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Churchill Downs CHDN Wagering Services and Solutions — Net revenue

Other product segments

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$270M+1.5%
Pari-mutuel, historical racing
$265M+3.3%
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$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/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:Revenues.

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 wagering services and solutions — net revenue?
Churchill Downs (CHDN) reported wagering services and solutions — net revenue of $178M in Q2 2026.
How has Churchill Downs's wagering services and solutions — net revenue changed year-over-year?
Churchill Downs's wagering services and solutions — net revenue increased by 5.7% year-over-year, from $168.4M to $178M.
What is the long-term trend for Churchill Downs's wagering services and solutions — net revenue?
Over 3 years (2022 to 2025), Churchill Downs's wagering services and solutions — net revenue has grown at a 6.0% compound annual growth rate (CAGR), from $441.6M to $526.3M.
What does wagering services and solutions — net revenue mean?
The total income generated from wagering and related services after deducting promotional allowances, rebates, and other revenue-reducing incentives. It represents the top-line performance and market demand for the segment's core service offerings.

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