Filing Flows › Churchill Downs (CHDN) › Q2 2026 › vs Q2 2025
Churchill Downs (CHDN) Q2 2026 vs Q2 2025 (year over year)
Churchill Downs's revenue rose $46.0M (+5%) from $934M in Q2 2025 to $980M in Q2 2026. The biggest changes: Live and Historical +$33.0M (+6%); Wagering Services and Solutions +$9.0M (+6%); Gaming +$4.0M (+2%). Operating margin 36.4% against 35.0% (+1.4 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 36.4% | 35.0% | +1.4 pts |
| Net margin | 24.6% | 23.2% | +1.4 pts |
| Free cash flow margin | 18.2% | 18.6% | -0.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Live and Historical | $543M | $510M | $33.0M | +6% |
| Gaming | $270M | $266M | $4.0M | +2% |
| Wagering Services and Solutions | $167M | $158M | $9.0M | +6% |
| Revenue | $980M | $934M | $46.0M | +5% |
| Operating profit | $357M | $327M | $30.0M | +9% |
| Costs & expenses | $623M | $607M | $16.0M | +3% |
| Pre-tax earnings | $328M | $292M | $36.0M | +12% |
| Other expense, net | $29.0M | $35.0M | −$6.0M | -17% |
| SG&A | $61.0M | $61.0M | $0 | 0% |
| Other operating costs | $562M | $546M | $16.0M | +3% |
| Net earnings | $241M | $217M | $24.0M | +11% |
| Minority interests | $1.0M | $1.0M | $0 | 0% |
| Income tax | $86.0M | $74.0M | $12.0M | +16% |
| Depreciation & amortization | $59.0M | $58.0M | $1.0M | +2% |
| Share-based compensation | $8.0M | $7.0M | $1.0M | +14% |
| Working capital & other | $91.0M | $42.0M | $49.0M | +117% |
| Operating cash flow | $217M | $240M | −$23.0M | -10% |
| Free cash flow (OCF − capex) | $178M | $174M | $4.0M | +2% |
| Capital expenditures | $39.0M | $66.0M | −$27.0M | -41% |
Questions
How much did Churchill Downs's revenue grow year over year in Q2 2026?
Churchill Downs's revenue rose $46.0M (+5%) from $934M in Q2 2025 to $980M in Q2 2026.
What drove Churchill Downs's revenue change in Q2 2026?
Live and Historical +$33.0M (+6%); Wagering Services and Solutions +$9.0M (+6%); Gaming +$4.0M (+2%).