BRSL Brightstar Lottery PLC

Overview and Growth

Fiscal 2025 results for Brightstar Lottery PLC combined $2.51B of revenue with net income of $147.00M and an operating cash outflow of $99.00M. The $2.51B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line contracted 0.0% from $2.51B in fiscal 2024; this top-line contraction left the company with a smaller revenue base. The company reported diluted EPS of $0.74, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $1.71 in fiscal 2024, the current result was 56.7% lower. At period end, total assets were $9.16B, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.27x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After all reported below-operating-line items, the company recorded net income of $147.00M for the fiscal year. Measured against reported revenue, net income produced a 5.9% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $299.00M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 11.9%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $165.00M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 55.2% of pretax income, showing the tax burden absorbed by the year’s earnings. Return on period-end equity was 9.2%, relating annual net income to the equity capital on the balance sheet. The net-income-to-assets relationship measured 1.6%, showing earnings relative to the full balance sheet. The company moved from fiscal 2024 net income of $348.00M to $147.00M, with the current outcome ending below that comparison.

Liquidity and Capital Structure

Total assets were $9.16B, supported by $7.57B of liabilities and $1.59B of shareholder equity. The near-term balance sheet paired $2.34B of current assets with $3.07B of current liabilities at the reporting date. At 0.76x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. Cash and equivalents totaled $1.45B, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 47.1% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $4.18B, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 2.63x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 45.6%, comparing borrowing with the total asset balance. The liabilities-to-assets relationship was 82.6%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 15.8% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $10.28B in fiscal 2024, the current asset base moved 10.9% and finished lower. Book equity was 22.9% lower than fiscal 2024 equity of $2.06B, showing how shareholder capital changed year over year. The reported cash balance changed 147.6% from $584.00M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $99.00M, rather than cash generation from operations. The company spent $316.00M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. The company recorded a $415.00M cash deficit after capital spending for the period. The free-cash-flow deficit equaled 16.5% of revenue, showing the post-investment cash shortfall relative to sales. Relative to total assets, the post-investment cash deficit measured 4.5%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.