Accel Entertainment (NYSE: ACEL) posts record 2025 revenue and EBITDA
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Accel Entertainment reported record results for the fourth quarter and full year 2025, showing broad-based growth and stronger profitability. Fourth-quarter revenue reached $341.4 million, up 7.5% year over year, with locations rising to 4,501 and gaming terminals to 27,950.
For 2025, revenue grew 8.1% to $1.33 billion, while net income climbed 45.3% to $51.3 million. Diluted EPS increased to $0.60 from $0.41, and Adjusted EBITDA rose 11.1% to $210.1 million, reflecting improved margins and operating leverage.
Cash and cash equivalents were $296.6 million with Net debt of about $310.9 million at year-end. The company completed a new $900 million credit facility maturing in 2030 and repurchased roughly 3.7 million shares in 2025, including 1.5 million in the fourth quarter.
Positive
- Record 2025 profitability and cash generation: Revenue rose to $1.33 billion, net income climbed 45.3% to $51.3 million, Adjusted EBITDA increased 11.1% to $210.1 million, and operating cash flow grew 24.5% to $150.9 million, while management also executed meaningful share repurchases.
Negative
- None.
Insights
Record 2025 growth with stronger margins and active capital returns.
Accel Entertainment delivered solid top-line expansion and outsized bottom-line growth. Full-year revenue increased 8.1% to
The balance sheet remained robust with cash of
Management emphasized expansion in multiple states and higher location hold-per-day, particularly in Nebraska and Georgia, alongside the ramp at Fairmount Park Casino & Racing. Share repurchases of roughly 3.7 million shares in
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 3, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
(630 ) 972-2235
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On March 3, 2026 , Accel Entertainment, Inc. (the "Company") issued a press release announcing its financial and operating results for the three months and year ended December 31, 2025. A copy of the Company’s press release is attached and furnished herewith as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On March 3, 2026, the Company posted an investor presentation (the “Presentation”) on the Investor Relations section of its website at www.accelentertainment.com. The Presentation may be used by the Company from time to time in meetings with investors, analysts and other stakeholders.
Information in this report (including Exhibit 99.1) contained in Item 2.02 and Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
The Company announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, and the Company’s investor relations website (https:// ir.accelentertainment.com). These communications serve to disclose material non-public information and comply with the Company's disclosure obligations under Regulation FD.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
| 99.1 | Press Release by Accel Entertainment, Inc. dated March 3, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ACCEL ENTERTAINMENT, INC. | |||||||||||
Date: | By: | /s/ Brett Summerer | |||||||||
Brett Summerer | |||||||||||
Chief Financial Officer (Principal Financial Officer) | |||||||||||
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Accel Entertainment Reports Record Fourth Quarter Results Including 7.5% Revenue
Increase and Full-Year Revenue of $1.3 Billion
Chicago, IL – March 3, 2026 – Accel Entertainment, Inc. (NYSE: ACEL), a leading locals-focused gaming operator partnering with small businesses, local communities, and state governments to provide entertaining, convenient, and safe gaming experiences nationwide, today announced financial and operating results for the fourth quarter and year ended December 31, 2025.
