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Churchill Downs CHDN Wagering Services and Solutions — Content Expense

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IMAXContent Solutions — Gross Margin
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IMAXContent Solutions — Total Assets
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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: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 wagering services and solutions — content expense?
Churchill Downs (CHDN) reported wagering services and solutions — content expense of $78M in Q2 2026.
How has Churchill Downs's wagering services and solutions — content expense changed year-over-year?
Churchill Downs's wagering services and solutions — content expense increased by 1.4% year-over-year, from $76.9M to $78M.
What is the long-term trend for Churchill Downs's wagering services and solutions — content expense?
Over 3 years (2022 to 2025), Churchill Downs's wagering services and solutions — content expense has grown at a 1.1% compound annual growth rate (CAGR), from $203.3M to $210.2M.
What does wagering services and solutions — content expense mean?
This represents the costs associated with licensing, acquiring, or producing the racing and sports content necessary to drive wagering volume. It is a fundamental variable cost for wagering platforms that rely on high-quality data and media feeds to attract users.

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