Accel Entertainment, Inc.

For the period ended Sep 30, 2025. Filed Nov 4, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 4, 2025

ACEL$13.85-0.4%Stored close · as of Nov 10, 2026

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Contents

Item 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

(In thousands, except per share amounts)	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	2025	2024	2025	2024
Net revenues:
Net gaming	$308,481	$289,923	$924,351	$871,300
Amusement	4,977	5,104	16,402	16,772
Manufacturing	1,678	1,705	7,299	9,122
ATM fees and other	14,557	5,495	41,462	16,263
Total net revenues	329,693	302,227	989,514	913,457
Operating expenses:
Cost of revenue (exclusive of depreciation and amortization expense shown below)	225,511	210,841	676,741	633,325
Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below)	916	962	3,878	5,283
General and administrative	55,600	47,930	163,482	142,105
Depreciation and amortization of property and equipment	13,339	11,001	38,735	32,229
Amortization of intangible assets and route and customer acquisition costs	6,389	5,781	19,001	16,808
Other expenses, net	2,577	3,867	9,490	13,620
Total operating expenses	304,332	280,382	911,327	843,370
Operating income	25,361	21,845	78,187	70,087
Interest expense, net	8,622	9,164	26,078	26,730
Loss from unconsolidated affiliates	22	1	55	1
(Gain) loss on change in fair value of contingent earnout shares	(2,170)	4,216	1,209	4,190
Loss on debt extinguishment	1,090	—	1,090	—
Income before income tax expense	17,797	8,464	49,755	39,166
Income tax expense	4,492	3,569	14,575	12,269
Net income	$13,305	$4,895	$35,180	$26,897
Less: Net loss attributed to redeemable noncontrolling interests	(59)	—	(138)	—
Net income attributable to Accel Entertainment, Inc.	$13,364	$4,895	$35,318	$26,897
Earnings per common share:
Basic	$0.16	$0.06	$0.41	$0.32
Diluted	0.16	0.06	0.41	0.32
Weighted average number of common shares outstanding:
Basic	84,719	82,952	85,289	83,718
Diluted	86,087	84,322	86,563	84,890
Comprehensive income
Net income	$13,305	$4,895	$35,180	$26,897
Unrealized loss on interest rate caplets (net of income tax benefit of $(400), $(1,526), $(1,138), and $(1,524) respectively)	(1,063)	(4,075)	(3,026)	(4,071)
Comprehensive income	$12,242	$820	$32,154	$22,826
Less: Comprehensive loss attributable to redeemable noncontrolling interests	(59)	—	(138)	—
Comprehensive income attributable to Accel Entertainment, Inc.	$12,301	$820	$32,292	$22,826

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)	September 30,	December 31
	2025	2024
Assets
Current assets:
Cash and cash equivalents	$290,235	$281,305
Accounts receivable, net	8,656	10,550
Prepaid expenses	8,033	8,950
Inventories	9,556	8,122
Income taxes receivable	7,744	1,632
Interest rate caplets	1,943	6,342
Other current assets	7,458	9,251
Total current assets	333,625	326,152
Property and equipment, net	340,683	307,997
Noncurrent assets:
Route and customer acquisition costs, net	29,655	23,258
Location contracts acquired, net	187,641	202,618
Goodwill	114,245	116,252
Other intangible assets, net	61,620	53,940
Other assets	17,909	18,181
Total noncurrent assets	411,070	414,249
Total assets	$1,085,378	$1,048,398
Liabilities, Temporary equity, and Stockholders’ equity
Current liabilities:
Current maturities of debt	$30,333	$34,443
Current portion of route and customer acquisition costs payable	2,559	2,197
Accrued location gaming expense	4,628	4,734
Accrued state gaming expense	32,241	19,802
Accounts payable and other accrued expenses	44,322	41,944
Accrued compensation and related expenses	12,312	12,117
Current portion of consideration payable	3,314	3,116
Total current liabilities	129,709	118,353
Long-term liabilities:
Debt, net of current maturities	565,075	560,936
Route and customer acquisition costs payable, less current portion	10,139	7,160
Consideration payable, less current portion	15,428	14,596
Contingent earnout share liability	34,312	33,103
Other long-term liabilities	7,327	7,571
Deferred income tax liability, net	52,131	47,372
Total long-term liabilities	684,412	670,738
Temporary equity - Redeemable noncontrolling interest	4,140	4,278
Stockholders’ equity:
Preferred Stock, par value of $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2025 and December 31, 2024	—	—
Class A-1 Common Stock, par value $0.0001; 250,000,000 shares authorized; 96,185,619 shares issued and 83,765,542 shares outstanding at September 30, 2025; 95,865,026 shares issued and 85,670,255 shares outstanding at December 31, 2024	8	8
Additional paid-in capital	225,340	221,625
Treasury stock, at cost	(129,404)	(105,485)
Accumulated other comprehensive income	1,119	4,145
Accumulated earnings	170,054	134,736
Total stockholders' equity	267,117	255,029
Total liabilities, temporary equity, and stockholders' equity	$1,085,378	$1,048,398

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.