Filing Flows › Light & Wonder (LAWIL) › Q3 2026 › vs Q3 2025
Light & Wonder (LAWIL) Q3 2026 vs Q3 2025 (year over year)
Light & Wonder's revenue fell $17.0M (-2%) from $841M in Q3 2025 to $824M in Q3 2026. The biggest changes: SciPlay −$24.0M (-12%); iGaming +$11.0M (+13%); Gaming −$4.0M (-0.7%). Operating margin 29.4% against 27.2% (+2.1 pts).
Light & Wonder, Q3 2026: revenue $824M (-2% year over year), operating margin 29.4%, net earnings $133M, operating cash flow $236M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 29.4% | 27.2% | +2.1 pts |
| Net margin | 16.1% | 13.6% | +2.6 pts |
| Free cash flow margin | 22.0% | 16.2% | +5.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Gaming | $554M | $558M | −$4.0M | -0.7% |
| SciPlay | $173M | $197M | −$24.0M | -12% |
| iGaming | $97.0M | $86.0M | $11.0M | +13% |
| Revenue | $824M | $841M | −$17.0M | -2% |
| Operating profit | $242M | $229M | $13.0M | +6% |
| Costs & expenses | $582M | $612M | −$30.0M | -5% |
| Pre-tax earnings | $167M | $139M | $28.0M | +20% |
| Other expense, net | $75.0M | $90.0M | −$15.0M | -17% |
| Cost of revenue | $201M | $217M | −$16.0M | -7% |
| Research & development | $56.0M | $62.0M | −$6.0M | -10% |
| SG&A | $212M | $219M | −$7.0M | -3% |
| Other operating costs | $113M | $114M | −$1.0M | -0.9% |
| Net earnings | $133M | $114M | $19.0M | +17% |
| Income tax | $34.0M | $25.0M | $9.0M | +36% |
| Depreciation & amortization | $105M | $108M | −$3.0M | -3% |
| Share-based compensation | $24.0M | $28.0M | −$4.0M | -14% |
| Working capital & other | $26.0M | $66.0M | −$40.0M | -61% |
| Operating cash flow | $236M | $184M | $52.0M | +28% |
| Free cash flow (company-reported) | $181M | $136M | $45.0M | +33% |
| Capital expenditures, net | $42.0M | $32.0M | $10.0M | +31% |
| Payments on license obligations | $13.0M | $16.0M | −$3.0M | -19% |
Questions
How much did Light & Wonder's revenue grow year over year in Q3 2026?
Light & Wonder's revenue fell $17.0M (-2%) from $841M in Q3 2025 to $824M in Q3 2026.
What drove Light & Wonder's revenue change in Q3 2026?
SciPlay −$24.0M (-12%); iGaming +$11.0M (+13%); Gaming −$4.0M (-0.7%).