Accel Entertainment, Inc.
accelentertainment.comWhat Do They Do?
Operates gaming terminals and amusement devices for local businesses, casinos and horse-racing venues, and designs and manufactures gaming terminals.
10-K for FY2025, filed Mar 3, 2026
How Do They Make Money?
Players put cash into terminals, and Accel earns the net from gaming wins and losses as each game ends. It also earns from amusement and ATM use, while terminal and software sales are counted when delivered.
10-K for FY2025, filed Mar 3, 2026Net gaming revenue is the net cash from gaming activities, which is the difference between gaming wins and losses. Net gaming revenue…View ↗
Amusement revenue represents amounts collected from machines (e.g. dart boards, digital jukeboxes, pool tables, etc.) operated at various…View ↗
Manufacturing revenue represents the sale of gaming terminals and associated software and is recognized at the time the goods are delivered…View ↗
ATM fees and other revenue consists of fees charged for the withdrawal of funds from the Company’s redemption terminals and stand-alone ATM…View ↗
The Company determined that in a gaming environment, whenever a customer’s money has been accepted by a machine, the Company has an…View ↗
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10-K for FY2025, filed Mar 3, 2026
FY2025 revenue by product or service ↗
$1.3B
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10-K for FY2025, filed Mar 3, 2026
$1.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Net gaming
Usage-based
10-K for FY2025, filed Mar 3, 2026 |
93%
FY2022: 95%
|
Net gaming, FY2025
$1.2B Sources
|
Usage-based |
|
Amusement
Usage-based
|
1.6%
FY2022: 2.2%
|
Amusement, FY2025
$21.7M Sources
|
Usage-based |
|
Manufacturing
Sold outright
|
0.8%
FY2022: 0.8%
|
Manufacturing, FY2025
$10.9M Sources
|
Sold outright |
|
ATM fees and other
Usage-based
|
4.1%
FY2022: 1.7%
|
ATM fees and other, FY2025
$54.9M Sources
|
Usage-based |
Who Are Their Customers?
Local businesses such as bars, restaurants, convenience stores, truck stops, and fraternal and veterans’ organizations host Accel’s gaming and amusement equipment; casinos and horse-racing venues are also customers. Accel provides equipment and services directly to its location partners.
10-K for FY2025, filed Mar 3, 2026
Do Revenues Turn Into Profits?
Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.
10-K for FY2025, filed Mar 3, 2026
$107.9MView ↗
10-K for FY2025, filed Mar 3, 2026
$51.5MView ↗
10-K for FY2025, filed Mar 3, 2026
$62MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Jul 13, 2026
Mark Phelan became CEO
His appointment was effective August 7, 2026.
Sources
8-K, filed Jul 13, 2026
Named Executive Officer RSUs Target # of Stock Price Goal PSUs Target # of Relative TSR PSUs Mark PhelanChief Operating Officer and…View ↗
Growing. Revenue grew 81% in 4 years, from $734.7M in FY2021 to $1.3B in FY2025, about 16% a year.
Casino and racing
Distributed gaming was the core business, while acquiring hospitality operations was only a possibility; the latest report includes an operating casino and racetrack through Fairmount.
10-K for FY2022, filed Mar 1, 2023 10-K for FY2025, filed Mar 3, 2026We are a leading distributed gaming operator in the United States (“U.S.”), as well as a developer of brick-and-mortar casinos that serve…View ↗
We also design and manufacture gaming terminals and related equipment. We are continuously evaluating additional opportunities that are…View ↗
In 2025, we opened a racino at Fairmount in the greater St. Louis/southern Illinois market. The casino property and associated racetrack…View ↗
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