Brightstar Lottery (NYSE:BRSL), an operator of lottery systems and services following its strategic transformation, reported fourth-quarter and full-year 2025 financial results on February 24, 2026, reflecting solid performance in core lottery operations, successful execution of divestitures, and significant capital returns.
For the fourth quarter ended December 31, 2025, revenue totaled $668 million.
Adjusted EBITDA reached $304 million, while adjusted earnings per share came in at $0.36.
For the full year 2025, revenue was $2.51 billion.
Adjusted EBITDA totaled $1.12 billion, and adjusted EPS was $0.91, supported by stable lottery jurisdiction contracts, digital and instant game sales growth, and operational efficiencies across the portfolio.
A key milestone in 2025 was the completion of the sale of the IGT Gaming business, which generated substantial proceeds and allowed Brightstar Lottery to sharpen its focus on high-margin lottery systems, technology, and services.
The transaction enabled significant deleveraging, with net debt reduced to $2.7 billion and a leverage ratio (net debt to adjusted EBITDA) of 2.4x at year-end—marking a substantial improvement in the company's balance sheet strength.