Filing Flows › Churchill Downs (CHDN) › Q2 2026
Churchill Downs (CHDN) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 29, 2026
Churchill Downs (CHDN) reported revenue of $980M for the second quarter 2026 (Q2 2026), +5% from a year earlier and +48% from the quarter before. Operating margin was 36.4%, net earnings $241M (24.6% of revenue).
Churchill Downs, Q2 2026: revenue $980M (+5% year over year), operating margin 36.4%, net earnings $241M, operating cash flow $217M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $980M | +48% | +5% |
| Operating profit | $357M | +150% | +9% |
| Net earnings | $241M | +190% | +11% |
| Operating cash flow | $217M | -26% | -10% |
| Free cash flow | $178M | -30% | +2% |
What changed
Revenue was $980.0M in Q2 2026, up 5% year over year and up 48% from the previous quarter. Live and Historical was the largest line at 55% of revenue. Live and Historical added $33.0M year over year (up 6%), 72% of the total change.
Operating profit was $357.0M, a 36.4% margin (up 1.4 points year over year). Of the extra revenue versus Q2 2025, 65% reached operating profit, above the 35% margin then. Total costs grew 3% against revenue growth of 5%. Net earnings were $241.0M, up 11% year over year. The effective tax rate was 26.2%.
Operating cash flow was $217.0M (down 10% year over year), 90% of net earnings. Non-cash charges added back $59.0M of depreciation and amortization and $8.0M of share-based compensation. Working capital and other items used $92.0M. Capital expenditures of $39.0M left free cash flow of $178.0M.
Questions
What was Churchill Downs' revenue in the second quarter 2026?
Churchill Downs (CHDN) reported revenue of $980M for the second quarter 2026 (Q2 2026), +5% from a year earlier and +48% from the quarter before.
Was Churchill Downs profitable in the second quarter 2026?
Operating profit was $357M (36.4% of revenue) and net earnings $241M.
Source: Churchill Downs 10-Q on SEC EDGAR.