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Dec 31, 2025
Accel Entertainment Q4 2025 Earnings Report
Accel Entertainment reported record fourth quarter results with a 7.5% revenue increase and significant net income growth.
Key Takeaways
Accel Entertainment achieved record Q4 revenue of $341.4 million and record full-year revenue of $1.3 billion. The company saw strong performance across its distributed gaming model, particularly in Illinois and Louisiana, while expanding its footprint to 4,501 locations and nearly 28,000 terminals. Net income for the quarter nearly doubled compared to the prior year, supported by organic growth and strategic acquisitions.
Q4 revenue reached a record $341.4 million, representing a 7.5% year-over-year increase.
Net income for the quarter rose 91.7% to $16.1 million, driven by operational growth and fair value adjustments.
The company expanded its terminal count by 2.9% to 27,950 and location count by 2.2% to 4,501.
Successfully completed a new $900 million credit facility, extending debt maturities to 2030 and lowering capital costs.
Revenue by Geographic Location
Forward Guidance
Accel is focused on organic growth, capturing scale efficiencies, and executing accretive acquisitions while monitoring new opportunities like the Chicago VGT market.
Positive Outlook
- Potential introduction of Video Gaming Terminals in the city of Chicago.
- Rollout of ticket-in, ticket-out technology in Illinois to enhance efficiency.
- Strong momentum in Nevada with terminal count up 13% year-over-year.
- Significant revenue growth in Louisiana (75%) following bolt-on acquisitions.
- Enhanced growth capital flexibility through a new $900 million credit facility.
Challenges Ahead
- Nevada location hold-per-day decreased by 7% in Q4.
- Illinois location count saw a 2.5% decrease year-over-year.
- Strict and evolving government regulations may limit existing operations.
- Dependence on a concentrated network of key manufacturers and developers.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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