Highlights:
•Record revenue of $341.4 million for Q4 '25; an increase of 7.5% compared to Q4 '24
◦Ended Q4 '25 with 4,501 locations; an increase of 2.2% compared to Q4 '24
◦Ended Q4 '25 with 27,950 gaming terminals; an increase of 2.9% compared to Q4 '24
•Record revenues of $1.3 billion for YE 2025; an increase of 8.1% compared to YE 2024
•Net income of $16.2 million for Q4 '25; an increase of 91.7% compared to Q4 '24, partially attributable to a gain of $0.6 million on the change in the fair value of the contingent earnout shares (Accel Class A-2 common stock) compared to a loss of $2.9 million in the prior period
•Net income of $51.3 million for YE 2025; an increase of 45.3% compared to YE 2024
•Diluted earnings per share of $0.60 for YE 2025, an increase of 46.3% compared to $0.41 in YE 2024
•Record Adjusted EBITDA of $56.3 million for Q4 '25; an increase of 18.9% compared to Q4 '24
•Record Adjusted EBITDA of $210.1 million for YE 2025; an increase of 11.1% compared to YE 2024
•Cash and cash equivalents of $296.6 million and net debt of approximately $311 million at December 31, 2025
•Repurchased 1.5 million shares of Accel Class A-1 common stock in Q4 '25 for approximately $16.2 million
•Completed new $900.0 million credit facility in September 2025, extending maturities to 2030, lowering cost of capital and further enhancing growth capital flexibility
•First full year of racing operations and almost nine months of casino operations at Fairmount Park Casino & Racing
Accel CEO, Andy Rubenstein, commented, “Accel delivered a strong finish to 2025, highlighted by 7.5% revenue growth and an 18.9% increase in Adjusted EBITDA in the fourth quarter. For the full year, we generated record revenue of $1.3 billion and $210 million in Adjusted EBITDA, reflecting the growth and resilience of our distributed gaming model combined with our disciplined capital deployment. We ended the year supporting more than 4,500 locations and nearly 28,000 gaming terminals, underscoring the scale and durability of our platform.
“In Illinois and Montana, we continue to optimize our footprint and machine base, driving steady hold-per-day improvement and margin expansion. The Illinois rollout of ticket-in, ticket-out technology is progressing as planned and is expected to enhance player convenience and operational efficiency over time. We are excited by the potential to bring our distributed gaming and local entertainment model to the city of Chicago following public announcements regarding the possible introduction of Video Gaming Terminals in licensed locations. We believe we are well positioned to leverage our strong balance sheet, existing fixed operating infrastructure, route management capabilities, and fixed asset base to capitalize on opportunities in a Chicago Video Gaming Terminals market, and we continue to monitor developments as we establish our strategies for maximizing returns from this possible opportunity.
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“Across our developing markets, we are seeing meaningful scale and momentum. Nevada terminal count increased 13% year-over-year, supported by recent strategic accretive route expansions, while Louisiana revenue increased approximately 75% compared to the prior year as we execute on our bolt-on acquisition strategy. Nebraska and Georgia also delivered strong growth, demonstrating the continued expansion and increased leverage of our operating platform. At Fairmount Park Casino & Racing, we completed our first full year of operations and continue to see steady customer engagement as the property ramps.
“With the completion of our previously-announced $900 million credit facility, we strengthened our balance sheet, extended maturities to 2030, and enhanced our growth capital flexibility. Reflecting our commitment to shareholder returns and our view that Accel shares remain undervalued, during 2025, we repurchased approximately 3.7 million shares of our common stock, including 1.5 million shares in the fourth quarter.
“Looking ahead, we remain focused on driving steady organic growth, capturing efficiencies at scale, executing accretive tuck-in opportunities, and delivering strong free cash flow. We believe our scalable platform and disciplined capital deployment position us to convert earnings into cash while investing in high-return growth opportunities and returning capital to shareholders.”
Condensed Consolidated Statements of Operations and Other Data
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Total net revenues | $ | 341,446 | $ | 317,515 | $ | 1,330,960 | $ | 1,230,972 | |||||||||||||||
| Operating income | 29,664 | 20,797 | 107,851 | 90,884 | |||||||||||||||||||
| Income before income tax expense | 22,176 | 14,563 | 71,931 | 53,729 | |||||||||||||||||||
| Net income | 16,092 | 8,394 | 51,272 | 35,291 | |||||||||||||||||||
| Other Financial Data: | |||||||||||||||||||||||
Adjusted EBITDA(1) | 56,284 | 47,355 | 210,148 | 189,147 | |||||||||||||||||||
(1)Adjusted EBITDA is a non-GAAP metric. See "Non-GAAP Financial Measures" for a reconciliation to the most directly comparable GAAP metric.
