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Churchill Downs CHDN Operating Income

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Other financials

Income statement

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Revenue$980.0M+4.9%
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:OperatingIncomeLoss.

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
Asset impairments, net22
Transaction expense, net1222
Total operating expense6236071,1431,115
Operating income357327500462
Other (expense) income:
Interest expense, net(70)(75)(142)(147)
Equity in income of unconsolidated affiliates41377770
Miscellaneous, net363

Item 1. Financial Statements (Unaudited)

FAQ

What is Churchill Downs's operating income?
Churchill Downs (CHDN) reported operating income of $357M in Q2 2026.
How has Churchill Downs's operating income changed year-over-year?
Churchill Downs's operating income increased by 8.9% year-over-year, from $327.7M to $357M.
What is the long-term trend for Churchill Downs's operating income?
Over 4 years (2021 to 2025), Churchill Downs's operating income has grown at a 24.5% compound annual growth rate (CAGR), from $284.4M to $683.8M.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

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