Light & Wonder (LAWIL) Operating Expenses (2009 - 2026)
Light & Wonder's Operating Expenses was $325 million in Q2 2026, down 2.1% from $332 million a year earlier and down 19.8% from the prior quarter.
Powered by 
Analysis
Light & Wonder (LAWIL) Operating Expenses (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Light & Wonder's Operating Expenses was $1.57 billion through Jun 30, 2026, up 14.9% year-over-year; for FY2025, it came in at $1.52 billion, up 11.5% from FY2024.
- Operating Expenses has now increased for five consecutive years, with a five-year compound annual growth rate of 9.3% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $1.36 billion in FY2024 (+9.4%), $1.25 billion in FY2023 (+4.4%), $1.19 billion in FY2022 (+3.1%) and $1.16 billion in FY2021 (+18.4%).
- The Q2 2026 figure marks the lowest quarterly Operating Expenses since Q1 2024.
- Compared with a year earlier, Operating Expenses was higher in five of the last eight quarters, with growth averaging 10.4%.
- The best year-over-year quarter for Operating Expenses over five years was Q4 2025 (growth of 49.9%); the worst was Q4 2022 (a decline of 6.7%).
- Per Business Quant data, LAWIL's Operating Expenses in the three quarters before Q2 2026 was $405 million (Q1 2026), $508 million (Q4 2025) and $335 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 23.88 Bn | 9.98 Bn | 1.48 Bn | 2.54 Bn |
| 2 | Flutter Entertainment | 14.26 Bn | 7.63 Bn | 1.71 Bn | 845.00 Mn |
| 3 | DraftKings | 10.31 Bn | 5.97 Bn | 551.45 Mn | 297.09 Mn |
| 4 | Madison Square Garden Sports | 9.40 Bn | 8.99 Bn | 119.21 Mn | 86.28 Mn |
| 5 | Life Time Group Holdings | 9.34 Bn | 8.57 Bn | 412.26 Mn | 716.29 Mn |
| 6 | Wynn Resorts | 7.72 Bn | 2.01 Bn | 758.95 Mn | 1.56 Bn |
| 7 | MGM Resorts International | 7.51 Bn | -1.53 Bn | 1.98 Bn | 3.97 Bn |
| 8 | Light & Wonder | 7.12 Bn | 6.43 Bn | 618.00 Mn | 325.00 Mn |
| 9 | Caesars Entertainment | 5.93 Bn | 2.38 Bn | 1.50 Bn | 2.48 Bn |
| 10 | Churchill Downs | 5.91 Bn | 5.13 Bn | 419.00 Mn | 623.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 325.00 Mn |
| Mar 31, 2026 | 405.00 Mn |
| Dec 31, 2025 | 508.00 Mn |
| Sep 30, 2025 | 335.00 Mn |
| Jun 30, 2025 | 332.00 Mn |
| Mar 31, 2025 | 344.00 Mn |
| Dec 31, 2024 | 339.00 Mn |
| Sep 30, 2024 | 354.00 Mn |
| Jun 30, 2024 | 352.00 Mn |
| Mar 31, 2024 | 317.00 Mn |
| Dec 31, 2023 | 325.00 Mn |
| Sep 30, 2023 | 306.00 Mn |
| Jun 30, 2023 | 322.00 Mn |
| Mar 31, 2023 | 293.00 Mn |
| Dec 31, 2022 | 306.00 Mn |
| Sep 30, 2022 | 291.00 Mn |
| Jun 30, 2022 | 304.00 Mn |
| Mar 31, 2022 | 292.00 Mn |
| Dec 31, 2021 | 328.00 Mn |
| Sep 30, 2021 | 285.00 Mn |
API Access
Light & Wonder Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=LAWIL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "LAWIL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=LAWIL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();