Light & Wonder (LAWIL) Operating Margin (2009 - 2026)
Light & Wonder (LAWIL) recorded Operating Margin of 29.37% in Q3 2026, up 2.14 percentage points from 27.23% a year earlier and up 2.44 percentage points from the prior quarter.
Powered by 
Analysis
Light & Wonder (LAWIL) Operating Margin (2009 - 2026) Analysis & Trends
On a TTM basis, Light & Wonder's Operating Margin came in at 20.35% as of Sep 30, 2026, down 3.53 percentage points year-over-year; for FY2025, it came in at 20.61%, down 0.34 percentage points from FY2024.
- Annual Operating Margin has a five-year change of +35.03 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at 20.95% in FY2024 (+3.10 pp), 17.85% in FY2023 (+6.98 pp), 10.87% in FY2022 (+5.76 pp) and 5.11% in FY2021 (+19.53 pp).
- The Q3 2026 figure is the highest quarterly Operating Margin since Q4 2018.
- On a year-over-year basis, Operating Margin rose in six of the last eight quarters, with an average year-over-year change of -0.10 percentage points.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 13.68 percentage points in Q4 2022, against a drop of 11.75 percentage points in Q4 2025 at the low end.
- Per Business Quant, the preceding three quarters came in at 26.93% (Q2 2026), 16.46% (Q1 2026) and 9.33% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Wynn Resorts | 44.86 Bn | 38.23 Bn | 655.12 Mn | 10.55% |
| 2 | Vail Resorts | 28.33 Bn | 27.04 Bn | - | -75.09% |
| 3 | Las Vegas Sands | 25.59 Bn | 12.41 Bn | 1.47 Bn | 19.22% |
| 4 | DraftKings | 17.25 Bn | 13.04 Bn | 429.05 Mn | -37.10% |
| 5 | Flutter Entertainment | 14.34 Bn | 7.97 Bn | 1.52 Bn | -30.74% |
| 6 | Life Time Group Holdings | 10.65 Bn | 9.82 Bn | 419.01 Mn | 17.68% |
| 7 | MGM Resorts International | 8.32 Bn | -116.89 Mn | 1.73 Bn | 2.82% |
| 8 | MSG Knickerbockers | 7.63 Bn | 7.24 Bn | 36.67 Mn | -55.96% |
| 9 | Light & Wonder | 7.12 Bn | 6.42 Bn | 623.00 Mn | 29.37% |
| 10 | Churchill Downs | 6.99 Bn | 6.25 Bn | 207.00 Mn | 20.55% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 29.37% |
| Jun 30, 2026 | 26.93% |
| Mar 31, 2026 | 16.46% |
| Dec 31, 2025 | 9.33% |
| Sep 30, 2025 | 27.23% |
| Jun 30, 2025 | 24.97% |
| Mar 31, 2025 | 21.96% |
| Dec 31, 2024 | 21.08% |
| Sep 30, 2024 | 19.46% |
| Jun 30, 2024 | 21.39% |
| Mar 31, 2024 | 21.83% |
| Dec 31, 2023 | 20.23% |
| Sep 30, 2023 | 20.11% |
| Jun 30, 2023 | 15.46% |
| Mar 31, 2023 | 15.22% |
| Dec 31, 2022 | 14.37% |
| Sep 30, 2022 | 13.73% |
| Jun 30, 2022 | 7.54% |
| Mar 31, 2022 | 6.99% |
| Dec 31, 2021 | 0.69% |
API Access
Light & Wonder Operating Margin 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-margin&ticker=LAWIL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=LAWIL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();