Light & Wonder’s $128 million settlement over litigation claims by Aristocrat Leisure cost it a profitable fourth quarter. The company recorded $15 million in red ink. However, revenue grew 12 percent in the quarter, reaching $891 million. Cash flow leapt 29 percent, to $405 million.
Slot machine sales on the order of $234 million contributed to a $602 million fourth quarter for the company’s Gaming division, a 20 percent increase. Operations revenue grew 27% to $237 million.
Light & Wonder posted 7,000 slot shipments during the quarter, a best-ever mark. A tenth of those went to the North American market, which experienced its 22nd consecutive quarter of installed-base growth.
Full-year results for Light & Wonder were also released late on Tuesday. The company saw revenue of $3.3 billion in 2025, as well as a $276 million profit. The latter number narrowed 18 percent from 2024, but revenue was up four percent.
In addition to the Aristocrat settlement, the $37 million cost of buying Grover Gaming crimped profitability. So did the expense of delisting Light & Wonder stock in the United States in favor of the ASX in Australia.
Cash flow for Light & Wonder in 2025 was $1.4 billion. The company also repurchased stock to the tune of $877 million, at an average cost of $86.80 per share. Light & Wonder said it had $336 million still set aside for stock buybacks.
“We closed out 2025 with another strong quarter, delivering double-digit year-over-year growth in both revenue and cash flows,” said CEO Matt Wilson, in a prepared statement. “We also achieved several important milestones, including the successful acquisition and integration of Grover, accelerating our expansion in the charitable gaming market, and our transition to a sole primary listing on the ASX.”
CFO Oliver Chow added that he expected “to continue deleveraging throughout 2026, supported by the strength of our business profile, absent any high return capital allocation opportunities. Our priorities remain unchanged: disciplined cost management, sustainable margin growth, and continued improvement in both the quality and quantum of cash flows over time.”
