Accel Entertainment Reports Q3 Revenue of $364 Million

The gaming operator posted 10% revenue growth and a 55% rise in net income for the quarter ended September 30, 2026.

Updated on Nov. 3, 2026 in Corporate Finance

Accel Entertainment Reports Q3 Revenue of $364 Million

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Accel Entertainment reported third-quarter 2026 revenue of $364 million, up 10% year over year, and net income of $21 million, up 55% from the same period in 2025. The results were announced November 3, 2026, covering the quarter ended September 30.

Why it matters

Growth in Adjusted EBITDA outpacing revenue points to operating leverage in Accel's business model, a factor investors weigh when assessing the company's profitability. The quarter's cash generation and share repurchases also signal how the company is deploying its capital.

Operating cash flow reached $79 million and free cash flow $62 million in Q3 2026, with cash and equivalents of $294 million against total debt of $566 million as of September 30, 2026. Net debt stood at $272 million, and the company repurchased about 624,000 Class A-1 shares for $7.2 million during the quarter.

The players

Accel Entertainment

Accel Entertainment is a gaming operator that runs video gaming terminal locations, principally in Illinois and several other states.

The details

Illinois revenue, excluding Fairmount Park, rose 7% year over year, driven by hold-per-day improvement and a higher-performing location mix after Accel pruned weaker Illinois locations. The company plans to pursue a Chicago rollout following receipt of its first licenses and continue development of Fairmount Park, where gaming revenue rose 84% year over year.

September 30, 2026: Quarter ended, with cash, debt and net debt measured.
Q2 2026: Accel purchased $18 million in federal tax credits for $17 million.
Q3 2026: Accel received a federal tax credit refund and reported quarterly results.
November 3, 2026: Accel announced its third-quarter 2026 results.

Market Dynamics

Accel's Illinois growth came from pruning weaker locations and concentrating on its strongest sites, a portfolio optimization strategy the company describes as central to this quarter's results. The approach contrasts with broad footprint expansion, focusing instead on per-location economics such as hold per day.

Shareholders are seeing capital returned through buybacks, with roughly 624,000 shares repurchased in the quarter, which can affect per-share value. Investors tracking the stock can weigh the company's net debt of $272 million against its $62 million in quarterly free cash flow.

The takeaway

Strong cash generation and disciplined capital allocation, including share repurchases and debt management, are central to reading Accel's results. Investors may track whether margin expansion continues as the company rolls out new markets.