As Light & Wonder executives reiterated during their second-quarter earnings call held late on Tuesday, de-leveraging the company was their prime new objective. CFO Oliver Chow, in particular, laid out an intended path to get Light & Wonder’s debt burden down to three times cash flow by the middle of 2027.
Chow pointed to charts showing a reduction of Light & Wonder debt from 10.5 times cash flow in 2020 to 3.4 times at present. The goal, he said, was to get the company’s debt level to investment grade. Toward that end, stock buybacks would become a lower corporate priority over the balance of 2026.
“The story of the second quarter is one we’ve told consistently,” said CEO Matt Wilson at the outset of the call. “We…