Filing Flows › Light & Wonder (LAWIL) › Q4 2025
Light & Wonder (LAWIL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Light & Wonder (LAWIL) reported revenue of $890M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +6% from the quarter before. Operating margin was 9.3%, net loss $15.0M (1.7% of revenue).
Light & Wonder, Q4 2025: revenue $890M (+12% year over year), operating margin 9.3%, net loss $15.0M, operating cash flow $319M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $890M | +6% | +12% |
| Operating profit | $83.0M | -64% | — |
| Net earnings | −$15.0M | -113% | — |
| Operating cash flow | $319M | +73% | +58% |
| Free cash flow | $176M | — | +138% |
What changed
Revenue was $890.0M in Q4 2025, up 12% year over year and up 6% from the previous quarter. Services was the largest line at 68% of revenue.
Operating profit was $83.0M, a 9.3% margin (down 11.8 points year over year). Operating profit fell $85.0M even though revenue rose $93.0M versus a year earlier, so costs grew faster than sales. Total costs grew 28% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+145%). The quarter ended with a net loss of $15.0M, after a profit of $114.0M the previous quarter. Net interest and other expense of $85.0M was the main reason.
Operating cash flow was $319.0M (up 58% year over year). Non-cash charges added back $108.0M of depreciation and amortization and $34.0M of share-based compensation. Working capital and other items added $192.0M. After capital expenditures ($93.0M) and (Less) add: Change in restricted cash impacting working capital ($42.0M) and payments on license obligations ($8.0M), free cash flow as the company reports it was $176.0M.
Questions
What was Light & Wonder's revenue in the fourth quarter 2025?
Light & Wonder (LAWIL) reported revenue of $890M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +6% from the quarter before.
Was Light & Wonder profitable in the fourth quarter 2025?
Operating profit was $83.0M (9.3% of revenue) and net loss $15.0M.
Source: Light & Wonder 10-K on SEC EDGAR.