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Churchill Downs CHDN Net gains (losses) on investments

Net gains (losses) on investments at other companies

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MGM Resorts InternationalMGM
-$7.43M-332%
PENN Entertainment, Inc. logo
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$8.6M-35.3%
Caesars Entertainment, Inc. logo
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$2.45M+1,383%
Boyd Gaming logo
Boyd GamingBYD
$855K+105%
BAL
Bally'sBALY
-$104.27M-1,981%

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$6.02B-14.9%
Enterprise value$8.02B-8.0%
P/E14.6×-1.9×
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:IncomeLossFromEquityMethodInvestments.

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, except per common share data)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Operating income357327500462
Other (expense) income:
Interest expense, net(70)(75)(142)(147)
Equity in income of unconsolidated affiliates41377770
Miscellaneous, net—363
Total other (expense) income(29)(35)(59)(74)
Income from operations before provision for income taxes328292441388
Income tax provision(86)(74)(116)(93)

Item 1. Financial Statements (Unaudited)

FAQ

What is Churchill Downs's net gains (losses) on investments?
Churchill Downs (CHDN) reported net gains (losses) on investments of $41M in Q2 2026.
How has Churchill Downs's net gains (losses) on investments changed year-over-year?
Churchill Downs's net gains (losses) on investments increased by 10.5% year-over-year, from $37.1M to $41M.
What is the long-term trend for Churchill Downs's net gains (losses) on investments?
Over 4 years (2021 to 2025), Churchill Downs's net gains (losses) on investments has grown at a -0.7% compound annual growth rate (CAGR), from $143.2M to $139.4M.
What does net gains (losses) on investments mean?
Realized and unrealized gains/losses on investments removed from operating cash flow since they're investing-related.

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