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Churchill Downs CHDN Gaming — Adjusted EBITDA Selling, General & Administrative Expenses

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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:AdjustedEBITDASellingGeneralAdministrativeExpenses.

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
Marketing and advertising(16)(6)(8)
Salaries and benefits(38)(9)(41)
Content expense(1)(78)(2)
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)

Item 1. Financial Statements (Unaudited)

FAQ

What is Churchill Downs's gaming — adjusted EBITDA selling, general & administrative expenses?
Churchill Downs (CHDN) reported gaming — adjusted EBITDA selling, general & administrative expenses of $12M in Q2 2026.
How has Churchill Downs's gaming — adjusted EBITDA selling, general & administrative expenses changed year-over-year?
Churchill Downs's gaming — adjusted EBITDA selling, general & administrative expenses increased by 13.2% year-over-year, from $10.6M to $12M.
What is the long-term trend for Churchill Downs's gaming — adjusted EBITDA selling, general & administrative expenses?
Over 4 years (2021 to 2025), Churchill Downs's gaming — adjusted EBITDA selling, general & administrative expenses has grown at a 12.3% compound annual growth rate (CAGR), from $27.9M to $44.4M.
What does gaming — adjusted EBITDA selling, general & administrative expenses mean?
Covers the overhead costs related to the management and administration of the gaming segment that are excluded from direct operational expenses. This metric provides insight into the efficiency of the segment's corporate support structure and administrative overhead.

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