CHICAGO, Nov. 03, 2026 (GLOBE NEWSWIRE) — Accel Entertainment, Inc. (NYSE: ACEL), a leading locals-focused gaming operator partnering with small businesses, local communities, and state governments to provide entertaining, convenient, and safe gaming experiences nationwide, today announced financial and operating results for the third quarter ended September 30, 2026.

Third Quarter and Recent Highlights:

  • Revenue increased 10% to $364 million compared to Q3 ’25
    • Ended Q3 ’26 with 4,705 locations; an increase of 6% compared to Q3 ’25
    • Ended Q3 ’26 with 29,548 electronic gaming machines; an increase of 7% compared to Q3 ’25
  • Net income of $21 million for Q3 ’26; an increase of 55% compared to Q3 ’25
    • Included in Net income is a $6 million gain on the change in the fair value of our contingent earnout shares, which is $3.6 million higher than the gain recognized in Q3 ’25. Q3 ’26 also includes a $0.6 million loss on the sale of fixed assets related to asset rationalization
  • Adjusted EBITDA increased 12% to $57 million for Q3 ’26 compared to Q3 ’25
  • In Q3 ’26, Operating cash flow was $79 million and Free cash flow was $62 million. We received the related refund in Q3 on the $18 million in federal tax credits that we purchased in Q2 ’26 for $17 million.
  • Cash and cash equivalents of $294 million, Total debt of $566 million and Net debt of $272 million as of September 30, 2026
  • Repurchased approximately 624,000 shares of Accel Class A-1 common stock in Q3 ’26 for $7.2 million
  • Illinois revenue, excluding Fairmount Park, increased 7% year-over-year, driven by continued hold-per-day improvement and higher performing location mix

Accel CEO Mark Phelan commented, “We delivered another period of double-digit revenue growth in the third quarter, marking another strong quarter with solid profitability. Third-quarter revenue increased 10% year-over-year a third-quarter record $364 million, while third-quarter net income rose 55% year-over-year. Adjusted EBITDA rose 12% to $57 million, a third quarter record. With the operating leverage inherent in our business model, Adjusted EBITDA again grew faster than revenue, reflecting the quality of our portfolio, disciplined capital deployment and strong execution across our markets.

“Notably, Accel’s core business continues to get stronger while our growth strategy becomes increasingly diversified. In Illinois, excluding Fairmount Park, revenue increased approximately 7% and hold-per-day increased approximately 9%, highlighting the benefits of our strategy to optimize the Illinois portfolio by pruning lower-performing locations and allocating resources toward our strongest opportunities. We also delivered strong third-quarter performances in Georgia, Nebraska and Louisiana, continued expansion in Nevada, and significant momentum at Fairmount Park, where gaming revenue increased approximately 84% year-over-year.

“Accel generates meaningful cash flow and maintains a strong balance sheet, with low leverage and substantial liquidity, which provides us with significant flexibility to invest organically, pursue disciplined acquisitions and return capital to shareholders when we believe doing so represents an effective use of capital. We ended the quarter with $294 million of cash and cash equivalents and net debt of approximately $272 million. We also repurchased approximately 624,000 shares of our common stock for $7.2 million during the third quarter as we believe our shares represent an attractive investment opportunity given our strong and growing fundamentals.

“Finally, we recently completed the build-out of our senior leadership team to execute against the growth opportunities that we see ahead of us, including Chicago, where the rollout has now begun with the receipt of our first licenses, and the continued development of Fairmount. We are very excited about Accel’s future and remain focused on executing initiatives that we believe can enhance long-term shareholder value.”

Condensed Consolidated Statements of Operations and Other Data

    Three Months Ended
September 30,		   Nine Months Ended
September 30,		  
(in thousands) 2026   2025   2026   2025  
                   
Total net revenues $ 363,555   $ 329,693   $ 1,083,238   $ 989,514  
Operating income   28,800     25,361     87,933     78,187  
Income before income tax expense   25,815     17,797     64,233     49,755  
Net income   20,604     13,305     47,774     35,180  
Other Financial Data:                
Adjusted EBITDA(1)   57,483     51,170     170,164     153,864  
                           
(1) Adjusted EBITDA is a non-GAAP metric. See “Non-GAAP Financial Measures” for a reconciliation to the most directly comparable GAAP metric.
                           

