Jun 2026 (Q2 FY26) — Jul 30, 2026
Churchill Downs Q2 FY26 — Record Performance & Strategic Realignment
Read the full callChurchill Downs (CHDN) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Churchill Downs earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 980 | +4.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 36.4 | +1.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 241 | +11.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
10 of 12 judged targets kept · 27 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Finish Line suites and The Mansion renovation completion | completed | Mar 2025 | We completed the renovation of the Mansion and a significant upgrade to the Finish Line suites for this year's Derby Week. | Achieved |
| Finish Line suites and The Mansion renovation capex | $25 million to $30 million | Mar 2025 | Ghosted | |
| Adjusted EBITDA from NBC contract | $10 million increase | Jun 2025 | Broadcast revenue increased $10 million under our new NBC agreement. | Diluted |
2 of Churchill Downs Inc's 39 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 36 more targets are in the full ledger.
Claimed
- Achieved all-time record net revenue of $980 million in Q2 FY26.
- Delivered all-time record adjusted EBITDA of $477 million in Q2 FY26.
- Kentucky Derby broadcast revenue increased $10 million, with peak viewership exceeding 24 million, up 12% YoY.
- Derby Week generated over 500 million social media impressions, an 84% increase from 2025.
- Generated record free cash flow of $474 million or $6.70 per share in the first half of FY26.
Qualified
- Near-term competitive pressure in Central Virginia HRM properties impacted results following new casino openings.
- Share price performance has not reflected the quality, durability, and cash-generating characteristics of the company's properties.
Price
$81.97 +0.33% · +$0.27
Performance −9.5% 1Y
1Y: $90.53 on 17 Oct 2025 → $81.97. High $117.59 (15 Dec 2025), low $73.95 (7 Oct 2026).
- Previous close
- $81.7
- 52-week range
- $73.95 – $117.59
- One year
- −14.33%
Overview
- Symbol
- CHDN
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 12 judged targets kept · 27 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Finish Line suites and The Mansion renovation completion | completed | Mar 2025 | We completed the renovation of the Mansion and a significant upgrade to the Finish Line suites for this year's Derby Week. | Achieved |
| Finish Line suites and The Mansion renovation capex | $25 million to $30 million | Mar 2025 | Ghosted | |
| Adjusted EBITDA from NBC contract | $10 million increase | Jun 2025 | Broadcast revenue increased $10 million under our new NBC agreement. | Diluted |
Claimed
- Achieved all-time record net revenue of $980 million in Q2 FY26.
- Delivered all-time record adjusted EBITDA of $477 million in Q2 FY26.
- Kentucky Derby broadcast revenue increased $10 million, with peak viewership exceeding 24 million, up 12% YoY.
- Derby Week generated over 500 million social media impressions, an 84% increase from 2025.
- Generated record free cash flow of $474 million or $6.70 per share in the first half of FY26.
Qualified
- Near-term competitive pressure in Central Virginia HRM properties impacted results following new casino openings.
- Share price performance has not reflected the quality, durability, and cash-generating characteristics of the company's properties.
