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FLL
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$27.66M-0.8%

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/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:SellingGeneralAndAdministrativeExpense.

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
Wagering Services and Solutions9691164158
Gaming192191380383
All Other54108
Selling, general and administrative expense6161120116
Asset impairments, net22
Transaction expense, net1222
Total operating expense6236071,1431,115
Operating income357327500462

Item 1. Financial Statements (Unaudited)

FAQ

What is Churchill Downs's SG&A?
Churchill Downs (CHDN) reported SG&A of $61M in Q2 2026.
How has Churchill Downs's SG&A changed year-over-year?
Churchill Downs's SG&A increased by 0.2% year-over-year, from $60.9M to $61M.
What is the long-term trend for Churchill Downs's SG&A?
Over 4 years (2021 to 2025), Churchill Downs's SG&A has grown at a 15.5% compound annual growth rate (CAGR), from $138.5M to $246.2M.
What does SG&A mean?
Combined selling expenses (sales force, marketing, distribution) and general & administrative costs (management, legal, accounting, facilities) — the broadest opex category.

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