Core Points - Accel Entertainment, Inc. announced a $900 million senior secured credit facility, which includes a $300 million revolving credit facility and a $600 million term loan, both with a five-year term [1] - The initial borrowings from the credit facility were utilized to repay existing debts in full [1]

CHICAGO--(BUSINESS WIRE)--Accel Entertainment, Inc. (NYSE: ACEL) ("Accel†), a growing provider of locals-focused gaming and one of the largest terminal operators in the United States, announced today that it entered into a $900 million senior secured credit facility (the "Credit Facility†). The Credit Facility consists of a $300 million Revolving Credit Facility and a $600 million Term Loan, each with a five- year term. Initial borrowings from the Credit Facility were used to repay in full and t. ...

Group 1 - Accel Entertainment (ACEL) has experienced a significant downtrend, with a stock decline of 14.2% over the past four weeks, but it is now in oversold territory, indicating a potential for a turnaround [1] - The Relative Strength Index (RSI) for ACEL is currently at 25.84, suggesting that the heavy selling pressure may be exhausting itself, which could lead to a reversal in the stock's trend [5] - Analysts have raised earnings estimates for ACEL by 2% over the last 30 days, indicating a positive outlook for the company's earnings, which typically correlates with price appreciation [7] Group 2 - ACEL holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a near-term turnaround [8]

Group 1 - Accel Entertainment operates in the distributed gaming industry, which is less popular compared to tech or consumer sectors, yet it shows strong fundamentals and is somewhat undervalued compared to competitors [1] - The company is perceived to have a significant competitive advantage and potential for growth, making it an attractive investment opportunity [1] - The analysis emphasizes a long-term perspective on businesses, focusing on those with a broad moat or deep-rooted competitive advantages that can persist over the years [1] Group 2 - The article highlights the importance of evaluating quarterly developments in the context of a company's long-term strategy, indicating that significant deviations from this strategy may warrant buy or sell recommendations [1]

Core Insights - Accel Entertainment reported quarterly earnings of $0.25 per share, exceeding the Zacks Consensus Estimate of $0.22 per share, with an earnings surprise of +13.64% [1] - The company generated revenues of $335.91 million for the quarter ended June 2025, slightly missing the Zacks Consensus Estimate by 0.49%, but showing an increase from $309.41 million year-over-year [2] - The stock has gained approximately 15.4% since the beginning of the year, outperforming the S&P 500's gain of 7.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.20 on revenues of $330.85 million, and for the current fiscal year, it is $0.86 on revenues of $1.33 billion [7] - The estimate revisions trend for Accel Entertainment was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Gaming industry, to which Accel Entertainment belongs, is currently ranked in the top 41% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Another company in the same industry, Century Casinos, is expected to report a quarterly loss of $0.37 per share, with revenues projected at $153 million, reflecting a year-over-year increase of 4.5% [9]

Financial Data and Key Metrics Changes - In Q2 2025, Xcel generated record quarterly revenue of $336 million, representing a year-over-year growth of 9% [5][13] - Adjusted EBITDA for the second quarter was $53 million, a year-over-year increase of 7% compared to Q2 2024 [13] - Total revenue without the Fairmont Park acquisition was $317 million, reflecting a year-over-year growth of 2.4% [13] Business Line Data and Key Metrics Changes - Revenue from the Illinois distributed gaming market was $245 million, up over 8% year-over-year [6] - Montana's distributed gaming route grew revenue by 2.6% [7] - Revenue from developing markets, Nebraska and Georgia, increased by 26% and 35.5% respectively, while Nevada's revenue declined by 7.7% due to the loss of a key customer [7][8] Market Data and Key Metrics Changes - Xcel operated approximately 27,400 terminals across more than 4,400 locations, representing year-over-year increases of 3.4% and 3.1% respectively [13] - The local gaming market is estimated at over $15 billion nationally, with Xcel focusing on smaller, less professional operators for acquisition opportunities [11][30] Company Strategy and Development Direction - Xcel aims to leverage its competitive position and healthy balance sheet to pursue a multi-pronged growth strategy, focusing on overlooked M&A opportunities [6][11] - The company plans to enhance its operating expertise and expand its footprint while maintaining strong financial discipline [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the local gaming segment's resilience and growth potential, expecting continued revenue and EBITDA growth [6][22] - The company is optimistic about the contributions from the Fairmont Park Casino and Racing, as well as the revenue-sharing agreement with FanDuel [10][22] Other Important Information - Capital expenditures for Q2 totaled approximately $26 million, with a full-year forecast of $75 million to $80 million [19][20] - The company repurchased 634,000 shares at an average price of $10.58 per share, totaling $6.7 million in Q2 [20] Q&A Session Summary Question: Growth in Illinois market - Management noted consistent growth throughout the quarter without significant peaks or valleys [26] Question: M&A opportunities and leverage - Management stated they are opportunistic in acquisitions but will not leverage the company excessively, maintaining a conservative approach [28][29] Question: Impact of Tito implementation in Illinois - Management indicated it is too early to assess the impact of Tito, with expectations for improved player experience and reduced collection costs in the future [38] Question: Nevada market growth post key customer loss - Management reported slight revenue growth year-over-year despite the loss of a key customer, focusing on higher-margin locations [40][41] Question: Performance expectations for Fairmont Park - Management expressed positive indicators for Fairmont Park, aligning with internal expectations, and anticipates significant contributions in 2026 [44][45]

Financial Performance - Q2 2025 revenue reached a record of $336 million, an 8.6% increase compared to Q2 2024[24] - Excluding the acquisition of Fairmount Park and Toucan Gaming (Louisiana), revenue was $317 million, a 2.4% increase compared to Q2 2024[24] - Adjusted EBITDA for Q2 2025 was a record $53 million, a 7.1% increase compared to Q2 2024, driven by an increase in locations and gaming terminals[24] - Net income decreased by 50.2% to $7 million, partially due to a $6 million loss on the change in the fair value of contingent earnout shares[24] Capital Allocation - Capital expenditures (CapEx) totaled $26 million in Q2 2025 and $53 million year-to-date, with a full-year forecast of $75-80 million[27] - The company repurchased $7 million of Accel Class A-1 Common Stock in Q2 2025, bringing the total to $160 million since November 2021[27] - Since fourth quarter 2021, Accel repurchased 16% of its shares outstanding at an average price of $10.37[21] Operational Growth - As of June 30, 2025, Accel operated 27,388 gaming terminals across 4,427 locations in Illinois, Montana, Nevada, Louisiana, Nebraska and Georgia[13] - Locations increased to 4,427, a 3% increase compared to 4,294 in Q2 2024[34] - Terminals increased to 27,388, a 3% increase compared to 26,481 in Q2 2024[34]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ______ Commission File Number 001-38136 Accel Entertainment, Inc. (Exact Name of Registrant as specified in its charter) (State or other jurisdiction of incorp ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Accel Entertainment achieved record Q2 2025 revenues and Adjusted EBITDA, driven by disciplined expansion and strong performance across core and developing markets, despite a net income decrease [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Andy Rubenstein highlighted record Q2 results, attributing success to disciplined expansion and improved operating results in new and acquired locations - Record Q2 results demonstrate continued progress and consistent execution with year-over-year revenue and Adjusted EBITDA growth in all core and developing markets[3](index=3&type=chunk) - Disciplined expansion strategy and successful improvement of operating results in new and acquired locations contributed to performance[3](index=3&type=chunk) - Strategic early investments in developing markets (Nebraska, Georgia, Nevada) are now beginning to contribute to overall growth[4](index=4&type=chunk) - Recent results from Toucan Gaming in Louisiana and Fairmount Park Casino & Racing in Illinois reinforce confidence in future contributions from these acquisitions[4](index=4&type=chunk) [Q2 2025 Financial & Operational Highlights](index=1&type=section&id=Q2%202025%20Financial%20%26%20Operational%20Highlights) Accel Entertainment reported record quarterly revenues and Adjusted EBITDA for Q2 2025, alongside growth in locations and gaming terminals **Q2 2025 Key Financial & Operational Highlights:** | Metric | Q2 2025 | Q2 2024 | Change (%) | | :------------------------- | :---------- | :---------- | :--------- | | Quarterly