AI-extracted from the 10-Q filed 2026-07-29 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Churchill Downs posted Q2 FY2026 net revenue of $980M (+5% YoY) and operating income of $357M (36% margin), driven by a record-breaking Kentucky Derby Week at Churchill Downs Racetrack.
Biggest Revenue Drivers
Live and Historical Racing$543M+6% YoY
Driven by a record-breaking Derby Week at Churchill Downs Racetrack, including increased NBC broadcast, ticketing, sponsorship/licensing, and wagering revenue.
Gaming$270M+2% YoY
Increase primarily from New York, Indiana, and Maryland properties, partially offset by the cessation of HRM operations in Louisiana.
Biggest Revenue Drivers
Total revenue: $980M+5% YoY
Live and Historical Racing$543M+6% YoY
Driven by a record-breaking Derby Week at Churchill Downs Racetrack, including increased NBC broadcast, ticketing, sponsorship/licensing, and wagering revenue.
Increase primarily from New York, Indiana, and Maryland properties, partially offset by the cessation of HRM operations in Louisiana.
Wagering Services and Solutions$167M+6% YoY
Growth in the Horse Racing business from record-breaking Derby Week wagering.
Largest Expense Items
Gaming taxes and purses$217M+$4M YoY
Higher gaming taxes as a result of increased revenues.
Salaries and benefits$90M+$2M YoY
Normal inflationary activity resulting in increased operational costs.
Selling, general and administrative expense$61Mflat YoY
Content expense$51M+$2M YoY
Margins: Operating income margin rose to 36% from 35% YoY; operating income increased $30M, primarily from the Live and Historical Racing segment's record Derby Week, partially offset by higher gaming taxes tied to revenue growth and normal inflationary cost increases.
Watch Items from the Filing
Louisiana's 2021 Historical Horse Racing Act was ruled unconstitutional and the Company discontinued HRM operations there on May 8, 2025, negatively impacting the comparability of Gaming segment results to the prior year.
$1.7 billion outstanding under the variable-rate Credit Agreement as of June 30, 2026; a one-percentage-point rise in SOFR would reduce net income and operating cash flow by $13 million.
Current maturities of long-term debt and notes payable jumped to $663 million from $63 million, and the Company says it is exploring cash, revolver capacity, and debt markets to fund upcoming senior note maturities.
$430 million remains available under the $500 million July 2025 stock repurchase program as of June 30, 2026.
New Hampshire Live and Historical Racing Adjusted EBITDA declined $2M in the quarter due to the planned closure of the temporary Casino Salem venue during Rockingham Grand Casino construction.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Officers, directors and 10% owners with a Form 4 filed in the last 24 months, most recent first. From SEC EDGAR.
Grissom Douglas CDirectorGrant or award · Sep 30, 2026
Carter Andrea MDirectorGrant or award · Apr 21, 2026
Lloyd KaroleDirectorGrant or award · Apr 21, 2026
Varga Paul CDirectorGrant or award · Apr 21, 2026
Harrington Daniel PDirectorGrant or award · Apr 21, 2026
Rankin Richard AlexDirectorGrant or award · Apr 21, 2026
Mudd William E.President and COOGrant or award · Mar 19, 2026
Dall Marcia AEVP, and CFOGrant or award · Mar 19, 2026
Blackwell Bradley K.EVP, General CounselGrant or award · Feb 5, 2026
Carstanjen William C.Chief Executive OfficerGrant or award · Feb 5, 2026
Congress trading in CHDN
5 transactions in CHDN reported by 4 members of Congress under the STOCK Act, most recent trade Jul 3, 2025. Reported transactions, not recommendations.
About Churchill Downs Inc (CHDN): stock profile, AI score and financials
Churchill Downs Inc (CHDN) stock profile, AI quality score, and SEC EDGAR financial data, a Communication Services sector company. 13F Pro's AI-powered ranking engine scores CHDN at 62.5/100 on a composite quality score built from its SEC filings, placing it at rank #698 of 2,925 stocks — the top 25% of the AI-ranked universe. CHDN scores in the top quartile across institutional flow (89.4), free cash flow (75.3). Based on the latest XBRL financial filings (Q2 2026), Churchill Downs Inc reports quarterly revenue of $980.0M, net income of $241.0M, an operating margin of 36.4%. Top institutional holders of CHDN by reported 13-F value include BlackRock, VANGUARD PORTFOLIO MANAGEMENT, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. CHDN trades on the Nasdaq exchange and files with the SEC under CIK 20212. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate CHDN daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Churchill Downs Inc directly from SEC EDGAR.