Accel Entertainment (ACEL) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in Q4 and full year 2025, with revenue of $1.331 billion (up 8.1% year-over-year) and Adjusted EBITDA of $210.1 million (up 11.1%), driven by core and developing markets, acquisitions, and disciplined operations.

• Net income for 2025 was $51.3 million, up 45.3% year-over-year; Q4 net income was $16.2 million, a 91.7% increase year-over-year.

• Supported over 4,500 locations and nearly 28,000 gaming machines nationwide, demonstrating platform scale and resilience.

• Emphasized risk management through diversification, disciplined capital deployment, and long-term partnerships.

• Leadership transition announced: Andy Rubenstein to become Chairman, Mark Phelan to assume CEO role in August 2026.

Financial highlights

• Q4 2025 revenue was $341.4 million, up 7.5% year-over-year; Adjusted EBITDA for Q4 was $56.3 million, up 18.9%.

• Full year 2025 revenue reached $1.331 billion (8.1% growth), Adjusted EBITDA $210.1 million (11.1% growth), net income $51.3 million, EPS $0.61 basic/$0.60 diluted.

• Q4 2025 operating income was $29.7 million, up from $20.8 million in Q4 2024; full-year operating income was $107.9 million, up from $90.9 million.

• Ended year with $296.6 million in cash and cash equivalents, net debt of $311 million.

• Repurchased 3.8 million shares in 2025, including 1.5 million in Q4.

Outlook and guidance

• Focus remains on organic growth in core markets, scaling profitability in new markets, executing accretive acquisitions, and converting earnings to free cash flow.

• Anticipates significant growth opportunity from Chicago VGT market, with rollout likely in late Q4 2026 or Q1 2027 due to regulatory timelines.

• Strategic investments in new markets and product innovation expected to drive future revenue and profitability.

• Seasonal uplift expected in Q1 from tax return-driven play; no material guidance changes.

• Monitoring potential entry into the Chicago Video Gaming Terminals market.