Accel Entertainment Reports 9.1% Revenue Growth to $329.7 Million in Q3 2025

Accel Entertainment, Inc. reported a significant increase in financial performance for the third quarter of 2025, with total net revenues reaching $329.7 million, a 9.1% increase from $302.2 million in the same period last year. The growth was primarily driven by a $18.6 million rise in net gaming revenue, which totaled $308.5 million, reflecting an expansion in gaming locations and terminals. Additionally, ATM fees and other revenues surged by 164.9% to $14.6 million, bolstered by contributions from the company's racing operations. For the nine months ending September 30, 2025, total net revenues were $989.5 million, up 8.3% from $913.5 million in the prior year.

Operating expenses also increased, totaling $304.3 million for the quarter, up 8.5% from $280.4 million a year earlier. The rise in expenses was attributed to higher costs associated with revenue generation, including a 16% increase in general and administrative expenses, which reached $55.6 million. Despite the increase in costs, operating income improved by 16.1% to $25.4 million, and net income surged 171.8% to $13.3 million, compared to $4.9 million in the previous year. The company’s earnings per share for the quarter were $0.16, up from $0.06 in the prior year.

Strategically, Accel Entertainment has been active in expanding its operations through acquisitions. The company completed several acquisitions in 2024, including Fairmount Park - Casino & Racing, which opened in April 2025, and various gaming establishments in Louisiana. These acquisitions have contributed to the company's growth in both revenue and market presence. As of September 30, 2025, Accel operated in multiple states, including Illinois, Montana, and Louisiana, with a total of 4,451 locations and 27,714 gaming terminals, marking a 3.8% increase in locations year-over-year.

The company also reported a new Credit Agreement established in September 2025, which includes a $600 million term loan facility and a $300 million revolving credit facility. This refinancing aims to optimize the company’s capital structure and support ongoing operational needs. As of the end of the third quarter, Accel had $290.2 million in cash and cash equivalents, providing a solid liquidity position to meet its capital requirements. Looking ahead, Accel Entertainment anticipates continued growth driven by its strategic acquisitions and expansion efforts, while closely monitoring macroeconomic conditions that could impact its operations.