Accel Entertainment, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Accel Entertainment, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	248	335	429	316	735	970	1,170	1,231	1,331
Cost of revenue	157	217	282	0	0	4.78	7.67	7.1	5.63
Gross profit	91.4	118	147	316	735	965	1,163	1,224	1,325
General and administrative	45.4	54.3	69.3	77.4	111	146	180	195	219
Operating income	18.2	24.9	13.3	-24.7	70.2	96.9	107	90.9	108
Interest expense	8.11	9.64	12.9	13.7
Interest income		7.67
Pre-tax income	10.1	15.2	-31.6	-17.3	46.6	94.8	65.7	53.7	71.9
Income tax	1.75	4.42	5.2	-16.9	15	20.7	20.1	18.4	20.7
Net income	8.31	10.8	-36.8	-0.41	31.6	74.1	45.6	35.3	51.5
EBITDA	34.9	45.7	39.7	-3.71	94.8	126	145	135	161
EPS, basic	0.15	0.19	-0.59	0.00	0.34	0.82	0.53	0.42	0.61
EPS, diluted	0.14	0.17	-0.59	-0.02	0.33	0.81	0.53	0.41	0.60
Shares, basic (weighted)	56.3	57.6	61.8	83	93.8	90.6	85.9	83.7	85
Shares, diluted (weighted)	59.4	62.2	61.8	83.1	94.6	91.2	86.8	85	86.4

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.37	92.2	125	134	199	224	262	281	297
Short-term investments		0	11	0	32.1	32.1	0
Receivables					5.12	11.2	13.5	10.6	14.2
Inventory					0	6.94	7.68	8.12	8.23
Other current assets	0.13	5.14	7.03	8.64	5.03	8.97	15.4	9.25	7.39
Total current assets	0.51	102	151	152	248	299	313	326	343
Property, plant and equipment		92.4	119	144	152	212	261	308	350
Lease right-of-use assets						5.25	7.86	8.53	7.93
Goodwill		0	34.5	45.8	46.2	101	102	116	114
Intangible assets		126	167	168	151	23	176	203	186
Long-term investments		0	19	30.1	0
Other non-current assets		141	239	265	216	352	339	414	410
Total assets	451	335	509	560	616	863	913	1,048	1,103
Accrued liabilities	0.16	0.25	2.4	5.85	8.89	10.6	12.6	12.1	9.95
Deferred revenue		1.82	1.7	1.61	2.08	1.49	1.51	2.2	2.47
Short-term debt		62.5	15	18.3	17.5	23.5	28.5	34.4	37.6
Total current liabilities	0.16	85.9	54.9	52.4	71.8	89.9	110	118	131
Long-term debt		169	335	322	324	519	514	561	570
Lease liabilities						3.38	5.83	6.13	5.61
Other non-current liabilities					0.02	3.39	7.02	7.57	9.37
Total liabilities	15.9	16	552	432	458	684	714	793	830
Total debt		231	350	340	342	542	543	595	607
Paid-in capital	5.38	80.1	8.35	180	188	194	203	222	229
Retained earnings	-0.38	-17.2	-51.4	-51.8	-20.2	53.9	99.5	135	186
Treasury stock		-5.83	0	0	-8.98	-81.7	-112	-105	-146
Other comprehensive income			0	0.09	0	12.2	7.94	4.15	0.19
Shareholders' equity	44.5	57.1	-43	128	158	179	198	255	270
Total equity	44.5	57.1	-43	128	158	179	198	255	270
Total liabilities and equity	451	335	509	560	616	863	913	1,048	1,103
Shares outstanding			76.6	93.4	93.4	86.7

