Filing Flows › Churchill Downs (CHDN) › Q2 2026 › vs Q1 2026
Churchill Downs (CHDN) Q2 2026 vs Q1 2026 (quarter over quarter)
Churchill Downs's revenue rose $317M (+48%) from $663M in Q1 2026 to $980M in Q2 2026. The biggest changes: Live and Historical +$246M (+83%); Wagering Services and Solutions +$58.0M (+53%); Gaming +$13.0M (+5%). Operating margin 36.4% against 21.6% (+14.9 pts).
Churchill Downs, Q2 2026: revenue $980M (+5% year over year), operating margin 36.4%, net earnings $241M, operating cash flow $217M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 36.4% | 21.6% | +14.9 pts |
| Net margin | 24.6% | 12.5% | +12.1 pts |
| Free cash flow margin | 18.2% | 38.5% | -20.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Live and Historical | $543M | $297M | $246M | +83% |
| Gaming | $270M | $257M | $13.0M | +5% |
| Wagering Services and Solutions | $167M | $109M | $58.0M | +53% |
| Revenue | $980M | $663M | $317M | +48% |
| Operating profit | $357M | $143M | $214M | +150% |
| Costs & expenses | $623M | $520M | $103M | +20% |
| Pre-tax earnings | $328M | $113M | $215M | +190% |
| Other expense, net | $29.0M | $30.0M | −$1.0M | -3% |
| SG&A | $61.0M | $59.0M | $2.0M | +3% |
| Other operating costs | $562M | $461M | $101M | +22% |
| Net earnings | $241M | $83.0M | $158M | +190% |
| Minority interests | $1.0M | $0 | $1.0M | — |
| Income tax | $86.0M | $30.0M | $56.0M | +187% |
| Depreciation & amortization | $59.0M | $56.0M | $3.0M | +5% |
| Share-based compensation | $8.0M | $5.0M | $3.0M | +60% |
| Working capital & other | $91.0M | −$151M | $242M | — |
| Operating cash flow | $217M | $295M | −$78.0M | -26% |
| Free cash flow (OCF − capex) | $178M | $255M | −$77.0M | -30% |
| Capital expenditures | $39.0M | $40.0M | −$1.0M | -3% |
Questions
How much did Churchill Downs's revenue grow quarter over quarter in Q2 2026?
Churchill Downs's revenue rose $317M (+48%) from $663M in Q1 2026 to $980M in Q2 2026.
What drove Churchill Downs's revenue change in Q2 2026?
Live and Historical +$246M (+83%); Wagering Services and Solutions +$58.0M (+53%); Gaming +$13.0M (+5%).