10-Q · August 4, 2026
Accel delivered Q2 revenue of $368.125 million, up 9.6% year over year and above the $355.907 million consensus estimate, with operating margin expanding to 8.7% from 8.0%. Net income rose 72.2% to $12.507 million and…
Earnings analysis · 10-Q
ACEL earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Accel reported Q3 revenue of $363.555 million and diluted EPS of $0.25, versus $330 million and $0.16, respectively, in Q3 2025. Free cash flow increased to $61.994 million, but the company remains exposed to…
Read full summary
Accel reported Q3 revenue of $363.555 million and diluted EPS of $0.25, versus $330 million and $0.16, respectively, in Q3 2025. Free cash flow increased to $61.994 million, but the company remains exposed to floating-rate debt: borrowings were $570.0 million and a 1.0% rate increase would add approximately $5.7 million to annual interest expense. No quantitative revenue or EPS guidance was provided, and the filing reported no material changes to the prior annual-report risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.25
What stood out
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Revenue and free cash flow remained strong
Revenue was $363.555 million, up from $330 million in Q3 2025 and $368 million in Q2 2026. The quarter’s $61.994 million of free cash flow was also well above $34 million in Q3 2025.
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EPS improved year over year
Diluted EPS was $0.25, compared with $0.16 in Q3 2025 and $0.15 in Q2 2026, indicating sequential and year-over-year earnings improvement.
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Share repurchases continued
The company repurchased 624,270 shares during Q3 2026 at an average price of $11.46 per share, leaving approximately $138.5 million available under the repurchase program.
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Internal controls remained effective
Management concluded that disclosure controls were effective as of September 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls.
What to watch
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Floating-rate debt creates earnings sensitivity
Borrowings under the credit facility were $570.0 million at September 30, 2026. A 1.0% increase in underlying interest rates would increase annual interest expense by approximately $5.7 million, assuming the balance remained unchanged.
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Interest-rate hedge protection changed
The prior interest-rate caplets expired in January 2026 after protecting the first $300 million of term-loan exposure above 2%. The replacement collar has a 4.00% cap and 2.9215% floor and matures in September 2029.
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No formal risk-factor update
The filing states that there were no material changes to the risk factors in the 2025 Form 10-K, but the company continues to carry $570.0 million of credit-facility borrowings and related refinancing and liquidity exposure.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q; the filing provides no updated numeric outlook.
Earlier filings 4
10-Q · May 5, 2026
Accel Entertainment reported Q1 2026 results with revenue of $351.6 million, up 8.5% from the previous year, while EPS increased modestly to $0.17, falling short of expectations. The company saw growth in net gaming…
10-K · March 3, 2026
Accel Entertainment reported Q4 2025 revenue of $341,446,000 and diluted EPS of $0.19, both modestly above consensus, while gross margin expanded to 31.7% and operating margin improved to 8.7%. The company continued to…
10-Q · May 5, 2025
Accel reported Q1 2025 revenue of $323.9M (3 months ended March 31, 2025) and diluted EPS of $0.17, with operating income essentially flat at $25.95M. Revenue rose versus the prior year (Q1 2024 $301.8M) and cash flow…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.