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Accel Entertainment vs Warner Music: revenue, profit, margins and growth compared

Accel Entertainment brought in $1.3B of revenue in fiscal 2025, Warner Music $6.7B in fiscal 2025. Revenue changed by +8.1% at Accel Entertainment and +4.4% at Warner Music on the year before, so Accel Entertainment grew faster. Accel Entertainment kept 3.9% of its revenue as net profit, Warner Music 5.4%. Free cash flow was $62M at Accel Entertainment and $539M at Warner Music.

Side by side, latest fiscal year

ACELWMG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (September 30, 2025)
Revenue$1.3B$6.7B
Revenue growth+8.1%+4.4%
Net income$51.5M$365M
Net margin3.9%5.4%
Free cash flow$62M$539M
Free cash flow margin4.7%8.0%
Earnings per share (diluted)$0.60n/a
Cash$296.6M$532M
Debt$607.4M$4.4B
Price to earnings18.4n/a
Market value$898.8M$14.2B
Dividend yieldn/a2.69%
Rank by revenue in sector#420 of 778 · Consumer discretionary#161 of 778 · Consumer discretionary

Over the years

Revenue
ACEL FY2018: $335.1MACEL FY2019: $428.7MACEL FY2020: $316.4MACEL FY2021: $734.7MACEL FY2022: $969.8MACEL FY2023: $1.2BACEL FY2024: $1.2BACEL FY2025: $1.3BWMG FY2018: $4BWMG FY2019: $4.5BWMG FY2020: $4.5BWMG FY2021: $5.3BWMG FY2022: $5.9BWMG FY2023: $6BWMG FY2024: $6.4BWMG FY2025: $6.7BFY18FY19FY20FY21FY22FY23FY24FY25
ACEL $1.3BWMG $6.7B
Net income
ACEL FY2018: $10.8MACEL FY2019: -$36.8MACEL FY2020: -$410KACEL FY2021: $31.6MACEL FY2022: $74.1MACEL FY2023: $45.6MACEL FY2024: $35.3MACEL FY2025: $51.5MWMG FY2018: $307MWMG FY2019: $256MWMG FY2020: -$475MWMG FY2021: $304MWMG FY2022: $551MWMG FY2023: $430MWMG FY2024: $435MWMG FY2025: $365MFY18FY19FY20FY21FY22FY23FY24FY25
ACEL $51.5MWMG $365M
Net margin
ACEL FY2018: 3.2%ACEL FY2019: -8.6%ACEL FY2020: -0.1%ACEL FY2021: 4.3%ACEL FY2022: 7.6%ACEL FY2023: 3.9%ACEL FY2024: 2.9%ACEL FY2025: 3.9%WMG FY2018: 7.7%WMG FY2019: 5.7%WMG FY2020: -10.6%WMG FY2021: 5.7%WMG FY2022: 9.3%WMG FY2023: 7.1%WMG FY2024: 6.8%WMG FY2025: 5.4%FY18FY19FY20FY21FY22FY23FY24FY25
ACEL 3.9%WMG 5.4%
Revenue growth
ACEL FY2019: +27.9%ACEL FY2020: -26.2%ACEL FY2021: +132.2%ACEL FY2022: +32.0%ACEL FY2023: +20.7%ACEL FY2024: +5.2%ACEL FY2025: +8.1%WMG FY2019: +11.7%WMG FY2020: -0.3%WMG FY2021: +18.8%WMG FY2022: +11.7%WMG FY2023: +2.0%WMG FY2024: +6.4%WMG FY2025: +4.4%FY19FY20FY21FY22FY23FY24FY25
ACEL +8.1%WMG +4.4%
Free cash flow
ACEL FY2018: $21.1MACEL FY2019: $24.8MACEL FY2020: -$29.5MACEL FY2021: $81MACEL FY2022: $60.6MACEL FY2023: $50.8MACEL FY2024: $54.7MACEL FY2025: $62MWMG FY2018: $351MWMG FY2019: $296MWMG FY2020: $378MWMG FY2021: $545MWMG FY2022: $607MWMG FY2023: $560MWMG FY2024: $638MWMG FY2025: $539MFY18FY19FY20FY21FY22FY23FY24FY25
ACEL $62MWMG $539M

Fiscal years as each company reports them; the two may end in different months.

Questions about Accel Entertainment and Warner Music

Which is bigger by revenue, Accel Entertainment or Warner Music?

Warner Music is bigger by revenue: $6.7B in fiscal 2025, against $1.3B for Accel Entertainment in fiscal 2025.

Which keeps more of its revenue as profit, Accel Entertainment or Warner Music?

Accel Entertainment had a net margin of 3.9% in fiscal 2025; Warner Music had 5.4% in fiscal 2025.

Which grew revenue faster, Accel Entertainment or Warner Music?

In their latest fiscal years revenue changed by +8.1% at Accel Entertainment and +4.4% at Warner Music.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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