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Reportable Segments | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Reportable Segments | We report our operations in three reportable business segments—Gaming, SciPlay and iGaming—representing our different products and services. A detailed discussion regarding the products and services from which each reportable business segment derives its revenue is included in Notes 2 and 3 in our 2025 10-K. In evaluating financial performance, our Chief Operating Decision Maker (“CODM,” defined as our Chief Executive Officer) focuses on AEBITDA as management’s primary segment measure of profit or loss, which is described in footnote (5) to the below table. Our CODM uses reportable business segment AEBITDA to evaluate the performance of each reportable business segment and to allocate resources. Additionally, AEBITDA is one of the key metrics used in our incentive compensation program. The accounting policies for our reportable segments are the same as those described within the Notes in our 2025 10-K. The following tables present our reportable segment information:
| Three Months Ended March 31, 2026
| Gaming |  | SciPlay |  | iGaming |  | Total Reportable Segments |  | Unallocated and Reconciling Items(1) |  | Total
Total revenue | $ | 512 |  |  | $ | 187 |  |  | $ | 91 |  |  | $ | 790 |  |  | $ | — |  |  | $ | 790 |
Cost of revenue(2) | (118) |  |  | (45) |  |  | (31) |  |  | (194) |  |  | — |  |  | (194) |
Payroll and related(3) | (93) |  |  | (27) |  |  | (18) |  |  | (138) |  |  | — |  |  | (138) |
Other segment reconciling items(4) | (30) |  |  | (49) |  |  | (9) |  |  | (88) |  |  | (43) |  |  | (131) |
AEBITDA(5) | 271 |  |  | 66 |  |  | 33 |  |  | 370 |  |  | (43) |  |  | 327 |
Reconciling items to net income before income taxes:
Restructuring and other | (3) |  |  | (1) |  |  | — |  |  | (4) |  |  | (50) |  |  | (54) |
D&A |  |  |  |  |  |  |  |  | (108) |  |  | (108) |
Interest expense |  |  |  |  |  |  |  |  | (81) |  |  | (81) |
Loss on debt financing transactions |  |  |  |  |  |  |  |  | (2) |  |  | (2) |
Other income, net |  |  |  |  |  |  |  |  | 12 |  |  | 12 |
Stock-based compensation |  |  |  |  |  |  |  |  | (32) |  |  | (32) |
Net income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 62 |
Capital expenditures for the three months ended March 31, 2026 | $ | 59 |  |  | $ | 6 |  |  | $ | 7 |  |  | $ | 72 |  |  | $ | 2 |  |  | $ | 74 |
(1) Includes amounts not allocated to the reportable segments (including corporate costs) and items to reconcile the total reportable segments AEBITDA to our consolidated net income before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance and other operating expenses.
(5) AEBITDA is reconciled to net income before income taxes with the following adjustments, as applicable: (a) depreciation and amortization expense and impairment charges (including goodwill impairments); (b) restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition- and disposition-related costs, strategic initiatives, and other unusual items; (c) interest expense; (d) loss on debt refinancing transactions; (e) change in fair value of investments and remeasurement of debt and other; (f) other income (expense), net, including foreign currency gains or losses and earnings (loss) from equity investments; and (g) stock-based compensation. AEBITDA is presented as our primary segment measure of profit or loss.
| Three Months Ended March 31, 2025
| Gaming |  | SciPlay |  | iGaming |  | Total Reportable Segments |  | Unallocated and Reconciling Items(1) |  | Total
Total revenue | $ | 495 |  |  | $ | 202 |  |  | $ | 77 |  |  | $ | 774 |  |  | $ | — |  |  | $ | 774 |
Cost of revenue(2) | (131) |  |  | (55) |  |  | (25) |  |  | (211) |  |  | — |  |  | (211) |
Payroll and related(3) | (83) |  |  | (27) |  |  | (16) |  |  | (126) |  |  | — |  |  | (126) |
Other segment reconciling items(4) | (27) |  |  | (56) |  |  | (9) |  |  | (92) |  |  | (34) |  |  | (126) |
AEBITDA(5) | 254 |  |  | 64 |  |  | 27 |  |  | 345 |  |  | (34) |  |  | 311 |
Reconciling items to net income before income taxes:
Restructuring and other | (5) |  |  | — |  |  | (7) |  |  | (12) |  |  | (8) |  |  | (20) |
D&A |  |  |  |  |  |  |  |  | (91) |  |  | (91) |
Interest expense |  |  |  |  |  |  |  |  | (68) |  |  | (68) |
Loss on debt financing transactions |  |  |  |  |  |  |  |  | (1) |  |  | (1) |
Other income, net |  |  |  |  |  |  |  |  | 1 |  |  | 1 |
Stock-based compensation |  |  |  |  |  |  |  |  | (27) |  |  | (27) |
Net income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 105 |
Capital expenditures for the three months ended March 31, 2025 | $ | 49 |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 59 |  |  | $ | 2 |  |  | $ | 61 |
(1) Includes amounts not allocated to the reportable segments (including corporate costs) and items to reconcile the total reportable segments AEBITDA to our consolidated net income before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance and other operating expenses.
(5) AEBITDA is described in footnote (5) to the first table in this Note 3.
The following table summarizes the asset balances of each reportable business segment for the periods indicated:
| Gaming |  | SciPlay |  | iGaming |  | Total Reportable Segments |  | Unallocated and Reconciling Items(1) |  | Totals
Assets as of March 31, 2026 | $ | 4,719 |  |  | $ | 463 |  |  | $ | 963 |  |  | $ | 6,145 |  |  | $ | 220 |  |  | $ | 6,365 |
Assets as of December 31, 2025 | 4,817 |  |  | 482 |  |  | 937 |  |  | 6,236 |  |  | 226 |  |  | 6,462 |
(1) Includes amounts not allocated to the reportable segments (including corporate amounts) and items to reconcile the total reportable segments assets to our consolidated assets.

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