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Churchill Downs CHDN Gaming — Content Expense

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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:ContentExpense.

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
Gaming taxes(2)(1)(81)
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)

Item 1. Financial Statements (Unaudited)

FAQ

What is Churchill Downs's gaming — content expense?
Churchill Downs (CHDN) reported gaming — content expense of $2M in Q2 2026.
How has Churchill Downs's gaming — content expense changed year-over-year?
Churchill Downs's gaming — content expense decreased by 23.1% year-over-year, from $2.6M to $2M.
What is the long-term trend for Churchill Downs's gaming — content expense?
Over 4 years (2021 to 2025), Churchill Downs's gaming — content expense has grown at a 16.3% compound annual growth rate (CAGR), from $4.7M to $8.6M.
What does gaming — content expense mean?
Represents the costs associated with licensing or acquiring digital gaming content, software, or media rights used to attract and retain customers. It reflects the company's investment in maintaining a diverse and engaging portfolio of gaming products.

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