Net Revenues

(in thousands) Three Months Ended
September 30,		   Nine Months Ended
September 30,		  
    2026   2025   2026   2025  
Net revenues by state:                
  Illinois $ 257,925   $ 239,041   $ 775,198   $ 717,954  
  Montana(1)(2)   41,051     40,471     122,380     121,715  
  Nevada   32,896     26,238     93,880     80,933  
  Nebraska   12,057     8,501     35,662     23,612  
  Louisiana   11,341     9,465     32,415     28,119  
  Georgia   7,247     5,092     20,526     14,231  
  Other   1,038     885     3,177     2,950  
  Total net revenues $ 363,555   $ 329,693   $ 1,083,238   $ 989,514  
                           
(1) Includes $40.1 million of net gaming revenues and $0.9 million of manufacturing revenues for the three months ended September 30, 2026. In comparison, includes $38.8 million of net gaming revenues and $1.7 million of manufacturing revenues for the three months ended September 30, 2025.
   
(2) Includes $119.6 million of net gaming revenues and $2.8 million of manufacturing revenues for the nine months ended September 30, 2026. In comparison, includes $114.4 million of net gaming revenues and $7.3 million of manufacturing revenues for the nine months ended September 30, 2025.
   

Gross Margin Percentage

    Three Months Ended
September 30,		   Nine Months Ended
September 30,		  
    2026   2025   2026   2025  
Gross margin percentage:                
  Illinois – our regulated split percentage 32.50 %   32.50 %   32.50 %   32.50 %  
  Georgia – our regulated split percentage 43.50 %   43.50 %   43.50 %   43.50 %  
  All other state splits, revenues and fees 28.10 %   27.86 %   27.66 %   27.46 %  
  Total gross margin percentage(1) 31.38 %   31.32 %   31.26 %   31.22 %  
                           
(1) Gross margin percentage represents the percentage of total net revenue remaining after subtracting the cost of revenue and cost of manufacturing goods sold and is not adjusted to exclude or modify amounts recognized under GAAP.
   

Key Business Metrics

Locations (1) As of September 30,   Increase / (Decrease)  
  2026   2025   Change   Change (%)  
Illinois 2,685   2,728   (43 )   (1.6 )%  
Montana 631   625   6     1.0  %  
Nevada 553   370   183     49.5  %  
Nebraska 306   276   30     10.9  %  
Louisiana 108   96   12     12.5  %  
Georgia 422   356   66     18.5  %  
Total locations 4,705   4,451   254     5.7  %  
                     

Electronic gaming machines (1) As of September 30,   Increase / (Decrease)  
    2026   2025   Change   Change (%)  
Illinois 15,519   15,641   (122 )   (0.8 )%  
Montana 6,805   6,628   177     2.7  %  
Nevada 4,099   2,757   1,342     48.7  %  
Nebraska 1,115   991   124     12.5  %  
Louisiana 818   670   148     22.1  %  
Georgia 1,192   1,027   165     16.1  %  
Total electronic gaming machines 29,548   27,714   1,834     6.6  %  
                       
(1) Based on a combination of third-party portal data and data from our internal systems. This metric is utilized by Accel to continually monitor growth from existing locations, organic openings, acquired locations, and competitor conversions.
   

Location hold-per-day (2) Three Months Ended
September 30,		   Increase / (Decrease)  
  2026   2025   Change ($)   Change (%)  
Illinois $ 957   $ 876   $ 81     9.2  %  
Montana   633     621     12     1.9  %  
Nevada   613     734     (121 )   (16.5 )%  
Nebraska   405     307     98     31.9  %  
Louisiana   1,125     977     148     15.1  %  
Georgia   182     146     36     24.7  %  
                           

Location hold-per-day (2) Nine Months Ended
September 30,		   Increase / (Decrease)  
    2026   2025   Change ($)   Change (%)  
Illinois $ 968   $ 888   $ 80     9.0  %  
Montana   637     614     23     3.7  %  
Nevada   675     761     (86 )   (11.3 )%  
Nebraska   418     284     134     47.2  %  
Louisiana   1,110     988     122     12.3  %  
Georgia   176     148     28     18.9  %  
                             
(2) Location hold-per-day is calculated by dividing net gaming revenue in the period by the average number of locations. We then divide the calculated amount by the number of operational days. We utilize this metric to compare market and location performance on a normalized basis. The percent change in location hold-per-day is the underlying metric used to determine the change in same-store sales.  
                             

