Light & Wonder, Inc. (L&W), a global leader in gaming and entertainment, has reported its second-quarter results for 2025, showcasing continued earnings growth and a strong strategic direction despite some revenue challenges. The company also made an important announcement regarding its market presence, with plans to delist from the Nasdaq and consolidate its primary listing on the Australian Securities Exchange (ASX) by the end of November 2025.

Earnings Report Highlights

For Q2 2025, Light & Wonder reported a slight decline in consolidated revenue, which amounted to $809 million—down by 1% from the previous year. However, the company achieved a significant increase in net income, which rose by 16%, reaching $95 million. Adjusted EBITDA also experienced an upward trend, increasing by 7% to $352 million. These results reflect the company’s continued focus on margin expansion and disciplined investment, although the quarter’s performance was slightly tempered by macroeconomic factors.

Despite facing cautious purchasing behaviors and delayed capital expenditures among customers, Light & Wonder’s Gaming operations business maintained momentum. The company sold over 9,000 new gaming units globally, upholding its market share. Moreover, its North American premium installed base continued to grow, which contributed to a rise in average daily revenue per unit, excluding the newly acquired Grover Charitable Gaming business.

In a move set to further align its capital markets presence with its long-term growth plans, Light & Wonder’s board approved transitioning to a sole primary listing on the ASX. This shift, expected to be completed by November 2025, marks the conclusion of the company’s secondary Nasdaq listing. CEO Matt Wilson explained that this decision follows extensive consultation and aligns with the company’s strategy to operate within a deeper and more liquid market. “This move will enable us to better serve our growing shareholder base and position Light & Wonder for future success,” Wilson remarked in the company’s press release.

Since launching its secondary listing on the ASX in May 2023, Light & Wonder has seen approximately 37% of its equity traded on the exchange. This transition to a sole ASX listing, Wilson said, will create further value for shareholders by capitalizing on a robust market presence in Australia.

Successful Acquisition and Integration of Grover

One of the major accomplishments for Light & Wonder this quarter was the successful acquisition of Grover Gaming’s charitable gaming business, completed in May 2025 for $850 million. Grover’s electronic pull-tabs are distributed across five U.S. states, positioning Light & Wonder to capitalize on the regulated charitable gaming market. The integration of Grover is progressing ahead of schedule, with more than 600 active units already added to the business since the acquisition was announced in February 2025. The company remains optimistic about the growth opportunities in this sector, particularly within the charitable gaming space.

Light & Wonder continues to prioritize returning capital to shareholders. The company repurchased $266 million in shares during the first half of 2025, completing approximately 55% of its $1.0 billion repurchase program. In response to the strategic ASX transition, Light & Wonder has increased its share repurchase authorization to $1.5 billion, with $950 million remaining. The board expressed confidence in the company’s long-term outlook, with plans to use these funds to support the Nasdaq delisting process.

Looking ahead, Light & Wonder has provided full-year guidance for FY 2025, with Consolidated AEBITDA expected to range between $1.43 billion and $1.47 billion, inclusive of Grover’s contributions. The company expects the second half of the year to show strong growth, particularly driven by international game sales. The company’s iGaming segment remains a key area of focus, having delivered record quarterly revenue of $81 million, up 7%, while SciPlay also continues to outperform the market.