IGT Reports $2.5 Billion in 2024 Revenue
International Game Technology has released its full-year 2024 financial results, reporting $2.5 billion in total revenue. The company maintained stable performance, driven by strong lottery sales in the U.S., Canada, and Italy.
Full-Year 2024 Financial Performance
IGT’s core lottery business remained the company’s strongest revenue driver. Despite minor fluctuations, the segment continued to generate high margins and strong cash flow. Key financial highlights for 2024 include:
- Operating income of $271 million, with a 10.8% profit margin.
- Adjusted EBITDA of $1.17 billion, reflecting a 46.6% margin due to the lottery division’s efficiency.
- Operating cash flow of $1.03 billion, including $689 million from continuing operations.
- Free cash flow of $659 million, with more than 80% coming from the core business.
- Diluted earnings per share (EPS) of $0.57.
According to CEO Vince Sadusky, IGT is focused on strengthening its leadership in lottery solutions and game content innovation. He stated, “Our unmatched capabilities in developing world-class Lottery solutions and innovative game content support several important investments to drive long-term growth and shareholder returns. We are well-positioned to continue strengthening our global lottery leadership.”
Stable Results, But Slight Revenue Dip
IGT’s Q4 revenue reached $651 million, down 4% year-over-year from $681 million in Q4 2023. The decline was primarily due to tough comparisons to a record-breaking product sales quarter the previous year.
Despite this, net income from continuing operations jumped to $116 million, with a 17.9% profit margin. Adjusted EBITDA stood at $290 million, reflecting a 44.5% margin, slightly lower than the 46.4% from the previous year.
U.S. and Canada Performance
In North America, IGT saw a decline in lottery sales, with total revenue dropping 3% year-over-year to $1.223 billion. The drop was due to weaker multi-state jackpot performance, which fell by 22.1% over the year.
Same-store sales in instant tickets and draw games showed slight improvement in Q4, rising 2.2%. However, for the full year, they fell 0.5%.
Meanwhile, IGT’s total revenue in the U.S. and Canada for Q4 2024 came in at $307 million, a 12% decline from the previous year.
Key Strategic Moves and Expanding Lottery Contracts
Beyond financial performance, IGT made significant business moves in 2024. The most crucial was the $4.05 billion sale of its Gaming & Digital division to Apollo Global Management. The deal is expected to close by Q3 2025, allowing IGT to focus exclusively on its lottery operations.
A new seven-year contract with the Colorado Lottery is also worth pointing out, as well as a 10-year lottery and iLottery contract in Luxembourg to expand its European presence.
Multiple contract renewals in 2024 include:
- 9-year extension with Tennessee Education Lottery
- 10-year extension with North Carolina Education Lottery
- 12-year extension with Lithuania’s lottery system
- 3-year renewals in Mississippi and Virginia
- 7-year contract extension in Germany
New scratch ticket printing deals include:
- 3-year contract in Portugal
- 5-year contract in Spain
- 3-year extension with FDJ in France
Max Chiara, IGT’s Chief Financial Officer, emphasized the company’s strong financial foundation and strategic direction. He stated, “We delivered solid financial results in 2024, including robust cash flow generation to invest in the business, reduce debt, and return capital to shareholders,” said Max Chiara, CFO of IGT. “Our core, recurring business has a compelling low-to-mid single-digit growth profile and provides a solid foundation as we head into our next CapEx cycle aimed at securing our portfolio and extending its duration to more than eight years.”
With the planned divestment of its Gaming & Digital division, IGT is entering a new era as a lottery-focused company. The company’s recurring revenue base, global contract extensions, and market expansion provide a strong foundation for 2025 and beyond.
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