Accel Entertainment
Turnkey route operator placing gaming terminals at bars and local venues across the US.
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Profile
Operates a turnkey route business across ten states — installing, servicing, and splitting gaming revenue on video terminals at bars, truck stops, and social clubs, with Illinois and Montana accounting for most production. Revenue follows per-state statutory formulas, making licensing and regulatory approval the central constraint on growth.
Founded in 2010 by brothers Andrew and Gordon Rubenstein, the business operates as a terminal route business — installing, servicing, and sharing revenue on video gaming terminals at bars, truck stops, fraternal halls, and convenience stores under turnkey contracts.
Operations span ten states, with Illinois and Montana generating most of the revenue. State-level brands include Bulldog Gaming in Georgia, Toucan Gaming in Louisiana, and Century Gaming across Montana and Nevada, each reflecting a distinct acquisition.
The Century Gaming deal brought in Grand Vision Gaming, an in-house manufacturing arm. A 2024 move into Fairmount Park, an Illinois racetrack, represents a first step into owned-venue casino gaming alongside the route business.
The business depends on per-state gaming board licenses and statutory revenue-sharing formulas; any regulatory change to the split directly affects operator economics.
Company facts
Categories
Key statistics
Year to date +4.4% · Average volume (30d) 287.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior target | Target |
|---|---|---|---|---|
| Aug 21, 2026 | Wells Fargo | Target | $14 | |
| Aug 19, 2026 | Truist Financial | Target | $13 | $14 |
| Aug 5, 2026 | National Bank | Target | $15 | |
| Jan 16, 2026 | CBRE | Target | $17 | |
| Dec 16, 2025 | Truist Financial | Target | $13 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $0.19 | $0.15 | −20.9% | $356.7M | $368.1M | +3.2% | +2.22% |
| May 5, 2026Q1 FY26 | $0.16 | $0.17 | +6.3% | $342.9M | $351.6M | +2.5% | −8.82% |
| Mar 3, 2026Q4 FY25 | $0.20 | $0.19 | −4.0% | $335.7M | $341.4M | +1.7% | +17.98% |
| Nov 4, 2025Q3 FY25 | $0.20 | $0.24 | +20.0% | $335.7M | $329.7M | −1.8% | +2.11% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $323.9M | $335.9M | $329.7M | $341.4M | $351.6M | $368.1M | |
| Gross profit | $100.4M | $105.3M | $103.3M | $113.9M | $109.9M | $115.5M | |
| Operating income | $26.0M | $26.9M | $25.4M | $29.7M | $27.1M | $32.1M | |
| Net income | $14.6M | $7.3M | $13.4M | $16.2M | $14.7M | $12.5M | |
| Diluted EPS | $0.17 | $0.08 | $0.16 | $0.19 | $0.17 | $0.15 | |
| Gross margin | 31.0% | 31.3% | 31.3% | 33.4% | 31.3% | 31.4% | |
| Operating margin | 8.0% | 8.0% | 7.7% | 8.7% | 7.7% | 8.7% |
Fiscal years (4-quarter sums)FY21 $734.7M · FY22 $969.8M · FY23 $1.17B · FY24 $1.23B · FY25 $1.33B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $255.5M · Total debt $573.3M · Total assets $1.10B · Shareholders' equity $283.9M
Dividends
No dividends on record.
Ownership
Shares outstanding 81.39M · Float 43.76M · 53.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Darlington Partners Capital Management, LP | 8.10M | 9.95% | 13F | Aug 14, 2026 |
| Greenvale Capital LLP | 5.63M | 6.92% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 4.92M | 6.05% | 13F | Aug 7, 2026 |
| CIBC Private Wealth Group LLC | 4.66M | 5.70% | 13G | Aug 14, 2026 |
| Andrew H. Rubenstein · director, 10 percent owner, other: Chairman | 4.06M | 4.98% | Form 4 | Aug 11, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 5, 2026 | Andrew H. Rubenstein | director, 10 percent owner, officer: CEO and President | −15,000 | $12.64 |
| Jun 15, 2026 | Mark T. Phelan | officer: COO, President, U.S. Gaming | −25,000 | $13.00 |
| Jun 15, 2026 | Derek Harmer | officer: Chief Compliance Officer | −20,000 | $13.00 |
| Jun 1, 2026 | Andrew H. Rubenstein | director, 10 percent owner, officer: CEO and President | −25,000 | $12.09 |
| May 8, 2026 | Gordon Rubenstein | director | −12,931 | $11.55 |
Peers
- Inspired Entertainment
Server-based VLT and virtual-sports content for non-casino venues.
- Boyd Gaming
Regional casino operator with Illinois and Nevada locals overlap.
- Caesars Entertainment
Illinois casino footprint and Caesars Sportsbook overlap.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Accel Entertainment | $11.87 | −0.04% | $966.1M | 17.7 | 14.6 | 0.7 | +9.6% |
| Inspired Entertainment | $5.93 | −0.17% | $158.2M | — | 18.4 | 0.6 | −24.3% |
| Boyd Gaming | $79.95 | +0.63% | $5.77B | 3.5 | 10.7 | 1.4 | +0.0% |
| Caesars Entertainment | $29.74 | +0.02% | $6.06B | — | — | 0.5 | +3.0% |
| Median | 3.5 | 14.6 | 0.6 | +0.0% |