Filing Flows › Light & Wonder (LAWIL) › Q3 2025
Light & Wonder (LAWIL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Light & Wonder (LAWIL) reported revenue of $841M for the third quarter 2025 (Q3 2025), +3% from a year earlier and +4% from the quarter before. Operating margin was 27.2%, net earnings $114M (13.6% of revenue).
Light & Wonder, Q3 2025: revenue $841M (+3% year over year), operating margin 27.2%, net earnings $114M, operating cash flow $184M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $841M | +4% | +3% |
| Operating profit | $229M | +13% | +44% |
| Net earnings | $114M | +20% | +78% |
| Operating cash flow | $184M | +74% | +56% |
| Free cash flow | $136M | — | — |
What changed
Revenue was $841.0M in Q3 2025, up 3% year over year and up 4% from the previous quarter. Gaming was the largest line at 66% of revenue. Gaming added $21.0M year over year (up 4%), 88% of the total change. SciPlay declined 4%.
Operating profit was $229.0M, a 27.2% margin (up 7.8 points year over year). Of the extra revenue versus a year earlier, 292% reached operating profit, above the 19% margin then. Total costs fell 7% while revenue rose 3%. Net earnings were $114.0M, up 78% year over year. The effective tax rate was 18.0%.
Operating cash flow was $184.0M (up 56% year over year), 161% of net earnings. Non-cash charges added back $108.0M of depreciation and amortization and $28.0M of share-based compensation. Working capital and other items used $66.0M. After capital expenditures, net ($32.0M) and payments on license obligations ($16.0M), free cash flow as the company reports it was $136.0M.
Questions
What was Light & Wonder's revenue in the third quarter 2025?
Light & Wonder (LAWIL) reported revenue of $841M for the third quarter 2025 (Q3 2025), +3% from a year earlier and +4% from the quarter before.
Was Light & Wonder profitable in the third quarter 2025?
Operating profit was $229M (27.2% of revenue) and net earnings $114M.
Source: Light & Wonder 10-Q on SEC EDGAR.