Condensed Consolidated Statements of Cash Flows Data

  Nine Months Ended
September 30,		   Increase / (Decrease)  
(in thousands) 2026   2025   Change ($)   Change (%)  
Net cash provided by operating activities $ 142,137     $ 119,795     $ 22,342     18.7  %  
Net cash used in investing activities   (70,241 )     (80,697 )     10,456     13.0  %  
Net cash used in financing activities   (74,108 )     (30,168 )     (43,940 )   (145.7 )%  
                               

Non-GAAP Financial Information

This press release includes certain financial information not prepared in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). Adjusted EBITDA, Adjusted net income, Adjusted earnings per share, Net debt, and Free cash flow are non-GAAP financial measures and are key metrics that Accel’s management uses to monitor ongoing core operations. Accel’s management believes these non-GAAP financial measures enhance the understanding of Accel’s underlying drivers of profitability and trends in Accel’s business and facilitate company-to-company and period-to-period comparisons because they exclude the effects of certain non-cash items or nonrecurring items that are unrelated to core operating performance. Accel’s management also believes that these non-GAAP financial measures are used by investors, analysts and other interested parties as measures of Accel’s financial performance and to evaluate Accel’s ability to fund capital expenditures, service debt obligations and meet working capital requirements. The non-GAAP financial measures presented in this press release should be viewed in addition to, and not as an alternative for, financial measures prepared in accordance with GAAP that are also presented in this press release. These measures are not substitutes for their comparable GAAP financial measures and there are limitations to using non-GAAP financial measures. For example, the non-GAAP financial measures presented in this press release may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures the same way as Accel does.

Adjusted EBITDA is defined as net income plus:

  • Interest expense, net
  • Income tax expense
  • Depreciation and amortization of property and equipment
  • Amortization of intangible assets and route and customer acquisition costs
  • Stock-based compensation expense
  • (Gain) loss on change in fair value of contingent earnout shares
  • Loss on debt extinguishment
  • All other adjustments, which includes:
    • Other expenses, net which consists of i) non-cash expenses including the remeasurement of contingent consideration liabilities, ii) non-recurring lobbying and legal expenses related to distributed gaming expansion in current or prospective markets, iii) other non-recurring expenses, and beginning in 2026 iv) gain or loss on sale of fixed assets, which were previously presented in general and administrative expenses. Prior periods have not been recast to reflect this change.
    • Loss from unconsolidated affiliates
    • Emerging markets which reflects the results, on an Adjusted EBITDA basis, for non-core jurisdictions where our operations are developing
      • Markets are no longer considered emerging when we have installed or acquired at least 500 electronic gaming machines in the jurisdiction, or when 24 months have elapsed from the date we first install or acquire electronic gaming machines in the jurisdiction, whichever occurs first.
      • Prior to June 2025, Pennsylvania was considered an emerging market.
      • From June 2025 through June 2026, we had no emerging markets.
      • As of July 2026, the City of Chicago and Wyoming are considered emerging markets.

Adjusted net income is defined as net income plus:

  • (Gain) loss on change in fair value of contingent earnout shares, and
  • All other adjustments, which includes:
    • All other adjustments for 2026 include one time expenses related to the our senior leadership transition; loss on the sales of assets, emerging market costs related to Chicago and Wyoming operations and cost related to incidents of theft, vandalism, and destruction of our electronic gaming machines.
    • All other adjustments for 2025 include stock based compensation expense, loss from unconsolidated affiliates, and other expenses, net.

Adjusted earnings per share is defined as adjusted net income divided by weighted average diluted shares outstanding.

Free cash flow is defined as Adjusted EBITDA:

  • less Cash payments for interest, net
  • less Cash payments for income taxes, net
  • less Purchases of property and equipment
  • plus Proceeds from sales of property and equipment
  • plus All other cash flows from operations (primarily working capital)

Free cash flow is also defined as Net cash provided by operating activities:

  • less Purchases of property and equipment
  • plus Proceeds from sales of property and equipment

Net debt is defined as debt, net of current maturities:

  • plus Current maturities of debt
  • less Cash and cash equivalents

Reconciliation of Net income to Adjusted EBITDA and Free cash flow

    Three Months Ended
September 30,		   Nine Months Ended
September 30,		  
(in thousands) 2026   2025   2026   2025  
Net income $ 20,604     $ 13,305     $ 47,774     $ 35,180    
Adjustments:                
Interest expense, net   8,729       8,622       25,872       26,078    
Income tax expense   5,211       4,492       16,459       14,575    
Depreciation and amortization of property and equipment   14,098       13,339       41,787       38,735    
Amortization of intangible assets and route and customer
acquisition costs		   6,974       6,389       20,587       19,001    
Stock-based compensation expense   3,800       3,504       9,542       8,384    
(Gain) loss on change in fair value of contingent earnout
shares		   (5,756 )     (2,170 )     (2,214 )     1,209    
Loss on debt extinguishment   —       1,090       —       1,090    
All other adjustments (1)   3,823       2,599       10,357       9,612    
Adjusted EBITDA (2)   57,483       51,170       170,164       153,864    
                   
