Brightstar Raises Dividend, Cuts Net Debt 43% After Q4 Revenue Rises 3%
Brightstar Lottery delivered Q4’25 revenue of $668m, up 3% YoY, and adjusted EBITDA of $304m, up 5%, reducing net debt 43% to $2.723b and raising the quarterly dividend to $0.23 per share. Full-year FY25 returned over $1bn to shareholders, cut net debt 43%, and boosted adjusted EPS 36% to $0.91.
1. Q4 Financial Results
For the quarter ended December 31, 2025, Brightstar reported revenue of $668 million, a 3% year-over-year increase, and GAAP income from continuing operations of $92 million, down 21%. On a non-GAAP basis, adjusted EBITDA rose 5% to $304 million and adjusted EPS increased 59% to $0.36 per share.
2. Full Year Performance and Capital Returns
In full-year 2025, Brightstar generated $2.511 billion in revenue, flat year-over-year, while income from continuing operations fell 50% to $135 million. The company recorded $1.121 billion of adjusted EBITDA and delivered adjusted EPS of $0.91, up 36%, returning over $1.0 billion to shareholders through dividends and share buybacks.
3. Balance Sheet Improvement
Brightstar slashed net debt by 43% to $2.723 billion and grew cash and equivalents 148% to $1.446 billion, fueled by $4.1 billion in proceeds from the IGT Gaming divestiture. Leverage fell to 2.4x, and the board approved a 15% dividend increase to $0.23 per share.
4. Future Outlook and Board Addition
Management outlined accelerated organic revenue growth for 2026, driven by B2C digital expansion in Italy and a new lottery launch in São Paulo. The board appointed Mariangela Zappia as an independent non-executive director to bolster governance and strategic oversight.