Filing Flows › Churchill Downs (CHDN) › Q3 2026 › vs Q3 2025
Churchill Downs (CHDN) Q3 2026 vs Q3 2025 (year over year)
Churchill Downs's revenue rose $13.0M (+2%) from $683M in Q3 2025 to $696M in Q3 2026. The biggest changes: Live and Historical +$8.0M (+3%); Gaming +$7.0M (+3%); Wagering Services and Solutions −$2.0M (-2%). Operating margin 20.5% against 14.3% (+6.2 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 20.5% | 14.3% | +6.2 pts |
| Net margin | 11.5% | 5.7% | +5.8 pts |
| Free cash flow margin | 15.5% | 21.7% | -6.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Live and Historical | $308M | $300M | $8.0M | +3% |
| Gaming | $272M | $265M | $7.0M | +3% |
| Wagering Services and Solutions | $116M | $118M | −$2.0M | -2% |
| Revenue | $696M | $683M | $13.0M | +2% |
| Operating profit | $143M | $98.0M | $45.0M | +46% |
| Costs & expenses | $553M | $585M | −$32.0M | -5% |
| Pre-tax earnings | $111M | $61.0M | $50.0M | +82% |
| Other expense, net | $32.0M | $37.0M | −$5.0M | -14% |
| SG&A | $60.0M | $59.0M | $1.0M | +2% |
| Other operating costs | $493M | $526M | −$33.0M | -6% |
| Net earnings | $80.0M | $39.0M | $41.0M | +105% |
| Income tax | $31.0M | $22.0M | $9.0M | +41% |
| Depreciation & amortization | $61.0M | $57.0M | $4.0M | +7% |
| Share-based compensation | $6.0M | $7.0M | −$1.0M | -14% |
| Working capital & other | $1.0M | $84.0M | −$83.0M | -99% |
| Operating cash flow | $148M | $187M | −$39.0M | -21% |
| Free cash flow (OCF − capex) | $108M | $148M | −$40.0M | -27% |
| Capital expenditures | $40.0M | $39.0M | $1.0M | +3% |
Questions
How much did Churchill Downs's revenue grow year over year in Q3 2026?
Churchill Downs's revenue rose $13.0M (+2%) from $683M in Q3 2025 to $696M in Q3 2026.
What drove Churchill Downs's revenue change in Q3 2026?
Live and Historical +$8.0M (+3%); Gaming +$7.0M (+3%); Wagering Services and Solutions −$2.0M (-2%).