Light & Wonder, Inc. Reports Third Quarter 2026 Results

Matt Wilson, President and Chief Executive Officer of Light & Wonder

“Our content-centric operating model is enhancing our recurring revenue business, as evidenced in the results. Sustained investment in studios and content is driving strong franchise performance across the portfolio, and our roadmap was well received at both the AGE and G2E, which builds our confidence heading into the fourth quarter and 2027. Gaming momentum continues, evidenced by our North American premium installed base growing for the 25th consecutive quarter. Further, Grover continues to scale across both existing and new markets. We’re encouraged by the momentum heading into the fourth quarter, with positive feedback from customers post trade shows, customer purchase intentions and recent industry data. To maximize both customer and shareholder value, we expect to leverage this momentum while staying focused on disciplined execution that drives strong cash flows and allows us to both reinvest in product innovation and talent and further reduce leverage to deliver on our commitment.”

Oliver Chow, Chief Financial Officer of Light & Wonder

“Our recurring revenue base and margin discipline delivered strong cash generation, with year-to-date Adjusted free cash flow of $545 million, up 49% year-over-year and in line with our full-year 2025 level. As signaled last quarter, we prioritized deleveraging over share repurchases, reducing our net debt leverage ratio by approximately 0.1x sequentially, keeping us on track to fall below 3.0x during the first half of 2027. Importantly, we’re also investing deliberately across R&D and Gaming operations capital expenditures, as well as in AI and infrastructure to support both growth and efficiency across the business over time. We remain committed to prioritizing this deleveraging path in the fourth quarter and beyond, as we continue progressing toward our long-term financial targets.”