Accel Entertainment Reports Record $363.555 Million in Revenue and Begins Chicago Site Launch
Key Facts
Accel Entertainment reported on November 3, 2026, revenue of $363.555 million for the third quarter ended September 30 and began rolling out its Chicago operations after receiving its first licenses. Revenue was higher than $329.693 million in the same period of 2025, according to the company statement, setting a quarterly record. The company said, "The rollout has now begun with receipt of our first licenses," signaling that the Chicago project had moved from waiting to execution. Management expects to open the first locations in the coming weeks, according to the company’s account of its CEO’s remarks. The city expansion marks a new operational step alongside quarterly revenue and profit growth, while the pace of the launch remains tied to the sequence of licenses and the start of site operations.
Net income was $20.604 million, compared with $13.305 million in the third quarter of 2025, but the company statement noted that the figure included a $6 million gain from a change in the fair value of earnout shares. This means the net income result includes that gain alongside operating results for the period. Adjusted EBITDA rose to $57.483 million from $51.170 million in the year-earlier period. Accel classifies this measure as non-GAAP, and therefore presents it as an adjusted metric alongside net income. These figures show operating profit growth alongside record revenue, while the revaluation gain should be kept separate when assessing net income.
In Illinois, revenue rose 7% year over year in the third quarter, excluding Fairmount Park, according to the company. Accel attributed the increase to improved daily yield and higher-performing locations taking a larger share of the revenue mix. The company ended the period operating 4,705 locations, up 6% from a year earlier. Electronic gaming devices totaled 29,548, up 7% year over year. These indicators pair growth in the locations and devices base with improved performance at Illinois sites, while the Chicago launch represents an opportunity to add locations within the state market.
Nevada generated revenue of $32.896 million in the third quarter, compared with $26.238 million in the same period of 2025. Louisiana revenue was $11.341 million, versus $9.465 million a year earlier. The company reports these markets separately, alongside Illinois, without linking their growth to the Chicago launch. The figures show that revenue came from several operating markets as the city entry process began with its first licenses. Separating state results from the new expansion clarifies the performance picture: growth in existing markets appears in the year-over-year comparison, while Chicago locations remain in preparation for opening.
On liquidity, operating cash flow was $79 million, while free cash flow reached $62 million in the third quarter, according to Accel’s statement. The company said it recovered $18 million in federal tax credits during the quarter, which it had purchased in the second quarter for $17 million. The cash recovery in the third quarter is part of the context the company provided for cash flow performance during the period. The company also repurchased approximately 624,000 Class A-1 shares for $7.2 million in the same quarter. These items combine reported cash flows with the use of some funds for share repurchases, alongside spending related to tax credits.
Second-quarter results provide a recent backdrop for comparison with the latest performance: revenue then totaled $368.125 million, versus $335.909 million in the second quarter of 2025. Net income in that quarter was $12.507 million, compared with $7.262 million in the year-earlier period. In the third quarter, revenue declined from the second-quarter level but remained above the year-earlier figure, according to the published quarterly numbers. Third-quarter net income was also higher than in the second quarter, with the earnout-share gain included in the latest period’s figure. Comparing the two quarters places the new results in quarterly and annual context, without allowing the quarterly comparison to replace the year-over-year measure.
Accel shares closed at $13.42 on November 4, 2026, up 13.15% on the day, according to Investing.com data. EL7 data recorded the same closing price for that day. The share move followed the results announcement on November 3, while the closing price and daily change describe the session without adding an unverified price range. On operations, the company expects its first Chicago locations to begin operating in the coming weeks, drawing on its existing Illinois infrastructure, CDC Gaming reported, citing the CEO. The start of operations remains the next anticipated development after receipt of the first licenses, while the published results reflect the quarter ended September 30.