligations ($7.0M), free cash flow as the company reports it was $29.0M.
Questions
What was Light & Wonder's revenue in the second quarter 2025?
Light & Wonder (LAWIL) reported revenue of $809M for the second quarter 2025 (Q2 2025), -1% from a year earlier and +5% from the quarter before.
Was Light & Wonder profitable in the second quarter 2025?
Operating profit was $202M (25.0% of revenue) and net earnings $95.0M.
Source: Light & Wonder 10-Q on SEC EDGAR.