Company: LAWIL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000750004-25-000072
Chunk: 68

Company: Light & Wonder, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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 these effects. Additionally, as described above, overall macroeconomic uncertainty, including tariffs, is impacting some of our customers and their game replacement cycle as they are being more cautious on the timing of their capital expenditures. The full impact of the tariffs on our financial results will depend on several factors, including the duration and magnitude of the trade measures, our customer behavior and timing of capital expenditures, overall market conditions and our ability to successfully execute our mitigation strategies.

CONSOLIDATED RESULTS

Three Months Ended September 30,VarianceNine Months Ended September 30,Variance($ in millions)202520242025 vs. 2024202520242025 vs. 2024Total revenue$841 $817 $24 3 %$2,424 $2,391 $33 1 %Total operating expenses612 658 (46)(7)%1,824 1,891 (67)(4)%Operating income229 159 70 44 %600 500 100 20 %Net income before income taxes139 81 58 72 %367 289 78 27 %Net income114 64 50 78 %291 228 63 28 %

Revenue

Consolidated Revenue by Reportable Business Segment(in millions)Three Months Ended September 30, 2025 and 2024Nine Months Ended September 30, 2025 and 2024

Gaming revenue increased 4% and 2% for the three and nine months ended September 30, 2025, respectively, as compared to the prior year periods. Revenue growth for both periods was primarily driven by higher Gaming operations revenue driving an increase of $26 million and $48 million for the three and nine months ended September 30, 2025, respectively, supported by our diversified portfolio of high-performing game franchises, along with $40 million and $61 million in revenue from Grover, respectively.

SciPlay revenue decreased 4% and 3% for the three and nine months ended September 30, 2025, respectively, as compared to the prior year periods, due to a decline in average monthly payers primarily attributable to JACKPOT PARTY® Casino, partially offset by an increase in average monthly revenue per paying user, which increased 11% and 8% for the three and nine months ended September 30, 2025, respectively. Revenue generated via the proprietary direct-to-consumer platform 

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continues to