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Churchill Downs CHDN Gaming — Equity in income of unconsolidated affiliates

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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 us-gaap:IncomeLossFromEquityMethodInvestments.

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 — equity in income of unconsolidated affiliates?
Churchill Downs (CHDN) reported gaming — equity in income of unconsolidated affiliates of $50M in Q2 2026.
How has Churchill Downs's gaming — equity in income of unconsolidated affiliates changed year-over-year?
Churchill Downs's gaming — equity in income of unconsolidated affiliates increased by 7.1% year-over-year, from $46.7M to $50M.
What is the long-term trend for Churchill Downs's gaming — equity in income of unconsolidated affiliates?
Over 3 years (2022 to 2025), Churchill Downs's gaming — equity in income of unconsolidated affiliates has grown at a -1.2% compound annual growth rate (CAGR), from $184.5M to $178.1M.
What does gaming — equity in income of unconsolidated affiliates mean?
Represents the company's proportional share of net earnings from investments in entities where it holds significant influence but not full control. This metric reflects the performance of joint ventures or partnerships within the gaming segment that contribute to overall profitability without being consolidated line-by-line.

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