Company: LAWIL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000750004-25-000072
Chunk: 150

Company: Light & Wonder, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 150
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 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 increase and represented approximately 20% and 17% of total SciPlay revenue for the three and nine months ended September 30, 2025, respectively.

iGaming revenue increased 16% and 10% for the three and nine months ended September 30, 2025, respectively, driven primarily by continued momentum in the North American markets underpinned by first-party content (“1PP”) proliferation and the expansion of our partner network.

Operating Expenses

Three Months Ended September 30,VarianceNine Months Ended September 30,Variance($ in millions)202520242025 vs. 2024202520242025 vs. 2024Operating expenses:  Cost of services$112 $112 $— — %$336 $334 $2 1 %  Cost of products105 134 (29)(22)%311 366 (55)(15)%SG&A219 220 (1)— %644 657 (13)(2)%R&D62 66 (4)(6)%192 194 (2)(1)%D&A108 90 18 20 %298 264 34 13 %Restructuring and other6 36 (30)(83)%43 76 (33)(43)%Total operating expenses$612 $658 $(46)(7)%$1,824 $1,891 $(67)(4)%

Cost of Revenue

Total cost of revenue