Brightstar Lottery PLC

What they do

Brightstar operates and manages lottery businesses worldwide and reports as a single operating segment. The company is incorporated in England and Wales with principal offices in London and Providence, Rhode Island. It files as a large accelerated filer with the SEC and prepares financial statements under U.S. GAAP.

Revenue drivers

• Lottery operations (single reported segment) — The company operates and manages its business as a pure-play lottery business and reports a single segment for performance assessment and operating decisions. Revenue was $2.51B in each of 2024 and 2025.

Recent performance

Revenue was $4.09B in 2021, $2.60B in 2022, $2.53B in 2023, and $2.51B in both 2024 and 2025, indicating a plateau near $2.5B after the 2021-to-2022 decline. Net income fell from $482.0M in 2021 to $275.0M in 2022, $156.0M in 2023, then rose to $348.0M in 2024 before dropping to $147.0M in 2025. Diluted EPS followed a similar path: $2.33, $1.35, $0.77, $1.71, and $0.74 across 2021-2025. Operating cash flow was positive and growing through 2024 ($1.05B) but turned negative at $-99.0M in 2025. At 2025-12-31, total assets were $9.16B, total liabilities $7.57B, shareholder equity $875.0M, cash $1.45B, and long-term debt $4.06B.

Strategy

The filings excerpted here do not describe specific strategic initiatives, investments, or priorities. The company identifies itself as a pure-play lottery business reporting a single segment, which is the only strategic framing provided in the source material. No product roadmap, capital allocation plan, or growth target is stated in the excerpts.

Risks

• Deteriorating operating cash flow — Operating cash flow swung from $1.05B in 2024 to $-99.0M in 2025, a reversal of more than $1.1B in a single year.
• Earnings volatility — Net income has ranged from $147.0M to $482.0M over 2021-2025, with 2025 net income of $147.0M less than half of 2024's $348.0M.
• Leverage — Long-term debt of $4.06B at 2025-12-31 compares with shareholder equity of only $875.0M and total liabilities of $7.57B.
• Revenue stagnation — Annual revenue has been essentially flat at approximately $2.5B from 2023 through 2025, versus $4.09B in 2021.

Outlook

The provided excerpts do not include management's forward-looking outlook, guidance, or commentary on future periods. Item 5 (Operating and Financial Review and Prospects) is referenced in the table of contents, but no outlook content is included in the source material. No forward-looking statements from management are available in the excerpts.