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Churchill Downs CHDN Adjusted EBITDA

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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 chdn:AdjustedEarningsBeforeInterestTaxDepreciationandAmortization.

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)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Interest, depreciation and amortization expense related to equity investments10101920
Other charges and recoveries, net(1)(1)(5)(1)
Total adjustments235233409401
Adjusted EBITDA$477$451$734$696
Adjusted EBITDA by segment:
Live and Historical Racing$318$297$431$399
Wagering Services and Solutions52489789
Gaming133127256251

Item 1. Financial Statements (Unaudited)

FAQ

What is Churchill Downs's adjusted EBITDA?
Churchill Downs (CHDN) reported adjusted EBITDA of $477M in Q2 2026.
How has Churchill Downs's adjusted EBITDA changed year-over-year?
Churchill Downs's adjusted EBITDA increased by 5.8% year-over-year, from $450.9M to $477M.
What is the long-term trend for Churchill Downs's adjusted EBITDA?
Over 4 years (2021 to 2025), Churchill Downs's adjusted EBITDA has grown at a 17.7% compound annual growth rate (CAGR), from $627M to $1.21B.
What does adjusted EBITDA mean?
A non-GAAP measure of operating performance that excludes interest, taxes, depreciation, amortization, and other non-recurring or non-cash items. It is used to evaluate the company's ability to generate cash flow from its core business operations independent of capital structure.

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