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ACEL

Accel Entertainment, Inc.

ACEL

Accel Entertainment, Inc. • NYSE
$10.24 ▲ 0.29% (+0.03)
Market Cap $869.65 M
52w High $13.28
52w Low $9.02
Dividend Yield 0%
P/E 20.48
Volume 215.94K
Outstanding Shares 84.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $329.693M ▼ $77.905M ▼ $13.364M ▲ 4.053% ▲ $0.16 ▲ $45.447M ▲
Q2-2025 $335.909M ▲ $78.391M ▲ $7.315M ▼ 2.178% ▼ $0.085 ▼ $40.54M ▼
Q1-2025 $323.912M ▲ $74.412M ▼ $14.639M ▲ 4.519% ▲ $0.17 ▲ $46.882M ▲
Q4-2024 $317.515M ▲ $75.853M ▲ $8.355M ▲ 2.631% ▲ $0.1 ▲ $41.243M ▲
Q3-2024 $302.227M $68.579M $4.895M 1.62% $0.059 $32.935M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $292.178M ▲ $1.085B ▲ $814.121M ▲ $267.117M ▲
Q2-2025 $264.63M ▼ $1.056B ▲ $791.518M ▲ $260.539M ▲
Q1-2025 $271.939M ▼ $1.047B ▼ $783.936M ▼ $259.068M ▲
Q4-2024 $281.305M ▲ $1.048B ▲ $789.091M ▲ $255.029M ▲
Q3-2024 $265.085M $950.206M $743.487M $206.719M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13.364M ▲ $55.238M ▲ $-20.734M ▲ $-8.899M ▼ $25.605M ▲ $34.221M ▲
Q2-2025 $7.262M ▼ $19.805M ▼ $-33.777M ▼ $6.663M ▲ $-7.309M ▲ $-6.237M ▼
Q1-2025 $14.613M ▲ $44.752M ▲ $-26.186M ▲ $-27.932M ▼ $-9.366M ▼ $17.997M ▲
Q4-2024 $8.355M ▲ $13.529M ▼ $-33.927M ▼ $36.618M ▲ $16.22M ▲ $2.075M ▼
Q3-2024 $4.895M $50.051M $-20.9M $-18.989M $10.162M $33.11M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Amusement
Amusement
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼
ATM Fees And Other Revenue
ATM Fees And Other Revenue
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Manufacturing
Manufacturing
 $0 ▲$0 ▲$0 ▲$0 ▲
Video Gaming
Video Gaming
 $300.00M ▲$300.00M ▲$310.00M ▲$310.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Accel shows a clear pattern of steady revenue growth over the past five years, moving from a small base to a much larger, more mature operation. Profitability has improved from a loss during the early pandemic period to consistent operating and net profits in recent years. Margins look decent for a distributed gaming business, but recent years suggest some pressure on earnings per share compared with the peak a few years ago, likely reflecting higher costs, investments, and interest expense. Overall, the company is solidly profitable, but not yet a high-margin cash machine, and its earnings trend is more “grind it out” than explosive.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, with total assets and cash balances both rising as the business has grown. Debt has increased as well, roughly in step with that expansion, which means leverage is something to watch even if it still appears manageable. Shareholders’ equity has been building over time, indicating that profits are being retained and reinvested in the business. In simple terms, Accel is bigger, has more resources, and also carries more debt than a few years ago, reflecting a deliberate growth strategy.

Cash Flow

Cash Flow Accel consistently generates positive cash flow from its operations, which is a key strength for a capital-intensive gaming business. The company is spending steadily on new machines, technology, and locations, so capital expenditures are meaningful and have grown as the network has expanded. Even after this investment, free cash flow has generally remained positive, suggesting a business that can fund much of its growth internally without constantly tapping new equity. The trade‑off is that free cash flow is solid but not abundant, especially in years of heavier investment.

Competitive Edge

Competitive Edge Accel operates with a strong position in distributed gaming, especially in its core state, where it holds a leading share and deep relationships with local venues. Its long-term, exclusive contracts and full-service “turnkey” offering make it hard for competitors to displace, and the heavy regulatory burden in this industry naturally limits new entrants. Scale also gives Accel bargaining power with equipment suppliers and helps it roll out new technology across many locations. The main structural risks are regulatory changes, concentration in a few key states, and ongoing competition from casinos and other forms of gaming that compete for the same consumer wallet.

Innovation and R&D

Innovation and R&D Rather than traditional lab-style R&D, Accel’s innovation is mostly about software, data, and product design around its distributed gaming platform. Its analytics tools, loyalty program, and proprietary management systems are all geared toward making each location more productive and stickier to both players and venue partners. The rollout of ticket-in, ticket-out technology, and plans to develop proprietary game content, should help deepen its differentiation and potentially support better margins over time. Expansion into casino ownership and continued M&A add another layer of strategic innovation, but they also increase execution risk as the company moves beyond its historical core.

Summary

Accel has grown from a regional distributed gaming operator into a larger, more diversified platform with consistent profits, steady operating cash flow, and a strengthening—though more leveraged—balance sheet. Its business model is built on recurring revenue from long-term partnerships, supported by a strong technology and service backbone that raises switching costs for venues. Financially, the story is one of steady, incremental progress rather than dramatic spikes: stable growth, moderate margins, disciplined but material investment, and manageable leverage. The main opportunities lie in geographic expansion, technology-driven optimization, and new verticals like casinos and proprietary content, while key risks center on regulation, competition, and the challenges of scaling into more complex businesses.

NEWS

November 4, 2025 · 4:15 PM UTC

Accel Entertainment Reports Third Quarter Results Highlighted by Strong Revenue and Earnings Growth

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October 21, 2025 · 7:00 AM UTC

Accel Entertainment, Inc. to Report Third Quarter 2025 Results, Host Conference Call and Webcast on November 4

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September 22, 2025 · 4:15 PM UTC

Accel Entertainment Names Brett Summerer Chief Financial Officer

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September 10, 2025 · 4:15 PM UTC

Accel Entertainment Closes $900 Million Senior Secured Credit Facility

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