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Churchill Downs CHDN Gaming — Net revenue

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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:RevenueFromContractWithCustomerExcludingAssessedTax.

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, except per common share data)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Net revenue:
Live and Historical Racing$543$510$840$783
Wagering Services and Solutions167158276265
Gaming270266527529
All Other————
Total net revenue9809341,6431,577
Operating expense:
Live and Historical Racing268256467446

Item 1. Financial Statements (Unaudited)

FAQ

What is Churchill Downs's gaming — net revenue?
Churchill Downs (CHDN) reported gaming — net revenue of $270M in Q2 2026.
How has Churchill Downs's gaming — net revenue changed year-over-year?
Churchill Downs's gaming — net revenue increased by 1.5% year-over-year, from $266M to $270M.
What is the long-term trend for Churchill Downs's gaming — net revenue?
Over 4 years (2021 to 2025), Churchill Downs's gaming — net revenue has grown at a 10.7% compound annual growth rate (CAGR), from $695.4M to $1.04B.
What does gaming — net revenue mean?
The total revenue generated by the gaming segment after deducting promotional allowances, customer incentives, and other contra-revenue items. This figure represents the actual top-line contribution from casino and gaming activities before accounting for operating expenses. It is a fundamental indicator of market demand and the effectiveness of the segment's revenue-generating strategies.

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