iGaming and lottery supplier Brightstar Lottery PLC has reported financial results for the fourth quarter and full year ended 31 December 2025, highlighting stable full-year revenue, improved net debt metrics and continued shareholder returns. The company posted fourth quarter revenue of $668m, up 3% year-on-year on a reported basis and down 2% at constant currency, while full-year revenue totalled $2.51bn, broadly in line with the prior year.
Income from continuing operations for Q4 2025 was $92m, compared to $116m in the same period of 2024, reflecting lower pre-tax income, increased Italy Lotto service revenue amortisation and reduced foreign exchange gains. For the full year, income from continuing operations declined to $135m from $271m in 2024, driven primarily by foreign exchange movements and higher amortisation related to the Italy Lotto licence.
Adjusted EBITDA, a non-GAAP measure, reached $304m in the fourth quarter, up 5% year-on-year as reported and down 2% at constant currency. Full-year Adjusted EBITDA was $1.12bn, compared to $1.17bn in 2024, reflecting reduced incentive income, lower product sales due to delivery timing, the impact of the UK transition and increased investments, partially offset by growth in wager-based revenue and cost savings under the OPtiMa programme. Adjusted diluted earnings per share increased to $0.36 in Q4 2025 from $0.22 a year earlier, while full-year adjusted diluted earnings per share rose to $0.91 from $0.67.
Cash and cash equivalents stood at $1.45bn at year-end, compared to $584m at the end of 2024. Net debt was reduced to $2.7bn from $4.8bn, supported by approximately $2bn in proceeds allocated to debt reduction following the sale of IGT Gaming in July 2025. Net debt leverage improved to 2.4x, down from 4.1x a year earlier. The company reported consolidated cash used in operating activities of $193m for the year, primarily reflecting $926m in cash outflows related to the Italy Lotto upfront licence fee.
During FY25, Brightstar returned more than $1bn to shareholders through dividends and share repurchases. The Board declared a quarterly cash dividend of $0.23 per share, an increase of $0.01 from the previous quarter and a 15% increase from the historical run rate, payable on 24 March 2026 to shareholders of record on 10 March 2026.
The company also reported a series of contract wins and extensions, including a nine-year Lotto operator licence in Italy, facilities management contracts in Missouri and Wisconsin, a 15-year licence in São Paulo, Brazil in partnership with Scientific Games, a 19-year contract in Western Australia, a two-year extension in Texas and multiple instant ticket printing contract extensions.
Looking ahead, Brightstar expects FY26 revenue in the range of $2.50bn to $2.55bn, including more than 5% organic growth, and Adjusted EBITDA between $1.16bn and $1.19bn. The outlook reflects organic growth and OPtiMa savings offsetting increased investment in growth initiatives, research and development, and costs associated with a recent contract renewal cycle.
On the governance front, the Board appointed Mariangela Zappia as an independent, non-executive director with effect from 19 February 2026. The company also confirmed that Chief Financial Officer Max Chiara will not stand for re-election to the Board at the next annual general meeting in May 2026 but will continue in his executive role with expanded responsibilities for strategy and mergers and acquisitions.
“Better-than-expected fourth quarter revenue and profit growth reflect the value of our diverse portfolio across geographies and games,” said Vince Sadusky, CEO of Brightstar. “2025 was a transformational year for us. We executed major strategic priorities, including selling IGT Gaming and increasing capital returns to shareholders. 2026 is an important year of investment in several high-ROI growth initiatives such as Italy B2C digital expansion and launching a new lottery in São Paulo, which we expect to drive accelerated sales and profit growth through 2028.”
“Our balanced approach to capital allocation was on display in 2025 with over $2 billion in debt reduction, bringing leverage to historic lows; over $1 billion returned to shareholders; and investments in key initiatives,” said Max Chiara, CFO of Brightstar. “We enter 2026 well-positioned to fund contractual obligations that put us on the path to achieving our 2028 financial targets.”
