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Accel Entertainment (ACEL) investor relations material
Accel Entertainment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue grew 9.1% year-over-year to $329.7–$330 million, with net income up 171.8% to $13–$13.4 million, driven by expansion in core and developing markets and the first full quarter of Fairmount Park Casino & Racing operations.
Adjusted EBITDA increased 11.5% to $51–$51.2 million, reflecting operational efficiencies, higher gaming turnover, and market expansion.
Operates over 27,700 gaming terminals across 4,451 locations in 10 states, with Illinois as the largest contributor.
Continued disciplined growth investments, operational efficiency, and capital allocation, including share repurchases and a new CFO.
Strong community impact, with $1.34 billion in taxes contributed since 2021 and $2.7 million donated to charities over five years.
Financial highlights
Q3 2025 net revenues: $329.7–$330 million (+9.1% YoY); net income: $13–$13.4 million; EPS: $0.16 (basic/diluted).
Illinois revenue: $239 million (+7% YoY); Montana: $40–$40.5 million (+2–2.1%); Nebraska: $9 million (+30%); Georgia: $3–$5 million (+49–49.3%); Nevada: $26 million (−7–7.4%); Louisiana: $9 million (new).
Operating income: $25–$25.4 million (+16.1% YoY); gross margin: 30%; adjusted EBITDA margin: 15–15.5%.
CapEx for Q3: $21 million; year-to-date: $72–$74 million; full-year 2025 forecast: $75–$80 million.
Ended Q3 with $290.2 million in cash and cash equivalents; net debt: $305 million.
Outlook and guidance
Affirmed full-year 2025 CapEx forecast of $75–$80 million, with significant investments in Fairmount Park and Louisiana.
Management expects continued growth in core and developing markets, with a focus on efficiency, capital discipline, and ramp-up at Fairmount Park.
Sufficient liquidity from cash, operations, and credit to meet capital needs for the next 12 months and beyond.
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