Operating cash flow of $79.4M in 2026Q3 yielded a $60.7M free cash flow margin of 16.7%, but quarterly FCF has swung from negative $6.2M to $104.9M, while cash has been directed toward buybacks of $5.6M to $16.2M per quarter and acquisitions reaching $26.1M.
Accel Entertainment, Inc. (ACEL) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | 173.22M | 150.88M | 121.19M | 132.53M | 108M | 110.75M | -3.71M | 45.56M | 140.75K | -474.5K |
| Operating CF Margin % | - | 11.34% | 9.85% | 11.32% | 11.14% | 15.07% | -1.17% | 10.63% | 0.04% | -0.19% |
| Operating CF Growth % | 169.84% | 24.49% | -8.55% | 22.71% | -2.49% | 3089.34% | -108.13% | 32272.08% | 129.66% | - |
| Net Income | 63.89M | 51.27M | 35.29M | 45.6M | 74.1M | 31.56M | -410K | -36.76M | 6.87M | -376.37K |
| Depreciation & Amortization | 82.79M | 78.15M | 66.56M | 59.12M | 46.78M | 46.68M | 43.58M | 44.37M | 35.46M | 23.26M |
| Stock-Based Compensation | 1.16M | 12.21M | 12.2M | 9.42M | 6.84M | 6.4M | 5.54M | 2.24M | 453K | 804K |
| Deferred Taxes | -5.02M | 13.34M | -2.39M | 7.35M | 13.43M | 6.11M | -16.84M | 4.08M | 4.3M | 0 |
| Other Non-Cash Items | 82.35M | 9.28M | 10.99M | 7.43M | -21.92M | 17.9M | -18.36M | 44.38M | 750K | 9.09M |
| Working Capital Changes | -653K | -13.37M | -1.45M | 3.61M | -11.24M | 2.11M | -17.22M | -12.74M | -7.47M | -98.13K |
| Change in Receivables | -6.28M | -11.14M | 5.01M | -2.04M | -2M | 3.34M | 566K | -1.8M | -1.44M | 0 |
| Change in Inventory | -631K | -57K | -343K | -734K | -500K | -3.34M | 0 | 0 | 0 | 0 |
| Change in Payables | 8.37M | 5.09M | -1.24M | 15.47M | 1.79M | 3.74M | -16.88M | -899K | -2.65M | 0 |
| Cash from Investing | -90.1M | -100.55M | -124.15M | -59.79M | -189.26M | -34.54M | -61.44M | -151.53M | -73.55M | -450M |
| Capital Expenditures | 21.16M | -88.92M | -66.54M | -81.74M | -47.38M | -29.75M | -25.76M | -20.8M | -23.33M | -23.63M |
| CapEx % of Revenue | 1.49% | 6.68% | 5.41% | 6.98% | 4.89% | 4.05% | 8.14% | 4.85% | 6.96% | 9.51% |
| Acquisitions | -19.53M | -5.31M | -53.59M | -11.79M | -144.03M | -6.2M | -35.77M | -100.86M | -50.22M | -45.13M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -91.73M | -6.33M | 983K | 1.68M | 2.14M | 1.41M | 95K | 121K | 1.09M | -450M |
| Cash from Financing | -79M | -35.06M | 22.65M | -35.24M | 106.59M | -11.88M | 74.19M | 139.14M | 46.12M | 450.85M |
| Debt Issued (Net) | -30.7M | 10.53M | 51.78M | -17K | 195.38M | -1.71M | -10.94M | 125.34M | 50.42M | 0 |
| Equity Issued (Net) | -41.06M | -39.86M | -25.5M | -30.07M | -78.64M | -9.07M | 90.42M | 0 | -3.34M | 450.02M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -41.06M | -39.86M | -25.5M | -30.07M | -79M | -8.98M | 0 | 0 | -3.34M | 0 |
| Other Financing | -7.24M | -5.72M | -3.63M | -5.15M | -10.15M | -1.09M | -5.3M | 13.8M | -951K | 821.58K |
| Net Change in Cash | 4.12M | 15.26M | 19.69M | 37.5M | 25.33M | 64.33M | 9.05M | 33.17M | 140.75K | 450.85M |
| Free Cash Flow | 194.38M | 61.95M | 54.65M | 50.79M | 60.62M | 81M | -29.47M | 24.77M | -23.19M | -24.1M |
| FCF Margin % | 13.64% | 4.65% | 4.44% | 4.34% | 6.25% | 11.03% | -9.31% | 5.78% | -6.92% | -9.7% |
| FCF Growth % | 304.48% | 13.36% | 7.61% | -16.22% | -25.16% | 374.9% | -218.96% | 206.83% | 3.8% | - |
| FCF per Share | 2.33 | 0.72 | 0.64 | 0.59 | 0.66 | 0.86 | -0.35 | 0.40 | -0.37 | -0.65 |
| FCF Conversion (FCF/Net Income) | 3.04x | 2.93x | 3.44x | 2.91x | 1.46x | 3.51x | 9.04x | -1.24x | 0.01x | 1.26x |
| Interest Paid | 7.97M | 31.6M | 32.77M | 30.25M | 0 | 9.65M | 12.85M | 12.02M | 8.72M | 0 |
| Taxes Paid | -20M | 15.54M | 22.31M | 11.74M | 0 | 8.59M | 0 | 1.76M | 1.59M | 0 |
Quick answers to the most common questions about buying ACEL stock.
