Churchill Downs' earnings and cash flow are highly seasonal, with 2026Q2 revenue of $980.0M and a 36.4% operating margin contrasting sharply with 2026Q3 revenue of $696.0M and a 20.5% margin, suggesting that reported results depend heavily on a few event-heavy quarters.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue and margins swing widely by quarter, with gross margin ranging from 28.8% in 2024Q4 to 51.9% in 2026Q2 and diluted EPS spanning $0.53 to $3.42, indicating earnings are concentrated in a few seasonal peaks.
The Kentucky Derby is a key asset for Churchill Downs, driving significant revenue and brand value.
Churchill Downs has multiple growth catalysts, including new projects like Marshall Yards and Rockingham Grand Casino.
The company generates robust cash flows, similar to peers like MGM, supporting its financial stability.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 28, 2026 | $1.23+8.8% vs $1.13 | $696M+0.1% vs $695M |
Q3 2026 Jul 29, 2026 | $3.45+0.0% vs $3.45 | $980M+0.3% vs $977M |
Q2 2026 Apr 22, 2026 | $1.21+14.2% vs $1.06 | $663M+0.3% vs $661M |
Q1 2026 Feb 25, 2026 | $0.97+14.1% vs $0.85 | $666M+0.9% vs $660M |
Churchill Downs (CHDN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Shares of Kentucky Derby parent company Churchill Downs Inc (NASDAQ:CHDN) have fallen to lows last seen in October 2020. The company could have a hero coming to the rescue with entrepreneur and horse owner Mike Repole ready to make moves.
Churchill Downs (NASDAQ: CHDN - Get Free Report) and Hilton Worldwide (NYSE: HLT - Get Free Report) are both consumer discretionary companies, but which is the superior stock? We will compare the two businesses based on the strength of their institutional ownership, analyst recommendations, dividends, profitability, valuation, risk and earnings. Insider and Institutional Ownership 82.6% of Churchill
What happened Churchill Downs Incorporated (NASDAQ: CHDN) said it closed an amended and extended credit facility and a new Term Loan B on September 28, 2026. The amendment pushes the maturity of its revolving credit facility and term loan A facility from 2029 to 2031. The company also closed a previously announced $500 million Term
Benchmark CHDN against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Churchill Downs Incorporated (CHDN)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $97.94 | $6.83B | 15.17 | 7.01% | 15.04% | 36.19% | 0.44% | |
| $17.43 | $2.33B | -256.70 | 5.82% | -0.13% | -0.5% | — | |
| $76.57 | $5.56B | 11.14 | 4.12% | 12.29% | 19.91% | 0.93% | |
| $48.22 | $2.82B | 23.98 | 3.74% | 5.79% | 40.44% | 2.44% | |
| $18.51 | $9.18B | -24.28 | 26.99% | -5.91% | -76.32% | — | |
| $29.23 | $5.95B | -11.19 | 2.14% | -4.55% | -14.93% | — |
Churchill Downs Incorporated (CHDN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Churchill Downs Incorporated (CHDN) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 28, 2026·SEC
Oct 28, 2026·SEC
Oct 28, 2026·SEC
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Churchill Downs Incorporated (CHDN) stock FAQ — growth, dividends, profitability & financials explained
Churchill Downs Incorporated (CHDN) reported $3.00B in revenue over the trailing twelve months. Revenue was $2.93B in fiscal year 2025. That is 2612% more than the $107.9M of fiscal year 1996.
Churchill Downs Incorporated (CHDN) grew revenue by 4.2% over the trailing twelve months, compared with the twelve months before.
Yes. Churchill Downs Incorporated (CHDN) earned $451.8M in net income over the trailing twelve months (a 15.0% net margin).
Yes. Churchill Downs Incorporated (CHDN) pays a dividend that yields 0.44% at the current price, a small yield.
Churchill Downs Incorporated (CHDN) had a return on equity (ROE) of 36.2% over the trailing twelve months. That is well above the market's typical 10-15%.
Churchill Downs Incorporated (CHDN) generated $529.7M in free cash flow over the trailing twelve months.