Cash payments for interest, net   (7,968 )     (8,300 )     (24,214 )     (24,310 )  
Cash refunds (payments) for income taxes, net   19,999       (1 )     (9,072 )     (15,524 )  
Purchases of property and equipment   (18,695 )     (21,017 )     (52,654 )     (73,814 )  
Proceeds from sales of property and equipment   1,259       283       2,335       1,460    
All other cash flows from operations (primarily working
capital)		   9,916       12,369       5,259       5,765    
Free cash flow $ 61,994     $ 34,504     $ 91,818     $ 47,441    
                                   
(1) Other expense, net was $3.2 million and $9.7 million; loss contributed from unconsolidated affiliates was less than $0.1 million; emerging markets was $0.6 million for both the three and nine months ended September 30, 2026, respectively. Other expense, net was $2.6 million and $9.5 million; loss contributed from unconsolidated affiliates and emerging markets was less than $0.1 million and $0.1 million for the three and nine months ended September 30, 2025, respectively.
                                   
(2) Trailing twelve-month Adjusted EBITDA is $226.4 million for the twelve months ended September 30, 2026.
                                   

Reconciliation of Net cash provided by operating activities to Free cash flow

  Three Months Ended
September 30,		   Nine Months Ended
September 30,		  
(in thousands, except percentages) 2026   2025   2026   2025  
Net cash provided by operating activities $ 79,430     $ 55,238     $ 142,137     $ 119,795    
Less: Purchases of property and equipment   (18,695 )     (21,017 )     (52,654 )     (73,814 )  
Plus: Proceeds from the sale of property and equipment   1,259       283       2,335       1,460    
Free cash flow $ 61,994     $ 34,504     $ 91,818     $ 47,441    
Free cash flow conversion rate (Free cash flow / Adjusted
EBITDA)		   107.8 %     67.4 %     54.0 %     30.8 %  
                                 

Reconciliation of Net Income to Adjusted net income and
Net income per share to Adjusted net income per share

    Three Months Ended
September 30,		   Nine Months Ended
September 30,		  
(in thousands, except per share amounts) 2026   2025   2026   2025  
Net income attributable to Accel Entertainment, Inc. $ 20,574     $ 13,364     $ 47,740     $ 35,318  
  Pretax adjustments:                
  (Gain) loss on change in fair value of contingent earnout
shares		   (5,756 )     (2,170 )     (2,214 )     1,209  
  All other adjustments (1)(2)   2,842       6,103       6,399       17,929  
  Total adjustments   (2,914 )     3,933       4,185       19,138  
  Income tax (benefit) expense on adjustments   (588 )     993       1,072       5,606  
Adjusted net income $ 18,248     $ 16,304     $ 50,853     $ 48,850  
                   
Earnings per common share, diluted $ 0.25     $ 0.16     $ 0.57     $ 0.41  
  Total adjustments per share   (0.03 )     0.05       0.05       0.22  
  Income tax (benefit) expense on adjustments   (0.01 )     0.01       0.01       0.06  
Adjusted earnings per common share, diluted $ 0.22     $ 0.19     $ 0.61     $ 0.56  
                   
Weighted average diluted shares outstanding   83,400       86,087       83,635       86,563  
                                 
(1) All other adjustments for 2026 include one time expenses related to the our senior leadership transition; loss on the sales of assets, emerging market costs related to the City of Chicago and Wyoming operations, and cost related to incidents of theft, vandalism, and destruction of our electronic gaming machines.
                                 
(2) All other adjustments for 2025 include stock based compensation expense, loss from unconsolidated affiliates, and other expenses, net.
                                 

Reconciliation of Debt, net of current maturities to Net debt

  As of September 30,  
(in thousands) 2026   2025  
Debt, net of current maturities $  536,094      $  565,075     
Plus: Current maturities of debt    30,000         30,333     
Less: Cash and cash equivalents    (294,354 )      (290,235 )  
Net debt $  271,740      $  305,173     
                 

Conference Call

Accel will host a conference call and webcast at 4:30 PM ET / 3:30 PM CT today to review the results. To access the call, please use the following link: Accel Entertainment Third Quarter 2026 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, please register a minimum of 15 minutes before the start of the call.