Revenues | $335.9 million | $309.4 million | +8.6% | | Locations | 4,427 | 4,294 | +3.1% | | Gaming Terminals | 27,388 | 26,481 | +3.4% | | Net Income | $7.3 million | $14.6 million | -50.2% | | Adjusted EBITDA | $53.2 million | $49.7 million | +7.1% | | Net Debt (as of June 30, 2025) | $331 million | $310.8 million (June 30, 2024) | +6.5% | - Net income decrease partially attributable to a loss on the change in the fair value of contingent earnout shares compared to a gain in the prior period[5](index=5&type=chunk) - Repurchased **0.6 million shares** of Accel Class A-1 common stock for approximately **$6.7 million** in Q2 '25[5](index=5&type=chunk) - Commenced casino and racing operations at Fairmount Park Casino & Racing in April 2025[5](index=5&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) Accel Entertainment reported significant increases in total net revenues and operating income for Q2 and H1 2025, with Illinois as the primary revenue driver and strong growth in Nebraska and Georgia [Condensed Consolidated Statements of Operations](index=2&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Accel Entertainment reported a significant increase in total net revenues for both the three and six months ended June 30, 2025, driven primarily by net gaming revenue **Condensed Consolidated Statements of Operations (Three Months Ended June 30, 2025 vs 2024):** | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Total net revenues | $335,909 | $309,413 | $26,496 | +8.6% | | Operating income | $26,874 | $22,683 | $4,191 | +18.5% | | Income before income tax expense | $12,352 | $18,519 | $(6,167) | -33.3% | | Net income | $7,262 | $14,586 | $(7,324) | -50.2% | | Adjusted EBITDA | $53,180 | $49,665 | $3,515 | +7.1% | | Adjusted net income | $22,491 | $21,383 | $1,108 | +5.2% | **Condensed Consolidated Statements of Operations (Six Months Ended June 30, 2025 vs 2024):** | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Total net revenues | $659,821 | $611,230 | $48,591 | +7.9% | | Operating income | $52,826 | $48,242 | $4,584 | +9.5% | | Income before income tax expense | $31,958 | $30,702 | $1,256 | +4.1% | | Net income | $21,875 | $22,002 | $(127) | -0.6% | | Adjusted EBITDA | $102,694 | $95,912 | $6,782 | +7.1% | | Adjusted net income | $42,709 | $40,888 | $1,821 | +4.5% | [Net Revenues by State](index=2&type=section&id=Net%20Revenues%20by%20State) Illinois remains the largest revenue contributor, showing growth, while Nebraska and Georgia demonstrated strong revenue growth **Net Revenues by State (Three Months Ended June 30, 2025 vs 2024):** | State | 2025 (in thousands) | 2024 (in thousands) | Change ($) | Change (%) | | :-------- | :------------------ | :------------------ | :--------- | :--------- | | Illinois | $245,434 | $227,093 | $18,341 | +8.1% | | Montana | $40,107 | $42,583 | $(2,476) | -5.8% | | Nevada | $27,078 | $29,322 | $(2,244) | -7.7% | | Louisiana | $9,630 | — | $9,630 | N/A | | Nebraska | $7,881 | $6,249 | $1,632 | +26.1% | | Georgia | $4,814 | $3,137 | $1,677 | +53.5% | - Net gaming revenues for Q2 2025 were **$38.3 million**, up from **$37.4 million** in Q2 2024[8](index=8&type=chunk) - Manufacturing revenues for Q2 2025 were **$1.8 million**, down from **$5.2 million** in Q2 2024[8](index=8&type=chunk) [Key Business Metrics](index=3&type=section&id=Key%20Business%20Metrics) The company experienced overall growth in total locations and gaming terminals, with strong performance in Georgia and Nebraska, and increased location hold-per-day across most states [Locations](index=3&type=section&id=Locations) Total locations increased by **3.1%** year-over-year to **4,427**, with significant growth in Georgia and Nebraska **Locations as of June 30, 2025 vs 2024:** | State | 2025 | 2024 | Change | Change (%) | | :-------- | :--- | :--- | :----- | :--------- | | Illinois | 2,741 | 2,816 | (75) | (2.7)% | | Montana | 616 | 620 | (4) | (0.6)% | | Nevada | 355 | 359 | (4) | (1.1)% | | Louisiana | 98 | — | 98 | N/A | | Nebraska | 275 | 239 | 36 | 15.1% | | Georgia | 342 | 260 | 82 | 31.5% | | **Total locations** | **4,427** | **4,294** | **133** | **3.1%** | [Gaming Terminals](index=3&type=section&id=Gaming%20Terminals) Total gaming terminals increased by **3.4%** year-over-year to **27,388**, driven by strong growth in Georgia and Nebraska **Gaming Terminals as of June 30, 2025 vs 2024:** | State | 2025 | 2024 | Change | Change (%) | | :-------- | :--- | :--- | :----- | :--------- | | Illinois | 15,670 | 15,743 | (73) | (0.5)% | | Montana | 6,508 | 6,435 | 73 | 1.1% | | Nevada | 2,650 | 2,735 | (85) | (3.1)% | | Louisiana | 626 | — | 626 | N/A | | Nebraska | 975 | 844 | 131 | 15.5% | | Georgia | 959 | 724 | 235 | 32.5% | | **Total gaming