ACEL
Accel Entertainment, Inc.11.04
-0.22-1.95%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Chicago rollout detailed; M&A prioritized
Q&A unpacked Chicago VGT rollout, flagging late-2026 or Q1-2027 timing amid city licensing snags, with higher play per machine offsetting smaller venue footprints and logistics costs. Management downplayed near-term odds for route gaming legalization in Pennsylvania, Virginia, Missouri, or North Carolina. New CEO Mark Phelan wants to pivot routes toward niche entertainment for fatter margins. M&A tops capital priorities over buybacks if priced right; 2026 capex skews maintenance. TITO sits in third inning. Chicago execution tops investor watchlist.
Key Stats
Market Cap
930.60MP/E (TTM)
22.08Basic EPS (TTM)
0.50Dividend Yield
0%Recent Filings
8-K
Record revenue, EBITDA surge
Accel Entertainment posted record Q4 revenue of $341.4M, up 7.5%, and full-year $1.3B, up 8.1%, with Adjusted EBITDA hitting $56.3M and $210.1M respectively. Locations grew 2.2% to 4,501; terminals 2.9% to 27,950. Growth accelerates. New $900M credit facility bolsters flexibility amid $311M net debt.
10-K
FY2025 results
Accel Entertainment posted FY2025 net revenues of $1.33B, up 8.1% y/y, with net gaming at $1.24B (+6.0%) fueled by more locations and terminals—totaling 4,501 sites (+2.2%) and 27,950 machines (+2.9%)—plus new casino/racing at Fairmount, which opened April 2025. Q4 saw aggressive buybacks of 1.54M shares at $10.48 average, trimming the program to $163M remaining, while Adjusted EBITDA climbed 11.1% to $210M on location hold-per-day gains like Illinois' $894 (+3.5%). Debt stands at $612M under the new facility (6.3% weighted rate), with $288M revolver room. Non-renewals loom if statutory splits shift to negotiated.
8-K
CEO succession to Phelan set
Accel Entertainment announced CEO Andy Rubenstein's shift to Chairman effective immediately, with Mark Phelan, current President-US Gaming, adding COO duties now and succeeding as CEO on August 7, 2026. Rubenstein secures a three-year advisory role, 78,930 RSUs in 2026, and 335,516 Advisory RSUs vesting quarterly. Smooth transition locks in continuity. Phelan's salary jumps to $805,906 post-transition.
8-K
Accel eyes Chicago VGTs
Accel Entertainment is eyeing Chicago's VGT market after the city's announcement of potential terminals, projecting $1B incremental annual GGR and $320M operator net terminal income at maturity. The company anticipates revenue starting Q3 or Q4 2026, leveraging its Illinois expertise and strong balance sheet. Ramp-up may span 10 years. Forward-looking estimates carry risks.
8-K
Switches auditors to Deloitte
Accel Entertainment's Audit Committee dismissed KPMG and engaged Deloitte as its independent auditor for fiscal 2026, effective after KPMG completes its 2025 audit on December 18, 2025. No disagreements or reportable events marred KPMG's clean audits of 2023 and 2024. Switch completed smoothly. KPMG concurs via letter.
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