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Churchill Downs CHDN Racing event-related services — Net revenue

Other product segments

Gaming
$270M+1.5%
Pari-mutuel, historical racing
$265M+3.3%
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 racing event-related services — net revenue?
Churchill Downs (CHDN) reported racing event-related services — net revenue of $192M in Q2 2026.
How has Churchill Downs's racing event-related services — net revenue changed year-over-year?
Churchill Downs's racing event-related services — net revenue increased by 11.3% year-over-year, from $172.5M to $192M.
What is the long-term trend for Churchill Downs's racing event-related services — net revenue?
Over 4 years (2021 to 2025), Churchill Downs's racing event-related services — net revenue has grown at a 24.6% compound annual growth rate (CAGR), from $76.7M to $185M.
What does racing event-related services — net revenue mean?
This metric represents the total net revenue generated from services directly associated with hosting and managing live racing events. It captures income streams derived from event operations, such as facility usage, hospitality services, and specialized event-related support, excluding direct wagering handle. This figure serves as a key indicator of the operational scale and commercial success of the company's live racing event infrastructure.

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