How Has Light & Wonder Inc (ASX:LNW) Performed Over Past Year?

Sonal Goyal

22 October 2026 10:29 PM AEDT

How Has Light & Wonder Inc (ASX:LNW) Performed Over Past Year?

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key highlights

Light & Wonder Inc (ASX:LNW) shares were priced at $126.46 as at 22 October 2026, up 2.66% on the day and up approximately 8.24% over the past year.
Light & Wonder reported Q2 2026 consolidated AEBITDA of US$383 million, up 9%, and adjusted NPATA of US$156 million, up 16%.
EPSa was US$1.99, up 26%, and net cash from operating activities was US$241 million, up 127%.

As at 22 October 2026, Light & Wonder Inc (ASX:LNW) shares were priced at $126.46, up 2.66% on the day, and the share performance data shows the stock up approximately 8.24% over the past year. Light & Wonder is a global gaming company that provides slot machines, gaming systems, digital games and social casino products. Light & Wonder reported Q2 2026 consolidated AEBITDA of US$383 million, up 9%, and adjusted NPATA of US$156 million, up 16%.

About Light & Wonder Inc: business overview

Light & Wonder, Inc. develops and supplies casino gaming machines and systems, table products, iGaming content and the SciPlay social casino business. It moved to a sole primary listing on the ASX, remains an SEC registrant, and reports in US dollars.

Q2 2026 results

In its second quarter 2026 earnings presentation, dated 4 August 2026 in the US and 5 August 2026 in Australia, Light & Wonder reported consolidated AEBITDA of US$383 million, up 9%, with the margin 200 basis points higher at 46%. Adjusted NPATA was US$156 million, up 16%, and adjusted EPS (EPSa) was US$1.99, up 26%. Net income was US$120 million, with EPS of US$1.53, up 38%.

Recurring revenue was US$580 million, up 6% and about 70% of consolidated revenue, and iGaming revenue was US$92 million, up 14%. North America Gaming Operations added more than 900 premium and charitable installed base units sequentially.

Cash flow and capital allocation

Net cash provided by operating activities was US$241 million, up 127%, and adjusted free cash flow was US$156 million, up 50%, a 41% conversion rate up 1,100 basis points. The company returned US$134 million to shareholders through share repurchases. Its net debt leverage ratio was 3.4 times, and it has said it will focus on reducing it to below 3.0 times during 1H27, with the intention to move toward an investment grade leverage profile.

Related sector context

Gaming, lottery and wagering businesses are influenced by regulation, taxes and licence terms, customer activity and, for lotteries, jackpot outcomes. Companies report turnover, revenue, EBITDA and dividends, and licence extensions and regulatory decisions can have long-term effects.

Risks to weigh in

The company’s presentation lists risks including regulatory changes in gaming and iGaming, replacement cycle declines, indebtedness and covenants, integration of the Grover acquisition, tariffs, currency and the effects of its sole ASX primary listing on liquidity. Leverage of 3.4 times remains above its target.

Catalysts on watch

Items to watch include progress toward leverage below 3.0 times, buy-back activity, iGaming growth and Q3 2026 results.

Final word

Light & Wonder’s Q2 2026 presentation reported higher earnings and cash flow and a focus on lower leverage. The next quarter will show progress.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.