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Churchill Downs CHDN Pari-mutuel, historical racing — Net revenue

Other product segments

Gaming
$270M+1.5%
Racing event-related services
$192M+11.3%
Pari-mutuel, live and simulcast racing
$190M+3.7%

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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)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$53$133$4$190$190
Historical racing(a)265265265
Racing event-related services192192192
Gaming(a)34232239239
Other(a)3030349494
Total$543$167$270$980$980

Item 1. Financial Statements (Unaudited)

FAQ

What is Churchill Downs's pari-mutuel, historical racing — net revenue?
Churchill Downs (CHDN) reported pari-mutuel, historical racing — net revenue of $265M in Q2 2026.
How has Churchill Downs's pari-mutuel, historical racing — net revenue changed year-over-year?
Churchill Downs's pari-mutuel, historical racing — net revenue increased by 3.3% year-over-year, from $256.5M to $265M.
What is the long-term trend for Churchill Downs's pari-mutuel, historical racing — net revenue?
Over 4 years (2021 to 2025), Churchill Downs's pari-mutuel, historical racing — net revenue has grown at a 41.6% compound annual growth rate (CAGR), from $253M to $1.02B.
What does pari-mutuel, historical racing — net revenue mean?
This metric represents the total net revenue generated from live pari-mutuel horse racing operations and historical racing machine wagering. It reflects the core performance of the company's traditional racing assets and technology-enabled historical racing products. Investors use this to assess the stability and growth of the company's foundational racing business model.

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