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How Churchill Downs (CHDN) makes money

Churchill Downs (CHDN) made $696M of revenue in the third quarter 2026 (Q3 2026), +2% from a year earlier. Live and Historical brought in $308M (44%); Gaming brought in $272M (39%); Wagering Services and Solutions brought in $116M (17%). Of every dollar of revenue, 21¢ was left as operating profit, 11¢ was left as net earnings.

Drawing the Sankey…

Churchill Downs revenue by segment, Q3 2026Churchill Downs revenue by segment, Q3 2026Live and Historical$308MGaming$272MWagering Services and Solutions$116M
Churchill Downs: revenue by line, Q1 2025 to Q3 2026Churchill Downs: revenue by line, Q1 2025 to Q3 2026Live and HistoricalGamingWagering Services and…Live and Historical R…OtherLive and Historical: $308M latest$308MGaming: $272M latest$272MWagering Services and Solutions: $116M latest$116MLive and Historical Racing: $0 latestOther: $0 latestQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
The mix barely moved between Q1 2025 and Q3 2026.
Churchill Downs revenue by quarterChurchill Downs revenue by quarter$643MQ1 2025$934MQ2 2025$683MQ3 2025$666MQ4 2025$663MQ1 2026$980MQ2 2026$696MQ3 2026
Churchill Downs: where each dollar of revenue goesChurchill Downs: where each dollar of revenue goesOperating profit21¢Income tax4¢Net earnings11¢Operating cash flow21¢Free cash flow16¢

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Live and Historical$308M44.3%-43%+3%
Gaming$272M39.1%+0.7%+3%
Wagering Services and Solutions$116M16.7%-31%-2%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$696M100.0%
Operating profit$143M20.5%
Income tax$31.0M4.5%
Net earnings$80.0M11.5%
Operating cash flow$148M21.3%
Free cash flow$108M15.5%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$696M+2%
Q2 2026$980M+5%
Q1 2026$663M+3%
Q4 2025$666M+7%
Q3 2025$683M+9%
Q2 2025$934M+5%
Q1 2025$643M+9%

From Churchill Downs' 10-Q filed Oct 28, 2026 (on EDGAR).

Questions

How does Churchill Downs make money?

Churchill Downs (CHDN) made $696M of revenue in the third quarter 2026 (Q3 2026), +2% from a year earlier. Live and Historical brought in $308M (44%); Gaming brought in $272M (39%); Wagering Services and Solutions brought in $116M (17%). Of every dollar of revenue, 21¢ was left as operating profit, 11¢ was left as net earnings.

What is Churchill Downs' biggest business?

Live and Historical: $308M in the third quarter 2026, 44% of revenue, +3% from a year earlier.

What is Churchill Downs' profit margin?

Net earnings were $80.0M, 11.5% of revenue, in the third quarter 2026; the operating margin was 20.5%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.