---
schema_version: "secwatch.filing_event.v1"
accession: "0000750004-25-000028"
form_type: "8-K"
ticker: "LNWO"
cik: "0000750004"
company_name: "Light & Wonder, Inc."
filed_at: "2025-05-07T23:59:59+00:00"
generated_at: "2026-05-22T09:47:44.223744+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Light & Wonder Q1 2025: Gaming rev $495M (+4% YoY), SciPlay rev $202M (-2% YoY), $166M buyback

## Summary
- Gaming segment revenue $495M (+4% YoY) with AEBITDA +9% and 200bps margin expansion; North American premium installed base grew for 19th consecutive quarter.
- SciPlay revenue $202M (-2% YoY) but AEBITDA +3% with 200bps margin expansion; ARPDAU rose 5% to $1.06.
- iGaming revenue $77M (+4% YoY) and AEBITDA +8% with 100bps margin expansion, driven by US momentum and partner network growth.
- Returned $166M via share repurchases (~1.9M shares); net debt leverage ratio at 3.0x; reaffirmed 2025 consolidated AEBITDA target of $1.4B (pre-Grover).
- Grover Gaming acquisition ($850M upfront) on track for Q2 2025 close; Dragon Train litigation review found no evidence of Aristocrat math values in other hold-and-spin games.

## SEC filing metadata
- accession: 0000750004-25-000028
- form_type: 8-K
- ticker: LNWO
- cik: 0000750004
- company_name: Light & Wonder, Inc.
- filed_at: 2025-05-07T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/750004/000075000425000028/0000750004-25-000028-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/750004/000075000425000028/lnw-20250507.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000750004-25-000028
- JSON: https://secwatch.observer/filing/0000750004-25-000028.json
- Plain text: https://secwatch.observer/filing/0000750004-25-000028.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.