Brightstar Reports Stable Q1 Results Due to Tailwinds

Brightstar Lottery has published its financial results for Q1 2026, reporting stable revenue. The company also published its FY 2026 forecasts, saying that it expects an increase in adjusted EBITDA.

The Company Started 2026 on a Strong Note

Brightstar Lottery’s Q1 report outlined revenue of $587 million for the three-month period ended March 31. This figure represents a 1% increase year on year, with the result being attributed to a 3.1% same-store increase in Italy and a positive mix in the US.

Brightstar also reduced its LMA shortfall, benefited from foreign currency translation, and reported higher service revenue amortization related to its Italy Lotto license.

Brightstar’s Q1 income from continuing operations reached $63 million versus $8 million in Q1 2025, thanks to a variety of improvements, including reduced provision for income taxes.

The company’s adjusted EBITDA, meanwhile, increased 15% to $287 million, thanks to the aforementioned same-store sales growth in Italy, OPtiMa cost efficiencies, reduced LMA shortfall, and positive foreign currency translation. The growth was partially offset by Brightstar’s investments, human capital investments, UK service contract transition, and inflationary pressures on postage & freight.

On a per-share basis, the company reported a diluted outcome of $0.20, marking a significant improvement from a diluted loss per share of $0.11 in the prior-year period. Adjusted diluted earnings per share from continuing operations were $0.14 versus $0.09 in the prior year.

As of March 31, the company’s net debt was $2.8 billion, with a net debt leverage of 2.4x. Brightstar’s total liquidity, on the other hand, was $2.8 billion, with $1.2 billion in unrestricted cash and $1.6 billion in additional borrowing capacity.

The Forecasts Paint an Optimistic Picture

Additional highlights of the report included a quarterly dividend of $0.23 per share with a payment date of June 11.

Brightstar also announced that it has made its final Italy Lotto license payment of $1.67 billion and has successfully refinanced a revolving credit facility to March 2031, with improved terms.

As for the company’s 2026 forecasts, Brightstar said that it expects revenue of between $2.5 billion and $2.55 billion for the year. It also said that it expects its adjusted EBITDA to reach $1.16-1.19 billion for 2026.

Brightstar’s C-Suite Was Pleased

Brightstar’s chief executive officer, Vince Sadusky, commented on the report, calling it a strong start to 2026. He was pleased with the disciplined execution of the company’s strategic priorities and said that his team’s investment in long-term growth initiatives is paying off, resulting in shareholder value.

We’re on track with our multi-year goal of delivering accelerated sales and profit growth that we expect to create compelling, incremental value.

Vince Sadusky, CEO, Brightstar

Max Chiara, Brightstar’s chief financial officer, was similarly pleased, highlighting the OPtiMA cost savings and the balancing of the company’s cost control against strategic priorities as key achievements. Chiara added that the company’s attractive margin structure, strong cash generation, and access to significant liquidity provide “substantial support” for Brightstar’s capital allocation plans.