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Churchill Downs CHDN Live and Historical — 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 live and historical — gaming taxes?
Churchill Downs (CHDN) reported live and historical — gaming taxes of $2M in Q2 2026.
How has Churchill Downs's live and historical — gaming taxes changed year-over-year?
Churchill Downs's live and historical — gaming taxes increased by 42.9% year-over-year, from $1.4M to $2M.
What is the long-term trend for Churchill Downs's live and historical — gaming taxes?
Over 3 years (2022 to 2025), Churchill Downs's live and historical — gaming taxes has grown at a 71.0% compound annual growth rate (CAGR), from $1.5M to $7.5M.
What does live and historical — gaming taxes mean?
This metric captures the specific tax obligations incurred from historical racing machine operations and other gaming activities within the segment. These taxes are typically levied as a percentage of gross gaming revenue and are a critical component of the segment's operating cost structure. Changes in this metric often reflect shifts in gaming volume or changes in state-level tax legislation.

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