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Churchill Downs CHDN Gaming — Marketing and Advertising 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/S2×-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:MarketingAndAdvertisingExpense.

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 — marketing and advertising expense?
Churchill Downs (CHDN) reported gaming — marketing and advertising expense of $8M in Q2 2026.
How has Churchill Downs's gaming — marketing and advertising expense changed year-over-year?
Churchill Downs's gaming — marketing and advertising expense decreased by 9.1% year-over-year, from $8.8M to $8M.
What is the long-term trend for Churchill Downs's gaming — marketing and advertising expense?
Over 3 years (2021 to 2025), Churchill Downs's gaming — marketing and advertising expense has grown at a 43.7% compound annual growth rate (CAGR), from $11.8M to $35M.
What does gaming — marketing and advertising expense mean?
Captures the total investment in promotional campaigns, customer acquisition, and brand awareness initiatives within the gaming segment. Monitoring this expense helps evaluate the cost-effectiveness of customer acquisition strategies and the competitive intensity of the gaming market.

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