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	8.31	10.8	-36.8	-0.41	31.6	74.1	45.6	35.3	51.3
Depreciation and amortization	16.8	20.8	26.4	21	24.6	29.3	37.9	44	52.7
Stock-based compensation	0.8	0.45	2.24	5.54	6.4	6.84	9.42	12.2	12.2
Deferred income tax	1.52	4.3	5.24	-16.9	6.11	13.4	7.35	-2.39	13.3
Change in receivables				0	0	-1.65	-2.3	5.01	-3.65
Change in inventory				0	0	-0.5	-0.73	-0.34	-0.06
Change in payables	3.22	-1.75	-0.9	-16.9	3.74	1.79	15.5	-1.24	5.09
Cash from operations	33.1	44.3	45.6	-3.71	111	108	133	121	151
Capital expenditures	-23.6	-23.2	-20.8	-25.8	-29.8	-47.4	-81.7	-66.5	-88.9
Acquisitions	-45.1	-51.4	-101	-35.8	-6.2	-144	-7.2	-53.6	-5.31
Purchases of investments	0	0	-30	0	0
Cash from investing	-70.9	-73.5	-152	-61.4	-34.5	-189	-59.8	-124	-101
Stock issued		0	0	90.4	0	0	0.38	0.29	0
Share buybacks	-0.12	-3.34	0	0	-8.98	-79	-30.1	-25.5	-39.9
Cash from financing	59.1	46.1	139	74.2	-11.9	107	-35.2	22.7	-35.1
Net change in cash	21.3	16.9	33.2	9.05	64.3	25.3	37.5	19.7	15.3
Free cash flow	9.47	21.1	24.8	-29.5	81	60.6	50.8	54.7	62
Interest paid	6.22	8.72	12	12.9	9.65	19.9	30.2	32.8	31.6
Income taxes paid	0	1.59	1.76	0	8.59	7.66	11.7	22.3	15.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	99.7%	Gross profit / revenue.
Operating margin	8.2%	Operating income / revenue.
EBITDA margin	12.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.6%	Pre-tax income / revenue.
Net margin	4.1%	Net income / revenue.
FCF margin	5.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.7%	Cash from operations / revenue.
Effective tax rate	27.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	20.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.2%	Net income / average total assets.
Return on invested capital (ROIC)	13.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.0%	Capital expenditures / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	33.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	33.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	18.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	19.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	46.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-11.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	46.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-9.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	24.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	13.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	0.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	5.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.47x	Current assets / current liabilities.
Quick ratio	2.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.95x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	52.3%	Total debt / total assets.
Liabilities / assets	73.8%	Total liabilities / total assets.
Net debt	$317.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.88x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$193.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	27.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$15.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.27x	Revenue / average total assets.
Fixed asset turnover	3.87x	Revenue / average property, plant and equipment.
Inventory turnover	0.37x	Cost of revenue / average inventory.
Days inventory	983 days	365 x average inventory / cost of revenue.
Receivables turnover	100x	Revenue / average receivables.
Days sales outstanding	4 days	365 x average receivables / revenue.
FCF conversion	139.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	47.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.68	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$16.67	Revenue / diluted weighted shares.
FCF per share	$0.95	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.79	Cash from operations / diluted weighted shares.
Book value per share	$3.40	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.18	Tangible book value / shares outstanding.
Cash per share	$3.06	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	51.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$898.8M	Share price x shares outstanding.
Enterprise value	$1.22B	Market cap + total debt - cash - short-term investments.
P/E	15.9x	Market cap / net income. Only when net income is positive.
P/S	0.65x	Market cap / revenue.
P/B	3.17x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	11.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.03x	Market cap / cash from operations, when positive.
EV/Sales	0.87x	Enterprise value / revenue.
EV/EBIT	10.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.19x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.8%	Free cash flow / market cap.
Earnings yield	6.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	4.5%	(Dividends paid + share buybacks) / market cap.

What was Accel Entertainment, Inc.'s revenue in fiscal 2025?

Accel Entertainment, Inc. reported revenue of $1.33B for fiscal 2025, 8.1% higher than the year before.

Was Accel Entertainment, Inc. profitable in fiscal 2025?

Yes. Net income was $51.5M, a net margin of 3.9%.

How much free cash flow did Accel Entertainment, Inc. generate in fiscal 2025?

Cash from operations of $150.9M minus capital expenditures of $88.9M left free cash flow of $62.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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