Accel Entertainment has reported its financial results for the fourth quarter of 2025 and full-year, as the operator managed to set all-time high marks for net revenue and adjusted EBITDA during both periods.
The financial results come just weeks after Accel appointed Founder and CEO Andy Rubenstein as Chairman of its Board of Directors on February 2, while President of US Gaming Mark Phelan will take on an additional COO role and assume President & CEO duties on August 7.
The operator also named Karl Peterson as the Lead Independent Director of the Board, with the transition said to reflect Accel’s long-term commitment to strong corporate governance and a leadership succession strategy.
Accel generates positive momentum during leadership transition
During Q4 2025, Accel reported an all-time net revenue of $341.4m, representing an increase of 7.5%. The operator’s record adjusted EBITDA eclipsed $56.3m for Q4 2025 and increased 18.9%, while net income rose by a considerable 91.7% year-over-year to $16.2m.
Operating income for Q4 2025 grew 42.6% for a total of $29.7m, even while total operating expenses for Accel increased 7.3% during FY2025 to just over $1.2bn.
Accel generated $245.2m of net revenue from Illinois operations, by far the most of any state where it currently conducts business and equating to an increase of 6%. Montana and Nevada accounted for $42.6m and $28m of Accel’s net revenue during Q4 2025, respectively, representing growth of 3.1% and 1%.
Revenue stemming from Louisiana operations produced $9.5m during Q4 2025 and increased 42.4%, while Accel’s business in Nebraska totaled $9.6m of revenue for the quarterly period and grew 42.3%.
Were Accel’s FY2025 results on par with record performance during Q4?
Accel managed to set a FY net revenue record for 2025 after generating $1.3bn and increasing 8.1% from the prior year period. The operator’s all-time high adjusted EBITDA for the full-year period reached $210.1m and grew 11.1%, while net income increased 45.3% and $51.3m.
Operating income for FY2025 was $107.9m, representing an increase of 18.7%, with operating expenses having also grown as mentioned previously. Net gaming revenue during FY2025 increased 6% to just over $1.2bn, while amusement and manufacturing revenue was $21.7m and $10.9m, respectively, equating to decreases of 2.5% and 11.3%.
Illinois once again led the way in revenue generated by individual state operations, totaling $963.2m during FY2025 and increasing 6.2%. Montana operations accounted for $164.3m of Accel’s net revenue and grew 1.6%, while the operator’s business in Nevada produced $108.9m of revenue but fell 4.9%.
The operator witnessed a significant increase in revenue from Louisiana operations, as the total increased 590.2% to $37.6m. Nebraska and Georgia operations generated FY2025 revenues of $33.2m and $19.9m, respectively, representing increases of 30.9% and 50.6%.
Accel began evaluating potential expansion of its distributed gaming and local entertainment operations to Chicago in January following public announcements proposing the city’s integration of VGTs
