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Churchill Downs CHDN Pre-opening costs

Pre-opening costs at other companies

Wynn Resorts logo
Wynn ResortsWYNN
$11.75M+122%
Las Vegas Sands logo
Las Vegas SandsLVS
$4M0.0%

Other financials

Income statement

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Revenue$663.0M+3.1%
Operating income$143.0M+5.9%
Net income$83.0M+7.8%
EPS (diluted)$1.16+13.7%

Balance sheet

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Cash & equivalents$291.0M+7.4%
Total debt$1.8B+2.6%
Total equity$1.1B+2.2%
Total assets$7.5B+1.9%

Cash flow

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Operating cash flow$295.0M+19.4%
CapEx$19.0M+46.2%
Free cash flow$276.0M+17.9%

Valuation

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Market cap$6.15B-23.3%
Enterprise value$7.71B-19.3%
P/E15.8×-3.1×
P/S2.1×-0.8×

Profitability

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Operating margin23.5%-2.3pp
Net margin13.2%-2.0pp
FCF margin25.2%+0.8pp

Returns & leverage

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Return on equity35.9%-8.7pp
Debt / equity1.7×0.0×
Current ratio0.5×0.0×

Where this comes from

Reported directly by Churchill Downs in its filing.

Tagged under the XBRL concept us-gaap:PreOpeningCosts.

The official record: Churchill Downs’s 10-Q, filed April 22, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Churchill Downs's pre-opening costs?
Churchill Downs (CHDN) reported pre-opening costs of $3M in Q1 2026.
How has Churchill Downs's pre-opening costs changed year-over-year?
Churchill Downs's pre-opening costs decreased by 25.0% year-over-year, from $4M to $3M.
What is the long-term trend for Churchill Downs's pre-opening costs?
Over 4 years (2021 to 2025), Churchill Downs's pre-opening costs has grown at a 18.7% compound annual growth rate (CAGR), from $5.8M to $11.5M.
What does pre-opening costs mean?
Expenses incurred in preparation for the launch of new facilities, venues, or business locations before they begin generating revenue. These costs represent the upfront investment required for physical expansion and market entry.