terminals** | **27,388** | **26,481** | **907** | **3.4%** | [Location Hold-Per-Day](index=3&type=section&id=Location%20Hold-Per-Day) Location hold-per-day increased across most states for Q2 2025, with Georgia showing the highest growth and Louisiana reporting a hold-per-day of $994 **Location Hold-Per-Day (Three Months Ended June 30, 2025 vs 2024):** | State | 2025 ($) | 2024 ($) | Change ($) | Change (%) | | :-------- | :------- | :------- | :--------- | :--------- | | Illinois | $910 | $862 | $48 | 5.6% | | Montana | $622 | $612 | $10 | 1.6% | | Nevada | $784 | $843 | $(59) | (7.0)% | | Louisiana | $994 | — | $994 | N/A | | Nebraska | $285 | $255 | $30 | 11.8% | | Georgia | $149 | $111 | $38 | 34.2% | - Location hold-per-day is calculated by dividing net gaming revenue by the average number of locations and then by the number of operational days, used to compare market and location performance on a normalized basis[12](index=12&type=chunk) [Cash Flow Information](index=4&type=section&id=Cash%20Flow%20Information) Net cash provided by operating activities increased, while net cash used in investing activities decreased, and net cash used in financing activities significantly increased [Condensed Consolidated Statements of Cash Flows Data](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20Data) Net cash provided by operating activities increased by **12.1%** for the year ended June 30, 2025, while net cash used in financing activities significantly increased **Condensed Consolidated Statements of Cash Flows Data (Year Ended June 30, 2025 vs 2024):** | Metric (in thousands) | 2025 | 2024 | Change ($) | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | :--------- | | Net cash provided by operating activities | $64,557 | $57,614 | $6,943 | 12.1% | | Net cash used in investing activities | $(59,963) | $(69,324) | $9,361 | 13.5% | | Net cash (used in) provided by financing activities | $(21,269) | $5,022 | $(26,291) | (523.5)% | [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) Accel Entertainment utilizes non-GAAP financial measures like Adjusted EBITDA, Adjusted net income, and Net debt to provide clearer insights into core operational performance and business trends [Overview and Rationale](index=4&type=section&id=Overview%20and%20Rationale) Accel Entertainment uses non-GAAP financial measures like Adjusted EBITDA, Adjusted net income, and Net debt to monitor core operations and enhance understanding of profitability drivers and business trends - Non-GAAP measures (Adjusted EBITDA, Adjusted net income, Net debt) are key metrics used to monitor ongoing core operations and enhance understanding of underlying profitability and business trends[11](index=11&type=chunk) - These measures exclude effects of certain non-cash or nonrecurring items unrelated to core operating performance to facilitate comparisons[11](index=11&type=chunk) [Definition of Adjusted Net Income](index=4&type=section&id=Definition%20of%20Adjusted%20Net%20Income) Adjusted net income is defined as net income adjusted for amortization of intangible assets, stock-based compensation, loss from unconsolidated affiliates, loss/gain on contingent earnout shares, other net expenses, and the tax effect of these adjustments - Adjusted net income includes adjustments for amortization of intangible assets, stock-based compensation, loss from unconsolidated affiliates, loss (gain) on change in fair value of contingent earnout shares, other expenses (net), and tax effect of adjustments[13](index=13&type=chunk) [Definition of Adjusted EBITDA](index=4&type=section&id=Definition%20of%20Adjusted%20EBITDA) Adjusted EBITDA is defined as net income adjusted for items similar to Adjusted Net Income, plus depreciation and amortization of property and equipment, interest expense (net), emerging markets results, and income tax expense - Adjusted EBITDA includes adjustments for amortization of intangible assets, stock-based compensation, loss from unconsolidated affiliates, loss (gain) on change in fair value of contingent earnout shares, other expenses (net), tax effect of adjustments, depreciation and amortization of property and equipment, interest expense (net), emerging markets, and income tax expense[14](index=14&type=chunk) - Markets are no longer considered emerging when **500 gaming terminals** are installed/acquired or **24 months** have passed, whichever comes first; as of June 2025, Accel no longer has any emerging markets[14](index=14&type=chunk) [Definition of Net Debt](index=4&type=section&id=Definition%20of%20Net%20Debt) Net debt is calculated as total debt (net of current maturities) plus current maturities of debt, minus cash and cash equivalents - Net debt is defined as debt, net of current maturities, plus current maturities of debt, less cash