Light & Wonder Reports Q4 Loss

Instant-win lottery ticket maker misses revenue expectations

Feb. 24, 2026 at 10:41pm

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Light & Wonder, Inc., the Las Vegas-based instant-win lottery ticket maker, reported a loss of $15 million in its fourth quarter. The company's revenue of $891 million in the period missed Wall Street forecasts. For the full year, Light & Wonder reported a profit of $276 million.

Why it matters

Light & Wonder is a major player in the instant-win lottery ticket market, so its quarterly and annual financial results are closely watched by investors and industry analysts as an indicator of broader trends in the gaming and lottery sectors.

The details

On a per-share basis, Light & Wonder reported a loss of 19 cents, though earnings adjusted for one-time gains and costs came to $1.96 per share. The company's revenue of $891 million in the fourth quarter fell short of the $915.4 million expected by three analysts surveyed by Zacks. For the full year, Light & Wonder reported a profit of $276 million, or $3.26 per share, on revenue of $3.31 billion.

  • Light & Wonder reported its fourth quarter and full year 2025 results on February 24, 2026.

The players

Light & Wonder, Inc.

A Las Vegas-based company that is a major manufacturer of instant-win lottery tickets.

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The takeaway

Light & Wonder's mixed financial results highlight the ongoing challenges and volatility in the gaming and lottery industries, where companies must navigate changing consumer preferences, regulatory environments, and economic conditions to maintain profitability.