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Net Revenues
| (in thousands) | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net revenues by state: | |||||||||||||||||||||||
| Illinois | $ | 245,212 | $ | 231,278 | $ | 963,165 | $ | 906,572 | |||||||||||||||
Montana(1) | 42,608 | 41,326 | 164,323 | 161,698 | |||||||||||||||||||
Nevada | 27,951 | 27,670 | 108,884 | 114,551 | |||||||||||||||||||
Louisiana | 9,461 | 5,445 | 37,580 | 5,445 | |||||||||||||||||||
| Nebraska | 9,622 | 6,763 | 33,233 | 25,384 | |||||||||||||||||||
Georgia | 5,660 | 4,038 | 19,891 | 13,209 | |||||||||||||||||||
| Other | 932 | 995 | 3,884 | 4,113 | |||||||||||||||||||
| Total net revenues | $ | 341,446 | $ | 317,515 | $ | 1,330,960 | $ | 1,230,972 | |||||||||||||||
(1)Includes $39.1 million and $153.5 million of net gaming revenues and $3.6 million and $10.9 million of manufacturing revenues for the three and twelve months ended December 31, 2025, respectively. In comparison, includes $38.2 million and $149.5 million of net gaming revenues and $3.1 million and $12.2 million of manufacturing revenues for the three and twelve months ended December 31, 2024, respectively.
Gross Margin Percentage
Three Months Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Gross margin percentage: | |||||||||||||||||
Illinois - our regulated split percentage | 32.04 | % | 32.04 | % | 32.54 | % | |||||||||||
Georgia - our regulated split percentage | 43.50 | % | 43.50 | % | 45.00 | % | |||||||||||
All other state splits, revenues and fees | 30.32 | % | 25.30 | % | 23.48 | % | |||||||||||
Total gross margin percentage (1) | 31.72 | % | 30.41 | % | 30.33 | % | |||||||||||
Twelve Months Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Gross margin percentage: | |||||||||||||||||
Illinois - our regulated split percentage | 32.04 | % | 32.04 | % | 32.54 | % | |||||||||||
Georgia - our regulated split percentage | 43.50 | % | 43.50 | % | 45.00 | % | |||||||||||
All other state splits, revenues and fees | 29.04 | % | 24.20 | % | 22.81 | % | |||||||||||
Total gross margin percentage (1) | 31.35 | % | 30.17 | % | 30.18 | % | |||||||||||
(1)Gross margin percentage represents the percentage of total net revenue remaining after subtracting the cost of revenue and cost of manufacturing goods sold and is not adjusted to exclude or modify amounts recognized under GAAP.
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Key Business Metrics
Locations (1) | As of December 31, | Increase / (Decrease) | |||||||||||||||||||||
| 2025 | 2024 | Change | Change (%) | ||||||||||||||||||||
| Illinois | 2,705 | 2,775 | (70) | (2.5) | % | ||||||||||||||||||
| Montana | 624 | 619 | 5 | 0.8 | % | ||||||||||||||||||
| Nevada | 408 | 357 | 51 | 14.3 | % | ||||||||||||||||||
| Louisiana | 100 | 96 | 4 | 4.2 | % | ||||||||||||||||||
| Nebraska | 275 | 270 | 5 | 1.9 | % | ||||||||||||||||||
| Georgia | 389 | 286 | 103 | 36.0 | % | ||||||||||||||||||
| Total locations | 4,501 | 4,403 | 98 | 2.2 | % | ||||||||||||||||||
Gaming terminals (1) | As of December 31, | Increase / (Decrease) | |||||||||||||||||||||
| 2025 | 2024 | Change | Change (%) | ||||||||||||||||||||
| Illinois | 15,534 | 15,693 | (159) | (1.0) | % | ||||||||||||||||||
| Montana | 6,598 | 6,467 | 131 | 2.0 | % | ||||||||||||||||||
| Nevada | 2,996 | 2,650 | 346 | 13.1 | % | ||||||||||||||||||
| Louisiana | 684 | 588 | 96 | 16.3 | % | ||||||||||||||||||
| Nebraska | 1,019 | 948 | 71 | 7.5 | % | ||||||||||||||||||
Georgia | 1,119 | 808 | 311 | 38.5 | % | ||||||||||||||||||
| Total gaming terminals | 27,950 | 27,154 | 796 | 2.9 | % | ||||||||||||||||||
(1)Based on a combination of third-party portal data and data from our internal systems. This metric is utilized by Accel to continually monitor growth from existing locations, organic openings, acquired locations, and competitor conversions.
