Key Highlights

  • Diluted EPS climbed to USD 1.72 from USD 1.34 in the quarter, with Net Income at USD 133 million against USD 114 million, a rise of about 17% (calculated).
  • Sales eased to USD 824 million from USD 841 million, roughly 2% lower (calculated), as services held at USD 599 million while product Revenue declined to USD 225 million.
  • Segment adjusted EBITDA across reportable segments rose to USD 416 million from USD 410 million, with Gaming contributing USD 312 million and iGaming USD 37 million.
  • The diluted share count dropped to 77.5 million from 85.0 million, and roughly 1.8 million CDIs were bought back for USD 156 million over nine months.

Lower Interest Costs and a Smaller Share Count Lift Earnings Per Share

On November 4, 2026, Light & Wonder (ASX:LNWO) lodged its third-quarter 10-Q. Operating Income moved up to USD 242 million from USD 229 million, and interest expense came down to USD 80 million from USD 84 million. A USD 4 million Debt Financing loss from the prior year did not repeat. Pretax income landed at USD 167 million, but the tax charge grew to USD 34 million from USD 25 million. Diluted EPS stood at USD 1.72 against USD 1.34 a year earlier. The diluted count of shares decreased by roughly 8.8% (calculated), which adds to per-share gains on top of the 17% rise in net income. Nine-month diluted EPS came in at USD 3.90, compared with USD 3.39.

Gaming Steadies While SciPlay Revenue Slides

Gaming brought in USD 554 million, down from USD 558 million, and segment adjusted EBITDA improved to USD 312 million from USD 305 million. SciPlay sales declined to USD 173 million compared with USD 197 million, while its adjusted EBITDA came to USD 67 million, against USD 71 million previously. iGaming widened its Top Line to USD 97 million from USD 86 million, and its adjusted EBITDA reached USD 37 million, compared with USD 34 million. Selling, general and administrative costs fell to USD 212 million from USD 219 million, and Research and Development to USD 56 million from USD 62 million. Over nine months, revenue came to USD 2,440 million against USD 2,424 million, and total reportable segment adjusted EBITDA reached USD 1,196 million compared with USD 1,137 million.

Debt Load, Buyback Authority and an Unusual Listing Setup

Long-term debt excluding the current portion stood at USD 4,917 million, with a further USD 64 million classified as current, and cash was USD 139 million. The board authorized repurchases of up to USD 1.5 billion of common stock or CDIs through June 12, 2027. According to the filing, the company's sole primary listing is on the ASX, with common stock registered under Section 12(g) rather than on a US exchange, and the company cites that structure as a risk to Liquidity and compliance costs. It also flags UK gaming legislation, integration of Grover charitable gaming and a USD 68 million restructuring charge over nine months as risks.

Where Things Stand

Mostly through lower interest, a smaller share count and gains in Gaming and iGaming, not through sales. Light & Wonder (ASX:LNWO) lifted EPS to USD 1.72 while revenue slipped about 2% (calculated), and SciPlay weakened. Debt remains large at about USD 4.98 billion including the current portion (calculated), so interest and Buybacks matter. The cover page lists no US exchange, so the exchange label here is unverified. The filing gives no guidance, stock reaction or consensus comparison.