Light & Wonder ( LNW 2.87% ), a gaming technology and cross-platform content provider, released its second quarter earnings on August 6, 2025. The headline news from this period was a strong outperformance in adjusted (non-GAAP) earnings per share despite a revenue (GAAP) miss. The company reported adjusted non-GAAP diluted EPS of $1.58—well above the analyst consensus of $1.37—while revenue (GAAP) of $809 million fell short of the $851.06 million expectation. Compared to the same period last year, net income (GAAP) rose to $95 million from $82 million, even as consolidated revenue (GAAP) declined 1%. The quarter featured significant margin expansion and healthy additions to recurring revenue streams, though it also reflected cautious customer purchasing due to broader economic conditions. Overall, the quarter underscored disciplined operational execution and successful integration of new business segments, set against delayed capital spending by key customers.