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Churchill Downs CHDN Live and Historical — Pari-Mutuel Taxes and Purses

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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:PariMutuelTaxesAndPurses.

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 — pari-mutuel taxes and purses?
Churchill Downs (CHDN) reported live and historical — pari-mutuel taxes and purses of $119M in Q2 2026.
How has Churchill Downs's live and historical — pari-mutuel taxes and purses changed year-over-year?
Churchill Downs's live and historical — pari-mutuel taxes and purses increased by 2.8% year-over-year, from $115.8M to $119M.
What is the long-term trend for Churchill Downs's live and historical — pari-mutuel taxes and purses?
Over 3 years (2022 to 2025), Churchill Downs's live and historical — pari-mutuel taxes and purses has grown at a 27.9% compound annual growth rate (CAGR), from $167.1M to $349.4M.
What does live and historical — pari-mutuel taxes and purses mean?
This metric represents the mandatory payments made to regulatory bodies and the prize money allocated to horse racing participants within the Live and Historical Racing segment. It reflects the direct cost of compliance and the competitive incentive structure required to maintain racing operations. Monitoring this helps assess the regulatory burden and the cost of maintaining high-quality racing fields.

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