and cash equivalents[14](index=14&type=chunk) [Reconciliation of Net Income to Adjusted Net Income and Adjusted EBITDA](index=6&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20Net%20Income%20and%20Adjusted%20EBITDA) The reconciliation shows the specific adjustments made to GAAP net income to arrive at Adjusted Net Income and Adjusted EBITDA for both the three and six months ended June 30, 2025 and 2024 **Reconciliation of Net Income to Adjusted Net Income and Adjusted EBITDA (Three Months Ended June 30):** | Adjustment (in thousands) | 2025 | 2024 | | :-------------------------------------------------- | :----- | :----- | | Net income | $7,262 | $14,586 | | Amortization of intangible assets and route and customer acquisition costs | $6,322 | $5,589 | | Stock-based compensation expense | $2,789 | $3,235 | | Loss (gain) on change in fair value of contingent earnout shares | $5,734 | $(4,742) | | Other expenses, net | $4,096 | $7,327 | | Tax effect of adjustments | $(3,729) | $(4,612) | | **Adjusted net income** | **$22,491** | **$21,383** | | Depreciation and amortization of property and equipment | $13,095 | $10,794 | | Interest expense, net | $8,771 | $8,906 | | Income tax expense | $8,819 | $8,544 | | **Adjusted EBITDA** | **$53,180** | **$49,665** | [Reconciliation of Debt, net of maturities to Net Debt](index=6&type=section&id=Reconciliation%20of%20Debt%2C%20net%20of%20maturities%20to%20Net%20Debt) As of June 30, 2025, Accel's net debt stood at **$330.9 million**, an increase from **$310.8 million** in the prior year, reflecting changes in debt and cash positions **Reconciliation of Debt, net of maturities to Net Debt (As of June 30):** | Metric (in thousands) | 2025 | 2024 | | :-------------------------- | :--------- | :--------- | | Debt, net of current maturities | $561,450 | $537,252 | | Plus: Current maturities of debt | $34,033 | $28,489 | | Less: Cash and cash equivalents | $(264,630) | $(254,923) | | **Net debt** | **$330,853** | **$310,818** | [Company Information](index=7&type=section&id=Company%20Information) This section provides details on the investor conference call and an overview of Accel Entertainment's business as a leading gaming terminal operator and racino owner [Conference Call Details](index=7&type=section&id=Conference%20Call%20Details) Accel Entertainment hosted an investor conference call on August 5, 2025, to discuss financial and operating results, with webcast and replay options available - Accel hosted an investor conference call on August 5, 2025, at 4:30 p.m. Central time to discuss financial and operating results[17](index=17&type=chunk) - Webcast registration and replay information are available on the company's investor relations website[17](index=17&type=chunk) [About Accel Entertainment](index=7&type=section&id=About%20Accel%20Entertainment) Accel Entertainment, Inc. (NYSE: ACEL) is a leading provider of locals-focused gaming and one of the largest terminal operators in the U.S., operating over 27,000 electronic gaming terminals in more than 4,400 third-party locations and 20 self-operated sites across ten states - Accel Entertainment is a growing provider of locals-focused gaming and one of the largest terminal operators in the United States[18](index=18&type=chunk) - Supports over **27,000 electronic gaming terminals** in over **4,400 third-party local and regional establishments** and **20 self-operated gaming locations** across **ten states**[18](index=18&type=chunk) - Provides a turnkey, full-service, capital-efficient gaming solution including manufacturing, content, payments, loyalty, customer service, data analysis, and cash logistics[19](index=19&type=chunk) - Owns and operates Fairmount Park - Casino & Racing, which opened in April 2025, featuring over **270 electronic gaming machines**, food/beverage, sports book, and horse racing[19](index=19&type=chunk) [Forward-Looking Statements & Disclaimers](index=7&type=section&id=Forward-Looking%20Statements%20%26%20Disclaimers) This section outlines the inherent risks and uncertainties associated with forward-looking statements and the limitations of industry and market data presented in the report [Forward-Looking Statements](index=7&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements regarding future estimates, growth, profitability, market opportunities, and expansion, which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially - The press release contains forward-looking statements regarding estimates of gaming terminals, locations, revenues, Adjusted EBITDA, Adjusted net income, ability to generate strong returns, and expansion into casino operations[20](index=20&type=chunk) - These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from expectations[20](index=20&type=chunk) - Risks