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Churchill Downs CHDN Live and Historical — Content 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 chdn:ContentExpense.

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
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)
Gaming equipment rental and technology costs(13)(2)(5)
Food and beverage costs(4)—(4)

Item 1. Financial Statements (Unaudited)

FAQ

What is Churchill Downs's live and historical — content expense?
Churchill Downs (CHDN) reported live and historical — content expense of $1M in Q2 2026.
How has Churchill Downs's live and historical — content expense changed year-over-year?
Churchill Downs's live and historical — content expense decreased by 47.4% year-over-year, from $1.9M to $1M.
What is the long-term trend for Churchill Downs's live and historical — content expense?
Over 4 years (2021 to 2025), Churchill Downs's live and historical — content expense has grown at a 26.0% compound annual growth rate (CAGR), from $2.5M to $6.3M.
What does live and historical — content expense mean?
This metric represents the costs associated with acquiring or producing racing content, such as broadcast rights, simulcast fees, or proprietary data feeds. It is a key operational expense for delivering a compelling wagering experience to customers. Efficient management of content costs is essential for maintaining profitability in the pari-mutuel wagering business.

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