Churchill Downs (CHDN)
NASDAQ:CHDN
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Earnings Data
Report Date
Jul 29, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
3.46Last Year’s EPS
3.1Same Quarter Last Year
Strong Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed predominantly positive operational and financial momentum: record revenues and adjusted EBITDA, strong free cash flow, robust HRM growth in Kentucky (17% EBITDA increase) and solid gains in Virginia (6% EBITDA increase), successful launch of Marshall Yards, early traction from ETGs, and strategic acquisition of Preakness IP. Challenges cited were localized (weather-related disruption, Louisiana HRM cessation), some competitive impacts and customer-mix softness outside Kentucky, and ongoing regulatory uncertainty. Overall, the positives — including clear growth initiatives, solid cash generation, and targeted capital deployment — materially outweigh the manageable headwinds discussed.Company Guidance
Record Quarterly Financial Performance
Delivered record first quarter net revenues of $663 million and record adjusted EBITDA of $257 million, reflecting strong execution across the portfolio.
Strong Free Cash Flow and Capital Discipline
Generated $276 million of free cash flow ($3.94 per share) in Q1, supporting reinvestment and shareholder returns; ended the quarter with bank covenant net leverage of 3.9x. Project capex of $40 million in Q1 with full-year 2026 project guidance of $180–$220 million and maintenance capex guidance of $90–$110 million.
Live & Historical Racing and Kentucky HRM Momentum
Live & Historical Racing segment delivered record quarterly performance; adjusted EBITDA increased more than $11 million (approximately 11% year-over-year). Kentucky HRMs delivered adjusted EBITDA growth of more than $9 million, or 17% year-over-year, aided by the timely, on-budget opening of Marshall Yards in February (eighth HRM in Kentucky).
Virginia Progress and Colonial Downs Success
Virginia adjusted EBITDA increased by $3 million, or 6% year-over-year. Colonial Downs hosted a sold-out Virginia Derby with a 19% increase in handle versus prior year (third-highest wagering day in Colonial Downs history).
Wagering Services Growth
Wagering Services and Solutions segment adjusted EBITDA rose 8% year-over-year, driven by retail sports betting, online market access agreements, and expansion of the XASSA platform; TwinSpires showed modest EBITDA growth aided by lower legal expenses.
Early Success with Electronic Table Games (ETGs)
Rolled out roulette-based ETGs at six Kentucky HRM properties in Q1; early indications are encouraging with ETGs accretive to GGR, initial customer database growth and new customers, and plans to expand machines and introduce additional ETG products (craps, blackjack) through 2026.
Strategic Acquisition of Preakness & Black-Eyed Susan IP
Signed definitive agreement to acquire IP rights for the Preakness Stakes and Black-Eyed Susan Stakes (subject to closing). Proposed fee structure disclosed: $3.0 million base fee (growing 2.5% annually beginning 2028) plus 2% of handle for the two race days; combined handle for those two days was roughly $140 million last year.
Derby Week Investment and Expected Incremental EBITDA
Continued investments in Kentucky Derby hospitality (Mansion renovations, Finish Line Suites, Victory Run project targeted for 2028). Derby Week attendance exceeded 370,000 last year; company expects to outpace last year and Derby 150, anticipates sellout and confirmed incremental Derby EBITDA of $15–$20 million year-over-year.
New Development Pipeline
Rockingham Grand Casino in Salem, New Hampshire remains on track for a mid-2027 opening, representing expansion into an attractive market.
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
CHDN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 22, 2026 | $88.94 | $97.91 | +10.09% |
Feb 25, 2026 | $96.14 | $90.37 | -6.00% |
Oct 22, 2025 | $95.85 | $103.28 | +7.75% |
Jul 23, 2025 | $108.74 | $113.31 | +4.21% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Churchill Downs (CHDN) report earnings?
Churchill Downs (CHDN) is schdueled to report earning on Jul 29, 2026, After Close (Confirmed).
What is Churchill Downs (CHDN) earnings time?
Churchill Downs (CHDN) earnings time is at Jul 29, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CHDN EPS forecast?
CHDN EPS forecast for the fiscal quarter 2026 (Q2) is 3.46.