Accel Entertainment, Inc. Earnings Recaps
Q1 2026
May 7, 2026
Accel Entertainment's shares dropped 6.9% following the release of Q1 results despite reported revenue and EBITDA growth, reflecting investor disappointment primarily linked to cautious outlook comments and potential margin pressure in a challenging macro environment.
Key takeaways
- Q1 revenue reached a record $352 million, up 9% year-over-year.
- Adjusted EBITDA increased 9% to $54 million, driven by solid performance across core and developing markets.
- Illinois, the largest market, grew revenue by 6% with improved location hold per day (+9%), though the mature state market shows signs of limited terminal growth.
- Developing markets showed strong top-line momentum, including Nebraska (+57% revenue), Georgia (+43%), and Nevada (locations +27%).
- Management highlighted macroeconomic uncertainty and inflation risks, signaling cautious views on near-term consumer demand despite operating leverage and financial flexibility.
Q3 2025
Nov 5, 2025
Accel Entertainment reported strong Q3 2025 results with a 9.1% year-over-year revenue increase to $330 million, driven by consistent performance across its core and developing markets.
Key takeaways
- Net income of $13 million alongside an 11.5% rise in adjusted EBITDA to $51 million, showcasing effective capital allocation and operational efficiency.
- Illinois and Montana dominate revenue streams, accounting for 82% of total revenue, with Illinois benefiting from same-store growth and new machine placements.
- Significant progress in developing markets, particularly Nebraska and Georgia, which achieved double-digit revenue growth driven by location expansions.
- Strengthened balance sheet with a $900 million senior secured credit facility completed; total stock repurchases for the year reached approximately $23.7 million.
- Continued focus on technology enhancements and disciplined M&A strategy in a $15 billion fragmented local gaming market to drive future growth.