A simultaneous webcast of the conference call will be available at: Accel Entertainment Third Quarter 2026 Earnings Webcast, or via the Investor Relations page of the Accel Entertainment website at ir.accelentertainment.com. A replay will be available on the Company’s Investor Relations website shortly after the event or at Accel Entertainment Third Quarter 2026 Earnings Webcast.

About Accel

Accel Entertainment, Inc. (NYSE: ACEL) is a growing provider of locals-focused gaming and one of the largest terminal operators in the United States, supporting nearly 30,000 electronic gaming machines in over 4,700 third-party local and regional establishments and 20 self-operated gaming locations across ten states. Through exclusive long-term contracts, Accel serves licensed non-casino locations, including bars, restaurants, convenience stores, truck stops, gaming cafes, and fraternal and veteran establishments.

Accel provides its local partners with a turnkey, full-service, capital-efficient gaming solution that encompasses manufacturing, content, payments, loyalty, 24/7 customer service, data analysis and reporting, and cash logistics. The Company’s racino, Fairmount Park – Casino & Racing, features live racing, electronic gaming machines, live table games, food and beverage amenities, and pari-mutuel betting.

Contact:
Joseph Jaffoni, Norberto Aja
JCIR
212-835-8500
acel@jcir.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including, but not limited to, any statements regarding our ability to invest organically and pursue disciplined acquisitions, estimates of number of electronic gaming machines, locations, revenues, and Adjusted EBITDA, the opportunities in distributed gaming and local entertainment within the broader gaming market, including in the city of Chicago, our ability to expand operations in developing markets, our ability to roll out new technology to enhance player convenience and operational efficiency over time, and our expansion into casino operations and horse racing, including at Fairmount. The words “predict,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “continue,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements represent our current reasonable beliefs, expectations and assumptions and involve inherent risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: Accel’s ability to operate in existing markets and to expand into new jurisdictions; Accel’s ability to introduce new and appealing products and services amid uncertain market demand and regulatory outcomes; Accel’s ability to maintain or improve its competitive advantages in a highly competitive industry; Accel’s dependence on a concentrated network of key manufacturers, developers and third-party providers for electronic gaming machines, amusement machines, and related software, content and technologies; Accel’s heavy dependency on its ability to win, maintain and renew contracts with location partners; Accel’s expansion into casino operations and horse racing; decreased discretionary consumer spending due to broader macroeconomic and socio-political conditions; geographical concentration of Accel’s business, which heightens exposure to local or regional conditions; strict government regulations that are constantly evolving and may be amended, repealed, or subject to new interpretations, which may limit existing operations, have an adverse impact on Accel’s ability to grow or may expose Accel to fines or other penalties; Accel’s dependence on the security, integrity and regulatory compliance of products, services and systems offered, which, if breached or disrupted, could expose Accel to liability, including the physical security of our gaming terminals and cash at third-party locations; Accel’s dependence on the protection of trademarks and other intellectual property; opponents’ efforts to curtail the expansion of legalized gaming; and other risks and uncertainties indicated from time to time in documents filed or to be filed with the U.S. Securities and Exchange Commission (the “SEC”) including those described in the section entitled “Risk Factors” in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Form 10-K”).

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We are under no obligation to, and expressly disclaim any obligation to, publicly update or alter any forward-looking statement, whether as a result of new information, subsequent events or otherwise, except as required by law.

Industry and Market Data

Unless otherwise indicated, information contained in this press release concerning our industry and the markets in which we operate, including our general expectations and market position, market opportunity, and market size, is based on information from various sources, on assumptions that we have made that are based on those data and other similar sources, and on our knowledge of the markets for our services. This information includes a number of assumptions and limitations, and you are cautioned not to give undue weight to such information. In addition, projections, assumptions, and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the Form 10-K, as well as Accel’s other filings with the SEC. These and other factors could cause results to differ materially from those expressed in the estimates made by third-parties and by us.

