Filing Flows › Churchill Downs (CHDN) › Q3 2026 › vs Q2 2026
Churchill Downs (CHDN) Q3 2026 vs Q2 2026 (quarter over quarter)
Churchill Downs's revenue fell $284M (-29%) from $980M in Q2 2026 to $696M in Q3 2026. The biggest changes: Live and Historical −$235M (-43%); Wagering Services and Solutions −$51.0M (-31%); Gaming +$2.0M (+0.7%). Operating margin 20.5% against 36.4% (-15.9 pts).
Churchill Downs, Q3 2026: revenue $696M (+2% year over year), operating margin 20.5%, net earnings $80.0M, operating cash flow $148M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 20.5% | 36.4% | -15.9 pts |
| Net margin | 11.5% | 24.7% | -13.2 pts |
| Free cash flow margin | 15.5% | 18.2% | -2.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Live and Historical | $308M | $543M | −$235M | -43% |
| Gaming | $272M | $270M | $2.0M | +0.7% |
| Wagering Services and Solutions | $116M | $167M | −$51.0M | -31% |
| Revenue | $696M | $980M | −$284M | -29% |
| Operating profit | $143M | $357M | −$214M | -60% |
| Costs & expenses | $553M | $623M | −$70.0M | -11% |
| Pre-tax earnings | $111M | $328M | −$217M | -66% |
| Other expense, net | $32.0M | $29.0M | $3.0M | +10% |
| SG&A | $60.0M | $61.0M | −$1.0M | -2% |
| Other operating costs | $493M | $562M | −$69.0M | -12% |
| Net earnings | $80.0M | $242M | −$162M | -67% |
| Income tax | $31.0M | $86.0M | −$55.0M | -64% |
| Depreciation & amortization | $61.0M | $59.0M | $2.0M | +3% |
| Share-based compensation | $6.0M | $8.0M | −$2.0M | -25% |
| Working capital & other | $1.0M | −$92.0M | $93.0M | — |
| Operating cash flow | $148M | $217M | −$69.0M | -32% |
| Free cash flow (OCF − capex) | $108M | $178M | −$70.0M | -39% |
| Capital expenditures | $40.0M | $39.0M | $1.0M | +3% |
Questions
How much did Churchill Downs's revenue grow quarter over quarter in Q3 2026?
Churchill Downs's revenue fell $284M (-29%) from $980M in Q2 2026 to $696M in Q3 2026.
What drove Churchill Downs's revenue change in Q3 2026?
Live and Historical −$235M (-43%); Wagering Services and Solutions −$51.0M (-31%); Gaming +$2.0M (+0.7%).