Location hold-per-day (2) | Three Months Ended December 31, | Increase / (Decrease) | |||||||||||||||||||||
| 2025 | 2024 | Change ($) | Change (%) | ||||||||||||||||||||
| Illinois | $ | 905 | $ | 868 | $ | 37 | 4.3 | % | |||||||||||||||
| Montana | 621 | 614 | 7 | 1.1 | % | ||||||||||||||||||
| Nevada | 731 | 786 | (55) | (7.0) | % | ||||||||||||||||||
Louisiana | 1,011 | 979 | 32 | 3.3 | % | ||||||||||||||||||
| Nebraska | 348 | 253 | 95 | 37.5 | % | ||||||||||||||||||
Georgia | 155 | 142 | 13 | 9.2 | % | ||||||||||||||||||
| Twelve Months Ended December 31, | Increase / (Decrease) | ||||||||||||||||||||||
| 2025 | 2024 | Change ($) | Change (%) | ||||||||||||||||||||
| Illinois | $ | 894 | $ | 864 | $ | 30 | 3.5 | % | |||||||||||||||
| Montana | 617 | 609 | 8 | 1.3 | % | ||||||||||||||||||
| Nevada | 728 | 823 | (95) | (11.5) | % | ||||||||||||||||||
Louisiana | 979 | 979 | — | — | % | ||||||||||||||||||
Nebraska | 301 | 241 | 60 | 24.9 | % | ||||||||||||||||||
Georgia | 149 | 119 | 30 | 25.2 | % | ||||||||||||||||||
(2)Location hold-per-day is calculated by dividing net gaming revenue in the period by the average number of locations. We then divide the calculated amount by the number of operational days. We utilize this metric to compare market and location performance on a normalized basis. The percent change in location hold-per-day is the underlying metric used to determine the change in same-store sales.
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Condensed Consolidated Statements of Cash Flows Data
| Year Ended December 31, | Increase / (Decrease) | ||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | Change ($) | Change (%) | |||||||||||||||||||
| Net cash provided by operating activities | $ | 150,875 | $ | 121,194 | $ | 29,681 | 24.5 | % | |||||||||||||||
| Net cash used in investing activities | (100,554) | (124,151) | 23,597 | 19.0 | % | ||||||||||||||||||
| Net cash (used in) provided by financing activities | (35,060) | 22,651 | (57,711) | (254.8) | % | ||||||||||||||||||
Non-GAAP Financial Information
This press release includes certain financial information not prepared in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”), including Adjusted EBITDA and Net debt. Adjusted EBITDA and Net debt are non-GAAP financial measures and are key metrics that Accel’s management uses to monitor ongoing core operations. Accel’s management believes Adjusted EBITDA and Net debt enhance the understanding of Accel’s underlying drivers of profitability and trends in Accel’s business and facilitates company-to-company and period-to-period comparisons because these non-GAAP financial measures exclude the effects of certain non-cash items or nonrecurring items that are unrelated to core operating performance. Accel’s management also believes that these non-GAAP financial measures are used by investors, analysts and other interested parties as measures of Accel’s financial performance and to evaluate Accel’s ability to fund capital expenditures, service debt obligations and meet working capital requirements. The non-GAAP financial measures presented in this press release should be viewed in addition to, and not as an alternative for, financial measures prepared in accordance with GAAP that are also presented in this press release. These measures are not substitutes for their comparable GAAP financial measures and there are limitations to using non-GAAP financial measures. For example, the non-GAAP financial measures presented in this press release may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures the same way as Accel does.