Accel Entertainment, Inc. (ACEL) generated $150.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Accel Entertainment, Inc. (ACEL) generated $62.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Accel Entertainment, Inc. (ACEL) spent $88.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Accel Entertainment, Inc. (ACEL) spent $39.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Quarterly FCF volatility
Metrics are mathematically derived from official filings.
Operating Cash Flow Consistently Exceeds Earnings
According to reported quarterly figures, ACEL's operating cash flow has run well above net income in most of the ten quarters, with OCF to net income ratios ranging from 1.60 to 10.22, suggesting reported earnings understate cash generation on average.
The persistently high OCF to net income ratios point to substantial non-cash charges and working capital movements, most notably depreciation and amortization of roughly $17M to $21M per quarter that sit against modest net income. Ratios above 3x in 2024Q3, 2025Q3 and 2026Q3 appear to be driven by working capital inflows rather than durable earnings power, so the gap should be interpreted as timing-sensitive rather than structurally superior. Investors should monitor whether the conversion remains above 1.0x once working capital normalizes.
Free Cash Flow Lumpy Despite Positive Average
Based on reported figures, ACEL's free cash flow swung from negative $6.2M in 2025Q2 to $104.9M in 2025Q4, with FCF margins spanning -1.9% to 30.7%, indicating highly uneven cash generation across quarters.
The 2025Q4 spike reflects an unusual CapEx inflow of $73.8M, which appears to be a reporting anomaly or disposal-related item rather than recurring operating strength, and should be excluded from run-rate assumptions. Excluding that quarter, underlying FCF margins cluster in the low-to-mid single digits, which is thin relative to the revenue base. Investors should treat trailing FCF as an unreliable valuation anchor until the sign and drivers of CapEx are clarified.
Routine CapEx Runs Near Five to Eight Percent
As reported in financial statements, ACEL's ordinary capital expenditures have typically consumed 3.0% to 8.3% of revenue per quarter, excluding the anomalous 2025Q4 inflow, implying moderate and fairly stable reinvestment requirements.
CapEx at these levels is broadly consistent with maintaining a route-based terminal fleet and funding periodic location additions, but it does not clearly separate maintenance from growth spending in the supplied data. Given D&A of about $19M to $21M per quarter, routine CapEx appears to be roughly in line with depreciation, suggesting asset replacement is being funded without large net investment. The lack of explicit maintenance versus growth disclosure limits precision in judging reinvestment efficiency.
Cash Directed Toward Acquisitions and Buybacks
Based on reported figures, ACEL paid no dividends across the period while deploying cash into share repurchases of roughly $5.6M to $16.2M per quarter and acquisition outflows that reached $26.1M in 2024Q2.
The absence of dividends alongside consistent buybacks and recurring acquisition spending suggests capital is being prioritized toward consolidation and share count reduction, consistent with management's stated growth strategy. Acquisition outflows appear lumpy and, combined with buybacks, could have exceeded internally generated FCF in several quarters, which may indicate reliance on the existing cash balance. Investors should monitor whether returns on acquired routes justify the deployment pace.
Cash Flow Quality May Be Overstated
According to recent SEC filings, ACEL's favorable OCF to net income ratios coincide with sizable working capital swings, including inflows of $37.3M in 2026Q3 and $21.8M in 2024Q3, raising questions about how durable the reported conversion is.
Working capital inflows of this magnitude can flatter operating cash flow for a period without reflecting sustainable cash generation, and the 2026Q3 quarter in particular shows OCF of $79.4M against net income of $20.6M. Stock-based compensation is comparatively small at $2.5M to $3.8M per quarter, so it does not explain much of the gap, but unexplained working capital and CapEx classification issues warrant further investigation. Until those drivers are clearer, the cash profile should be treated as provisional.