Light & Wonder has reported full-year 2025 earnings of $3.3bn, a 4% year-on-year increase and a new record for the company. It did suffer a net loss of $15m because of the $128m legal settlement with rival company Aristocrat. The company operates and owns land-based and online gaming operations, including popular slot studios Barcrest and ELK Studios, which have produced titles such as Rainbow Riches and Rabbit Royale.
The basis of the $128m settlement was an allegation that Light & Wonder used proprietary math models from Aristocrat when creating Dragon Train. Light & Wonder acknowledged that it used certain Aristocrat math information when developing the game.
further integrate AI to improve development speed and overall productivity
The company is bullish about 2026, seeing opportunities to expand margins and further integrate AI to improve development speed and overall productivity. Executives were quick to point out that it won’t be relying on AI to design game creatives, but rather use it as a tool in part of the process.
CEO Matt Wilson also said the company has a strong moat to fend off competition, with decades of proprietary game data and 500+ global gaming licenses.
The North American operations continue to show strong results. It delivered a record 7,000 gaming units in Q4 2025, with regional revenue rising 35%. It was the 22nd consecutive quarter with growth in its premier North American base.