Adjusted EBITDA is defined as net income plus:
•Amortization of intangible assets and route and customer acquisition costs
•Stock-based compensation expense
•Loss from unconsolidated affiliates
•(Gain) loss on change in fair value of contingent earnout shares
•Gain on expiration of warrants
•Other expenses, net which consists of (i) non-cash expenses including the remeasurement of contingent consideration liabilities, (ii) non-recurring lobbying and legal expenses related to distributed gaming expansion in current or prospective markets, and (iii) other non-recurring expenses
•Depreciation and amortization of property and equipment
•Interest expense, net
•Emerging markets, which reflects the results, on an Adjusted EBITDA basis, for non-core jurisdictions where our operations are developing
◦Markets are no longer considered emerging when we have installed or acquired at least 500 gaming terminals in the jurisdiction, or when 24 months have elapsed from the date we first install or acquire gaming terminals in the jurisdiction, whichever occurs first.
◦Prior to June 2025, Pennsylvania was considered an emerging market.
◦Prior to January 2024, Iowa was considered an emerging market.
◦As of June 2025, we no longer have any emerging markets.
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•Income tax expense
•Loss on debt extinguishment
Net debt is defined as debt, net of current maturities:
•plus Current maturities of debt
•less Cash and cash equivalents
Reconciliation of Net income to Adjusted EBITDA
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Net income | $ | 16,092 | $ | 8,394 | $ | 51,272 | $ | 35,291 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
Amortization of intangible assets and route and customer acquisition costs | 6,424 | 5,769 | 25,425 | 22,577 | |||||||||||||||||||
Stock-based compensation expense | 3,821 | 3,277 | 12,205 | 12,204 | |||||||||||||||||||
| Loss from unconsolidated affiliates | 4 | (1) | 59 | — | |||||||||||||||||||
(Gain) loss on change in fair value of contingent earnout shares | (636) | (2,914) | 573 | 1,276 | |||||||||||||||||||
Gain on expiration of warrants | — | (13) | — | (13) | |||||||||||||||||||
Other expenses, net | 2,385 | 5,719 | 11,875 | 19,339 | |||||||||||||||||||
| Depreciation and amortization of property and equipment | 13,990 | 11,749 | 52,725 | 43,978 | |||||||||||||||||||
| Interest expense, net | 8,120 | 9,162 | 34,198 | 35,892 | |||||||||||||||||||
Emerging markets | — | 44 | 67 | 165 | |||||||||||||||||||
| Income tax expense | 6,084 | 6,169 | 20,659 | 18,438 | |||||||||||||||||||
Loss on debt extinguishment | — | — | 1,090 | — | |||||||||||||||||||
| Adjusted EBITDA | $ | 56,284 | $ | 47,355 | $ | 210,148 | $ | 189,147 | |||||||||||||||
Reconciliation of Debt, net of current maturities to Net debt
| As of December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Debt, net of current maturities | $ | 569,837 | $ | 560,936 | |||||||
| Plus: Current maturities of debt | 37,583 | 34,443 | |||||||||
| Less: Cash and cash equivalents | (296,566) | (281,305) | |||||||||
| Net debt | $ | 310,854 | $ | 314,074 | |||||||
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Conference Call
Accel will host a conference call and webcast at 5:00 PM ET / 4:00 PM CT today to review the results. Interested parties may join the live webcast by registering at https://events.q4inc.com/attendee/820426147. Registering in advance of the call will provide listeners with a personalized link to view the webcast and an individual dial-in for the call. This registration link to the live webcast, as well as a replay following the call, will also be available on Accel’s investor relations website: ir.accelentertainment.com.
About Accel
Accel Entertainment, Inc. (NYSE: ACEL) is a growing provider of locals-focused gaming and one of the largest terminal operators in the United States, supporting nearly 28,000 electronic gaming terminals in over 4,500 third-party local and regional establishments and 20 self-operated gaming locations across ten states. Through exclusive long-term contracts, Accel serves licensed non-casino locations including bars, restaurants, convenience stores, truck stops, gaming cafes, and fraternal and veteran establishments. Accel also owns and operates a racino venue.