include variability in operating results, ability to offer new products, dependence on manufacturers, slow growth in demand/jurisdictions, dependence on location partner contracts, expansion into casino operations, economic conditions, regulatory changes, and competition[20](index=20&type=chunk)[21](index=21&type=chunk) [Industry and Market Data](index=8&type=section&id=Industry%20and%20Market%20Data) Information concerning the industry and markets is based on various sources, assumptions, and company knowledge, and is subject to a high degree of uncertainty and risk - Industry and market data presented are based on information from various sources, company assumptions, and knowledge, and should not be given undue weight due to inherent assumptions and limitations[23](index=23&type=chunk) - Projections of future performance are subject to a high degree of uncertainty and risk, as detailed in the Form 10-K and other SEC filings[23](index=23&type=chunk) [Consolidated Financial Statements (Unaudited)](index=9&type=section&id=Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited consolidated statements of operations and balance sheets, detailing revenues, expenses, net income, assets, and liabilities for the reported periods [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) The detailed unaudited consolidated statements of operations show net revenues of **$335.9 million** for Q2 2025, with net gaming as the primary driver, resulting in diluted EPS of **$0.08** **Consolidated Statements of Operations (Three Months Ended June 30):** | Metric (in thousands, except per share) | 2025 | 2024 | | :-------------------------------------- | :----- | :----- | | Net gaming revenues | $313,919 | $293,240 | | Total net revenues | $335,909 | $309,413 | | Total operating expenses | $309,035 | $286,730 | | Operating income | $26,874 | $22,683 | | Net income | $7,262 | $14,586 | | Net income attributable to Accel Entertainment, Inc. | $7,315 | $14,586 | | Diluted EPS | $0.08 | $0.17 | **Consolidated Statements of Operations (Six Months Ended June 30):** | Metric (in thousands, except per share) | 2025 | 2024 | | :-------------------------------------- | :----- | :----- | | Net gaming revenues | $615,870 | $581,377 | | Total net revenues | $659,821 | $611,230 | | Total operating expenses | $606,995 | $562,988 | | Operating income | $52,826 | $48,242 | | Net income | $21,875 | $22,002 | | Net income attributable to Accel Entertainment, Inc. | $21,954 | $22,002 | | Diluted EPS | $0.25 | $0.26 | [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Accel Entertainment reported total assets of **$1,056.3 million**, a slight increase from December 31, 2024, with total liabilities at **$791.5 million** and total stockholders' equity at **$260.5 million** **Consolidated Balance Sheets (As of June 30, 2025 vs December 31, 2024):** | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------------- | :-------------- | :---------------- | | Cash and cash equivalents | $264,630 | $281,305 | | Total current assets | $310,175 | $326,152 | | Property and equipment, net | $328,304 | $307,997 | | Total noncurrent assets | $417,777 | $414,249 | | **Total assets** | **$1,056,256** | **$1,048,398** | | Total current liabilities | $117,281 | $118,353 | | Total long-term liabilities | $674,237 | $670,738 | | **Total liabilities** | **$791,518** | **$789,091** | | Total stockholders' equity | $260,539 | $255,029 |

Core Viewpoint - Accel Entertainment (ACEL) shares have increased by 3% recently, with a mean price target of $16 indicating a potential upside of 28.2% from the current price of $12.48 [1][2]. Price Targets and Analyst Consensus - The average price target for ACEL is $16, with a standard deviation of $0, indicating strong agreement among analysts [2]. - The lowest and highest estimates both suggest a 28.2% upside from the current price level, reflecting a consensus among analysts [2][4]. - Despite the consensus price target being a useful metric, relying solely on it for investment decisions may not be prudent due to historical inaccuracies in analysts' price targets [3][7]. Earnings Estimates and Market Sentiment - Analysts show strong agreement in revising ACEL's earnings estimates higher, which is a positive indicator for potential stock upside [4][11]. - Over the past 30 days, the Zacks Consensus Estimate for ACEL's current year earnings has increased by 2%, with no negative revisions [12]. - ACEL holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, suggesting a favorable outlook [13]. Conclusion on Price Movement - While the consensus price target may not reliably predict the extent of ACEL's gains, the direction indicated by the price movement appears to be a valid guide for potential investment [14].