Gaming technology powerhouse Light & Wonder (ASX:LNW) has reported a 17.8% decline in full-year net profit, falling to US$276 million.
The result was heavily impacted by US$219 million in restructuring costs and one-off charges.
Despite the bottom-line hit, the group saw a 4% rise in revenue to US$3.14 billion, underpinned by record consolidated adjusted EBITDA of US$1.44 billion.
The company's financial narrative remains a tale of two halves: strong operational growth in gaming machine demand versus the heavy fiscal weight of corporate transition.
Specifically, the fourth quarter saw revenue climb 12% to US$891 million, yet the period ended in a US$15 million net loss.
The deficit was largely attributed to a $128 million legal settlement involving rival Aristocrat Leisure, alongside costs associated with its strategic shift to a sole ASX listing.
Light & Wonder's leadership emphasised long-term value over short-term volatility, noting that adjusted net profit (excluding amortisation) actually grew 18% to US$567 million.
While the board opted not to declare a dividend, the company demonstrated its commitment to capital management by returning US$877 million to shareholders through an aggressive buyback program throughout 2025.