Churchill Downs Posts Record Q2 Revenue of $980M, Net Income Up 11%
CHDN sits 15% above its 52-week low of $80.24.
Summary
Churchill Downs reported record Q2 2026 results, with net revenue of $980M (+5% YoY) and net income of $241M (+11% YoY), fueled by a record Kentucky Derby week and broad-based segment growth.
Key Events · Earnings and Guidance · CHDN
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Record Q2 Revenue and Profit
Net revenue rose 5% to $980 million, and net income attributable to CDI increased 11% to $241 million, both all-time quarterly records.
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Derby Week Drives Live & Historical Racing
The Live and Historical Racing segment revenue grew $34 million to $575 million, with Churchill Downs Racetrack contributing a $21 million increase from record Derby Week wagering, broadcast, ticketing, and sponsorship.
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Adjusted EBITDA Hits $477 Million
Adjusted EBITDA reached an all-time high of $477 million, up 6% year-over-year, with all three operating segments posting gains.
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Leverage Improves to 3.7x
Net bank leverage declined to 3.7x at quarter-end, reflecting strong cash flow generation and debt reduction.
Analysis · CHDN · Trade & Services
The strongest second quarter in company history was powered by a record Kentucky Derby week, which lifted the Live and Historical Racing segment while Gaming and Wagering also delivered solid growth. Net revenue reached $980 million, and net income climbed 11% to $241 million. Adjusted EBITDA hit an all-time high of $477 million, and net bank leverage improved to 3.7x. These results highlight the company's ability to monetize its marquee events and expand its regional casino and historical racing machine footprint, even as it navigates a strategic review of its casino portfolio.
At the time of this filing, CHDN was trading at $92.59 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $6.2B. The 52-week trading range was $80.24 to $118.35. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.