Accel Entertainment (ACEL) Q4 2024 earnings summary

Executive summary

• Achieved record full-year 2024 revenue of $1.23 billion, with Q4 revenue of $318 million, up 7% year-over-year, and adjusted EBITDA of $189.1 million, reflecting strong local gaming performance and successful expansion.

• Net income declined 48% in Q4 2024 to $8 million and 22.6% for the year to $35.3 million, impacted by higher costs and expenses.

• Expanded to 4,117 locations and 26,346 gaming terminals, up 4% and 5% year-over-year, respectively.

• Closed acquisitions of Toucan Gaming (Louisiana) and FanDuel Sportsbook & Horse Racing (Illinois) in Q4 2024.

• Share repurchase program replenished to $200 million in February 2025.

Financial highlights

• Q4 2024 revenue was $318 million (+7% YoY); full-year revenue reached $1.23 billion (+5% YoY).

• Q4 2024 net income was $8 million (-48% YoY); full-year net income was $35.3 million (-22.6% YoY).

• Adjusted EBITDA for Q4 2024 was $47.4 million (+6.2% YoY); full-year adjusted EBITDA was $189.1 million (+4.2% YoY).

• Gross margin for Q4 and full year was approximately 30%.

• Net debt increased to $314 million at year-end 2024, up 12% year-over-year.

Outlook and guidance

• CEO expects continued strong performance in 2025, with expansion into Louisiana and casino operations.

• Construction of Fairmont Casino phase I underway, targeting Q2 2025 opening; phase II targeted for end of 2027.

• 2025 CapEx forecasted at $75–$80 million, including $31–$32 million for Fairmont and $5–$7 million for Louisiana.

• Normalized CapEx expected to return to $40–$45 million after major projects, boosting free cash flow.

• Focus remains on maintaining low-teens returns on capital and generating more free cash flow.