Accel provides its local partners with a turnkey, full-service, capital-efficient gaming solution that encompasses manufacturing, content, payments, loyalty, 24/7 customer service, data analysis and reporting, and cash logistics. The Company’s racino, Fairmount Park - Casino & Racing, opened in April 2025 and features approximately 260 electronic gaming machines, food and beverage amenities, a sports book, pari-mutuel betting, and approximately 57 racing days planned for 2026.
Contact:
Joseph Jaffoni, Norberto Aja
JCIR
212-835-8500
acel@jcir.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including, but not limited to, any statements regarding our ability to continue to drive steady organic growth, capture efficiencies at scale, execute accretive tuck-in opportunities, and deliver strong cash flow, estimates of number of gaming terminals, locations, revenues, and Adjusted EBITDA, the opportunities in distributed gaming and local entertainment within the broader gaming market, including in the city of Chicago, our ability to roll out new technology to enhance player convenience and operational efficiency over time, and our expansion into casino operations and horse racing, including at Fairmount. The words “predict,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “continue,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements represent our current reasonable beliefs, expectations and assumptions and involve inherent risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: Accel’s ability to operate in existing markets and to expand into new jurisdictions; Accel’s ability to introduce new and appealing products and services amid uncertain market demand and regulatory outcomes; Accel’s ability to maintain or improve its competitive advantages in a highly competitive industry; Accel’s dependence on with a concentrated network of key manufacturers, developers and third party providers for gaming terminals, amusement machines, and related software, content and technologies; Accel’s heavy dependency on its ability to win, maintain and renew contracts with location partners; Accel's expansion into casino operations and horse racing; decreased discretionary consumer spending due to broader macroeconomic and socio-political conditions; geographical
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concentration of Accel’s business, which heightens exposure to local or regional conditions; strict government regulations that are constantly evolving and may be amended, repealed, or subject to new interpretations, which may limit existing operations, have an adverse impact on Accel’s ability to grow or may expose Accel to fines or other penalties; Accel’s dependence on the security, integrity and regulatory compliance of products, services and systems offered, which, if breached or disrupted, could expose Accel to liability; Accel’s dependence on the protection of trademarks and other intellectual property; opponents’ efforts to curtail the expansion of legalized gaming; and other risks and uncertainties indicated from time to time in documents filed or to be filed with the U.S. Securities and Exchange Commission (the "SEC") including those described in the section entitled “Risk Factors” in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "Form 10-K").
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We are under no obligation to, and expressly disclaim any obligation to, publicly update or alter any forward-looking statement, whether as a result of new information, subsequent events or otherwise, except as required by law.
Industry and Market Data
Unless otherwise indicated, information contained in this press release concerning our industry and the markets in which we operate, including our general expectations and market position, market opportunity, and market size, is based on information from various sources, on assumptions that we have made that are based on those data and other similar sources, and on our knowledge of the markets for our services. This information includes a number of assumptions and limitations, and you are cautioned not to give undue weight to such information. In addition, projections, assumptions, and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the Form 10-K, as well as Accel's other filings with the SEC. These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and by us.
