Light & Wonder has cited cautious purchasing behaviour amongst its customers for a slight dip in Q2 revenue.
The US gaming giant reported an 8% decrease in gaming machine sales in the quarter, contributing to overall revenue dropping 1% year-over-year to $809m, down from $816m in the same period last year.
Breaking it down by segment, Gaming revenue was also down 2% year-over-year, finishing the quarter at $528m.
Light & Wonder stated that cautious purchasing decisions and delayed capital expenditure among some of its customers were fuelled by wider “macroeconomic uncertainty”.
Despite the decline, Light & Wonder projects strengthened prospects for the segment as its North American base grew 42% year-over-year to over 46,300 units installed, aided by the acquisition of Grover Charitable Gaming which added $21m in revenue contribution.
In addition, the company reported record iGaming revenue in Q2 2025. The division generated $81m in the quarter, up 9% compared to the same period last year. Adjusted EBITDA also grew by 17% year-over-year to $28m.
SciPlay, Light & Wonder’s social gaming division also grew its revenue by 6% year-over-year to $200m. The division’s adjusted EBITDA also grew 6% to $74m. According to Light & Wonder, its direct to consumer platform now makes up 18% of SciPlay’s revenue.
Light & Wonder’s net income in Q2 2025 was $96m, a 16% year-over-year increase.
Oliver Chow, Light & Wonder’s CFO, confirmed to investors that 55% of Light & Wonder’s three-year $100bn share repurchase program, approved in June 2024, is now complete. The company returned $100m alone to shareholders in Q2 2025.
“Our financial performance in the second quarter underscores the benefit of our diversified business model and the disciplined execution of the team,” he reassured.
“Margin expansion was meaningful, reflecting business performance as well as optimization of resource allocation across digital, content and platform innovation.”
Nasdaq delisting
Alongside posting its Q2 financial performance, Light & Wonder also confirmed its plans to delist from the Nasdaq stock exchange and focus solely on the company’s listing on the Australian Securities Exchange (ASX).
Light & Wonder expects to delist from the Nasdaq by the end of November after gaining approval from its board of directors.
The company states that the decision aligns with its long-term growth plans and consolidates its capital markets presence and shareholder base.
Light & Wonder went public on the ASX in 2023 and since then it has increased its share capital from 17% to 37% in July 2025.
In comparison, the company’s stock price in the US fell by over 10% in the year to date.
Matt Wilson, President and CEO of Light & Wonder, commented on the decision: “I believe it will deliver tremendous shareholder value going forward.
”I have confidence in our strategy as we continue to execute our long-term blueprint, which will continue to drive quality of earnings and sustainable value both operationally and financially.”