Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh (AU:LNW)
ASX:LNW
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Earnings Data
Report Date
Aug 04, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
1.88Last Year’s EPS
1.55Same Quarter Last Year
Strong Buy
Based on 13 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive operational and financial story: strong recurring revenue growth, record unit shipments, broad-based AEBITDA and margin expansion, robust cash generation, successful Grover integration and active capital returns. Key risks and near-term headwinds were acknowledged, including significant one-time legal and transition charges that depressed GAAP earnings in the quarter, SciPlay's Jackpot Party underperformance that requires UA reinvestment to fully recover, and an adverse U.K. tax change beginning Q2 2026. Balance sheet leverage and higher interest expense from the Grover acquisition are manageable but noteworthy. On balance, operational momentum and margin/cash-flow improvements outweigh the discrete charges and isolated business challenges.Company Guidance
Consolidated Revenue and AEBITDA Growth
Q4 consolidated revenue of $891M, up 12% year-over-year; full-year consolidated revenue of $3.3B, up 4% versus 2024. Q4 consolidated AEBITDA of $405M, up 29% year-over-year, and full-year AEBITDA of $1.44B (16% growth vs. 2024).
Strong Margin Expansion
Consolidated AEBITDA margins expanded ~500 basis points year-over-year in Q4 and for full-year 2025; iGaming margins expanded ~600 basis points year-over-year in Q4.
Gaming Segment Outperformance
Gaming revenue in Q4 was $602M, up 17% YoY; gaming operations revenue increased 35% YoY to $237M. Gaming AEBITDA rose 26% YoY to $323M with AEBITDA margin of ~54% in the quarter. North American installed base grew 42% YoY to >48,300 units (ex-Grover, ops grew +700 sequentially and +2,600 YoY).
Record Shipments and Product Momentum
Global gaming machine shipments were >12,300 units in Q4, up 29% YoY; North America shipped a record ~7,000 units in the quarter. New hardware and game launches (Lightwave, Cosmic Upright, Cosmic Sky, L7000) positioned for additional 2026 upside.
Grover Acquisition Driving Recurring Revenue
Grover contributed $102M of revenue since closing (May) and ~$41M to Q4; Grover installed base >11,600 units with +345 units sequentially in Q4 and >1,000 units added since announcement, offering a recurring, high-margin runway.
iGaming Record Performance
iGaming delivered record Q4 revenue of $94M, up 21% YoY; iGaming AEBITDA reached $36M, up 44% YoY. Wagers processed through OGS grew 22% YoY to $29.2B. First-party content penetration and platform scale are driving margin and revenue gains.
SciPlay Progress and DTC Ramp
SciPlay Q4 revenue of $195M with portfolio successes (Quick Hit Slots, 88 Fortunes). Average revenue per daily active user rose 4% YoY to $1.10; average monthly revenue per paying user up 14% to >$133. Direct-to-consumer mix grew to 25% of SciPlay revenue (from 13% at end of 2024), supporting AEBITDA growth (+8% YoY to $80M).
Cash Generation and Capital Returns
Q4 operating cash flow $319M (+58% YoY) and free cash flow $176M (+138% YoY). Full-year operating cash flow $794M (+26%) and free cash flow $452M (+42%). Returned $877M to shareholders in 2025 (stepped up $500M in Q4) and $1.9B total returned since 2022. Cash conversion improved materially (Q4 conversion: AEBITDA 43%; NPATA 109%).
Balance Sheet and Financing Actions
Year-end net debt leverage 3.4x (in target range) with $927M liquidity. Repriced $2.1B term loan reducing margin by 25 bps (approx. $5M annual interest savings). Debt profile long-dated, average tenor ~4.4 years; effective net interest rate ~6.65%.
Clear Long-Term Targets and AI Initiatives
Reiterated 2028 targets: $2B consolidated AEBITDA and EPSa > $10.55. Launched AI transformation including Carbon AI-led game development kit (100% game portability achieved in months) to drive R&D productivity and content hit-rate improvements.
Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh (AU:LNW) Earnings, Revenues Date & History
AU:LNW Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
AU:LNW Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 06, 2026 | AU$112.00 | AU$102.66 | -8.34% |
Feb 24, 2026 | AU$137.11 | AU$133.32 | -2.76% |
Nov 05, 2025 | AU$115.38 | AU$124.85 | +8.21% |
Aug 06, 2025 | AU$136.48 | AU$133.75 | -2.00% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh (AU:LNW) report earnings?
Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh (AU:LNW) is schdueled to report earning on Aug 04, 2026, After Close (Confirmed).
What is Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh (AU:LNW) earnings time?
Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh (AU:LNW) earnings time is at Aug 04, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is the P/E ratio of Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh stock?
The P/E ratio of Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh is N/A.
What is AU:LNW EPS forecast?
AU:LNW EPS forecast for the fiscal quarter 2026 (Q2) is 1.88.