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ACCEL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| (In thousands, except per share amounts) | Twelve Months Ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net revenues: | |||||||||||||||||
| Net gaming | $ | 1,243,471 | $ | 1,172,777 | $ | 1,113,573 | |||||||||||
| Amusement | 21,685 | 22,244 | 23,973 | ||||||||||||||
| Manufacturing | 10,857 | 12,235 | 13,353 | ||||||||||||||
| ATM fees and other | 54,947 | 23,716 | 19,521 | ||||||||||||||
| Total net revenues | 1,330,960 | 1,230,972 | 1,170,420 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Cost of revenue (exclusive of depreciation and amortization expense shown below) | 908,121 | 852,373 | 809,524 | ||||||||||||||
| Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below) | 5,627 | 7,100 | 7,671 | ||||||||||||||
| General and administrative | 219,336 | 194,721 | 180,248 | ||||||||||||||
| Depreciation and amortization of property and equipment | 52,725 | 43,978 | 37,906 | ||||||||||||||
| Amortization of intangible assets and route and customer acquisition costs | 25,425 | 22,577 | 21,211 | ||||||||||||||
| Other expenses, net | 11,875 | 19,339 | 6,453 | ||||||||||||||
| Total operating expenses | 1,223,109 | 1,140,088 | 1,063,013 | ||||||||||||||
| Operating income | 107,851 | 90,884 | 107,407 | ||||||||||||||
| Interest expense, net | 34,198 | 35,892 | 33,144 | ||||||||||||||
| Loss from unconsolidated affiliates | 59 | — | — | ||||||||||||||
| Loss on change in fair value of contingent earnout shares | 573 | 1,276 | 8,539 | ||||||||||||||
| Gain on expiration of warrants | — | (13) | — | ||||||||||||||
| Loss on debt extinguishment | 1,090 | — | |||||||||||||||
| Income before income tax expense | 71,931 | 53,729 | 65,724 | ||||||||||||||
| Income tax expense | 20,659 | 18,438 | 20,121 | ||||||||||||||
| Net income | $ | 51,272 | $ | 35,291 | $ | 45,603 | |||||||||||
Less: Net (loss) income attributed to redeemable noncontrolling interests | (198) | 39 | $ | — | |||||||||||||
| Net income attributable to Accel Entertainment, Inc. | $ | 51,470 | $ | 35,252 | $ | 45,603 | |||||||||||
| Earnings per common share: | |||||||||||||||||
| Basic | $ | 0.61 | $ | 0.42 | $ | 0.53 | |||||||||||
| Diluted | 0.60 | 0.41 | 0.53 | ||||||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||
| Basic | 85,020 | 83,747 | 85,949 | ||||||||||||||
| Diluted | 86,367 | 84,977 | 86,803 | ||||||||||||||
9
ACCEL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value and share amounts) | December 31, | December 31, | |||||||||
| 2025 | 2024 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 296,566 | $ | 281,305 | |||||||
| Accounts receivable, net | 14,198 | 10,550 | |||||||||
| Prepaid expenses | 7,102 | 8,950 | |||||||||
| Inventories | 8,231 | 8,122 | |||||||||
| Income taxes receivable | 9,121 | 1,632 | |||||||||
| Interest rate caplets | 430 | 6,342 | |||||||||
| Other current assets | 7,386 | 9,251 | |||||||||
| Total current assets | 343,034 | 326,152 | |||||||||
| Property and equipment, net | 350,304 | 307,997 | |||||||||
| Noncurrent assets: | |||||||||||
| Route and customer acquisition costs, net | 31,147 | 23,258 | |||||||||
| Location contracts acquired, net | 186,406 | 202,618 | |||||||||
| Goodwill | 114,426 | 116,252 | |||||||||
| Other intangible assets, net | 61,034 | 53,940 | |||||||||
| Interest rate caplets, net of current | — | 479 | |||||||||
| Other assets | 17,042 | 17,702 | |||||||||
| Total noncurrent assets | 410,055 | 414,249 | |||||||||
| Total assets | $ | 1,103,393 | $ | 1,048,398 | |||||||
Liabilities, Temporary equity, and Stockholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Current maturities of debt | $ | 37,583 | $ | 34,443 | |||||||
| Current portion of route and customer acquisition costs payable | 2,473 | 2,197 | |||||||||
| Accrued location gaming expense | 5,516 | 4,734 | |||||||||
| Accrued state gaming expense | 21,065 | 19,802 | |||||||||
| Accounts payable and other accrued expenses | 51,028 | 41,944 | |||||||||
| Accrued compensation and related expenses | 9,946 | 12,117 | |||||||||
