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Churchill Downs CHDN Gaming — Gaming Taxes

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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:GamingTaxes.

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
Revenues$575$178$270
Pari-mutuel taxes and purses(119)(8)(7)
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)

Item 1. Financial Statements (Unaudited)

FAQ

What is Churchill Downs's gaming — gaming taxes?
Churchill Downs (CHDN) reported gaming — gaming taxes of $81M in Q2 2026.
How has Churchill Downs's gaming — gaming taxes changed year-over-year?
Churchill Downs's gaming — gaming taxes increased by 1.3% year-over-year, from $80M to $81M.
What is the long-term trend for Churchill Downs's gaming — gaming taxes?
Over 3 years (2022 to 2025), Churchill Downs's gaming — gaming taxes has grown at a 8.5% compound annual growth rate (CAGR), from $241.7M to $308.7M.
What does gaming — gaming taxes mean?
Reflects the mandatory tax obligations imposed by state and local jurisdictions on gross gaming revenue generated by casino properties. This is a primary variable cost that scales with the volume of gaming activity and directly impacts the segment's net profitability.

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