Filing Flows › Churchill Downs (CHDN) › Q3 2026
Churchill Downs (CHDN) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 28, 2026
Churchill Downs (CHDN) reported revenue of $696M for the third quarter 2026 (Q3 2026), +2% from a year earlier and -29% from the quarter before. Operating margin was 20.5%, net earnings $80.0M (11.5% of revenue).
Churchill Downs, Q3 2026: revenue $696M (+2% year over year), operating margin 20.5%, net earnings $80.0M, operating cash flow $148M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $696M | -29% | +2% |
| Operating profit | $143M | -60% | +46% |
| Net earnings | $80.0M | -67% | +105% |
| Operating cash flow | $148M | -32% | -21% |
| Free cash flow | $108M | -39% | -27% |
What changed
Revenue was $696.0M in Q3 2026, up 2% year over year and down 29% from the previous quarter. Live and Historical was the largest line at 44% of revenue. Live and Historical added $8.0M year over year (up 3%), 62% of the total change. Wagering Services and Solutions declined 2%.
Operating profit was $143.0M, a 20.5% margin (up 6.2 points year over year). Of the extra revenue versus Q3 2025, 346% reached operating profit, above the 14% margin then. Total costs fell 5% while revenue rose 2%. Net earnings were $80.0M, up 111% year over year. The effective tax rate was 27.9%.
Operating cash flow was $148.0M (down 21% year over year), 185% of net earnings. Non-cash charges added back $61.0M of depreciation and amortization and $6.0M of share-based compensation. Capital expenditures of $40.0M left free cash flow of $108.0M.
Questions
What was Churchill Downs' revenue in the third quarter 2026?
Churchill Downs (CHDN) reported revenue of $696M for the third quarter 2026 (Q3 2026), +2% from a year earlier and -29% from the quarter before.
Was Churchill Downs profitable in the third quarter 2026?
Operating profit was $143M (20.5% of revenue) and net earnings $80.0M.
Source: Churchill Downs 10-Q on SEC EDGAR.