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Churchill Downs (CHDN) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Churchill Downs (CHDN) Q3 2026 earnings results →

Q3 2026 Revenue up 2% year over year to $696M · 11¢ of every $1 of revenue kept as net profit · operating margin 20.5%

Churchill Downs made $696M in Q3 2026 (+2% Y/Y): Live and Historical $308M, Gaming $272M, Wagering Services and Solutions $116M. Operating margin 20.5%, net earnings $80.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$696M

Year over year+2%

Operating margin20.5%

Net earnings$80.0M

Operating cash flow$148M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $696.0M in Q3 2026, up 2% year over year and down 29% from the previous quarter. Live and Historical was the largest line at 44% of revenue. Live and Historical added $8.0M year over year (up 3%), 62% of the total change. Wagering Services and Solutions declined 2%.

Operating profit was $143.0M, a 20.5% margin (up 6.2 points year over year). Of the extra revenue versus Q3 2025, 346% reached operating profit, above the 14% margin then. Total costs fell 5% while revenue rose 2%. Net earnings were $80.0M, up 111% year over year. The effective tax rate was 27.9%.

Operating cash flow was $148.0M (down 21% year over year), 185% of net earnings. Non-cash charges added back $61.0M of depreciation and amortization and $6.0M of share-based compensation. Capital expenditures of $40.0M left free cash flow of $108.0M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Oct 28, 2026	$696M	+2%	20.5%	$80.0M	$148M
Q2 2026	10-Q	Jul 29, 2026	$980M	+5%	36.4%	$241M	$217M
Q1 2026	10-Q	Apr 22, 2026	$663M	+3%	21.6%	$83.0M	$295M
Q4 2025	10-K	Feb 25, 2026	$666M	+7%	18.6%	$51.0M	$96.0M
Q3 2025	10-Q	Oct 22, 2025	$683M	+9%	14.3%	$38.0M	$187M
Q2 2025	10-Q	Jul 23, 2025	$934M	+5%	35.0%	$217M	$240M
Q1 2025	10-Q	Apr 23, 2025	$643M	+9%	21.0%	$77.0M	$247M

Charts

Latest (Q3 2026): Y/Y +2%, Q/Q -29%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $80.0M, Operating cash flow $148M.

-10.5% since FY2020: buybacks shrank the count; earlier years scaled for the 2-for-1 split before FY2021.

Cash $201M, short-term investments —, long-term debt — at 2025-12-31.