Want to see CHDN full AI Analyst Report?
EarningsQ2 2026 Earnings Report
CHDN Q2 2026 EPS Results
Actual EPS$3.45
Consensus EPS$3.45
Beat/MissMissed by -<$0.01
One Year Ago EPS$3.10
CHDN Q2 2026 Revenue Results
Actual Revenue$980.00M
Expected Revenue$977.38M
Beat/MissBeat by +$2.63M
YoY Revenue Growth+4.88%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
CHDN Upcoming Earnings
Churchill Downs's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
CHDN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong, broad-based operational and financial momentum: record revenue and adjusted EBITDA, robust Derby Week performance (attendance, viewership, social engagement, and wagering), solid segment-level EBITDA growth, strong free cash flow and disciplined capital allocation. Management outlined clear strategic priorities, confirmed major development projects are on time and on budget, and proposed sales of non-core regional gaming assets to reduce leverage and focus on core growth pillars (Derby, HRMs, TwinSpires). Key challenges include localized competitive pressure in Virginia, a modest early ETG rollout that needs acceleration, execution risk around selling nine regional properties, and ongoing near-term regulatory and market transitions (e.g., Pennsylvania). Overall, positives materially outweigh the manageable challenges.Company Guidance
Record Second Quarter Revenue and Adjusted EBITDA
Delivered all-time record net revenue of $980 million and all-time record adjusted EBITDA of $477 million in Q2 2026 — the sixth consecutive record second quarter for both metrics.
Derby Week Attendance and Guest Experience Enhancements
Derby Week welcomed over 386,000 guests; continued investment in capital projects (starting Gate Courtyard and Pavilion, First Turn, Paddock, Mansion renovation, Finish Line suites) produced very positive guest feedback and increased premium inventory and experiences.
Broadcast and Viewership Strength
NBC partnership delivered $10 million higher broadcast revenue under the new agreement; peak Derby viewership exceeded 24 million, up 12% year-over-year; Kentucky Oaks reached an average audience of more than 2.4 million in prime time.
Digital Engagement and Wagering Records
Derby Week generated more than 500 million social media impressions, up 84% from 2025; all-sources wagering for Derby Week set all-time records and TwinSpires set records for wagering, new registrations, first-time depositors and active players during the week.
Segment-Level EBITDA Growth
Live and Historical Racing adjusted EBITDA increased 7% year-over-year with Churchill Downs Racetrack EBITDA up $16 million for the quarter; Kentucky HRM adjusted EBITDA grew 10% year-over-year; Wagering Services and Solutions adjusted EBITDA grew over 8%; Gaming segment adjusted EBITDA increased 5%.
Strong Free Cash Flow and Capital Allocation
Generated record first-half free cash flow of $474 million ($6.70 per share); disciplined capital spending with $79 million invested in project capital in H1 and full-year project capital guidance of $180–$220 million; maintenance capex guidance $90–$110 million.
Balance Sheet and Shareholder Returns
Bank covenant net leverage improved to 3.7x at June-end and management expects 3.6–3.8x through year-end with a planned reduction in 2027 if asset sales occur; returned over $2.4 billion to shareholders since late 2015, with $430 million remaining on the repurchase authorization; 15th consecutive year of dividend per share increases.
Major Development Projects On Time and On Budget
Victory Run $285 million project remains on time and on budget for completion before the 2028 Derby (with temporary 2027 improvements planned); Rockingham Grand Casino in Salem remains on track for a mid-2027 opening; infield redevelopment and Homestretch Club expansion progressing with temporary seating and new offerings planned for 2027.
Clear Strategic Focus on Core Cornerstones
Company will concentrate on three cornerstones — the Kentucky Derby, HRMs, and TwinSpires — and is actively pursuing ways to reinforce their cash-generating and competitive advantages while reinvesting selectively and reducing leverage.
CHDN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed