0000750004-26-000022 | 10-Q | XBRL Viewer

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Restructuring and Other (Details) - USD ($) $ in Millions	3 Months Ended
Restructuring and Other (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring and other	$ 54	$ 20
Employee severance and related
Restructuring Cost and Reserve [Line Items]
Restructuring and other	3	10
Legal and related (see Note 15)
Restructuring Cost and Reserve [Line Items]
Restructuring and other	50	0
Strategic initiatives, acquisitions and related
Restructuring Cost and Reserve [Line Items]
Restructuring and other	0	6
Restructuring, integration and other
Restructuring Cost and Reserve [Line Items]
Restructuring and other	$ 1	$ 4

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Reportable Segments

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Reportable Segments

We report our operations in three reportable business segments—Gaming, SciPlay and iGaming—representing our different products and services. A detailed discussion regarding the products and services from which each reportable business segment derives its revenue is included in Notes 2 and 3 in our 2025 10-K.

In evaluating financial performance, our Chief Operating Decision Maker (“CODM,” defined as our Chief Executive Officer) focuses on AEBITDA as management’s primary segment measure of profit or loss, which is described in footnote (5) to the below table. Our CODM uses reportable business segment AEBITDA to evaluate the performance of each reportable business segment and to allocate resources. Additionally, AEBITDA is one of the key metrics used in our incentive compensation program. The accounting policies for our reportable segments are the same as those described within the Notes in our 2025 10-K. The following tables present our reportable segment information:


	Three Months Ended March 31, 2026
	Gaming		SciPlay		iGaming		Total Reportable Segments		Unallocated and Reconciling Items(1)		Total
Total revenue	$	512	$	187	$	91	$	790	$	—	$	790
Cost of revenue(2)	(118)		(45)		(31)		(194)		—		(194)
Payroll and related(3)	(93)		(27)		(18)		(138)		—		(138)
Other segment reconciling items(4)	(30)		(49)		(9)		(88)		(43)		(131)
AEBITDA(5)	271		66		33		370		(43)		327
Reconciling items to net income before income taxes:
Restructuring and other	(3)		(1)		—		(4)		(50)		(54)
D&A									(108)		(108)


Interest expense									(81)		(81)
Loss on debt financing transactions									(2)		(2)

Other income, net									12		12
Stock-based compensation									(32)		(32)
Net income before income taxes											$	62

Capital expenditures for the three months ended March 31, 2026	$	59	$	6	$	7	$	72	$	2	$	74

(1) Includes amounts not allocated to the reportable segments (including corporate costs) and items to reconcile the total reportable segments AEBITDA to our consolidated net income before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance and other operating expenses.
(5) AEBITDA is reconciled to net income before income taxes with the following adjustments, as applicable: (a) depreciation and amortization expense and impairment charges (including goodwill impairments); (b) restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition- and disposition-related costs, strategic initiatives, and other unusual items; (c) interest expense; (d) loss on debt refinancing transactions; (e) change in fair value of investments and remeasurement of debt and other; (f) other income (expense), net, including foreign currency gains or losses and earnings (loss) from equity investments; and (g) stock-based compensation. AEBITDA is presented as our primary segment measure of profit or loss.


	Three Months Ended March 31, 2025
	Gaming		SciPlay		iGaming		Total Reportable Segments		Unallocated and Reconciling Items(1)		Total
Total revenue	$	495	$	202	$	77	$	774	$	—	$	774
Cost of revenue(2)	(131)		(55)		(25)		(211)		—		(211)
Payroll and related(3)	(83)		(27)		(16)		(126)		—		(126)
Other segment reconciling items(4)	(27)		(56)		(9)		(92)		(34)		(126)
AEBITDA(5)	254		64		27		345		(34)		311
Reconciling items to net income before income taxes:
Restructuring and other	(5)		—		(7)		(12)		(8)		(20)
D&A									(91)		(91)



Interest expense									(68)		(68)
Loss on debt financing transactions									(1)		(1)

Other income, net									1		1
Stock-based compensation									(27)		(27)
Net income before income taxes											$	105

Capital expenditures for the three months ended March 31, 2025	$	49	$	5	$	5	$	59	$	2	$	61

(1) Includes amounts not allocated to the reportable segments (including corporate costs) and items to reconcile the total reportable segments AEBITDA to our consolidated net income before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance and other operating expenses.
(5) AEBITDA is described in footnote (5) to the first table in this Note 3.

The following table summarizes the asset balances of each reportable business segment for the periods indicated:


	Gaming		SciPlay		iGaming		Total Reportable Segments		Unallocated and Reconciling Items(1)		Totals
Assets as of March 31, 2026	$	4,719	$	463	$	963	$	6,145	$	220	$	6,365
Assets as of December 31, 2025	4,817		482		937		6,236		226		6,462
(1) Includes amounts not allocated to the reportable segments (including corporate amounts) and items to reconcile the total reportable segments assets to our consolidated assets.

- Definition

The entire disclosure for segment reporting.

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+ Details

Revenue Recognition

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The following table disaggregates our revenues by type within each of our reportable business segments:


	Three Months Ended March 31,
	2026		2025
Gaming
Gaming operations	$	239	$	173
Gaming machine sales	156		208
Gaming systems	54		63
Table products	63		51
Total	$	512	$	495
SciPlay
Third-party platforms and other(1)	$	137	$	175
Direct-to-consumer platforms	50		27
Total	$	187	$	202
iGaming	$	91	$	77
(1) Other primarily represents advertising revenue, which was not material for the periods presented.

The amount of rental income revenue included in services revenue within the consolidated statement of operations that is outside the scope of ASC 606 was $156 million and $138 million for the three months ended March 31, 2026 and 2025, respectively.

Contract Liabilities and Other Disclosures

The following table summarizes the activity in our contract liabilities for the reporting period:


	Three Months Ended March 31, 2026
Contract liability balance, beginning of period(1)	$	28
Liabilities recognized during the period	8
Amounts recognized in revenue from beginning balance	(6)
Contract liability balance, end of period(1)	$	30
(1) Contract liabilities are included within Accrued liabilities and Other long-term liabilities in our consolidated balance sheets.

The timing of revenue recognition, billings and cash collections results in billed receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on our consolidated balance sheets. Other than contracts with customers with financing arrangements exceeding 12 months, revenue recognition is generally proximal to conversion to cash.

The following table summarizes our balances in these accounts for the periods indicated (other than contract liabilities disclosed above):


	Receivables		Contract Assets(1)
Beginning of period balance	$	785	$	43
End of period balance, March 31, 2026	708		44


(1) Contract assets are included primarily within Prepaid expenses, deposits and other current assets in our consolidated balance sheets.

As of March 31, 2026, we did not have material unsatisfied performance obligations for contracts expected to be long-term or contracts for which we recognize revenue at an amount other than that for which we have the right to invoice for goods or services delivered or performed.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Stockholders' Equity - Statements of Changes in Stockholders' Equity (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Dec. 31, 2024

Class of Stock [Line Items]

Total stockholders’ equity

$ 311,000

$ 620,000

$ 245,000

$ 636,000

Adjustments to Additional Paid in Capital Settlement of Liability Awards and Other

55,000

44,000

Redemption Premium

(33,000)

(36,000)

Treasury Stock, Retired, Cost Method, Amount

Purchase of L&W common stock

22,000

166,000

Treasury Stock, Value, Acquired, Cost Method

^[1]

(167,000)

APIC, Share-Based Payment Arrangement, Increase for Cost Recognition

17,000

18,000

Net income

52,000

82,000

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent

(3,000)

43,000

Excise Taxes

1,000

Common Stock [Member]

Class of Stock [Line Items]

Total stockholders’ equity

1,000

Additional Paid-in Capital [Member]

Class of Stock [Line Items]

Total stockholders’ equity

185,000

1,226,000

1,276,000

1,200,000

Adjustments to Additional Paid in Capital Settlement of Liability Awards and Other

55,000

44,000

Redemption Premium

(33,000)

(36,000)

Treasury Stock, Retired, Cost Method, Amount

1,108,000

Purchase of L&W common stock

(22,000)

APIC, Share-Based Payment Arrangement, Increase for Cost Recognition

17,000

18,000

Retained Earnings [Member]

Class of Stock [Line Items]

Total stockholders’ equity

351,000

1,098,000

1,292,000

1,016,000

Treasury Stock, Retired, Cost Method, Amount

(993,000)

Net income

52,000

82,000

Treasury Stock, Common

Class of Stock [Line Items]

Total stockholders’ equity

(1,383,000)

(2,101,000)

(1,216,000)

Treasury Stock, Retired, Cost Method, Amount

(2,101,000)

Treasury Stock, Value, Acquired, Cost Method

^[1]

(167,000)

AOCI Attributable to Parent [Member]

Class of Stock [Line Items]

Total stockholders’ equity

(226,000)

(322,000)

$ (223,000)

$ (365,000)

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent

$ (3,000)

$ 43,000

[1]	(1) Includes excise taxes of $1 million for the three months ended March 31, 2025.

Leases and Other Commitments - Maturity Schedule (Details) $ in Millions	Mar. 31, 2026 USD ($)
Leases [Abstract]
Remainder of 2026	$ 17
2027	15
2028	10
2029	4
2030	2
Thereafter	3
Less Imputed Interest	5
Total	$ 46

Accounts Receivable and Notes Receivable and Credit Quality of Receivables - Components of Accounts and Notes Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current:
Receivables	$ 642	$ 718
Allowance for credit losses	(28)	(29)
Current receivables, net	614	689
Long-term:
Receivables	97	98
Allowance for credit losses	(3)	(2)
Long-term receivables, net	94	96
Total receivables, net	$ 708	$ 785

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

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+ Details

- Definition

Amortized cost, after allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References + Details

Intangible Assets, net and Goodwill

3 Months Ended

Mar. 31, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible Assets, net and Goodwill

Intangible Assets, net

The following tables present certain information regarding our intangible assets as of March 31, 2026 and December 31, 2025.


	As of
	March 31, 2026						December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Balance			Gross Carrying Value		Accumulated Amortization		Net Balance
Amortizable intangible assets:
Customer relationships	$	1,254	$	(724)	$	530		$	1,252	$	(703)	$	549
Intellectual property	1,044		(886)		158			1,044		(873)		171
Licenses	291		(243)		48			312		(258)		54
Brand names	131		(129)		2			129		(127)		2
Trade names	189		(163)		26			190		(163)		27
Patents and other	12		(7)		5			12		(7)		5
Total intangible assets	$	2,921	$	(2,152)	$	769		$	2,939	$	(2,131)	$	808

The following reflects intangible amortization expense included within D&A:


	Three Months Ended March 31,
	2026		2025
Amortization expense	$	38	$	30

Goodwill

The table below reconciles the change in the carrying value of goodwill, by reportable segment, for the period from December 31, 2025 to March 31, 2026.


	Gaming(1)		SciPlay		iGaming		Totals
Balance as of December 31, 2025	$	2,785	$	217	$	369	$	3,371
Foreign currency adjustments	—		1		(2)		(1)
Balance as of March 31, 2026	$	2,785	$	218	$	367	$	3,370



(1) Accumulated goodwill impairment charges for the Gaming segment as of March 31, 2026 were $989 million.

Software, net (Policies)	3 Months Ended
Software, net (Policies)	Mar. 31, 2026
Research and Development [Abstract]
Software, Internal-Use	We capitalize direct costs for internal-use software projects when it is probable that the project will be completed and the software will be used as intended. Costs incurred prior to meeting the probable threshold and post-implementation maintenance costs are expensed as incurred. Capitalized costs are amortized on a straight-line basis over the estimated useful life, generally 2 to 10 years. We purchase, license and incur costs to develop external use software and game themes (collectively referred to as software) to be used in the products we sell, lease or market to customers. Costs incurred in creating software are expensed when incurred as R&D until technological feasibility has been established, after which costs are capitalized up to the date the software is available for general release to customers. Generally, the software we develop reaches technological feasibility when a working model of the software is available. We capitalize the payments made for software that we purchase or license for use in our products that has previously met the technological feasibility criteria prior to our purchase or license. Additionally, we incur and capitalize regulatory approval costs for our game themes after technological feasibility is achieved. Amortization of capitalized software costs is recorded over the estimated economic life, which is typically 2 to 10 years.

Restructuring and Other (Tables)

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Summary of Restructuring and Other Costs

The following table summarizes pre-tax restructuring and other costs for the periods presented:


	Three Months Ended March 31,
	2026		2025
Employee severance and related	$	3	$	10
Legal and related (see Note 15)	50		—
Strategic initiatives, acquisitions and related	—		6

Restructuring, integration and other	1		4
Total	$	54	$	20

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Operating Lease, Lease Income	$ 156	$ 138

Software, net (Tables)

3 Months Ended

Mar. 31, 2026

Research and Development [Abstract]

Schedule of Capitalized Computer Software

Software, net consisted of the following:


	As of
	March 31, 2026		December 31, 2025
Software	$	1,168	$	1,151
Accumulated amortization	(973)		(960)
Software, net	$	195	$	191

Schedule of Software Amortization Expense

The following reflects intangible amortization expense included within D&A:


	Three Months Ended March 31,
	2026		2025
Amortization expense	$	38	$	30

The following reflects amortization of software included within D&A:


	Three Months Ended March 31,
	2026		2025
Amortization expense	$	23	$	19

Description of the Business and Summary of Significant Accounting Policies - Grover Acquisition (Details) - Grover Charitable Gaming $ in Millions	May 16, 2025 USD ($)
Business Combination [Line Items]
Payments to Acquire Businesses, Gross	$ 850
Business Combination, Consideration Transferred [Abstract]
Business Combination, Contingent Consideration, Range of Outcomes, Maximum, Amount	$ 200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Gains on Interest Rate Swaps

The following table shows the gain (loss) and interest income on our interest rate swap contracts:


	Three Months Ended March 31,
	2026		2025
Gain (loss) recorded in accumulated other comprehensive loss, net of tax	$	1	$	(5)
Interest income related to interest rate swap contracts recorded in interest expense	2		3

Schedule of Effect of Interest Rate Swap Contracts Designated as Cash Flow Hedges

The following table shows the effect of interest rate swap contracts designated as cash flow hedges on interest expense in the consolidated statements of income:


	Three Months Ended March 31,
	2026		2025
Total interest expense which reflects the effects of cash flow hedges	$	(81)	$	(68)
Hedged item	(5)		(5)
Derivative designated as hedging instrument	7		8

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following table shows the fair value of our hedges:


		As of
	Balance Sheet Line Item	March 31, 2026		December 31, 2025

Interest rate swaps	Other assets	$	6	$	5

Schedule of Changes in Contingent Acquisition Consideration Liabilities

The table below reconciles the change in the contingent acquisition consideration liabilities (including deferred purchase price) for the period from December 31, 2025 to March 31, 2026.


	Total		Included in Accrued Liabilities		Included in Other Long-Term Liabilities
Balance as of December 31, 2025	$	88	$	7	$	81


Other adjustments(1)	(4)
Balance as of March 31, 2026	$	84	$	6	$	78


(1) Represents extinguishment of $4 million in redeemable non-controlling interest liability associated with SciPlay’s acquisition of Alictus Yazilim Anonim Şirketi in 2022, as specified financial targets were not met. The gain was recorded in other income, net in our consolidated statements of operations.

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of debt outstanding

The following table reflects our outstanding debt (in order of priority and maturity):


	As of
	March 31, 2026								December 31, 2025
	Final Maturity	Rate(s)	Face Value		Unamortized debt discount/premium and deferred financing costs, net		Book Value		Book Value
Senior Secured Credit Facilities:
LNWI Revolver	2030	variable	$	210	$	—	$	210	$	230
LNWI Term Loan A	2028	variable	785		(2)		783		788
LNWI Term Loan B	2029	variable	2,135		(17)		2,118		2,116
LNWI Senior Notes:
2029 Unsecured Notes	2029	7.250%	500		(3)		497		497
2031 Unsecured Notes	2031	7.500%	550		(6)		544		544
2033 Unsecured Notes	2033	6.250%	1,000		(14)		986		985
Other	—	—	2		—		2		3
Total long-term debt outstanding			$	5,182	$	(42)	$	5,140	$	5,163
Less: current portion of long-term debt							(58)		(53)
Long-term debt, excluding current portion							$	5,082	$	5,110
Fair value of debt(1)			$	5,184





(1) Fair value of our fixed rate and variable interest rate debt is classified within Level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

+ Details

Restructuring and Other

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Restructuring and other

Restructuring and other includes charges or expenses attributable to: (i) employee severance; (ii) management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition- and disposition-related costs, strategic initiatives and other unusual items. The following table summarizes pre-tax restructuring and other costs for the periods presented:


	Three Months Ended March 31,
	2026		2025
Employee severance and related	$	3	$	10
Legal and related (see Note 15)	50		—
Strategic initiatives, acquisitions and related	—		6

Restructuring, integration and other	1		4
Total	$	54	$	20

Inventories (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories, net consisted of the following:


	As of
	March 31, 2026		December 31, 2025
Parts and work-in-process	$	146	$	131
Finished goods	39		38
Total inventories, net	$	185	$	169

Description of the Business and Summary of Significant Accounting Policies - Narrative (Details) shares in Millions	3 Months Ended
	Mar. 31, 2026 Segment shares	Mar. 31, 2025 shares
Accounting Policies [Abstract]
Number of reportable segments \| Segment	3
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares) \| shares	1.6	1.9

Reportable Segments (Details)
$ in Millions

3 Months Ended

Mar. 31, 2026

USD ($)

Segment

Mar. 31, 2025

USD ($)

Dec. 31, 2025

USD ($)

Segment Reporting [Line Items]

Number of reportable segments | Segment

Total revenue

$ 790

$ 774

Cost of revenue(2)

194

^[1]

211

^[2]

Payroll and related(3)

138

^[3]

126

^[4]

Other segment reconciling items(4)

(131)

^[5]

(126)

^[6]

AEBITDA

327

^[7]

311

^[8]

Restructuring and other

(54)

(20)

Depreciation, amortization and impairments

(108)

(91)

Interest expense

(81)

(68)

Gain (Loss) on Extinguishment of Debt

(2)

(1)

Other income (expense), net

Stock-based compensation

(32)

(27)

Net income before income taxes

105

Capital expenditures

Total assets

6,365

$ 6,462

Gaming

Segment Reporting [Line Items]

Total revenue

512

495

SciPlay

Segment Reporting [Line Items]

Total revenue

187

202

Operating Segments

Segment Reporting [Line Items]

Total revenue

790

774

Cost of revenue(2)

(194)

^[1]

211

^[2]

Payroll and related(3)

(138)

^[3]

126

^[4]

Other segment reconciling items(4)

(88)

^[5]

(92)

^[6]

AEBITDA

370

^[7]

345

^[8]

Restructuring and other

(4)

(12)

Capital expenditures

Total assets

6,145

6,236

Operating Segments | Gaming

Segment Reporting [Line Items]

Total revenue

512

495

Cost of revenue(2)

(118)

^[1]

131

^[2]

Payroll and related(3)

^[3]

^[4]

Other segment reconciling items(4)

(30)

^[5]

^[6]

AEBITDA

271

^[7]

254

^[8]

Restructuring and other

(3)

(5)

Capital expenditures

Total assets

4,719

4,817

Operating Segments | SciPlay

Segment Reporting [Line Items]

Total revenue

187

202

Cost of revenue(2)

(45)

^[1]

^[2]

Payroll and related(3)

(27)

^[3]

^[4]

Other segment reconciling items(4)

(49)

^[5]

^[6]

AEBITDA

^[7]

^[8]

Restructuring and other

(1)

Capital expenditures

Total assets

463

482

Operating Segments | iGaming

Segment Reporting [Line Items]

Total revenue

Cost of revenue(2)

(31)

^[1]

^[2]

Payroll and related(3)

(18)

^[3]

^[4]

Other segment reconciling items(4)

(9)

^[5]

^[6]

AEBITDA

^[7]

^[8]

Restructuring and other

(7)

Capital expenditures

Total assets

963

937

Unallocated and Reconciling Items

Segment Reporting [Line Items]

Total revenue

^[9]

^[10]

Cost of revenue(2)

^[1],[9]

^[2],[10]

Payroll and related(3)

^[3],[9]

^[4],[10]

Other segment reconciling items(4)

(43)

^[5],[9]

(34)

^[6],[10]

AEBITDA

(43)

^[7]

(34)

^[8],[10]

Restructuring and other

(50)

^[9]

(8)

^[10]

Depreciation, amortization and impairments

(108)

^[9]

(91)

^[10]

Interest expense

(81)

^[9]

(68)

^[10]

Gain (Loss) on Extinguishment of Debt

(2)

^[9]

(1)

^[10]

Other income (expense), net

^[9]

(1)

^[10]

Stock-based compensation

(32)

^[9]

(27)

^[10]

Capital expenditures

^[9]

$ 2

^[10]

Total assets

^[11]

$ 220

$ 226

[1]	(2) Excludes D&A.
[2]	(2) Excludes D&A.
[3]	(3) Excludes stock-based compensation.
[4]	(3) Excludes stock-based compensation.
[5]	(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance and other operating expenses.
[6]	(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance and other operating expenses.
[7]	(5) AEBITDA is reconciled to net income before income taxes with the following adjustments, as applicable: (a) depreciation and amortization expense and impairment charges (including goodwill impairments); (b) restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition- and disposition-related costs, strategic initiatives, and other unusual items; (c) interest expense; (d) loss on debt refinancing transactions; (e) change in fair value of investments and remeasurement of debt and other; (f) other income (expense), net, including foreign currency gains or losses and earnings (loss) from equity investments; and (g) stock-based compensation. AEBITDA is presented as our primary segment measure of profit or loss.
[8]	(5) AEBITDA is described in footnote (5) to the first table in this Note 3.
[9]	(1) Includes amounts not allocated to the reportable segments (including corporate costs) and items to reconcile the total reportable segments AEBITDA to our consolidated net income before income taxes.
[10]	(1) Includes amounts not allocated to the reportable segments (including corporate costs) and items to reconcile the total reportable segments AEBITDA to our consolidated net income before income taxes.
[11]	(1) Includes amounts not allocated to the reportable segments (including corporate amounts) and items to reconcile the total reportable segments assets to our consolidated assets.

Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Operating Information by Segment QTD

The following tables present our reportable segment information:


	Three Months Ended March 31, 2026
	Gaming		SciPlay		iGaming		Total Reportable Segments		Unallocated and Reconciling Items(1)		Total
Total revenue	$	512	$	187	$	91	$	790	$	—	$	790
Cost of revenue(2)	(118)		(45)		(31)		(194)		—		(194)
Payroll and related(3)	(93)		(27)		(18)		(138)		—		(138)
Other segment reconciling items(4)	(30)		(49)		(9)		(88)		(43)		(131)
AEBITDA(5)	271		66		33		370		(43)		327
Reconciling items to net income before income taxes:
Restructuring and other	(3)		(1)		—		(4)		(50)		(54)
D&A									(108)		(108)


Interest expense									(81)		(81)
Loss on debt financing transactions									(2)		(2)

Other income, net									12		12
Stock-based compensation									(32)		(32)
Net income before income taxes											$	62

Capital expenditures for the three months ended March 31, 2026	$	59	$	6	$	7	$	72	$	2	$	74

(1) Includes amounts not allocated to the reportable segments (including corporate costs) and items to reconcile the total reportable segments AEBITDA to our consolidated net income before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance and other operating expenses.
(5) AEBITDA is reconciled to net income before income taxes with the following adjustments, as applicable: (a) depreciation and amortization expense and impairment charges (including goodwill impairments); (b) restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition- and disposition-related costs, strategic initiatives, and other unusual items; (c) interest expense; (d) loss on debt refinancing transactions; (e) change in fair value of investments and remeasurement of debt and other; (f) other income (expense), net, including foreign currency gains or losses and earnings (loss) from equity investments; and (g) stock-based compensation. AEBITDA is presented as our primary segment measure of profit or loss.


	Three Months Ended March 31, 2025
	Gaming		SciPlay		iGaming		Total Reportable Segments		Unallocated and Reconciling Items(1)		Total
Total revenue	$	495	$	202	$	77	$	774	$	—	$	774
Cost of revenue(2)	(131)		(55)		(25)		(211)		—		(211)
Payroll and related(3)	(83)		(27)		(16)		(126)		—		(126)
Other segment reconciling items(4)	(27)		(56)		(9)		(92)		(34)		(126)
AEBITDA(5)	254		64		27		345		(34)		311
Reconciling items to net income before income taxes:
Restructuring and other	(5)		—		(7)		(12)		(8)		(20)
D&A									(91)		(91)



Interest expense									(68)		(68)
Loss on debt financing transactions									(1)		(1)

Other income, net									1		1
Stock-based compensation									(27)		(27)
Net income before income taxes											$	105

Capital expenditures for the three months ended March 31, 2025	$	49	$	5	$	5	$	59	$	2	$	61

(1) Includes amounts not allocated to the reportable segments (including corporate costs) and items to reconcile the total reportable segments AEBITDA to our consolidated net income before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance and other operating expenses.
(5) AEBITDA is described in footnote (5) to the first table in this Note 3.

Total Assets by Segment

The following table summarizes the asset balances of each reportable business segment for the periods indicated:


	Gaming		SciPlay		iGaming		Total Reportable Segments		Unallocated and Reconciling Items(1)		Totals
Assets as of March 31, 2026	$	4,719	$	463	$	963	$	6,145	$	220	$	6,365
Assets as of December 31, 2025	4,817		482		937		6,236		226		6,462
(1) Includes amounts not allocated to the reportable segments (including corporate amounts) and items to reconcile the total reportable segments assets to our consolidated assets.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Fair Value Measurements - Contingent Acquisition Consideration (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Business Combination, Contingent Consideration, Liability

$ 84

$ 88

Other adjustments(1)

^[1]

(4)

SciPlay

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Other adjustments(1)

(4)

Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccruedLiabilitiesCurrent

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Business Combination, Contingent Consideration, Liability, Current

Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Business Combination, Contingent Consideration, Liability, Noncurrent

$ 78

$ 81

[1]

(1) Represents extinguishment of $4 million in redeemable non-controlling interest liability associated with SciPlay’s acquisition of Alictus Yazilim Anonim Şirketi in 2022, as specified financial targets were not met. The gain was recorded in other income, net in our consolidated statements of operations.

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Jul. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Shares, Acquired	0.2
Purchase of L&W common stock	$ 22	$ 166
Share Repurchase Program, June 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Repurchase Program, Authorized, Amount			$ 1,500
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of RSUs granted (in usd per share)	$ 90.75	$ 106.48
Unrecognized stock-based compensation expense relating to unvested awards that will be amortized	$ 131
Weighted-average period of amortization	1 year 8 months 12 days
Fair value at vesting date	$ 110	$ 110

Reportable Segments (Policies)	3 Months Ended
Reportable Segments (Policies)	Mar. 31, 2026
Segment Reporting [Abstract]
Segment Reporting, Policy	We report our operations in three reportable business segments—Gaming, SciPlay and iGaming—representing our different products and services. A detailed discussion regarding the products and services from which each reportable business segment derives its revenue is included in Notes 2 and 3 in our 2025 10-K. In evaluating financial performance, our Chief Operating Decision Maker (“CODM,” defined as our Chief Executive Officer) focuses on AEBITDA as management’s primary segment measure of profit or loss, which is described in footnote (5) to the below table. Our CODM uses reportable business segment AEBITDA to evaluate the performance of each reportable business segment and to allocate resources. Additionally, AEBITDA is one of the key metrics used in our incentive compensation program. The accounting policies for our reportable segments are the same as those described within the Notes in our 2025 10-K.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-36

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 29
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

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-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Leases and Other Commitments (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Supplemental balance sheet and cash flow information related to operating leases

Supplemental balance sheet and cash flow information related to operating leases is as follows:


	As of
	March 31, 2026			December 31, 2025
Operating lease right-of-use assets	$	42		$	43
Accrued liabilities	18			18
Operating lease liabilities	28			29
Total operating lease liabilities	$	46		$	47


Weighted average remaining lease term, years	3			3
Weighted average discount rate	7		%	6		%


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	6	$	5
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	4	$	—

Future minimum lease payments required under our leasing arrangements

Lease liability maturities:


	Remainder of 2026		2027		2028		2029		2030		Thereafter		Less Imputed Interest		Total
Operating leases	$	17	$	15	$	10	$	4	$	2	$	3	$	(5)	$	46

Stockholders' Equity - Stock Based Compensation Expense Under All Programs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 32	$ 27
Liability Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 15	$ 9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Accounts Receivable and Notes Receivable and Credit Quality of Receivables - Allowance for Notes Receivable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for credit losses, beginning of period	$ (31)	$ 40
Provision	1	1
Charge-offs and recoveries	1	0
Allowance for credit losses, end of period	$ (31)	$ (39)
Balances over 90 days past due
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Financing Receivable, Percent Past Due	2.00%		3.00%
United States and Canada
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for credit losses, beginning of period	$ (14)
Provision	(1)
Charge-offs and recoveries	0
Allowance for credit losses, end of period	(15)
International
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for credit losses, beginning of period	(17)
Provision	0
Charge-offs and recoveries	1
Allowance for credit losses, end of period	$ (16)

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
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-Paragraph a
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-Publisher SEC

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1

+ Details

Fair Value of Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value of our financial assets and liabilities is determined by reference to market data and other valuation techniques as appropriate. We believe the fair value of our financial instruments, which are principally cash and cash equivalents, restricted cash, receivables, other current assets, accounts payable and accrued liabilities, approximates their recorded values. Our assets and liabilities measured at fair value on a recurring basis are described below.

Derivative Financial Instruments

As of March 31, 2026, we held the following derivative instruments that were accounted for pursuant to ASC 815:

Interest Rate Swap Contracts

We use interest rate swap contracts as described below to manage exposure to interest rate fluctuations by reducing the uncertainty of future cash flows on a portion of our variable rate debt.

In April 2022, we entered into interest rate swap contracts to hedge a portion of our interest expense associated with our variable rate debt to effectively fix the interest rate that we pay. These interest rate swap contracts were designated as cash flow hedges under ASC 815. We pay interest at a weighted-average fixed rate of 2.8320% and receive interest at a variable rate equal to one-month Chicago Mercantile Exchange Term SOFR. The total notional amount of these interest rate swaps was $700 million as of March 31, 2026. These hedges mature in April 2027.

All gains and losses from these hedges are recorded in other comprehensive income (loss) until the future underlying payment transactions occur. Any realized gains or losses resulting from the hedges are recognized (together with the hedged transaction) as interest expense. We estimate the fair value of our interest rate swap contracts by discounting the future cash flows of both the fixed rate and variable rate interest payments based on market yield curves. The inputs used to measure the fair value of our interest rate swap contracts are categorized as Level 2 in the fair value hierarchy as established by ASC 820.

The following table shows the gain (loss) and interest income on our interest rate swap contracts:


	Three Months Ended March 31,
	2026		2025
Gain (loss) recorded in accumulated other comprehensive loss, net of tax	$	1	$	(5)
Interest income related to interest rate swap contracts recorded in interest expense	2		3

We do not expect to reclassify material amounts from accumulated other comprehensive loss to interest expense in the next twelve months.

The following table shows the effect of interest rate swap contracts designated as cash flow hedges on interest expense in the consolidated statements of income:


	Three Months Ended March 31,
	2026		2025
Total interest expense which reflects the effects of cash flow hedges	$	(81)	$	(68)
Hedged item	(5)		(5)
Derivative designated as hedging instrument	7		8

The following table shows the fair value of our hedges:


		As of
	Balance Sheet Line Item	March 31, 2026		December 31, 2025

Interest rate swaps	Other assets	$	6	$	5

Contingent Acquisition Consideration Liabilities

In connection with our acquisitions, we have recorded certain contingent consideration liabilities (including redeemable non-controlling interest), of which the values are primarily based on reaching certain earnings-based metrics. The related liabilities were recorded at fair value on their respective acquisition dates as a part of the consideration transferred and are remeasured each reporting period (other than for redeemable non-controlling interest, which is measured based on its redemption value). The inputs used to measure the fair value of our liabilities are categorized as Level 3 in the fair value hierarchy.

The table below reconciles the change in the contingent acquisition consideration liabilities (including deferred purchase price) for the period from December 31, 2025 to March 31, 2026.


	Total		Included in Accrued Liabilities		Included in Other Long-Term Liabilities
Balance as of December 31, 2025	$	88	$	7	$	81


Other adjustments(1)	(4)
Balance as of March 31, 2026	$	84	$	6	$	78


(1) Represents extinguishment of $4 million in redeemable non-controlling interest liability associated with SciPlay’s acquisition of Alictus Yazilim Anonim Şirketi in 2022, as specified financial targets were not met. The gain was recorded in other income, net in our consolidated statements of operations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Publisher FASB
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Revenue Recognition - Summary of Contract Liabilities (Details)
$ in Millions

3 Months Ended

Mar. 31, 2026

USD ($)

Change In Contract Liabilities [Roll Forward]

Contract liability balance, beginning of period(1)

$ 28

^[1]

Liabilities recognized during the period

Amounts recognized in revenue from beginning balance

(6)

Contract liability balance, end of period(1)

$ 30

^[1]

[1]	(1) Contract liabilities are included within Accrued liabilities and Other long-term liabilities in our consolidated balance sheets.

Fair Value Measurements - Gains (Losses) on Interest Rate Swaps (Details) - Interest rate swap - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recorded in accumulated other comprehensive loss, net of tax	$ 1	$ (5)
Interest income related to interest rate swap contracts recorded in interest expense	$ 2	$ 3

Intangible Assets, net and Goodwill - Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 2,921	$ 2,939
Accumulated Amortization	(2,152)	(2,131)
Net Balance	769	808
Customer relationships
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	1,254	1,252
Accumulated Amortization	(724)	(703)
Net Balance	530	549
Intellectual property
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	1,044	1,044
Accumulated Amortization	(886)	(873)
Net Balance	158	171
Licenses
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	291	312
Accumulated Amortization	(243)	(258)
Net Balance	48	54
Brand names
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	131	129
Accumulated Amortization	(129)	(127)
Net Balance	2	2
Trade names
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	189	190
Accumulated Amortization	(163)	(163)
Net Balance	26	27
Patents and other
Schedule of Finite Lived Intangible and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Value	12	12
Accumulated Amortization	(7)	(7)
Net Balance	$ 5	$ 5

Long-Term Debt - Outstanding Debt (Details) - USD ($)
$ in Millions

Jan. 22, 2026

Mar. 31, 2026

Dec. 31, 2025

Debt Instrument [Line Items]

Face Value

$ 5,182

Unamortized debt discount/premium and deferred financing costs, net

Book Value

5,140

$ 5,163

Less: current portion of long-term debt

(58)

(53)

Long-term debt, excluding current portion

5,082

5,110

Fair value of debt(1)

^[1]

5,184

Secured Debt | Revolving Credit Facility | LNWI Revolver

Debt Instrument [Line Items]

Face Value

210

Unamortized debt discount/premium and deferred financing costs, net

Book Value

210

230

Secured Debt | Secured Debt | LNWI Term Loan A

Debt Instrument [Line Items]

Face Value

785

Unamortized debt discount/premium and deferred financing costs, net

(2)

Book Value

783

788

Secured Debt | Secured Debt | LNWI Term Loan B

Debt Instrument [Line Items]

Face Value

2,135

Unamortized debt discount/premium and deferred financing costs, net

(17)

Book Value

$ 2,118

2,116

Secured Debt | Secured Debt | LNWI Term Loan B | Adjusted Secured Overnight Financing Rate

Debt Instrument [Line Items]

Margin spread on debt

2.00%

Secured Debt | Secured Debt | LNWI Term Loan B | Base Rate

Debt Instrument [Line Items]

Margin spread on debt

1.00%

Senior Notes | 2029 Unsecured Notes

Debt Instrument [Line Items]

Rate(s)

7.25%

Face Value

$ 500

Unamortized debt discount/premium and deferred financing costs, net

Book Value

$ 497

497

Senior Notes | 2031 Unsecured Notes

Debt Instrument [Line Items]

Rate(s)

7.50%

Face Value

$ 550

Unamortized debt discount/premium and deferred financing costs, net

Book Value

$ 544

544

Senior Notes | Senior Unsecured Notes, Maturing 2033

Debt Instrument [Line Items]

Rate(s)

6.25%

Face Value

$ 1,000

Unamortized debt discount/premium and deferred financing costs, net

Book Value

986

985

Capital Lease Obligations | Other

Debt Instrument [Line Items]

Face Value

Unamortized debt discount/premium and deferred financing costs, net

Book Value

$ 2

$ 3

[1]	(1) Fair value of our fixed rate and variable interest rate debt is classified within Level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventories
Parts and work-in-process	$ 146	$ 131
Finished goods	39	38
Total inventories, net	$ 185	$ 169

Long-Term Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Long-Term and Other Debt

The following table reflects our outstanding debt (in order of priority and maturity):


	As of
	March 31, 2026								December 31, 2025
	Final Maturity	Rate(s)	Face Value		Unamortized debt discount/premium and deferred financing costs, net		Book Value		Book Value
Senior Secured Credit Facilities:
LNWI Revolver	2030	variable	$	210	$	—	$	210	$	230
LNWI Term Loan A	2028	variable	785		(2)		783		788
LNWI Term Loan B	2029	variable	2,135		(17)		2,118		2,116
LNWI Senior Notes:
2029 Unsecured Notes	2029	7.250%	500		(3)		497		497
2031 Unsecured Notes	2031	7.500%	550		(6)		544		544
2033 Unsecured Notes	2033	6.250%	1,000		(14)		986		985
Other	—	—	2		—		2		3
Total long-term debt outstanding			$	5,182	$	(42)	$	5,140	$	5,163
Less: current portion of long-term debt							(58)		(53)
Long-term debt, excluding current portion							$	5,082	$	5,110
Fair value of debt(1)			$	5,184





(1) Fair value of our fixed rate and variable interest rate debt is classified within Level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.

LNWI Term Loan B Repricing

On January 22, 2026, we amended the LNWI Credit Agreement and reduced the applicable margin on the LNWI Term Loan B. Following the amendment, the interest rate for the Term Loan B is either (i) the Adjusted Term SOFR Rate (as defined in the LNWI Credit Agreement) plus 2.00% per annum or (ii) a base rate plus 1.00% per annum.

We were in compliance with the financial covenants under all debt agreements as of March 31, 2026 (for information regarding the financial covenants of all our debt agreements, see above and Note 14 in our 2025 10-K).

For additional information regarding the terms of our credit facilities and Senior Notes, see Note 14 in our 2025 10-K.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-11693
Entity Registrant Name	LIGHT & WONDER, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	81-0422894
Entity Address, Address Line One	6601 Bermuda Road
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89119
City Area Code	702
Local Phone Number	897-7150
Title of 12(g) Security	Common stock, par value $0.001 per share
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		78,661,761
Entity Central Index Key	0000750004
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Accounts Receivable and Notes Receivable and Credit Quality of Receivables - Components of Total Notes Receivable, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Receivables, net
Receivables	$ 97		$ 98
Notes receivable allowance for doubtful accounts	(31)	$ (39)	(31)	$ 40
Accounts and notes receivable, net	708		785
Provision	(1)	(1)
Charge-offs and recoveries	1	$ 0
Notes Receivable
Receivables, net
Receivables	739		816
Notes receivable allowance for doubtful accounts	(31)		(31)
Accounts and notes receivable, net	708		785
United States and Canada
Receivables, net
Notes receivable allowance for doubtful accounts	(15)		(14)
Provision	1
Charge-offs and recoveries	0
United States and Canada \| Notes Receivable
Receivables, net
Receivables	385		438
Notes receivable allowance for doubtful accounts	(15)		(14)
International
Receivables, net
Notes receivable allowance for doubtful accounts	(16)		(17)
Provision	0
Charge-offs and recoveries	1
International \| Notes Receivable
Receivables, net
Receivables	354		378
Notes receivable allowance for doubtful accounts	(16)		(17)
Balances over 90 days past due \| Notes Receivable
Receivables, net
Receivables	15		29
Notes receivable allowance for doubtful accounts, balances over 90 days past due	(3)		(5)
Notes receivable, net, balances over 90 days past due	12		24
Balances over 90 days past due \| United States and Canada \| Notes Receivable
Receivables, net
Receivables	5		2
Notes receivable allowance for doubtful accounts, balances over 90 days past due	(1)		0
Balances over 90 days past due \| International \| Notes Receivable
Receivables, net
Receivables	10		27
Notes receivable allowance for doubtful accounts, balances over 90 days past due	$ (2)		$ (5)

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	We consider new evidence (both positive and negative) at each reporting date that could affect our view of the future realization of deferred tax assets. We evaluate information such as historical financial results, historical taxable income, projected future taxable income, expected timing of the reversals of existing temporary differences and available prudent and feasible tax planning strategies in our analysis. Based on the available evidence, valuation allowances in certain U.S. and non-U.S. jurisdictions remain consistent with the prior year as of March 31, 2026. Our income tax expense (including discrete items) was $10 million and $23 million for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026, our effective tax rate differed from the U.S. statutory rate of 21%, primarily as a result of foreign earnings and the impact of worldwide tax rates on foreign earnings, along with a reduction in foreign withholding taxes. In all periods, we recorded tax expense relative to pre-tax earnings in jurisdictions without valuation allowances.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Accounts Receivable and Notes Receivable and Credit Quality of Receivables - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Net, Current	$ 614	$ 689
Latin America [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss	59
Accounts Receivable, Allowance for Credit Loss	(12)
Accounts Receivable, Net, Current	47
Current \| Latin America [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss	54
Accounts Receivable, Allowance for Credit Loss	(10)
Accounts Receivable, Net, Current	$ 44
Balances over 90 days past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Percent Past Due	2.00%	3.00%
Balances over 90 days past due \| Latin America [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss	$ 5
Accounts Receivable, Allowance for Credit Loss	(2)
Accounts Receivable, Net, Current	$ 3

Revenue Recognition (Policies)	3 Months Ended
Revenue Recognition (Policies)	Mar. 31, 2026
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	The timing of revenue recognition, billings and cash collections results in billed receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on our consolidated balance sheets. Other than contracts with customers with financing arrangements exceeding 12 months, revenue recognition is generally proximal to conversion to cash.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Revenue Recognition - Summary of Revenue by Type (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Segment Reporting [Line Items]

Total revenue

$ 790

$ 774

Gaming

Segment Reporting [Line Items]

Total revenue

512

495

SciPlay

Segment Reporting [Line Items]

Total revenue

187

202

iGaming

Segment Reporting [Line Items]

Total revenue

Gaming operations | Gaming

Segment Reporting [Line Items]

Total revenue

239

173

Gaming machine sales | Gaming

Segment Reporting [Line Items]

Total revenue

156

208

Gaming systems | Gaming

Segment Reporting [Line Items]

Total revenue

Table products | Gaming

Segment Reporting [Line Items]

Total revenue

Third-party platforms and other(1) | SciPlay

Segment Reporting [Line Items]

Total revenue

^[1]

137

175

Direct-to-consumer platforms | SciPlay

Segment Reporting [Line Items]

Total revenue

$ 50

$ 27

[1]	(1) Other primarily represents advertising revenue, which was not material for the periods presented.

Revenue Recognition - Opening and Closing Balances (Details) - USD ($)
$ in Millions

Mar. 31, 2026

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Receivables

$ 708

$ 785

Contract Assets(1)

^[1]

$ 44

$ 43

[1]	(1) Contract assets are included primarily within Prepaid expenses, deposits and other current assets in our consolidated balance sheets.

Leases and Other Commitments

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Our total operating lease expense for the three months ended March 31, 2026 and 2025 was $7 million and $6 million, respectively. The total amount of variable and short-term lease payments was immaterial for all periods presented.

Supplemental balance sheet and cash flow information related to operating leases is as follows:


	As of
	March 31, 2026			December 31, 2025
Operating lease right-of-use assets	$	42		$	43
Accrued liabilities	18			18
Operating lease liabilities	28			29
Total operating lease liabilities	$	46		$	47


Weighted average remaining lease term, years	3			3
Weighted average discount rate	7		%	6		%


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	6	$	5
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	4	$	—

Lease liability maturities:


	Remainder of 2026		2027		2028		2029		2030		Thereafter		Less Imputed Interest		Total
Operating leases	$	17	$	15	$	10	$	4	$	2	$	3	$	(5)	$	46

As of March 31, 2026, we did not have material additional operating leases that have not yet commenced.

Accounts Receivable and Notes Receivable and Credit Quality of Receivables (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Summary of components of current and long-term accounts and notes receivable, net

The following table summarizes the components of current and long-term receivables, net:


	As of
	March 31, 2026		December 31, 2025
Current:
Receivables	$	642	$	718
Allowance for credit losses	(28)		(29)
Current receivables, net	614		689
Long-term:
Receivables	97		98
Allowance for credit losses	(3)		(2)
Long-term receivables, net	94		96
Total receivables, net	$	708	$	785

Summary of the components of total notes receivable, net

The following table summarizes geographical delinquencies of total receivables, net:


	As of March 31, 2026				As of December 31, 2025
	Total		Balances over 90 days past due		Total		Balances over 90 days past due
Receivables:
U.S. and Canada	$	385	$	5	$	438	$	2
International	354		10		378		27
Total receivables	739		15		816		29
Receivables allowance:
U.S. and Canada	(15)		(1)		(14)		—
International	(16)		(2)		(17)		(5)
Total receivables allowance	(31)		(3)		(31)		(5)
Receivables, net	$	708	$	12	$	785	$	24

Schedule of activity in allowance for notes receivable

The activity in our allowance for receivable credit losses for each of the three months ended March 31, 2026 and 2025 is as follows:


	2026						2025
	Total		U.S. and Canada		International		Total
Beginning allowance for credit losses	$	(31)	$	(14)	$	(17)	$	(40)
Provision	(1)		(1)		—		1
Charge-offs and recoveries	1		—		1		—
Allowance for credit losses as of March 31	$	(31)	$	(15)	$	(16)	$	(39)

Schedule of receivables by location - Latin America

The following table summarizes our LATAM receivables:


	As of March 31, 2026
	Total		Current		Balances over 90 days past due
Receivables	$	59	$	54	$	5
Allowance for credit losses	(12)		(10)		(2)
Receivables, net	$	47	$	44	$	3

Inventories

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories

Inventories, net consisted of the following:


	As of
	March 31, 2026		December 31, 2025
Parts and work-in-process	$	146	$	131
Finished goods	39		38
Total inventories, net	$	185	$	169

Parts and work-in-process include parts for gaming machines and our finished goods inventory primarily consist of gaming machines for sale.

Stockholders' Equity - Restricted Stock Units (Details) - Restricted Stock Units - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Number of Restricted Stock Units (in shares) [Roll Forward]
Unvested units outstanding at the beginning of the period (in shares)	1.7
Number of RSUs granted (in shares)	1.3
Number of RSUs vested (in shares)	(1.3)
Number of RSUs cancelled (in shares)	(0.1)
Unvested units outstanding at the end of the period (in shares)	1.6
Weighted Average Grant Date Fair Value (in dollars per share) [Roll Forward]
Weighted average grant date fair value of unvested units outstanding at the beginning of the period (in usd per share)	$ 90.80
Fair value of RSUs granted (in usd per share)	90.75	$ 106.48
Fair value of RSUs vested (in usd per share)	85.64
Fair value of RSUs cancelled (in usd per share)	65.65
Weighted average grant date fair value of unvested units outstanding at the end of the period (in usd per share)	$ 96.70

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Less: accumulated depreciation	$ (686)		$ (661)
Total property and equipment, net	347		348
Depreciation expense	47	$ 42
Land
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	6		6
Buildings and leasehold improvements
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	65		63
Gaming machinery and equipment
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	825		806
Furniture and fixtures
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	32		29
Construction in progress
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	6		6
Other property and equipment
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 99		$ 99

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ (10)	$ (23)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Intangible Assets, net and Goodwill - Intangible Asset Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]
Amortization expense	$ 38	$ 30

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (b)
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+ Details

Intangible Assets, net and Goodwill - Goodwill (Details)
$ in Millions

3 Months Ended

Mar. 31, 2026

USD ($)

Goodwill

Balance at the beginning of the period

$ 3,371

Balance at the end of the period

3,370

Goodwill, Foreign Currency Translation, Gain (Loss)

(1)

Gaming(1)

Goodwill

Balance at the beginning of the period

2,785

^[1]

Balance at the end of the period

2,785

^[1]

Goodwill, Foreign Currency Translation, Gain (Loss)

^[1]

Accumulated goodwill impairment charges

989

SciPlay

Goodwill

Balance at the beginning of the period

217

Balance at the end of the period

218

Goodwill, Foreign Currency Translation, Gain (Loss)

iGaming

Goodwill

Balance at the beginning of the period

369

Balance at the end of the period

367

Goodwill, Foreign Currency Translation, Gain (Loss)

$ (2)

[1]	(1) Accumulated goodwill impairment charges for the Gaming segment as of March 31, 2026 were $989 million.

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenue:

Total revenue

$ 790

$ 774

Operating expenses:

Cost of revenue

194

^[1]

211

^[2]

Selling, general and administrative

237

217

Research and development

Depreciation, amortization and impairments

108

Restructuring and other

Operating income

130

170

Other (expense) income:

Interest expense

(81)

(68)

Gain (Loss) on Extinguishment of Debt

(2)

(1)

Other income, net

Total other expense, net

(68)

(65)

Net income before income taxes

105

Income tax expense

(10)

(23)

Net income

$ 52

$ 82

Basic and diluted net income per share:

Basic

$ 0.68

$ 0.97

Diluted

$ 0.66

$ 0.94

Weighted average number of shares used in per share calculations:

Basic shares

77.6

85.0

Diluted shares

79.2

86.9

Services

Revenue:

Total revenue

$ 595

$ 527

Operating expenses:

Cost of revenue

^[3]

110

111

Products

Revenue:

Total revenue

195

247

Operating expenses:

Cost of revenue

^[3]

$ 84

$ 100

[1]	(2) Excludes D&A.
[2]	(2) Excludes D&A.
[3]	(1) Excludes D&A.

Fair Value Measurements - Additional Information (Details) - Cash Flow Hedging - Designated as Hedging Instrument - Interest rate swap $ in Millions	Mar. 31, 2026 USD ($)
Derivatives Fair Value
Derivative, average fixed interest rate	2.832%
Notional amounts of the forward contracts	$ 700

Leases and Other Commitments - Schedule of Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Leases [Abstract]
Operating lease right-of-use assets	$ 42		$ 43
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities		Accrued liabilities
Operating Lease, Liability, Current	$ 18		$ 18
Operating lease liabilities	28		29
Total operating lease liabilities	$ 46		$ 47
Weighted average remaining lease term, years	3 years		3 years
Weighted average discount rate	7.00%		6.00%
Operating cash flows for operating leases	$ 6	$ 5
Operating leases	$ 4	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 147	$ 167
Restricted cash	102	94
Accounts Receivable, Net, Current	614	689
Inventories, net	185	169
Prepaid expenses, deposits and other current assets	157	164
Total current assets	1,205	1,283
Non-current assets:
Restricted cash	4	5
Receivables, net of allowance for credit losses of $3 and $2, respectively	94	96
Property and equipment, net	347	348
Operating lease right-of-use assets	42	43
Goodwill	3,370	3,371
Net Balance	769	808
Software, net	195	191
Deferred income taxes	279	254
Other assets	60	63
Total assets	6,365	6,462
Current liabilities:
Current portion of long-term debt	58	53
Accounts payable	147	189
Accrued liabilities	437	535
Income taxes payable	34	26
Total current liabilities	676	803
Deferred income taxes	10	11
Operating lease liabilities	28	29
Other long-term liabilities	258	264
Long-term debt, excluding current portion	5,082	5,110
Total liabilities	6,054	6,217
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, par value $0.001 per share, 199.0 shares authorized; 78.7 and 118.6 shares issued, respectively, and 78.7 and 77.1 shares outstanding, respectively	1	1
Additional paid-in capital	185	1,276
Retained earnings	351	1,292
Treasury stock, at cost, 41.5 shares as of December 31, 2025	0	(2,101)
Accumulated other comprehensive loss	(226)	(223)
Total stockholders’ equity	311	245
Total liabilities and stockholders’ equity	$ 6,365	$ 6,462

Software, net

3 Months Ended

Mar. 31, 2026

Research and Development [Abstract]

Software, net

We capitalize direct costs for internal-use software projects when it is probable that the project will be completed and the software will be used as intended. Costs incurred prior to meeting the probable threshold and post-implementation maintenance costs are expensed as incurred. Capitalized costs are amortized on a straight-line basis over the estimated useful life, generally 2 to 10 years.

We purchase, license and incur costs to develop external use software and game themes (collectively referred to as software) to be used in the products we sell, lease or market to customers. Costs incurred in creating software are expensed when incurred as R&D until technological feasibility has been established, after which costs are capitalized up to the date the software is available for general release to customers. Generally, the software we develop reaches technological feasibility when a working model of the software is available. We capitalize the payments made for software that we purchase or license for use in our products that has previously met the technological feasibility criteria prior to our purchase or license. Additionally, we incur and capitalize regulatory approval costs for our game themes after technological feasibility is achieved. Amortization of capitalized software costs is recorded over the estimated economic life, which is typically 2 to 10 years.

Software, net consisted of the following:


	As of
	March 31, 2026		December 31, 2025
Software	$	1,168	$	1,151
Accumulated amortization	(973)		(960)
Software, net	$	195	$	191

The following reflects amortization of software included within D&A:


	Three Months Ended March 31,
	2026		2025
Amortization expense	$	23	$	19

Property and Equipment, net

3 Months Ended

Mar. 31, 2026

Property, Plant, and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


	As of
	March 31, 2026		December 31, 2025
Land	$	6	$	6
Buildings and leasehold improvements	65		63
Gaming machinery and equipment	825		806
Furniture and fixtures	32		29
Construction in progress	6		6
Other property and equipment	99		99
Less: accumulated depreciation	(686)		(661)
Total property and equipment, net	$	347	$	348

Depreciation expense is excluded from cost of services, cost of products and other operating expenses and is separately presented within D&A.


	Three Months Ended March 31,
	2026		2025
Depreciation expense	$	47	$	42

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Description of the Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of L&W, its wholly owned subsidiaries and those subsidiaries in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of L&W and its management, we have made all adjustments necessary to present fairly our condensed consolidated financial position, results of operations, comprehensive income and cash flows for the periods presented. Such adjustments are of a normal, recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2025 10-K. Interim results of operations are not necessarily indicative of results of operations to be expected for a full year.
Significant Accounting Policies	There have been no changes to our significant accounting policies described within the Notes of our 2025 10-K, other than those related to internal-use capitalized software costs as described in Note 9.
Business Combination	Acquisition of Grover On May 16, 2025, we completed the acquisition of Grover for an upfront consideration of $850 million, subject to certain customary purchase price adjustments as set forth in the purchase agreement, and up to $200 million in cash in the aggregate in the form of contingent acquisition consideration payments based on achievement of certain revenue metrics over a four-year period. Grover is a leading provider of electronic pull tabs currently distributed over six U.S. states: North Dakota, Ohio, Virginia, Kentucky, New Hampshire and Indiana. Grover revenue and net income included in the condensed consolidated statements of operations and comprehensive income were not material. The Grover operating segment was aggregated with our Gaming reportable business segment.
Earnings Per Share	Basic and diluted net income per share are based upon net income divided by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the effect of the assumed exercise of stock options and vesting of RSUs only in the periods in which such effect would have been dilutive to net income.
New Accounting Guidance	The FASB issued ASU No. 2025-06, under Subtopic 350-40, Intangibles — Goodwill and Other — Internal-Use Software in September 2025. The new guidance aims to modernize the accounting for internal-use capitalized software costs and removes all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40. An entity is therefore required to start capitalizing internal-use software costs when management has authorized and committed to funding the software project, and when it is probable that the project will be completed and the software will be used to perform the function intended (the “probable-to-complete” recognition threshold). We adopted this guidance as of January 1, 2026, and it did not have a material impact on our consolidated financial statements. There have been no other recent accounting pronouncements or changes in accounting pronouncements since those described within Note 1 of our 2025 10-K that are expected to have a material impact on our consolidated financial statements.

- Definition

Disclosure of accounting policy for business combination.

+ References

+ Details

Fair Value Measurements - Schedule of Fair Value of Hedges (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Interest rate swap
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative fair value	$ 6	$ 5

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Statements of Changes in Stockholders' Equity

The following tables present certain information regarding our stockholders’ equity for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
	Common Stock		Additional Paid in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Total
January 1, 2026	$	1	$	1,276	$	1,292	$	(2,101)	$	(223)	$	245
Settlement of liability awards	—		55		—		—		—		55
Vesting of RSUs, net of tax withholdings and other	—		(33)		—		—		—		(33)
Reclassification of treasury stock upon retirement	—		(1,108)		(993)		2,101		—		—
Purchase of common stock	—		(22)		—		—		—		(22)

Stock-based compensation	—		17		—		—		—		17
Net income	—		—		52		—		—		52
Other comprehensive loss	—		—		—		—		(3)		(3)
March 31, 2026	$	1	$	185	$	351	$	—	$	(226)	$	311


	Three Months Ended March 31, 2025
	Common Stock		Additional Paid in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Total
January 1, 2025	$	1	$	1,200	$	1,016	$	(1,216)	$	(365)	$	636
Settlement of liability awards	—		44		—		—		—		44
Vesting of RSUs, net of tax withholding and other	—		(36)		—		—		—		(36)
Purchase of treasury stock(1)	—		—		—		(167)		—		(167)

Stock-based compensation	—		18		—		—		—		18
Net income	—		—		82		—		—		82
Other comprehensive income	—		—		—		—		43		43

March 31, 2025	$	1	$	1,226	$	1,098	$	(1,383)	$	(322)	$	620














(1) Includes excise taxes of $1 million for the three months ended March 31, 2025.

RSUs Outstanding Under Equity-based Compensation Plans

A summary of the changes in RSUs outstanding under our equity-based compensation plans during the three months ended March 31, 2026 is presented below:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2025	1.7	$	90.80
Granted	1.3	$	90.75
Vested	(1.3)	$	85.64
Cancelled	(0.1)	$	65.65
Unvested RSUs as of March 31, 2026	1.6	$	96.70

Intangible Assets, net and Goodwill (Tables)

3 Months Ended

Mar. 31, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible Asset, Finite-Lived

The following tables present certain information regarding our intangible assets as of March 31, 2026 and December 31, 2025.


	As of
	March 31, 2026						December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Balance			Gross Carrying Value		Accumulated Amortization		Net Balance
Amortizable intangible assets:
Customer relationships	$	1,254	$	(724)	$	530		$	1,252	$	(703)	$	549
Intellectual property	1,044		(886)		158			1,044		(873)		171
Licenses	291		(243)		48			312		(258)		54
Brand names	131		(129)		2			129		(127)		2
Trade names	189		(163)		26			190		(163)		27
Patents and other	12		(7)		5			12		(7)		5
Total intangible assets	$	2,921	$	(2,152)	$	769		$	2,939	$	(2,131)	$	808

Schedule of Intangible Asset Amortization Expense

The following reflects intangible amortization expense included within D&A:


	Three Months Ended March 31,
	2026		2025
Amortization expense	$	38	$	30

The following reflects amortization of software included within D&A:


	Three Months Ended March 31,
	2026		2025
Amortization expense	$	23	$	19

Schedule of Goodwill Reconciliation

The table below reconciles the change in the carrying value of goodwill, by reportable segment, for the period from December 31, 2025 to March 31, 2026.


	Gaming(1)		SciPlay		iGaming		Totals
Balance as of December 31, 2025	$	2,785	$	217	$	369	$	3,371
Foreign currency adjustments	—		1		(2)		(1)
Balance as of March 31, 2026	$	2,785	$	218	$	367	$	3,370



(1) Accumulated goodwill impairment charges for the Gaming segment as of March 31, 2026 were $989 million.

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Fair Value Measurements - Effect of Interest Rate Swap Contracts Designated as Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Disclosures [Abstract]
Interest expense	$ (81)	$ (68)
Hedged item	(5)	(5)
Derivative designated as hedging instrument	$ 7	$ 8

Accounts Receivable and Notes Receivable and Credit Quality of Receivables

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Accounts and Nontrade Receivable

Receivables

The following table summarizes the components of current and long-term receivables, net:


	As of
	March 31, 2026		December 31, 2025
Current:
Receivables	$	642	$	718
Allowance for credit losses	(28)		(29)
Current receivables, net	614		689
Long-term:
Receivables	97		98
Allowance for credit losses	(3)		(2)
Long-term receivables, net	94		96
Total receivables, net	$	708	$	785

Allowance for Credit Losses

We manage our receivable portfolios using both geography and delinquency as key credit quality indicators. The following table summarizes geographical delinquencies of total receivables, net:


	As of March 31, 2026				As of December 31, 2025
	Total		Balances over 90 days past due		Total		Balances over 90 days past due
Receivables:
U.S. and Canada	$	385	$	5	$	438	$	2
International	354		10		378		27
Total receivables	739		15		816		29
Receivables allowance:
U.S. and Canada	(15)		(1)		(14)		—
International	(16)		(2)		(17)		(5)
Total receivables allowance	(31)		(3)		(31)		(5)
Receivables, net	$	708	$	12	$	785	$	24

Account balances are charged against the allowances after all internal and external collection efforts have been exhausted and the potential for recovery is considered remote.

The activity in our allowance for receivable credit losses for each of the three months ended March 31, 2026 and 2025 is as follows:


	2026						2025
	Total		U.S. and Canada		International		Total
Beginning allowance for credit losses	$	(31)	$	(14)	$	(17)	$	(40)
Provision	(1)		(1)		—		1
Charge-offs and recoveries	1		—		1		—
Allowance for credit losses as of March 31	$	(31)	$	(15)	$	(16)	$	(39)

As of March 31, 2026 and December 31, 2025, 2% and 3%, respectively, of our total receivables, net, were past due by over 90 days.

Credit Quality of Receivables

We have certain concentrations of outstanding receivables in international locations that impact our assessment of the credit quality of our receivables. We monitor the macroeconomic and political environment in each of these locations in our assessment of the credit quality of our receivables. The international customers with significant concentrations (generally

deemed to be exceeding 10%) of our receivables with terms longer than one year are in the Latin America region (“LATAM”) and are primarily comprised of Mexico and Argentina. The following table summarizes our LATAM receivables:


	As of March 31, 2026
	Total		Current		Balances over 90 days past due
Receivables	$	59	$	54	$	5
Allowance for credit losses	(12)		(10)		(2)
Receivables, net	$	47	$	44	$	3

We continuously review receivables and, as information concerning credit quality and/or overall economic environment arises, reassess our expectations of future losses and record an incremental reserve if warranted at that time. Our current allowance for credit losses represents our current expectation of credit losses; however, future expectations could change as international unrest or other macro-economic factors impact the financial stability of our customers.

The fair value of receivables is estimated by discounting expected future cash flows using current interest rates at which similar loans would be made to borrowers with similar credit ratings and remaining maturities. As of March 31, 2026 and December 31, 2025, the fair value of receivables, net, approximated the carrying value due to contractual terms of receivables generally being less than 24 months.

Description of the Business and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Description of the Business and Summary of Significant Accounting Policies	Description of the Business We are a leading cross-platform global games company with a focus on content and digital markets. Our portfolio of revenue-generating activities primarily includes supplying game content and gaming machines, CMSs and table game products and services to licensed gaming entities, and electronic pull tabs and related services to charitable gaming entities; providing social casino and other online games, including casual gaming, to retail customers; and providing a comprehensive suite of digital gaming content, distribution platforms and player account management systems, as well as various other iGaming content and services. We report our results of operations in three reportable business segments—Gaming, SciPlay and iGaming—representing our different products and services. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of L&W, its wholly owned subsidiaries and those subsidiaries in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of L&W and its management, we have made all adjustments necessary to present fairly our condensed consolidated financial position, results of operations, comprehensive income and cash flows for the periods presented. Such adjustments are of a normal, recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2025 10-K. Interim results of operations are not necessarily indicative of results of operations to be expected for a full year. Significant Accounting Policies There have been no changes to our significant accounting policies described within the Notes of our 2025 10-K, other than those related to internal-use capitalized software costs as described in Note 9. Acquisition of Grover On May 16, 2025, we completed the acquisition of Grover for an upfront consideration of $850 million, subject to certain customary purchase price adjustments as set forth in the purchase agreement, and up to $200 million in cash in the aggregate in the form of contingent acquisition consideration payments based on achievement of certain revenue metrics over a four-year period. Grover is a leading provider of electronic pull tabs currently distributed over six U.S. states: North Dakota, Ohio, Virginia, Kentucky, New Hampshire and Indiana. Grover revenue and net income included in the condensed consolidated statements of operations and comprehensive income were not material. The Grover operating segment was aggregated with our Gaming reportable business segment. Computation of Basic and Diluted Net Income Per Share Basic and diluted net income per share are based upon net income divided by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the effect of the assumed exercise of stock options and vesting of RSUs only in the periods in which such effect would have been dilutive to net income. For the three months ended March 31, 2026 and 2025, we included 1.6 million and 1.9 million, respectively, of common stock equivalents in the calculation of diluted net income per share. New Accounting Guidance The FASB issued ASU No. 2025-06, under Subtopic 350-40, Intangibles — Goodwill and Other — Internal-Use Software in September 2025. The new guidance aims to modernize the accounting for internal-use capitalized software costs and removes all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40. An entity is therefore required to start capitalizing internal-use software costs when management has authorized and committed to funding the software project, and when it is probable that the project will be completed and the software will be used to perform the function intended (the “probable-to-complete” recognition threshold). We adopted this guidance as of January 1, 2026, and it did not have a material impact on our consolidated financial statements. There have been no other recent accounting pronouncements or changes in accounting pronouncements since those described within Note 1 of our 2025 10-K that are expected to have a material impact on our consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net income	$ 52	$ 82
Adjustments to reconcile net income to net cash provided by operating activities	111	107
Changes in working capital accounts, excluding the effects of acquisition	(24)	(4)
Net cash provided by operating activities	139	185
Cash flows from investing activities:
Capital expenditures	74	61
Other	1	(1)
Net cash used in investing activities	(73)	(62)
Cash flows from financing activities:
Borrowings under revolving credit facility	155	110
Repayments under revolving credit facility	175	70
Payments on long-term debt	(5)	(5)
Payments of debt issuance and deferred financing costs	(2)	(3)
Payments on license obligations	(4)	(5)
Purchase of L&W common stock	(22)	(166)
Net redemptions of common stock under stock-based compensation plans and other	(26)	(32)
Net cash used in financing activities	(79)	(171)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0	3
Decrease in cash, cash equivalents and restricted cash	(13)	(45)
Cash, cash equivalents and restricted cash, beginning of period	253	267	$ 266	$ 312
Supplemental cash flow information:
Cash paid for interest	68	54
Income taxes paid	15	24
Supplemental non-cash transactions:
Non-cash interest expense	$ 3	$ 2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 52	$ 82
Foreign currency translation (loss) gain, net of tax	(4)	48
Derivative financial instruments unrealized gain (loss), net of tax	1	(5)
Total other comprehensive (loss) income	(3)	43
Total comprehensive income	$ 49	$ 125

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Segment Reporting, Reconciliation of Revenue by Segment to Consolidated

The following table disaggregates our revenues by type within each of our reportable business segments:


	Three Months Ended March 31,
	2026		2025
Gaming
Gaming operations	$	239	$	173
Gaming machine sales	156		208
Gaming systems	54		63
Table products	63		51
Total	$	512	$	495
SciPlay
Third-party platforms and other(1)	$	137	$	175
Direct-to-consumer platforms	50		27
Total	$	187	$	202
iGaming	$	91	$	77
(1) Other primarily represents advertising revenue, which was not material for the periods presented.

Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following table summarizes the activity in our contract liabilities for the reporting period:


	Three Months Ended March 31, 2026
Contract liability balance, beginning of period(1)	$	28
Liabilities recognized during the period	8
Amounts recognized in revenue from beginning balance	(6)
Contract liability balance, end of period(1)	$	30
(1) Contract liabilities are included within Accrued liabilities and Other long-term liabilities in our consolidated balance sheets.

The following table summarizes our balances in these accounts for the periods indicated (other than contract liabilities disclosed above):


	Receivables		Contract Assets(1)
Beginning of period balance	$	785	$	43
End of period balance, March 31, 2026	708		44


(1) Contract assets are included primarily within Prepaid expenses, deposits and other current assets in our consolidated balance sheets.

Income Taxes (Policies)	3 Months Ended
Income Taxes (Policies)	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Tax, Policy	We consider new evidence (both positive and negative) at each reporting date that could affect our view of the future realization of deferred tax assets. We evaluate information such as historical financial results, historical taxable income, projected future taxable income, expected timing of the reversals of existing temporary differences and available prudent and feasible tax planning strategies in our analysis. Based on the available evidence, valuation allowances in certain U.S. and non-U.S. jurisdictions remain consistent with the prior year as of March 31, 2026.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Changes in Stockholders’ Equity

The following tables present certain information regarding our stockholders’ equity for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
	Common Stock		Additional Paid in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Total
January 1, 2026	$	1	$	1,276	$	1,292	$	(2,101)	$	(223)	$	245
Settlement of liability awards	—		55		—		—		—		55
Vesting of RSUs, net of tax withholdings and other	—		(33)		—		—		—		(33)
Reclassification of treasury stock upon retirement	—		(1,108)		(993)		2,101		—		—
Purchase of common stock	—		(22)		—		—		—		(22)

Stock-based compensation	—		17		—		—		—		17
Net income	—		—		52		—		—		52
Other comprehensive loss	—		—		—		—		(3)		(3)
March 31, 2026	$	1	$	185	$	351	$	—	$	(226)	$	311


	Three Months Ended March 31, 2025
	Common Stock		Additional Paid in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Total
January 1, 2025	$	1	$	1,200	$	1,016	$	(1,216)	$	(365)	$	636
Settlement of liability awards	—		44		—		—		—		44
Vesting of RSUs, net of tax withholding and other	—		(36)		—		—		—		(36)
Purchase of treasury stock(1)	—		—		—		(167)		—		(167)

Stock-based compensation	—		18		—		—		—		18
Net income	—		—		82		—		—		82
Other comprehensive income	—		—		—		—		43		43

March 31, 2025	$	1	$	1,226	$	1,098	$	(1,383)	$	(322)	$	620














(1) Includes excise taxes of $1 million for the three months ended March 31, 2025.

Stock-based Compensation

For the three months ended March 31, 2026 and 2025, we recognized $32 million and $27 million, respectively, in total stock-based compensation expense under all programs. These amounts included $15 million and $9 million, respectively, of stock-based compensation classified as liability awards.

Restricted Stock Units

A summary of the changes in RSUs outstanding under our equity-based compensation plans during the three months ended March 31, 2026 is presented below:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested RSUs as of December 31, 2025	1.7	$	90.80
Granted	1.3	$	90.75
Vested	(1.3)	$	85.64
Cancelled	(0.1)	$	65.65
Unvested RSUs as of March 31, 2026	1.6	$	96.70

The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2026 and 2025 was $90.75 and $106.48, respectively. The fair value of each RSU grant is based on the market value of our common stock at the time of grant. As of March 31, 2026, we had $131 million of unrecognized stock-based compensation expense relating to unvested RSUs that is expected to be recognized over a weighted-average vesting period of approximately 1.7 years. The fair value at vesting date of RSUs vested during the three months ended March 31, 2026 and 2025 was $110 million for both periods.

Share Repurchase Program

On June 11, 2024, our Board of Directors (the “Board”) approved a share repurchase program, as amended on July 31, 2025, under which the Company is authorized to repurchase, from time to time through June 12, 2027, up to an aggregate amount of $1.5 billion of shares of outstanding common stock or CDIs. Repurchases under the share repurchase program may be effected at the discretion of the Transaction Committee of the Board through one or more open market repurchases, privately negotiated transactions, including block trades, accelerated share repurchases, issuer tender offers or other derivative contracts or instruments, “10b5-1” plan, or other financial or other arrangements, or a combination of the foregoing. The share repurchase program may be suspended or discontinued at any time.

During the three months ended March 31, 2026, we repurchased approximately 0.2 million CDIs under the repurchase program at an aggregate cost of $22 million (including excise tax). On February 19, 2026, we retired all existing treasury shares and restored such shares to the status of authorized but unissued shares in accordance with the Nevada Revised Statutes.

- Definition

The entire disclosure for equity.

+ References

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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
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-Subparagraph (a)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 2
-Subparagraph (d)
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Litigation (Policies)	3 Months Ended
Litigation (Policies)	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies, Policy	We are involved in various legal proceedings, including those discussed below. We record an accrual for legal contingencies when it is both probable that a liability has been incurred and the amount or range of the loss can be reasonably estimated (although, as discussed below, there may be an exposure to loss in excess of the accrued liability). We evaluate our accruals for legal contingencies at least quarterly and, as appropriate, establish new accruals or adjust existing accruals to reflect (1) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments, (2) the advice and analyses of counsel and (3) the assumptions and judgment of management. Legal costs associated with our legal proceedings are expensed as incurred. We had accrued liabilities of $55 million and $144 million for all of our legal matters that were contingencies as of March 31, 2026 and December 31, 2025, respectively. Substantially all of our legal contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss involves a series of complex judgments about future events. Consequently, the ultimate outcomes of our legal contingencies could result in losses in excess of amounts we have accrued. We may be unable to estimate a range of possible losses for some matters pending against us or our subsidiaries, even when the amount of damages claimed against us or our subsidiaries is stated because, among other things: (1) the claimed amount may be exaggerated or unsupported; (2) the claim may be based on a novel legal theory or involve a large number of parties; (3) there may be uncertainty as to the likelihood of a class being certified or the ultimate size of the class; (4) there may be uncertainty as to the outcome of pending appeals or motions; (5) the matter may not have progressed sufficiently through discovery or there may be significant factual or legal issues to be resolved or developed; and/or (6) there may be uncertainty as to the enforceability of legal judgments and outcomes in certain jurisdictions. Other matters have progressed sufficiently that we are able to estimate a range of possible loss. For those legal contingencies disclosed below, and those related to the previously disclosed settlement agreement entered into in February 2015 with SNAI S.p.a. (“SNAI”), as to which a loss is reasonably possible, whether in excess of a related accrued liability or where there is no accrued liability, and for which we are able to estimate a range of possible loss, the current estimated range is up to approximately $14 million in excess of the accrued liabilities (if any) related to those legal contingencies. This aggregate range represents management’s estimate of additional possible loss in excess of the accrued liabilities (if any) with respect to these matters based on currently available information, including any damages claimed by the plaintiffs, and is subject to significant judgment and a variety of assumptions and inherent uncertainties. For example, at the time of making an estimate, management may have only preliminary, incomplete, or inaccurate information about the facts underlying a claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties, regulators, indemnitors or co‑defendants, may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that management had not accounted for in its estimate because it had considered that outcome to be remote. Furthermore, as noted above, the aggregate range does not include any matters for which we are not able to estimate a range of possible loss. Accordingly, the estimated aggregate range of possible loss does not represent our maximum loss exposure. Any such losses could have a material adverse impact on our results of operations, cash flows or financial condition. The legal proceedings underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 28	$ 29
Accounts Receivable, Allowance for Credit Loss, Noncurrent	$ 3	$ 2
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	199,000,000.0	199,000,000.0
Common Stock, Shares, Issued	78,700,000	118,600,000
Common Stock, Shares, Outstanding	78,700,000	77,100,000
Treasury Stock, Common, Shares		41,500,000

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant, and Equipment [Abstract]

Schedule of components of property plant and equipment

Property and equipment, net consisted of the following:


	As of
	March 31, 2026		December 31, 2025
Land	$	6	$	6
Buildings and leasehold improvements	65		63
Gaming machinery and equipment	825		806
Furniture and fixtures	32		29
Construction in progress	6		6
Other property and equipment	99		99
Less: accumulated depreciation	(686)		(661)
Total property and equipment, net	$	347	$	348

Depreciation expense is excluded from cost of services, cost of products and other operating expenses and is separately presented within D&A.


	Three Months Ended March 31,
	2026		2025
Depreciation expense	$	47	$	42

Litigation (Details) € in Millions, $ in Millions, $ in Billions					1 Months Ended
	Jan. 12, 2026 USD ($)	Apr. 16, 2012 EUR (€)	Jun. 01, 1999 USD ($)	Jun. 01, 1999 COP ($)	Feb. 28, 2015 EUR (€)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Jun. 30, 1993 USD ($)
Litigation
Loss contingency accrual						$ 55.0	$ 144.0
Loss Contingency, Range of Possible Loss, Portion Not Accrued						$ 14.0
Czech Republic Barcrest
Litigation
Litigation settlement amount \| €					€ 25.0
Loss Contingency, Third Party Erroneous Winning Jackpot Face Amount \| €		€ 400.0
Loss Contingency, Third Party Loss \| €		€ 1.5
Litigation Settlement, Fee Expense \| €					€ 9.4
Aristocrat Technologies Australia Pty Limited
Litigation
Litigation settlement amount	$ 128.0
Ecosalud
Litigation
Litigation settlement amount			$ 30.0	$ 90
Guarantee of business revenue
Litigation
Legal contingencies, liability range								$ 5.0
Performance guarantee
Litigation
Surety bond								$ 4.0

Software, net - Summary of Software and Amortization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]
Software	$ 1,168		$ 1,151
Accumulated amortization	(973)		(960)
Software, net	195		$ 191
Amortization expense	$ 23	$ 19
Software, Internally Developed \| Minimum
Intangible Asset, Finite-Lived [Line Items]
Intangible Asset, Finite-Lived, Useful Life	2 years
Software, Internally Developed \| Maximum
Intangible Asset, Finite-Lived [Line Items]
Intangible Asset, Finite-Lived, Useful Life	10 years
External Use Software \| Minimum
Intangible Asset, Finite-Lived [Line Items]
Intangible Asset, Finite-Lived, Useful Life	2 years
External Use Software \| Maximum
Intangible Asset, Finite-Lived [Line Items]
Intangible Asset, Finite-Lived, Useful Life	10 years

Leases and Other Commitments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating Lease, Expense	$ 7	$ 6

Litigation	3 Months Ended
Litigation	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Litigation	We are involved in various legal proceedings, including those discussed below. We record an accrual for legal contingencies when it is both probable that a liability has been incurred and the amount or range of the loss can be reasonably estimated (although, as discussed below, there may be an exposure to loss in excess of the accrued liability). We evaluate our accruals for legal contingencies at least quarterly and, as appropriate, establish new accruals or adjust existing accruals to reflect (1) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments, (2) the advice and analyses of counsel and (3) the assumptions and judgment of management. Legal costs associated with our legal proceedings are expensed as incurred. We had accrued liabilities of $55 million and $144 million for all of our legal matters that were contingencies as of March 31, 2026 and December 31, 2025, respectively. Substantially all of our legal contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss involves a series of complex judgments about future events. Consequently, the ultimate outcomes of our legal contingencies could result in losses in excess of amounts we have accrued. We may be unable to estimate a range of possible losses for some matters pending against us or our subsidiaries, even when the amount of damages claimed against us or our subsidiaries is stated because, among other things: (1) the claimed amount may be exaggerated or unsupported; (2) the claim may be based on a novel legal theory or involve a large number of parties; (3) there may be uncertainty as to the likelihood of a class being certified or the ultimate size of the class; (4) there may be uncertainty as to the outcome of pending appeals or motions; (5) the matter may not have progressed sufficiently through discovery or there may be significant factual or legal issues to be resolved or developed; and/or (6) there may be uncertainty as to the enforceability of legal judgments and outcomes in certain jurisdictions. Other matters have progressed sufficiently that we are able to estimate a range of possible loss. For those legal contingencies disclosed below, and those related to the previously disclosed settlement agreement entered into in February 2015 with SNAI S.p.a. (“SNAI”), as to which a loss is reasonably possible, whether in excess of a related accrued liability or where there is no accrued liability, and for which we are able to estimate a range of possible loss, the current estimated range is up to approximately $14 million in excess of the accrued liabilities (if any) related to those legal contingencies. This aggregate range represents management’s estimate of additional possible loss in excess of the accrued liabilities (if any) with respect to these matters based on currently available information, including any damages claimed by the plaintiffs, and is subject to significant judgment and a variety of assumptions and inherent uncertainties. For example, at the time of making an estimate, management may have only preliminary, incomplete, or inaccurate information about the facts underlying a claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties, regulators, indemnitors or co‑defendants, may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that management had not accounted for in its estimate because it had considered that outcome to be remote. Furthermore, as noted above, the aggregate range does not include any matters for which we are not able to estimate a range of possible loss. Accordingly, the estimated aggregate range of possible loss does not represent our maximum loss exposure. Any such losses could have a material adverse impact on our results of operations, cash flows or financial condition. The legal proceedings underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. Colombia Litigation Our subsidiary, LNWI, owned a minority interest in Wintech de Colombia S.A., or Wintech (now liquidated), which formerly operated the Colombian national lottery under a contract with Empresa Colombiana de Recursos para la Salud, S.A. (together with its successors, “Ecosalud”), an agency of the Colombian government. The contract provided for a penalty against Wintech, LNWI and the other shareholders of Wintech of up to $5 million if certain levels of lottery sales were not achieved. In addition, LNWI delivered to Ecosalud a $4 million surety bond as a further guarantee of performance under the contract. Wintech started the instant lottery in Colombia but, due to difficulties beyond its control, including, among other factors, social and political unrest in Colombia, frequently interrupted telephone service and power outages, and competition from another lottery being operated in a province of Colombia that we believe was in violation of Wintech’s exclusive license from Ecosalud, the projected sales level was not met for the year ended June 30, 1993. In 1993, Ecosalud issued a resolution declaring that the contract was in default. In 1994, Ecosalud issued a liquidation resolution asserting claims for compensation and damages against Wintech, LNWI and other shareholders of Wintech for, among other things, realization of the full amount of the penalty, plus interest, and the amount of the bond. LNWI filed separate actions opposing each resolution with the Tribunal Contencioso of Cundinamarca in Colombia (the “Tribunal”), which upheld both resolutions. LNWI appealed each decision to the Council of State. In May 2012, the Council of State upheld the contract default resolution, which decision was notified to us in August 2012. In October 2013, the Council of State upheld the liquidation resolution, which decision was notified to us in December 2013. In July 1996, Ecosalud filed a lawsuit against LNWI in the U.S. District Court for the Northern District of Georgia asserting many of the same claims asserted in the Colombia proceedings, including breach of contract, and seeking damages. In March 1997, the District Court dismissed Ecosalud’s claims. Ecosalud appealed the decision to the U.S. Court of Appeals for the Eleventh Circuit. The Court of Appeals affirmed the District Court’s decision in 1998. In June 1999, Ecosalud filed a collection proceeding against LNWI to enforce the liquidation resolution and recover the claimed damages. In May 2013, the Tribunal denied LNWI’s merit defenses to the collection proceeding and issued an order of payment of approximately 90 billion Colombian pesos, or approximately $30 million, plus default interest (potentially accrued since 1994 at a 12% statutory interest rate). LNWI filed an appeal to the Council of State, and on December 10, 2020, the Council of State issued a ruling affirming the Tribunal’s decision. On December 16, 2020, LNWI filed a motion for clarification of the Council of State’s ruling, which was denied on April 15, 2021. On April 22, 2021, LNWI filed a motion for reconsideration relating to that decision, which the Council of State denied on February 21, 2022. On May 24, 2022, the case was transferred from the Council of State to the Tribunal for further proceedings. On August 18, 2022, LNWI filed a constitutional challenge to the Council of State’s December 10, 2020 decision with that court, which was denied on October 7, 2022. On December 7, 2022, LNWI filed an appeal with the Council of State from the denial of the constitutional challenge, which was denied on May 24, 2023. On June 28, 2023, the Colombian Constitutional Court received the record of the constitutional appeal for further consideration, and on September 26, 2023, that court selected LNWI’s constitutional appeal for further consideration. On April 25, 2024, LNWI was notified that, by means of a decision dated April 5, 2024, a three-judge panel of the Colombian Constitutional Court denied LNWI’s constitutional appeal. On April 30, 2024, LNWI filed a motion to have that panel ruling declared null and void by the full Chamber of the Colombian Constitutional Court. On November 7, 2024, LNWI was notified that, by means of a decision dated August 8, 2024, the full Chamber of the Colombian Constitutional Court denied LNWI’s motion filed on April 30, 2024. The matter has been remanded to the Tribunal for further proceedings, and on April 30, 2025, the Tribunal issued an order directing the parties to comply with the December 10, 2020 decision of the Council of State. The matter remains pending before the Tribunal. LNWI believes it has various defenses, including on the merits, against Ecosalud’s claims. Although we believe these claims will not result in a material adverse effect on our consolidated results of operations, cash flows or financial position, it is not feasible to predict the final outcome, and we cannot assure that these claims will not ultimately be resolved adversely to us or result in material liability. SNAI Litigation On April 16, 2012, certain VLTs operated by SNAI in Italy and supplied by Barcrest Group Limited (“Barcrest”) erroneously printed what appeared to be winning jackpot and other tickets with a face amount in excess of €400.0 million. SNAI has stated, and system data confirms, that no jackpots were actually won on that day. The terminals were deactivated by the Italian regulatory authority. Following the incident, we understand that the Italian regulatory authority revoked the certification of the version of the gaming system that Barcrest provided to SNAI and fined SNAI €1.5 million, but determined to not revoke SNAI’s concession to operate VLTs in Italy. In October 2012, SNAI filed a lawsuit in the Court of First Instance of Rome in Italy against Barcrest and The Global Draw Limited, our subsidiary which acquired Barcrest from IGT‑UK Group Limited, a subsidiary of IGT, claiming liability arising out of the April 2012 incident and asserting claims based on theories of breach of contract and tort. The lawsuit sought to terminate SNAI’s agreement with Barcrest and damages arising from the deactivation of the terminals, including among other things, lost profits, expenses and costs, potential awards to players who have sought to enforce what appeared to be winning jackpot and other tickets, compensation for lost profits sought by managers of the gaming locations where SNAI VLTs supplied by Barcrest were installed, damages to commercial reputation and any future damages arising from SNAI’s potential loss of its concession or inability to obtain a new concession. In February 2015, we entered into a settlement agreement with SNAI that provides, among other things, for us to make a €25.0 million upfront payment to SNAI, which payment was made in February 2015, and to indemnify SNAI against certain potential future losses. In connection with the settlement, the parties’ pending claims in the Court of First Instance of Rome were dismissed on February 19, 2015. To date, we have paid €9.4 million to SNAI pursuant to our indemnification obligations. In re Automatic Card Shufflers Litigation Matter On April 2, 2021, Casino Queen, Inc. and Casino Queen Marquette, Inc. filed a putative class action complaint in the United States District Court for the Northern District of Illinois against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. In the complaint, the plaintiffs assert federal antitrust claims arising from the defendants’ procurement of particular U.S. patents. The plaintiffs allege that the defendants used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The plaintiffs seek to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the defendants, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the court to treble, the award of plaintiffs’ costs of suit, including attorneys’ fees, and the award of pre-judgment and post-judgment interest. On June 11, 2021, the defendants filed a motion to dismiss plaintiffs’ complaint, which the court denied on May 19, 2022. Discovery closed on December 1, 2023. On February 16, 2024, the defendants filed a motion for summary judgment, and plaintiffs filed a motion for partial summary judgment and a motion for class certification. On May 8, 2025, the court held a hearing on the pending motions for summary judgment. On March 31, 2026, the court granted in part and denied in part defendants’ motion for summary judgment; denied plaintiffs’ motion for partial summary judgment; and granted plaintiffs’ motion for class certification. Due to the complexity of the plaintiffs’ claims, and the unpredictability of the outcome of the proceedings in the district court, or any appeal therefrom, we are unable at this time to estimate a range of reasonably possible losses, or any amount within such a range, above the amount we have recorded for this matter, which is the minimum amount of reasonably possible loss. We believe that the claims are without merit, and intend to vigorously defend against them. Mohawk Gaming Enterprises Matter On November 9, 2020, Mohawk Gaming Enterprises LLC, d/b/a Akwesasne Mohawk Casino Resort, filed a demand for a putative class arbitration before the American Arbitration Association against L&W, Bally Technologies, Inc. and LNW Gaming, Inc., f/k/a Bally Gaming, Inc. (“Respondents”). In the complaint, the claimant asserts federal antitrust claims arising from the respondents’ procurement of particular U.S. patents. The claimant alleges that the respondents used those patents to create an allegedly illegal monopoly in the market for automatic card shufflers sold or leased in the United States. The claimant seeks to represent a putative class of all persons and entities that directly purchased or leased automatic card shufflers within the United States from the respondents, or any predecessor, subsidiary, or affiliate thereof, at any time between April 1, 2009, and the present. The complaint seeks unspecified money damages, which the complaint asks the arbitration panel to treble, and the award of claimant’s costs of suit, including attorneys’ fees. Respondents filed their answering statement on December 9, 2020. On October 29, 2021, the claimant filed a memorandum in support of class arbitration, which Respondents opposed on December 3, 2021. On February 8, 2022, the Arbitrator issued a clause construction award, finding that the arbitration could proceed on behalf of a class or classes. On February 11, 2022, Respondents filed a petition to vacate the award in the New York Supreme Court. The Court denied Respondents’ petition on August 9, 2022, and on August 16, 2022, Respondents appealed to the New York Appellate Division, First Department, which denied Respondents’ appeal on June 22, 2023. On April 15, 2022, Respondents filed a motion to dismiss the claimant’s complaint, which the Arbitrator denied on July 26, 2022. Discovery closed on December 1, 2023. On February 16, 2024, the respondents filed a motion for summary judgment. Also on February 16, 2024, claimant filed a motion for partial summary judgment and a motion for class certification. On December 9, 2024, the Arbitrator denied the motions for summary judgment and issued a class determination award, certifying a class. On January 9, 2025, Respondents filed a petition to vacate the award in New York Supreme Court. The Court denied Respondents’ petition and granted Claimant’s cross-petition to confirm the award on July 2, 2025, and on July 7, 2025, Respondents appealed to the New York Appellate Division, First Department. On November 14, 2025, the Arbitrator entered a scheduling order setting the evidentiary hearing in this matter for April 15 to 30 and May 6 to 13, 2026. On March 19, 2026, the Arbitrator entered an order postponing the evidentiary hearing pending future developments relating to Respondents’ pending appeal of the Arbitrator’s class determination award. Due to the complexity of the plaintiffs’ claims, and the unpredictability of the outcome of the proceedings before the Arbitrator, or any appeal therefrom, we are unable at this time to estimate a range of reasonably possible losses, or any amount within such a range, above the amount we have recorded for this matter, which is the minimum amount of reasonably possible loss. We believe that the claims in the arbitration demand are without merit, and intend to vigorously defend against them. De Guzman Matter On January 13, 2026, plaintiff Mark De Guzman filed a putative class action complaint against Sciplay Corporation and SciPlay Games, LLC in the United States District Court for the Northern District of California. The complaint asserts claims for alleged violations under California’s Unfair Competition Law, California’s Consumer Legal Remedies Act, and California’s Penal Code, and for unjust enrichment. The plaintiff seeks to represent a putative class of California residents who spent money playing SciPlay’s online social casino games during the four years preceding the filing of plaintiff’s complaint. Plaintiff’s complaint seeks an order certifying the proposed class, and further seeks unspecified money damages, rescission, restitution, declaratory relief, and injunctive relief, the award of interest, expenses, costs, and plaintiff’s reasonable attorney’s fees, and unspecified other equitable relief. On March 23, 2026, defendants filed a motion to compel arbitration of plaintiff’s claims and to stay plaintiff’s lawsuit pending resolution of the arbitration. On April 23, 2026, the district court granted defendants’ motion to compel arbitration of plaintiff’s claims, and stayed and administratively closed plaintiff’s lawsuit pending resolution of the arbitration proceedings. We are currently unable to determine the likelihood of an outcome or estimate a range of possible losses, if any. We believe that the claims in the complaint are without merit, and intend to vigorously defend against them. Herman Matter On January 15, 2026, plaintiff Sean Herman filed a putative class action complaint against SciPlay Corporation and SciPlay Games, LLC in the United States District Court for the Western District of Washington. The complaint asserts claims for alleged violations of Washington State’s anti-gambling statutes and Washington State’s Consumer Protection Act. The plaintiff seeks to represent a putative class of Washington State residents who spent money playing SciPlay’s online social casino games during the three years preceding the filing of plaintiff’s complaint. Plaintiff’s complaint seeks an order certifying the proposed class, and further seeks unspecified money damages, rescission, restitution, declaratory relief, and injunctive relief, the award of interest, expenses, costs, and plaintiff’s reasonable attorneys’ fees, and unspecified other equitable relief. On March 30, 2026, defendants filed a motion to compel arbitration of plaintiff’s claims and to stay plaintiff’s lawsuit pending resolution of the arbitration. On April 29, 2026, plaintiff filed a Notice of Non-Opposition to defendants’ motion to compel arbitration, stating that plaintiff agrees the case should be stayed while the parties arbitrate their dispute. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the complaint are without merit, and intend to vigorously defend against them. Aristocrat Matter (United States) On February 26, 2024, Aristocrat Technologies, Inc. and Aristocrat Technologies Australia Pty Limited brought a civil action in the United States District Court for the District of Nevada against L&W, LNW Gaming, Inc. and SciPlay Corporation. Plaintiffs assert claims for trade secret misappropriation, copyright infringement, trade dress infringement and unfair competition, and deceptive trade practices, relating to defendants’ DRAGON TRAINTM and JEWEL OF THE DRAGON® games. Plaintiffs’ operative complaint sought preliminary and permanent injunctive relief, unspecified damages, the award of reasonable attorneys’ fees and costs, pre-judgment and post-judgment interest, and declaratory relief. Simultaneously with the filing of the complaint on February 26, 2024, the plaintiffs filed a motion to expedite discovery, which the court granted in part and denied in part on March 26, 2024. On April 9, 2024, defendants filed a motion to dismiss plaintiffs’ complaint, which the court granted in part and denied in part on June 24, 2024. On May 22, 2024, the plaintiffs filed a motion for a preliminary injunction, which the district court granted on September 23, 2024. On July 15, 2024, the plaintiffs filed a First Amended Complaint, which defendants answered on August 12, 2024. On November 21, 2024, the plaintiffs filed a motion to enforce the district court’s preliminary injunction, which the court denied on January 3, 2025. On March 14, 2025, the plaintiffs filed a Second Amended Complaint, which defendants answered on April 11, 2025. On July 15, 2025, the plaintiffs filed a motion to extend the current pretrial deadlines, which the court granted on October 2, 2025. On July 17, 2025, the parties jointly filed a proposed stipulated order regarding the court’s preliminary injunction entered in September 2024. On October 17, 2025, the court granted plaintiffs’ renewed motion to obtain discovery of math models for certain Light & Wonder hold and spin games released since 2021. On December 11, 2025, the parties filed a stipulated motion to extend the current pretrial deadlines, which the court granted on December 16, 2025. On January 12, 2026, the parties jointly filed a motion to stay the action until March 12, 2026, in view of a settlement reached by the parties. On January 12, 2026, the court entered an order directing the parties to file, by March 12, 2026, either documents to dismiss the action or a joint status report informing the court of the status of the settlement. On February 20, 2026, the parties jointly filed a stipulation to vacate the district court’s preliminary injunction and to dismiss the action. On February 27, 2026, the court granted the parties’ request: it vacated the preliminary injunction, dismissed the action, and closed the case. Aristocrat Matter (Australia) On October 4, 2024, Aristocrat Technologies Australia Pty Limited brought a civil action in the Federal Court of Australia against L&W and LNW Gaming ANZ Pty Ltd., among other defendants. Plaintiff asserts claims for breach of confidence, breach of contract (against other defendants) and inducing breach of contract, breaches of the Australian Consumer Law, and copyright infringement relating to defendants’ Dragon Train games, and breach of confidence relating to defendants’ Jewel of the Dragon games. Plaintiff’s complaint sought preliminary and permanent injunctive relief, unspecified damages or an account of profits, and the award of costs. On October 4, 2024, the plaintiff filed a motion for an interlocutory injunction, which it amended on November 12, 2024. On February 3, 2025, L&W and LNW Gaming ANZ Pty Ltd. filed a defense to plaintiff’s complaint. On February 6, 2025, the court denied plaintiff’s motion for interlocutory injunction. On May 26, 2025, the plaintiff filed an amended complaint, and on June 3, 2025, L&W and LNW Gaming ANZ Pty Ltd. filed a defense to plaintiff’s amended complaint. On July 7, 2025, the court entered an order directing that evidence in the proceeding is to be heard by the court in two tranches, with final orders being made after a hearing on the second tranche of evidence. The trial relating to the first tranche of evidence is provisionally scheduled for June 29, 2026 through July 17, 2026. On January 12, 2026, the plaintiff, L&W and LNW Gaming ANZ Pty Ltd. jointly notified the court that they had reached a settlement between them. Under the terms of the agreement, Light & Wonder consented to an approximately $128 million payment to conclude the matters at issue, and the plaintiff, L&W and LNW Gaming ANZ Pty Ltd. promised to provide further updates relating to the settlement on or before March 11, 2026. On March 11, 2026, the court entered an order vacating all cost orders as between Aristocrat and L&W and LNW Gaming ANZ Pty Ltd., and dismissing plaintiff’s claims against L&W and LNW Gaming ANZ Pty. Ltd. Evolution Matter On May 28, 2024, Evolution Malta Limited, Evolution Gaming Malta Limited, and SIA Evolution Latvia brought a civil action in the United States District Court for the District of Nevada against L&W and LNW Gaming, Inc. Plaintiffs assert claims for patent infringement and trade secret misappropriation relating to defendants’ ROULETTEX® and POWERX® games and defendants’ 88 Fortunes Blaze Live Roulette game. Plaintiffs’ complaint seeks preliminary and permanent injunctive relief, unspecified damages, the award of attorneys’ fees and costs, interest, and declaratory relief. On July 24, 2024, defendants filed a motion to dismiss plaintiffs’ complaint, which the court granted as to plaintiffs’ claims for patent infringement on February 11, 2025. On August 16, 2024, defendants filed a motion to stay discovery, which the court denied on November 7, 2024. On February 7, 2025, defendants filed a motion to compel arbitration of plaintiffs’ claims for trade secret misappropriation, or, in the alternative, to dismiss the claims. On September 30, 2025, the court granted defendants’ motion to compel arbitration of plaintiffs’ claims for trade secret misappropriation and stayed those claims. On April 10, 2025, Plaintiffs filed a First Amended Complaint and on May 15, 2025, defendants filed a motion to dismiss that First Amended Complaint, which the court denied as moot on September 30, 2025. Also on April 10, 2025, Plaintiffs filed a motion for leave to file a Second Amended Complaint, which the court granted on June 30, 2025. Plaintiffs filed their Second Amended Complaint on June 30, 2025, and defendants filed a motion to dismiss the claims for patent infringement in that complaint on August 8, 2025. Also on August 8, 2025, the parties filed a joint stipulation to stay all discovery until and through January 16, 2026, which the court granted on August 11, 2025. On February 2, 2026, defendants filed a motion to stay all discovery pending the court’s ruling on defendants’ motion to dismiss plaintiffs’ Second Amended Complaint, and the resolution of pending Inter Partes Review proceedings involving the majority of the patents asserted in the action, which the court denied as moot on March 31, 2026. On February 3, 2026, the court entered a scheduling order setting certain pretrial deadlines, including a fact discovery deadline of October 27, 2026. On March 30, 2026, the court granted defendants’ motion to dismiss the claims for patent infringement. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the dispute are without merit and intend to vigorously defend against them. On November 12, 2025, Evolution Malta Limited, Evolution Gaming Malta Limited, and SIA Evolution Latvia filed a request for arbitration directed against L&W and LNW Gaming, Inc. with the International Court of Arbitration of the International Chamber of Commerce (“ICC”). Claimants’ request for arbitration asserts those claims for trade secret misappropriation that the Nevada court, in its order of September 30, 2025, directed be arbitrated. On February 2, 2026, respondents filed an answer to claimants’ request for arbitration. On February 27, 2026, the ICC confirmed the constitution of an Arbitral Tribunal over claimants’ claims, consisting of three arbitrators. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the dispute are without merit and intend to vigorously defend against them. AztecGold Holdings Pty Ltd. Matter (Australia) On April 22, 2026, AztecGold Holdings Pty Ltd. brought a shareholder class action in the Commercial Court of the Supreme Court of Victoria, Australia against L&W. Plaintiff asserts claims for breaches of the Australian Corporations Act, the Australian Securities and Investment Commission Act 2001, and the Australian Consumer Law, relating to representations provided by L&W regarding its Dragon Train game. The lawsuit is brought on behalf of shareholders who acquired an interest in Light & Wonder CHESS Depositary Interests (CDIs) between May 22, 2023 and September 24, 2024. Plaintiff’s complaint seeks declaratory relief, unspecified damages, and the award of interest and costs. L&W’s responsive pleading to Plaintiff’s lawsuit is not yet due. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the Plaintiff’s claims are without merit and intend to vigorously defend against them.