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Churchill Downs CHDN Gaming — Total 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/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: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)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Mississippi24244849
New York51489791
Pennsylvania29285352
Total Gaming$270$266$527$529
All Other
Net revenue from external customers$980$934$1,643$1,577
Intercompany net revenues:
Live and Historical Racing$32$31$36$35

Item 1. Financial Statements (Unaudited)

FAQ

What is Churchill Downs's gaming — total net revenue?
Churchill Downs (CHDN) reported gaming — total net revenue of $270M in Q2 2026.
How has Churchill Downs's gaming — total net revenue changed year-over-year?
Churchill Downs's gaming — total net revenue increased by 1.4% year-over-year, from $266.3M to $270M.
What is the long-term trend for Churchill Downs's gaming — total net revenue?
Over 4 years (2021 to 2025), Churchill Downs's gaming — total net revenue has grown at a 10.7% compound annual growth rate (CAGR), from $698.4M to $1.05B.
What does gaming — total net revenue mean?
The total income generated from gaming operations after deducting promotional allowances and player incentives. It serves as the primary indicator of the scale and market demand for the company's casino and wagering services.

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