iGaming and lottery technology provider International Game Technology (IGT) has reported first-quarter 2025 financial results, posting revenue of $583 million—a 12% year-on-year decline—attributed to lower U.S. multi-state jackpot activity, timing of product sales, and currency impacts.
Adjusted EBITDA for the quarter was $250 million, down 24% compared to the same period last year, reflecting a margin of 42.8%. Income from continuing operations was $8 million, which includes a $33 million non-cash foreign exchange translation impact. Operating income declined 37% year-on-year to $138 million, resulting in an operating margin of 23.7%.
Despite a dip in revenue and profitability, IGT maintained strong liquidity, reporting $631 million in cash and cash equivalents and total liquidity of $2.2 billion as of March 31. Net cash from operating activities rose 159% to $168 million, while free cash flow increased to $92 million.
International revenue remained stable overall, with same-store global sales up 1.4% when adjusted for leap-year and calendar shifts. Instant ticket printing volumes grew, but draw-based game revenue was impacted by fewer jackpot rollovers compared to Q1 2024. Adjusted EPS came in at $0.09, compared to $0.28 in the prior-year quarter.
IGT has updated its full-year 2025 guidance in response to weaker jackpot activity and broader macroeconomic challenges. It now expects annual revenue of approximately $2.55 billion and Adjusted EBITDA of around $1.10 billion, aligning with the lower end of its earlier projections. The company also anticipates cash used in operations to reach approximately $350 million, factoring in additional FX-related costs tied to the Italy Lotto license.
Recent developments include the execution of a €1 billion term loan, of which €500 million was drawn for debt repayment and the remainder held contingent upon the Italy Lotto license outcome. The company also declared a quarterly cash dividend of $0.20 per share, payable June 12.
The financial results follow IGT’s strategic focus on streamlining its operations and completing the separation of its Lottery and Gaming & Digital segments.
“Global sales of instant ticket and draw games continue to expand, driven by a steady pipeline of game innovation and portfolio optimization strategies,” said Vince Sadusky, CEO of IGT. “While the world is currently faced with great uncertainty, we are excited about the initiatives we are working on to drive sustainable, long-term growth and shareholder value.”
“First quarter profit was in line with expectations at constant currency and we delivered strong cash conversion,” said Max Chiara, CFO of IGT. “Given lower U.S. multi-state jackpot activity and the current worsening macroeconomic environment, we believe it is likely we will be at the low end of the full-year revenue and Adjusted EBITDA guidance provided in February. With a solid financial profile and ample liquidity in advance of important contract renewals, we remain well-positioned for the future.”
