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Churchill Downs CHDN Gaming — Adjusted EBITDA

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Other financials

Income statement

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Revenue$980.0M+4.9%
Operating income$357.0M+8.9%
Net income$241.0M+11.1%
EPS (diluted)$3.42+14.4%

Balance sheet

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Cash & equivalents$295.0M+3.3%
Total debt$2.3B+18.9%
Total equity$1.3B+28.7%
Total assets$7.5B+2.0%

Cash flow

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Operating cash flow$217.0M-9.8%
CapEx$19.0M+0.5%
Free cash flow$198.0M-10.6%

Valuation

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Market cap$6.06B-15.6%
Enterprise value$8.05B-8.7%
P/E14.7×-2.0×
P/S-0.5×

Profitability

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Operating margin24.1%-1.2pp
Net margin13.8%-1.4pp
FCF margin24%-1.0pp

Returns & leverage

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Return on equity34.7%-6.9pp
Debt / equity1.7×-0.1×
Current ratio0.4×-0.2×

Where this comes from

Reported directly by Churchill Downs in its filing.

Tagged under the XBRL concept chdn:AdjustedEarningsBeforeInterestTaxDepreciationandAmortization.

The source filing: Churchill Downs’s 10-Q, filed July 29, 2026.

Filed
Jul 29, 2026, 4:31 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000020212-26-000059
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Selling, general and administrative expense(14)(4)(12)
Maintenance, insurance and utilities(13)(3)(9)
Gaming equipment rental and technology costs(13)(2)(5)
Food and beverage costs(4)(4)
Other operating expense(1)(37)(15)(18)
Equity in income of unconsolidated affiliates50
Other income
Adjusted EBITDA$318$52$133

Item 1. Financial Statements (Unaudited)

FAQ

What is Churchill Downs's gaming — adjusted EBITDA?
Churchill Downs (CHDN) reported gaming — adjusted EBITDA of $133M in Q2 2026.
How has Churchill Downs's gaming — adjusted EBITDA changed year-over-year?
Churchill Downs's gaming — adjusted EBITDA increased by 4.5% year-over-year, from $127.3M to $133M.
What is the long-term trend for Churchill Downs's gaming — adjusted EBITDA?
Over 4 years (2021 to 2025), Churchill Downs's gaming — adjusted EBITDA has grown at a 4.1% compound annual growth rate (CAGR), from $411.9M to $483M.
What does gaming — adjusted EBITDA mean?
Measures the operational profitability of the gaming segment by excluding interest, taxes, depreciation, amortization, and non-recurring or non-cash items. It serves as a primary indicator of the segment's ability to generate cash flow from its core casino and gaming activities.

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