| Current portion of consideration payable | 3,881 | 3,116 | |||||||||
| Total current liabilities | 131,492 | 118,353 | |||||||||
| Long-term liabilities: | |||||||||||
| Debt, net of current maturities | 569,837 | 560,936 | |||||||||
| Route and customer acquisition costs payable, less current portion | 10,232 | 7,160 | |||||||||
| Consideration payable, less current portion | 15,790 | 14,596 | |||||||||
| Contingent earnout share liability | 33,676 | 33,103 | |||||||||
| Other long-term liabilities | 9,373 | 7,571 | |||||||||
| Deferred income tax liability, net | 59,230 | 47,372 | |||||||||
| Total long-term liabilities | 698,138 | 670,738 | |||||||||
| Temporary equity - Redeemable noncontrolling interest | 4,080 | 4,278 | |||||||||
| Stockholders’ equity: | |||||||||||
Preferred Stock, par value of $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2025 and December 31, 2024 | — | — | |||||||||
Class A-1 Common Stock, par value $0.0001; 250,000,000 shares authorized; 96,250,980 shares issued and 82,287,349 shares outstanding at December 31, 2025; 95,865,026 shares issued and 85,670,255 shares outstanding at December 31, 2024 | 8 | 8 | |||||||||
| Additional paid-in capital | 229,028 | 221,625 | |||||||||
| Treasury stock, at cost | (145,747) | (105,485) | |||||||||
| Accumulated other comprehensive income | 188 | 4,145 | |||||||||
| Accumulated earnings | 186,206 | 134,736 | |||||||||
| Total stockholders' equity | 269,683 | 255,029 | |||||||||
| Total liabilities, temporary equity, and stockholders' equity | $ | 1,103,393 | $ | 1,048,398 | |||||||
10
FAQ
What did Accel Entertainment (ACEL) report for full-year 2025 revenue?
Accel Entertainment reported full-year 2025 revenue of $1.33 billion, up 8.1% from 2024. Growth was driven mainly by higher net gaming revenue across states such as Illinois, Louisiana, Nebraska, and Georgia, supported by more locations, additional terminals, and better location hold-per-day.
How profitable was Accel Entertainment (ACEL) in 2025?
Accel Entertainment generated $51.3 million in net income in 2025, a 45.3% increase versus 2024. Diluted earnings per share rose to $0.60 from $0.41, and Adjusted EBITDA reached $210.1 million, up 11.1%, reflecting better margins and operating leverage on higher revenues.
What were Accel Entertainment’s Q4 2025 results?
In Q4 2025, Accel Entertainment posted record revenue of $341.4 million, up 7.5% year over year. Quarterly net income was $16.1 million, rising 91.7%, and Adjusted EBITDA reached $56.3 million, an 18.9% increase, supported by higher gross margin percentages and expanded locations and terminals.
How strong is Accel Entertainment’s (ACEL) balance sheet after 2025?
At December 31, 2025, Accel Entertainment held $296.6 million in cash and cash equivalents and reported Net debt of about $310.9 million. The company also completed a new $900 million credit facility maturing in 2030, supporting liquidity, refinancing needs, and future growth investments.
What share repurchases did Accel Entertainment (ACEL) complete in 2025?
During 2025, Accel Entertainment repurchased approximately 3.7 million shares of Class A-1 common stock. This included 1.5 million shares bought in the fourth quarter for about $16.2 million, reflecting ongoing capital returns alongside continued investment in its distributed gaming and casino operations.
How did Accel Entertainment perform across different states in 2025?
Accel Entertainment saw 2025 net revenue growth in several states, notably Illinois at $963.2 million, Louisiana at $37.6 million, Nebraska at $33.2 million, and Georgia at $19.9 million. Total locations increased 2.2% to 4,501 and gaming terminals rose 2.9% to 27,950.
What non-GAAP metrics does Accel Entertainment (ACEL) emphasize?
Accel Entertainment highlights non-GAAP metrics such as Adjusted EBITDA and Net debt. Adjusted EBITDA was $210.1 million in 2025, up 11.1%, while Net debt was about $310.9 million. Management uses these to assess core operating performance, leverage, and capacity to fund growth and service obligations.
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Accel Entertainment Inc