Filing Flows › Light & Wonder (LAWIL) › Q2 2026 › vs Q2 2025
Light & Wonder (LAWIL) Q2 2026 vs Q2 2025 (year over year)
Light & Wonder's revenue rose $19.0M (+2%) from $809M in Q2 2025 to $828M in Q2 2026. The biggest changes: Gaming +$26.0M (+5%); SciPlay −$18.0M (-9%); iGaming +$11.0M (+14%). Operating margin 26.9% against 25.0% (+2.0 pts).
Light & Wonder, Q2 2026: revenue $828M (+2% year over year), operating margin 26.9%, net earnings $120M, operating cash flow $241M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 26.9% | 25.0% | +2.0 pts |
| Net margin | 14.5% | 11.7% | +2.7 pts |
| Free cash flow margin | 18.8% | 3.6% | +15.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Gaming | $554M | $528M | $26.0M | +5% |
| SciPlay | $182M | $200M | −$18.0M | -9% |
| iGaming | $92.0M | $81.0M | $11.0M | +14% |
| Revenue | $828M | $809M | $19.0M | +2% |
| Operating profit | $223M | $202M | $21.0M | +10% |
| Costs & expenses | $605M | $607M | −$2.0M | -0.3% |
| Pre-tax earnings | $150M | $124M | $26.0M | +21% |
| Other expense, net | $73.0M | $78.0M | −$5.0M | -6% |
| Cost of revenue | $210M | $219M | −$9.0M | -4% |
| Research & development | $61.0M | $64.0M | −$3.0M | -5% |
| SG&A | $211M | $208M | $3.0M | +1% |
| Other operating costs | $123M | $116M | $7.0M | +6% |
| Net earnings | $120M | $95.0M | $25.0M | +26% |
| Income tax | $30.0M | $29.0M | $1.0M | +3% |
| Depreciation & amortization | $117M | $99.0M | $18.0M | +18% |
| Share-based compensation | $33.0M | $31.0M | $2.0M | +6% |
| Working capital & other | $29.0M | $119M | −$90.0M | -76% |
| Operating cash flow | $241M | $106M | $135M | +127% |
| Free cash flow (company-reported) | $156M | $29.0M | $127M | +438% |
| Capital expenditures, net | $80.0M | $70.0M | $10.0M | +14% |
| Payments on license obligations | $5.0M | $7.0M | −$2.0M | -29% |
Questions
How much did Light & Wonder's revenue grow year over year in Q2 2026?
Light & Wonder's revenue rose $19.0M (+2%) from $809M in Q2 2025 to $828M in Q2 2026.
What drove Light & Wonder's revenue change in Q2 2026?
Gaming +$26.0M (+5%); SciPlay −$18.0M (-9%); iGaming +$11.0M (+14%).