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Churchill Downs CHDN Wagering Services and Solutions — Labor and Related Expense

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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 us-gaap:LaborAndRelatedExpense.

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
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)
Gaming equipment rental and technology costs(13)(2)(5)

Item 1. Financial Statements (Unaudited)

FAQ

What is Churchill Downs's wagering services and solutions — labor and related expense?
Churchill Downs (CHDN) reported wagering services and solutions — labor and related expense of $9M in Q2 2026.
How has Churchill Downs's wagering services and solutions — labor and related expense changed year-over-year?
Churchill Downs's wagering services and solutions — labor and related expense decreased by 0.0% year-over-year, from $9M to $9M.
What is the long-term trend for Churchill Downs's wagering services and solutions — labor and related expense?
Over 3 years (2022 to 2025), Churchill Downs's wagering services and solutions — labor and related expense has grown at a 9.2% compound annual growth rate (CAGR), from $26.8M to $34.9M.
What does wagering services and solutions — labor and related expense mean?
This includes all compensation, benefits, and payroll-related costs for personnel dedicated to the wagering services segment. It serves as a primary measure of operational overhead and workforce efficiency in managing wagering platforms.

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