Filing Flows › Churchill Downs (CHDN) › Q1 2026
Churchill Downs (CHDN) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 22, 2026
Churchill Downs (CHDN) reported revenue of $663M for the first quarter 2026 (Q1 2026), +3% from a year earlier and -0.4% from the quarter before. Operating margin was 21.6%, net earnings $83.0M (12.5% of revenue).
Churchill Downs, Q1 2026: revenue $663M (+3% year over year), operating margin 21.6%, net earnings $83.0M, operating cash flow $295M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $663M | -0.4% | +3% |
| Operating profit | $143M | +16% | +6% |
| Net earnings | $83.0M | +61% | +8% |
| Operating cash flow | $295M | +207% | +19% |
| Free cash flow | $255M | +303% | +42% |
What changed
Revenue was $663.0M in Q1 2026, up 3% year over year and roughly flat from the previous quarter. Live and Historical was the largest line at 45% of revenue. Live and Historical added $24.0M year over year (up 9%), 120% of the total change. Gaming declined 2%.
Operating profit was $143.0M, a 21.6% margin (up 0.6 points year over year). Of the extra revenue versus Q1 2025, 40% reached operating profit, above the 21% margin then. Total costs grew 2% against revenue growth of 3%. Net earnings were $83.0M, up 8% year over year. The effective tax rate was 26.5%.
Operating cash flow was $295.0M (up 19% year over year), 355% of net earnings. Non-cash charges added back $56.0M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items added $151.0M. Capital expenditures of $40.0M left free cash flow of $255.0M.
Questions
What was Churchill Downs' revenue in the first quarter 2026?
Churchill Downs (CHDN) reported revenue of $663M for the first quarter 2026 (Q1 2026), +3% from a year earlier and -0.4% from the quarter before.
Was Churchill Downs profitable in the first quarter 2026?
Operating profit was $143M (21.6% of revenue) and net earnings $83.0M.
Source: Churchill Downs 10-Q on SEC EDGAR.