Description of the Business and Summary of Significant Accounting Policies	9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]
Description of the Business and Summary of Significant Accounting Policies	Description of the Business We are a leading cross-platform global games company with a focus on content and digital markets. Our portfolio of revenue-generating activities primarily includes supplying game content and gaming machines, CMSs and table game products and services to licensed gaming entities, and electronic pull tabs and related services to charitable gaming entities; providing social casino and other online games, including casual gaming, to retail customers; and providing a comprehensive suite of digital gaming content, distribution platforms and player account management systems, as well as various other iGaming content and services. We report our results of operations in three reportable business segments—Gaming, SciPlay and iGaming—representing our different products and services. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of L&W, its wholly owned subsidiaries and those subsidiaries in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of L&W and its management, we have made all adjustments necessary to present fairly our condensed consolidated financial position, results of operations, comprehensive income and cash flows for the periods presented. Such adjustments are of a normal, recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2025 10-K. Interim results of operations are not necessarily indicative of results of operations to be expected for a full year. Significant Accounting Policies There have been no changes to our significant accounting policies described within the Notes of our 2025 10-K, other than those related to internal-use capitalized software costs as described in Note 9. Acquisition of Grover On May 16, 2025, we completed the acquisition of Grover for an upfront consideration of $850 million, subject to certain customary purchase price adjustments as set forth in the purchase agreement, and up to $200 million in cash in the aggregate in the form of contingent acquisition consideration payments based on achievement of certain revenue metrics over a four-year period. Grover is a leading provider of electronic pull tabs currently distributed over six U.S. states: North Dakota, Ohio, Virginia, Kentucky, New Hampshire and Indiana (since December 2025). The Grover operating segment has been aggregated with our Gaming reportable business segment. Computation of Basic and Diluted Net Income Per Share Basic and diluted net income per share are based upon net income divided by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the effect of the assumed exercise of stock options and vesting of RSUs only in the periods in which such effect would have been dilutive to net income. For the three and nine months ended September 30, 2026, we included 1.1 million and 1.3 million, respectively, of common stock equivalents in the calculation of diluted net income per share. For the three and nine months ended September 30, 2025, we included 1.5 million and 1.6 million, respectively, of common stock equivalents in the calculation of diluted net income per share. New Accounting Guidance - Adopted In September 2025, the FASB issued ASU No. 2025-06, under Subtopic 350-40, Intangibles — Goodwill and Other — Internal-Use Software. The new guidance aims to modernize the accounting for internal-use capitalized software costs and removes all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40. An entity is therefore required to start capitalizing internal-use software costs when management has authorized and committed to funding the software project, and when it is probable that the project will be completed and the software will be used to perform the function intended (the “probable-to-complete” recognition threshold). We adopted this guidance as of January 1, 2026, and it did not have a material impact on our consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This update establishes an authoritative recognition, measurement, and presentation model generally based on the principles of International Accounting Standard 20. Under the guidance, a government grant is not recognized until it is probable that (i) the entity will comply with the conditions attached to the grant and (ii) the grant will be received. The amendments are effective for annual periods beginning after December 15, 2028, including interim periods within those annual periods, with early adoption permitted. We early adopted ASU 2025-10 effective January 1, 2026, using the modified prospective transition method, under which the guidance applies to government grants that are not complete as of the effective date and to grants entered into on or after that date. We adopted the guidance early because it codifies an authoritative recognition and measurement model for government grants, replacing the application of other frameworks by analogy. Adoption did not have a material impact on our consolidated financial statements. There have been no other recent accounting pronouncements or changes in accounting pronouncements since those described within Note 1 of our 2025 10-K that are expected to have a material impact on our consolidated financial statements.

We are a leading cross-platform global games company with a focus on content and digital markets. Our portfolio of revenue-generating activities primarily includes supplying game content and gaming machines, CMSs and table game products and services to licensed gaming entities, and electronic pull tabs and related services to charitable gaming entities; providing social casino and other online games, including casual gaming, to retail customers; and providing a comprehensive suite of digital gaming content, distribution platforms and player account management systems, as well as various other iGaming content and services. We report our results of operations in three reportable business segments—Gaming, SciPlay and iGaming—representing our different products and services.

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of L&W, its wholly owned subsidiaries and those subsidiaries in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.

In the opinion of L&W and its management, we have made all adjustments necessary to present fairly our condensed consolidated financial position, results of operations, comprehensive income and cash flows for the periods presented. Such adjustments are of a normal, recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2025 10-K. Interim results of operations are not necessarily indicative of results of operations to be expected for a full year.

There have been no changes to our significant accounting policies described within the Notes of our 2025 10-K, other than those related to internal-use capitalized software costs as described in Note 9.

On May 16, 2025, we completed the acquisition of Grover for an upfront consideration of $850 million, subject to certain customary purchase price adjustments as set forth in the purchase agreement, and up to $200 million in cash in the aggregate in the form of contingent acquisition consideration payments based on achievement of certain revenue metrics over a four-year period. Grover is a leading provider of electronic pull tabs currently distributed over six U.S. states: North Dakota, Ohio, Virginia, Kentucky, New Hampshire and Indiana (since December 2025).

Basic and diluted net income per share are based upon net income divided by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the effect of the assumed exercise of stock options and vesting of RSUs only in the periods in which such effect would have been dilutive to net income. For the three and nine months ended September 30, 2026, we included 1.1 million and 1.3 million, respectively, of common stock equivalents in the calculation of diluted net income per share. For the three and nine months ended September 30, 2025, we included 1.5 million and 1.6 million, respectively, of common stock equivalents in the calculation of diluted net income per share.

In September 2025, the FASB issued ASU No. 2025-06, under Subtopic 350-40, Intangibles — Goodwill and Other — Internal-Use Software. The new guidance aims to modernize the accounting for internal-use capitalized software costs and removes all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40. An entity is therefore required to start capitalizing internal-use software costs when management has authorized and committed to funding the software project, and when it is probable that the project will be completed and the software will be used to perform the function intended (the “probable-to-complete” recognition threshold). We adopted this guidance as of January 1, 2026, and it did not have a material impact on our consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This update establishes an authoritative recognition, measurement, and presentation model generally based on the principles of International Accounting Standard 20. Under the guidance, a government grant is not recognized until it is probable that (i) the entity will comply with the conditions attached to the grant and (ii) the grant will be received. The amendments are effective for annual periods beginning after December 15, 2028, including interim periods

within those annual periods, with early adoption permitted. We early adopted ASU 2025-10 effective January 1, 2026, using the modified prospective transition method, under which the guidance applies to government grants that are not complete as of the effective date and to grants entered into on or after that date. We adopted the guidance early because it codifies an authoritative recognition and measurement model for government grants, replacing the application of other frameworks by analogy. Adoption did not have a material impact on our consolidated financial statements.

There have been no other recent accounting pronouncements or changes in accounting pronouncements since those described within Note 1 of our 2025 10-K that are expected to have a material impact on our consolidated financial statements.