The full ledger
Open Churchill Downs Inc’s full ledger
A free account opens 5 company ledgers a month. All 39 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
Churchill Downs Q1 FY26 — Record Revenue and Adjusted EBITDA, Preakness IP Acquisition
Read the full callEvery analysed call
Churchill Downs earnings calls (CHDN)
Financials
What the filings say
Net profit, year on year: +11% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 629 | 624 | 643 | 934 | 683 | 666 | 663 | 980 |
| Operating profit | 126 | 127 | 135 | 327 | 98 | 124 | 143 | 357 |
| Operating margin | 20.0% | 20.3% | 21.0% | 35.0% | 14.3% | 18.6% | 21.6% | 36.4% |
| Other income | -40 | -36 | -39 | -35 | -37 | -40 | -30 | -29 |
| Interest | 73 | 73 | 72 | 75 | 76 | 76 | 72 | 70 |
| Profit before tax | 86 | 91 | 96 | 292 | 61 | 83 | 113 | 328 |
| Tax rate | 23.1% | 20.6% | 19.8% | 25.3% | 36.0% | 38.2% | 26.6% | 26.2% |
| Net profit | 65 | 72 | 77 | 217 | 38 | 51 | 83 | 241 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 18 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 474 | 509 | 350 | 308 | 552 | 895 | 1,085 | 1,011 |
| Total liabilities | 1,252 | 2,040 | 2,319 | 2,675 | 5,655 | 6,062 | 6,173 | 6,429 |
| Fixed assets | 758 | 913 | 1,060 | 968 | 1,946 | 2,538 | 2,852 | 2,919 |
| Total assets | 1,725 | 2,551 | 2,982 | 2,982 | 6,207 | 6,956 | 7,276 | 7,485 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 198 | 290 | 142 | 460 | 511 | 605 | 772 | 770 |
| Cash from investing | 824 | -781 | -239 | -100 | -3,104 | -718 | -545 | -471 |
| Cash from financing | -933 | 461 | 76 | -0 | 2,416 | 129 | -197 | -262 |
| Net cash flow | 89 | -31 | -21 | 235 | -151 | 17 | 31 | 36 |
| Capital expenditure | -30 | -131 | -234 | -92 | -423 | -676 | -547 | -275 |
| Free cash flow | 168 | 158 | -92 | 368 | 87 | -71 | 225 | 495 |
CHDN revenue by segment
Live and Historical Racing grew from 39% to 55% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Live and Historical Racing | 39% | 43% | 42% | 55% | 44% | 47% | 45% | 55% | +6.5% |
| Gaming | 43% | 41% | 41% | 28% | 39% | 37% | 39% | 28% | +1.5% |
| Wagering Services and Solutions | — | — | 17% | 17% | 17% | 16% | 16% | 17% | +5.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
45 filings between Oct 30, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellNobody bought or sold CHDN on the open market in this window. The filings below are 22 awards, 7 option exercises, 9 tax withholdings, 5 dispositions to the issuer and 2 gifts.
Compensation
not trading decisions- 22
- Award — granted as compensation
- 7
- Option exercise — converted options into shares
- 9
- Tax withheld — shares kept back by the company to cover tax
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | GRISSOM DOUGLAS C Director | Award | 454 | $0 |
| Jun 30, 2026 | GRISSOM DOUGLAS C Director | Award | 383 | $0 |
| Apr 21, 2026 | GRISSOM DOUGLAS C Director | Award | 2,257 | $0 |
| Apr 21, 2026 | VARGA PAUL C Director | Award | 2,257 | $0 |
| Apr 21, 2026 | Rankin R Alex Director | Award | 2,257 | $0 |
| Apr 21, 2026 | Lloyd Karole Director | Award | 2,257 | $0 |
| Apr 21, 2026 | Carter Andrea M Director | Award | 2,257 | $0 |
| Apr 21, 2026 | HARRINGTON DANIEL P Director | Award | 2,257 | $0 |
| Apr 21, 2026 | HARRINGTON DANIEL P Director | Award | 0 | $0 |