ACCEL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
 
(In thousands, except per share amounts) Three Months Ended
September 30,		   Nine Months Ended
September 30,		  
  2026   2025   2026   2025  
Net revenues:                
Net gaming $ 343,393     $ 308,481     $ 1,022,193     $ 924,351    
Amusement   4,992       4,977       16,067       16,402    
Manufacturing   948       1,678       2,756       7,299    
ATM fees and other   14,222       14,557       42,222       41,462    
Total net revenues   363,555       329,693       1,083,238       989,514    
Operating expenses:                
Cost of revenue (exclusive of depreciation and
amortization expense shown below)		   248,985       225,511       743,221       676,741    
Cost of manufacturing goods sold (exclusive of
depreciation and amortization expense shown below)		   499       916       1,403       3,878    
General and administrative   60,954       55,600       178,558       163,482    
Depreciation and amortization of property and
equipment		   14,098       13,339       41,787       38,735    
Amortization of intangible assets and route and customer
acquisition costs		   6,974       6,389       20,587       19,001    
Other expenses, net   3,245       2,577       9,749       9,490    
Total operating expenses   334,755       304,332       995,305       911,327    
Operating income   28,800       25,361       87,933       78,187    
Interest expense, net   8,729       8,622       25,872       26,078    
Loss from unconsolidated affiliates   12       22       42       55    
(Gain) loss on change in fair value of contingent earnout
shares		   (5,756 )     (2,170 )     (2,214 )     1,209    
Loss on debt extinguishment   —       1,090       —       1,090    
Income before income tax expense   25,815       17,797       64,233       49,755    
Income tax expense   5,211       4,492       16,459       14,575    
Net income $ 20,604     $ 13,305     $ 47,774     $ 35,180    
Less: Net income (loss) attributed to redeemable
noncontrolling interests		   30       (59 )     34       (138 )  
Net income attributable to Accel Entertainment, Inc. $ 20,574     $ 13,364     $ 47,740     $ 35,318    
                 
Earnings per common share:                
Basic $ 0.25     $ 0.16     $ 0.58     $ 0.41    
Diluted   0.25       0.16       0.57       0.41    
Weighted average number of common shares outstanding:                
Basic   81,944       84,719       82,180       85,289    
Diluted   83,400       86,087       83,635       86,563    
                                 

ACCEL ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
         
(In thousands, except par value and share amounts) September 30,   December 31,  
  2026   2025  
Assets        
Current assets:        
Cash and cash equivalents $ 294,354     $ 296,566    
Accounts receivable, net   13,557       14,198    
Prepaid expenses   8,499       7,102    
Inventories   10,248       8,231    
Income taxes receivable   3,507       9,121    
Interest rate hedging instruments   —       430    
Other current assets   7,549       7,386    
Total current assets   337,714       343,034    
Property and equipment, net   363,324       350,304    
Route and customer acquisition costs, net   32,227       31,147    
Location contracts acquired, net   183,061       186,406    
Goodwill   114,737       114,426    
Other intangible assets, net   59,274       61,034    
Interest rate hedging instruments, net of current   11,921       —    
Other assets   21,612       17,042    
Total assets $ 1,123,870     $ 1,103,393    
Liabilities, Temporary equity, and Stockholders’ equity        
Current liabilities:        
Current maturities of debt $ 30,000     $ 37,583    
Current portion of route and customer acquisition costs payable   3,104       2,473    
Accrued location gaming expense   5,570       5,516    
Accrued state gaming expense   34,697       21,065    
Accounts payable and other accrued expenses   51,334       51,028    
Accrued compensation and related expenses   15,243       9,946    
Current portion of consideration payable   8,652       3,881    
Total current liabilities   148,600       131,492    
Debt, net of current maturities   536,094       569,837    
Route and customer acquisition costs payable, less current portion   10,697       10,232    
Consideration payable, less current portion   11,525       15,790    
Contingent earnout share liability   31,463       33,676    
Other long-term liabilities   13,046       9,373    
Deferred income tax liability, net   63,277       59,230    
Total liabilities   814,702       829,630    
         
Temporary equity – Redeemable noncontrolling interest   4,114       4,080    
         
Stockholders’ equity:        
Preferred Stock, par value of $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at
September 30, 2026 and December 31, 2025		   —       —    
Class A-1 Common Stock, par value $0.0001; 250,000,000 shares authorized; 97,001,737 shares issued and
80,853,316 shares outstanding at September 30, 2026; 96,250,980 shares issued and 82,287,349 shares
outstanding at December 31, 2025		   8       8    
Additional paid-in capital   233,387       229,028    
Treasury stock, at cost   (170,874 )     (145,747 )  
Accumulated other comprehensive income   8,587       188    
Accumulated earnings   233,946       186,206    
Total stockholders’ equity   305,054       269,683    
Total liabilities, temporary equity, and stockholders’ equity $ 1,123,870     $ 1,103,393    


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Accel Entertainment, Inc.