Aristocrat Records Double-Digit Growth in FY25, Driven by North American Gaming
Aristocrat Leisure Limited reported strong, double-digit growth for fiscal year 2025 (FY25), fueled primarily by its Aristocrat Gaming segment in North America and expanding digital operations. Normalised Revenue reached A$6.3 billion, an 11.0% increase over the prior year.
This performance translated into significant profit gains, with Normalised EBITDA climbing 15.6% to A$2.63 billion, raising the EBITDA margin to 41.7%. The company returned A$1.4 billion to shareholders through dividends and stock buybacks.
North American Gaming Leads Growth
The North American gaming division was a major force behind the company’s strong results. Gaming revenues in the US and Canada reached US$2.02 billion, representing a 5.2% increase. Segment profit grew 3.1% to US$1.17 billion.
The segment’s profit margin slightly decreased to 57.8%, a mix shift caused by higher Outright Sales volume and expansion into adjacent markets.
Aristocrat’s installed gaming machine base in North America grew by 4,100 net units, totaling 75,225 units. The company maintained its market-leading Fee Per Day (FPD) at US$53.23. Game performance was robust, with the portfolio averaging 1.4 times the house average performance.
New game launches, including Phoenix Link, House of the Dragon, and Spooky Link, supported this momentum. Spooky Link achieved the fastest sales growth of any game in Aristocrat’s history.
Outright Sales revenue increased 11% in US dollars, with 24,821 units sold at an average selling price (ASP) of US$20,762. The company sustained its leadership in North American outright sales revenue with a 31% ship share.
Aristocrat also expanded its presence in adjacent markets, increasing unit volume by 29%. This growth included entries into Kansas Historical Horse Racing (HHR) and expansion in Georgia COAM (Coin Operated Amusement Machine) and Quebec VLT (Video Lottery Terminals).
Interactive Segment Scales in the US
The Aristocrat Interactive segment, which includes the digital businesses, showed strong growth and scalability, particularly in the US. This segment’s results reflect a full year of contribution from the NeoGames acquisition.
The iLottery business retained its position as the market leader in the US, capturing approximately 72% of the total wager market share. This strength was driven by major turnkey contracts in states like North Carolina and Virginia.
In iCasino Content, the company’s US market share grew from 1.8% in March 2025 to 3.5% by September 2025. Aristocrat now has approximately 92% market access for iCasino in the US. The Platforms (CXS) business also delivered solid results in the US and ANZ markets, supported by hardware innovation.
Protecting Intellectual Property
The company’s corporate costs were impacted by higher legal expenses during the year. Approximately $21 million was specifically related to ongoing litigation against a competitor. This action aims to protect Aristocrat’s intellectual property (IP).
CEO Trevor Croker commented on the results, noting, “We delivered on our second half performance commitments, and achieved a strong Group result for the full year, with double digit growth across most key metrics.” He added that this highlights the company’s market leadership and ability to grow while investing for the future.
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