| Mar 31, 2026 | GRISSOM DOUGLAS C Director | Award | 383 | $0 |
| Feb 5, 2026 | Carstanjen William C Chief Executive Officer | Disposition to issuer | 37,727 | $3.53M |
| Feb 5, 2026 | Mudd William E President and COO | Award | 16,648 | $0 |
| Feb 5, 2026 | Mudd William E President and COO | Disposition to issuer | 16,648 | $1.56M |
| Feb 5, 2026 | Carstanjen William C Chief Executive Officer | Award | 37,727 | $0 |
| Feb 5, 2026 | Dall Marcia A EVP, and CFO | Tax withheld | 3,944 | $369.5K |
| Feb 5, 2026 | Blackwell Bradley K. EVP, General Counsel | Award | 6,104 | $0 |
| Feb 5, 2026 | Blackwell Bradley K. EVP, General Counsel | Tax withheld | 1,835 | $171.9K |
| Feb 5, 2026 | Dall Marcia A EVP, and CFO | Award | 12,207 | $0 |
| Jan 6, 2026 | VARGA PAUL C Director | Award | 39 | $0 |
| Jan 6, 2026 | Lloyd Karole Director | Award | 60 | $0 |
| Jan 6, 2026 | Carter Andrea M Director | Award | 17 | $0 |
| Jan 6, 2026 | Rankin R Alex Director | Award | 199 | $0 |
| Jan 6, 2026 | HARRINGTON DANIEL P Director | Award | 477 | $0 |
| Jan 6, 2026 | HARRINGTON DANIEL P Director | Award | 0 | $0 |
| Jan 6, 2026 | GRISSOM DOUGLAS C Director | Award | 117 | $0 |
| Dec 31, 2025 | GRISSOM DOUGLAS C Director | Award | 302 | $0 |
| Dec 31, 2025 | Mudd William E President and COO | Tax withheld | 3,676 | $418.3K |
| Dec 31, 2025 | Mudd William E President and COO | Disposition to issuer | 5,409 | $615.4K |
| Dec 31, 2025 | Blackwell Bradley K. EVP, General Counsel | Option exercise | 5,258 | $0 |
| Dec 31, 2025 | Blackwell Bradley K. EVP, General Counsel | Tax withheld | 1,349 | $153.5K |
| Dec 31, 2025 | Blackwell Bradley K. EVP, General Counsel | Disposition to issuer | 2,299 | $261.6K |
| Dec 31, 2025 | Dall Marcia A EVP, and CFO | Option exercise | 6,060 | $0 |
| Dec 31, 2025 | Dall Marcia A EVP, and CFO | Tax withheld | 2,839 | $323.0K |
| Dec 31, 2025 | Carstanjen William C Chief Executive Officer | Option exercise | 26,711 | $0 |
| Dec 31, 2025 | Carstanjen William C Chief Executive Officer | Tax withheld | 8,504 | $967.6K |
| Dec 31, 2025 | Carstanjen William C Chief Executive Officer | Disposition to issuer | 8,113 | $923.1K |
| Dec 31, 2025 | Adams Maureen EVP, Gaming Operations | Option exercise | 2,959 | $0 |
| Dec 31, 2025 | Adams Maureen EVP, Gaming Operations | Tax withheld | 1,437 | $163.5K |
| Dec 31, 2025 | Mudd William E President and COO | Option exercise | 13,477 | $0 |
| Dec 26, 2025 | Mudd William E President and COO | Gift | 5,730 | $0 |
| Dec 22, 2025 | Dall Marcia A EVP, and CFO | Gift | 12,800 | $0 |
| Oct 30, 2025 | Mudd William E President and COO | Tax withheld | 43,258 | $4.34M |
| Oct 30, 2025 | Carstanjen William C Chief Executive Officer | Tax withheld | 68,071 | $6.83M |
| Oct 30, 2025 | Carstanjen William C Chief Executive Officer | Option exercise | 151,942 | $0 |
| Oct 30, 2025 | Mudd William E President and COO | Option exercise | 94,966 | $0 |
| Sep 30, 2025 | GRISSOM DOUGLAS C Director | Award | 354 | $0 |
| Jun 30, 2025 | GRISSOM DOUGLAS C Director | Award | 340 | $0 |
| May 7, 2025 | GRISSOM DOUGLAS C Director | Purchase | 10,000 | $927.7K |
| May 5, 2025 | Rankin R Alex Director | Purchase | 2,000 | $185.3K |
| May 2, 2025 | VARGA PAUL C Director | Purchase | 2,000 | $185.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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