Image credit: Source: Accel Entertainment Q3 2026 earnings release (SEC Form 8-K, 3 November 2026).
Accel Entertainment reported third-quarter revenue of $363.6m, up 10% and a record for the quarter, while net income rose 55% and adjusted EBITDA reached $57.5m.
The locals-focused gaming operator said adjusted EBITDA also set a third-quarter record, growing faster than revenue. Net income of $20.6m includes a $6m gain on the change in fair value of contingent earnout shares, which the company says was $3.6m higher than the gain in the third quarter of 2025.
- Net revenues: $363.6m, up from $329.7m
- Net income: $20.6m, up from $13.3m
- Adjusted EBITDA: $57.5m, up from $51.2m
- Operating cash flow: $79m; free cash flow $62m
- Locations: 4,705, up 6%
- Electronic gaming machines: 29,548, up 7%
Illinois is still the core, and Fairmount Park is the growth lever
Illinois net revenue rose to $257.9m from $239.0m. Excluding Fairmount Park, Illinois revenue grew about 7% and hold-per-day about 9%. Chief Executive Mark Phelan credited the company's pruning of lower-performing locations and its shift of resources toward its strongest sites.
Gaming revenue at Fairmount Park rose about 84% year on year, according to the release. Of the growth rates the release cites, that is the largest.
Phelan said: "We delivered another period of double-digit revenue growth in the third quarter."
Growth came from Nevada, Nebraska and Georgia
Nevada net revenue rose to $32.9m from $26.2m, about 25%. Nebraska rose to $12.1m from $8.5m and Georgia to $7.2m from $5.1m, both about 42%. Louisiana grew about 20%, to $11.3m from $9.5m. Montana was broadly flat at $41.1m against $40.5m.
For the nine months, net revenues were $1,083.2m against $989.5m, adjusted EBITDA was $170.2m against $153.9m, and net income was $47.8m against $35.2m.
Balance sheet and buybacks
Accel ended the quarter with $294m of cash, $566m of total debt and $272m of net debt. It repurchased about 624,000 Class A-1 shares for $7.2m during the quarter. Phelan said the company's low leverage and substantial liquidity give it room to invest organically, pursue disciplined acquisitions and return capital to shareholders.
Chicago and the leadership build-out
The company said it has completed the build-out of its senior leadership team and that its Chicago rollout has begun with receipt of its first licences. Phelan's appointment as chief executive, effective 7 August, is covered in Mark Phelan Takes Over as Accel CEO on August 7.
The release does not give Chicago revenue guidance, so the scale of that rollout cannot be measured from this filing.